0001437749-16-039528.txt : 20161006 0001437749-16-039528.hdr.sgml : 20161006 20161006105911 ACCESSION NUMBER: 0001437749-16-039528 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20161006 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20161006 DATE AS OF CHANGE: 20161006 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PARK ELECTROCHEMICAL CORP CENTRAL INDEX KEY: 0000076267 STANDARD INDUSTRIAL CLASSIFICATION: PRINTED CIRCUIT BOARDS [3672] IRS NUMBER: 111734643 STATE OF INCORPORATION: NY FISCAL YEAR END: 0302 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-04415 FILM NUMBER: 161924168 BUSINESS ADDRESS: STREET 1: 48 SOUTH SERVICE ROAD STREET 2: SUITE 300 CITY: MELVILLE STATE: NY ZIP: 11747 BUSINESS PHONE: 6314653600 MAIL ADDRESS: STREET 1: 48 SOUTH SERVICE ROAD STREET 2: SUITE 300 CITY: MELVILLE STATE: NY ZIP: 11747 8-K 1 pke20161006_8k.htm FORM 8-K pke20161006_8k.htm

UNITED STATES 

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549 

 

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

 

Date of report (Date of earliest event reported):          October 6, 2016

 

 

PARK ELECTROCHEMICAL CORP.

(Exact Name of Registrant as Specified in Charter)

 

 

New York

1-4415

11-1734643

(State or Other Jurisdiction

(Commission File Number)

(IRS Employer Identification No.)

of Incorporation)

 

 

     
     
48 South Service Road, Melville, New York 11747
(Address of Principal Executive Offices) (Zip Code)
     

 

Registrant's telephone number, including area code       (631) 465-3600

 

 

Not Applicable

 

 

Former Name or Former Address, if Changed Since Last Report

 

 

 

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

 

[   ]

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

[   ]

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

[   ]

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

[   ]

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 
 
 

 

Item 2.02

Results of Operations and Financial Condition.

 

Park Electrochemical Corp. (the "Company") issued a news release on October 6, 2016 reporting its results of operations for its 2017 fiscal year second quarter ended August 28, 2016.

 

The Company is furnishing the news release to the Securities and Exchange Commission pursuant to Item 2.02 of Form 8-K as Exhibit 99.1 hereto.

 

Item 9.01

Financial Statements and Exhibits.

 

 

(d)

Exhibits.

 

99.1 News Release dated October 6, 2016

 

 
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SIGNATURE

 

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

PARK ELECTROCHEMICAL CORP.  

 

 

 

 

 

       

 

 

 

 

Date: October 6, 2016 By: /s/ P. Matthew Farabaugh  
  Name: P. Matthew Farabaugh  
  Title: Senior Vice President and Chief  
    Financial Officer  

 

 

 
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EXHIBIT INDEX

 

 

 

Number

Exhibit

 

Description

 

Page

     

   99.1

News Release dated October 6, 2016. . . . .

5

 

 

- 4 - 

 

 

 EX-99.1 2 ex99-1.htm EXHIBIT 99.1 ex99-1.htm

 

Exhibit 99.1

 

 

 

NEWS RELEASE

Contact: Martina Bar Kochva  

48 South Service Road

    Melville, NY 11747
    (631) 465-3600

 

PARK ELECTROCHEMICAL CORP. REPORTS SECOND QUARTER RESULTS

 

Melville, New York, Thursday, October 6, 2016…..Park Electrochemical Corp. (NYSE-PKE) reported net sales of $29,058,000 for the 2017 fiscal year’s second quarter ended August 28, 2016 compared to net sales of $37,947,000 for last fiscal year’s second quarter ended August 30, 2015 and net sales of $31,490,000 for the 2017 fiscal year’s first quarter ended May 29, 2016. Park’s net sales for the six months ended August 28, 2016 were $60,548,000 compared to net sales of $75,776,000 for the six months ended August 30, 2015. Net earnings for the current year’s second quarter were $1,981,000 compared to $4,569,000 for last year’s second quarter and $2,950,000 for the current year’s first quarter. Net earnings were $4,931,000 for the current year’s six-month period compared to $9,346,000 for last year’s six-month period.

 

Park reported net earnings before special items of $1,995,000 for the current year’s second quarter compared to net earnings before special items of $4,639,000 for last year’s second quarter and net earnings before special items of $2,993,000 for the current year’s first quarter. In the current year’s second quarter, the Company recorded pre-tax restructuring charges of $23,000 related to the closure in fiscal year 2009 of its New England Laminates Co., Inc. facility located in Newburgh, New York. In last year’s second quarter, the Company recorded pre-tax restructuring charges of $91,000 in connection with the aforementioned facility closure and the closure in fiscal year 2013 of the Company’s Nelco Technology (Zhuhai FTZ) Ltd. facility located in Zhuhai, China. In the current year’s first quarter, the Company recorded pre-tax restructuring charges of $70,000 in connection with the 2009 closure of its New England Laminates Co., Inc. facility.

 

For the six-month period ended August 28, 2016, Park reported net earnings before special items of $4,988,000 compared to net earnings before special items of $9,506,000 for last fiscal year’s first six-month period. The current year’s six-month period included pre-tax restructuring charges of $93,000 related to the facility closures mentioned above. Last year’s six-month period included pre-tax restructuring charges of $215,000 related to the facility closures mentioned above.

 

Park reported basic and diluted earnings per share of $0.10 for the current year’s second quarter compared to $0.23 for last year’s second quarter and $0.15 for the current year’s first quarter. Basic and diluted earnings per share before special items were also $0.10 for the current year’s second quarter compared to $0.23 for last year’s second quarter and $0.15 for the current year’s first quarter.

 

Park reported basic and diluted earnings per share of $0.25 for the current year’s first six months compared to $0.46 for last year’s six-month period and basic and diluted earnings per share before special items of $0.25 for the current year’s first six months compared to $0.47 for last year’s six-month period.

 

The Company will conduct a conference call to discuss its financial results at 11:00 a.m. EDT today. Forward-looking and other material information may be discussed in this conference call. The conference call dial-in number is (844) 466-4114 in the United States and Canada and (765) 507-2654 in other countries and the required passcode is 90084837.

 

 
- 5 - 
 

 

For those unable to listen to the call live, a conference call replay will be available from approximately 2:00 p.m. EDT today through 11:59 p.m. EDT on Wednesday, October 12, 2016. The conference call replay can be accessed by dialing (855) 859-2056 in the United States and Canada and (404) 537-3406 in other countries and entering passcode 90084837 or on the Company's web site at www.parkelectro.com/investor/investor.html.

 

Any additional material financial or statistical data disclosed in the conference call will also be available at the time of the conference call on the Company's web site at www.parkelectro.com/investor/investor.html.

 

Park believes that an evaluation of its ongoing operations would be difficult if the disclosure of its financial results were limited to accounting principles generally accepted in the United States of America (“GAAP”) financial measures, which include special items, such as restructuring charges. Accordingly, in addition to disclosing its financial results determined in accordance with GAAP, Park discloses non-GAAP operating results that exclude special items in order to assist its shareholders and other readers in assessing the Company’s operating performance, since the Company’s on-going, normal business operations do not include such special items. The detailed operating information presented below reconciles the non-GAAP operating results before special items to earnings determined in accordance with GAAP. Such non-GAAP financial measures are provided to supplement the results provided in accordance with GAAP.

 

Park Electrochemical Corp. is a global advanced materials company which develops and manufactures advanced composite materials, primary and secondary structures and assemblies and low-volume tooling for the aerospace markets and high-technology digital and RF/microwave printed circuit materials principally for the telecommunications and internet infrastructure, enterprise and military/aerospace markets. The Company’s manufacturing facilities are located in Kansas, Singapore, France, Arizona and California. The Company also maintains R&D facilities in Arizona, Kansas and Singapore.

 

Additional corporate information is available on the Company’s web site at www.parkelectro.com

 

 
- 6 - 
 

 

Performance table, including non-GAAP information (in thousands, except per share amounts –unaudited):

 

   

13 Weeks Ended

    

26 Weeks Ended

  
   

8/28/16

    

8/30/15

    

5/29/16

    

8/28/16

    

8/30/15

  

Sales

   $ 29,058     $ 37,947     $ 31,490       60,548     $ 75,776  
                                         

Net Earnings before Special Items1

   $ 1,995     $ 4,639     $ 2,993       4,988     $ 9,506  

Special Items, net of Tax:

                                        

Restructuring Charges

     (14 )     (70 )     (43 )     (57 )     (160 )

Net Earnings

   $ 1,981     $ 4,569     $ 2,950       4,931     $ 9,346  
                                         

Basic and Diluted Earnings per Share:

                                        

Basic Earnings before Special Items1

   $ 0.10     $ 0.23     $ 0.15       0.25     $ 0.47  

Special Items:

                                        

Restructuring Charges

     -       -       -       (0.01 )     (0.01 )

Basic Earnings (Loss) per Share

   $ 0.10     $ 0.23     $ 0.15     $ 0.24     $ 0.46  
                                         

Diluted Earnings before Special Items1

   $ 0.10     $ 0.23     $ 0.15       0.25     $ 0.47  

Special Items:

                                        

Restructuring Charges

     -       -       -       (0.01 )     (0.01 )

Diluted Earnings (Loss) per Share

   $ 0.10     $ 0.23     $ 0.15     $ 0.24     $ 0.46  
                                         

Weighted Average Shares Outstanding:

                                        

Basic

     20,235       20,337       20,235       20,235       20,442  

Diluted

     20,235       20,340       20,235       20,235       20,453  

 

1 Refer to "Reconciliation of non-GAAP financial measures" below for information regarding Special Items.

 

Comparative balance sheets (in thousands):

 

   

August 28, 2016

    

February 28, 2016

  

Assets

  

(unaudited)

          

Current Assets

                

Cash and Marketable Securities

  $ 239,706     $ 237,425  

Accounts Receivable, Net

     18,369       22,583  

Inventories

     11,749       10,214  

Prepaid Expenses and Other Current Assets

     2,292       1,963  

Total Current Assets

     272,116       272,185  
                 

Fixed Assets, Net

     19,969       21,512  

Restricted Cash

    10,000       10,000  

Other Assets

     11,161       11,080  

Total Assets

   $ 313,246     $ 314,777  
                 

Liabilities and Shareholders' Equity

                

Current Liabilities

                

Current Portion of Long-Term Debt

   $ 3,000     $ 3,000  

Accounts Payable

     4,936       6,155  

Accrued Liabilities

     5,304       4,580  

Income Taxes Payable

     2,164       2,943  

Total Current Liabilities

     15,404       16,678  
                 

Long-Term Debt

     70,500       72,000  

Deferred Income Taxes

     43,937       43,937  

Other Liabilities

     1,024       1,295  

Total Liabilities

     130,865       133,910  
                 

Shareholders’ Equity

     182,381       180,867  

Total Liabilities and Shareholders' Equity

   $ 313,246     $ 314,777  
                 

Additional information

                

Equity per Share

   $ 9.01     $ 8.94  

Total Cash, Restricted Cash and Marketable Securities

   $ 249,706     $ 247,425  

 

 
- 7 - 
 

 

Comparative statements of operations (in thousands – unaudited):

 

   

13 Weeks Ended

    

26 Weeks Ended

  
   

August 28, 2016

    

August 30, 2015

    

May 29, 2016

    

August 28, 2016

    

August 30, 2015

  

Net Sales

   $ 29,058     $ 37,947     $ 31,490     $ 60,548     $ 75,776  
                                         

Cost of Sales

     21,824       27,586       22,703       44,527       54,048  
                                         

Gross Profit

     7,234       10,361       8,787       16,021       21,728  

% of net sales

     24.9 %     27.3 %     27.9 %     26.5 %     28.7 %
                                         

Selling, General & Administrative Expenses

     5,110       5,009       5,337       10,447       10,810  

% of net sales

     17.6 %     13.2 %     16.9 %     17.3 %     14.3 %
                                         

Restructuring Charge

     23       91       70       93       215  
                                         

Earnings from Operations

     2,101       5,261       3,380       5,481       10,703  
                                         

Interest:

                                        

Interest Income

     369       317       378       747       582  
                                         

Interest Expense

     334       356       333       667       725  
                                         

Net Interest Expense

     35       (39 )     45       80       (143 )
                                         

Earnings before Income Taxes

     2,136       5,222       3,425       5,561       10,560  
                                         

Income Tax Provision

     155       653       475       630       1,214  
                                         

Net Earnings

   $ 1,981     $ 4,569     $ 2,950     $ 4,931     $ 9,346  

 

 
- 8 - 
 

 

Reconciliation of non-GAAP financial measures (in thousands – unaudited):

 

   

13 Weeks Ended

August 28, 2016

    

13 Weeks Ended

August 30, 2015

    

13 Weeks Ended

May 29, 2016

  
   

GAAP

    

Specials Items

    

Before Special Items

    

GAAP

    

Specials Items

    

Before Special Items

    

GAAP

    

Specials Items

    

Before Special Items

  

Selling, General & Administrative Expenses

   $ 5,110     $ -     $ 5,110     $ 5,009     $ -     $ 5,009     $ 5,337     $ -     $ 5,337  

% of net sales

     17.6 %             17.6 %     13.2 %             13.2 %     16.9 %             16.9 %
                                                                         

Restructuring Charge

     23       (23 )     -       91       (91 )     -       70       (70 )     -  

% of net sales

     0.1 %             0.0 %     0.2 %             0.0 %     0.2 %             0.0 %
                                                                         

Earnings from Operations

     2,101       23       2,124       5,261       91       5,352       3,380       70       3,450  

% of net sales

     7.2 %             7.3 %     13.9 %             14.1 %     10.7 %             11.0 %
                                                                         

Earnings before Income Taxes

     2,136       23       2,159       5,222       91       5,313       3,425       70       3,495  

% of net sales

     7.4 %             7.4 %     13.8 %             14.0 %     10.9 %             11.1 %
                                                                         

Income Tax Provision

     155       9       164       653       21       674       475       27       502  

Effective Tax Rate

     7.3 %             7.6 %     12.5 %             12.7 %     13.9 %             14.4 %
                                                                         

Net Earnings

     1,981       14       1,995       4,569       70       4,639       2,950       43       2,993  

% of net sales

     6.8 %             6.9 %     12.0 %             12.2 %     9.4 %             9.5 %

 

   

26 Weeks Ended

August 28, 2016

    

26 Weeks Ended

August 30, 2015

  
   

GAAP

    

Specials Items

    

Before Special Items

    

GAAP

    

Specials Items

    

Before Special Items

  

Selling, General & Administrative Expenses

   $ 10,447     $ -     $ 10,447     $ 10,810     $ -     $ 10,810  

%

     17.3 %             17.3 %     14.3 %             14.3 %
                                                 

Restructuring Charge

     93       (93 )     -       215       (215 )     -  

%

     0.2 %             0.0 %     0.3 %             0.0 %
                                                 

Earnings from Operations

     5,481       93       5,574       10,703       215       10,918  

%

     9.1 %             9.2 %     14.1 %             14.4 %
                                                 

Earnings before Income Taxes

     5,561       93       5,654       10,560       215       10,775  

%

     9.2 %             9.3 %     13.9 %             14.2 %
                                                 

Income Tax Provision

     630       36       666       1,214       55       1,269  

Effective Tax Rate

     11.3 %             11.8 %     11.5 %             11.8 %
                                                 

Net Earnings

     4,931       57       4,988       9,346       160       9,506  

%

     8.1 %             8.2 %     12.3 %             12.5 %

 

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