pke20170502

0001437749-17-007716.txt : 20170502 0001437749-17-007716.hdr.sgml : 20170502 20170502110729 ACCESSION NUMBER: 0001437749-17-007716 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20170502 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20170502 DATE AS OF CHANGE: 20170502 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: 0226 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-04415 FILM NUMBER: 17803490 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 pke20170502_8k.htm FORM 8-K pke20170502_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): May 2, 2017

PARK ELECTROCHEMICAL CORP.
(Exact Name of Registrant as Specified in Charter)


New York	1-4415	11-1734643
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

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))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

Park Electrochemical Corp. (the "Company") issued a news release on May 2, 2017 reporting its results of operations for its 2017 fiscal year fourth quarter and for its full fiscal year ended February 26, 2017.

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 May 2, 2017

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: May 2, 2017	By: s/ P. Matthew Farabaugh
	Name: P. Matthew Farabaugh Title: Senior Vice President and Chief Financial Officer

EXHIBIT INDEX

Number

Exhibit

Description

Page

99.1

News Release dated May 2, 2017

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 FOURTH QUARTER AND

FISCAL YEAR RESULTS

Melville, New York, Tuesday, May 2, 2017…..Park Electrochemical Corp. (NYSE-PKE) reported net sales of $27,599,000 for the 2017 fiscal year’s fourth quarter ended February 26, 2017 compared to net sales of $35,756,000 for the 2016 fiscal year’s fourth quarter ended February 28, 2016 and net sales of $26,462,000 for the 2017 fiscal year’s third quarter ended November 27, 2016. Park’s net sales for the fiscal year ended February 26, 2017 were $114,609,000 compared to net sales of $145,855,000 for the fiscal year ended February 28, 2016. Net earnings for the 2017 fiscal year’s fourth quarter were $2,477,000 compared to $4,574,000 for the 2016 fiscal year’s fourth quarter and $1,875,000 for the 2017 fiscal year’s third quarter. Net earnings were $9,283,000 for the fiscal year ended February 26, 2017 compared to $18,029,000 for the fiscal year ended February 28, 2016.

Park reported net earnings before special items of $2,548,000 for the 2017 fiscal year’s fourth quarter compared to net earnings before special items of $4,865,000 for the 2016 fiscal year’s fourth quarter and net earnings before special items of $1,944,000 for the 2017 fiscal year’s third quarter. In the 2017 fiscal year’s fourth quarter, the Company recorded pre-tax restructuring charges of $107,000 related to the closure in fiscal year 2009 of its New England Laminates Co., Inc. facility located in Newburgh, New York. In the 2016 fiscal year’s fourth quarter, the Company recorded pre-tax restructuring charges of $162,000 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 and pre-tax deferred financing costs of $292,000 related to the early termination of the PNC Bank credit agreement. As previously reported, the Company entered into a three-year revolving credit facility agreement with HSBC Bank USA in January 2016, which replaced the credit agreement that the Company entered into with PNC Bank in February 2014. In the 2017 fiscal year’s third quarter, the Company recorded pre-tax restructuring charges of $113,000 in connection with the 2009 closure of its New England Laminates Co., Inc. facility.

For the fiscal year ended February 26, 2017, Park reported net earnings before special items of $9,480,000 compared to net earnings before special items of $18,580,000 for the prior fiscal year. The 2017 fiscal year included pre-tax restructuring charges of $313,000 related to the facility closures mentioned above. The prior fiscal year included pre-tax restructuring charges of $535,000 related to the facility closures mentioned above and pre-tax deferred financing costs of $292,000 related to termination of the credit agreement mentioned above.

Park reported basic and diluted earnings per share of $0.12 for the 2017 fiscal year’s fourth quarter compared to $0.23 for the 2016 fiscal year’s fourth quarter and $0.09 for the 2017 fiscal year’s third quarter. Basic and diluted earnings per share before special items were $0.13 for the 2017 fiscal year’s fourth quarter compared to $0.24 for the 2016 fiscal year’s fourth quarter and $0.10 for the 2017 fiscal year’s third quarter.

Park reported basic and diluted earnings per share of $0.46 for the 2017 fiscal year compared to $0.89 for the 2016 fiscal year, and basic and diluted earnings per share before special items of $0.47 for the 2017 fiscal year compared to $0.91 for the 2016 fiscal year.

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 11921700.

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 Monday, May 8, 2017. 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 11921700 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 operating results were limited to accounting principles generally accepted in the United States of America (“GAAP”) financial measures, which include special items, such as restructuring and deferred financing charges. Accordingly, in addition to disclosing its operating 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

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

	13 Weeks Ended									52 Weeks Ended
	February 2 6, 2017			February 28, 2016			November 27, 2016			February 26, 2017			February 28, 2016
Sales	$	27,599		$	35,756		$	26,462		$	114,609		$	145,855

Net Earnings before Special Items¹	$	2,548		$	4,865		$	1,944		$	9,480		$	18,580
Special Items, net of Tax:
Restructuring Charges		(71	)		(110	)		(69	)		(197	)		(370	)
Deferred Financing Costs		-			(181	)		-			-			(181	)
Net Earnings	$	2,477		$	4,574		$	1,875		$	9,283		$	18,029

Basic and Diluted Earnings per Share:
Basic Earnings before Special Items¹	$	0.13		$	0.24		$	0.10		$	0.47		$	0.91
Special Items:
Restructuring Charges		(0.01	)		-			(0.01	)		(0.01	)		(0.01	)
Deferred Financing Charges		-			(0.01	)		-			-			(0.01	)
Basic Earnings (Loss) per Share	$	0.12		$	0.23		$	0.09		$	0.46		$	0.89

Diluted Earnings before Special Items¹	$	0.13		$	0.24		$	0.10		$	0.47		$	0.91
Special Items:
Restructuring Charges		(0.01	)		-			(0.01	)		(0.01	)		(0.01	)
Deferred Financing Charges		-			(0.01	)		-			-			(0.01	)
Diluted Earnings (Loss) per Share	$	0.12		$	0.23		$	0.09		$	0.46		$	0.89

Weighted Average Shares Outstanding:
Basic		20,235			20,251			20,235			20,235			20,347
Diluted		20,253			20,251			20,235			20,239			20,352

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

Comparative balance sheets (in thousands):

	February 26, 2017		February 28, 2016
	(unaudited)
Assets
Current Assets
Cash and Marketable Securities	$	238,590	$	237,425
Accounts Receivable, Net		17,238		22,583
Inventories		11,105		10,214
Prepaid Expenses and Other Current Assets		2,197		1,963
Total Current Assets		269,130		272,185

Fixed Assets, Net		18,638		21,512
Restricted Cash		10,000		10,000
Other Assets		10,810		11,080
Total Assets	$	308,578	$	314,777

Liabilities and Shareholders' Equity
Current Liabilities
Current Portion of Long-Term Debt	$	3,000	$	3,000
Accounts Payable		4,183		6,155
Accrued Liabilities		3,417		4,580
Income Taxes Payable		3,023		2,943
Total Current Liabilities		13,623		16,678

Long-Term Debt		69,000		72,000
Deferred Income Taxes		42,088		43,937
Other Liabilities		1,041		1,295
Total Liabilities		125,752		133,910

Shareholders’ Equity		182,826		180,867

Total Liabilities and Shareholders' Equity	$	308,578	$	314,777

Additional information
Equity per Share	$	9.04	$	8.94
Total Cash, Restricted Cash and Marketable Securities	$	248,590	$	247,425

Comparative statements of operations (in thousands – unaudited):

	13 Weeks Ended									52 Weeks Ended
	February 26, 2017			February 28, 2016			November 27, 2016			February 26, 2017			February 28, 2016

Net Sales	$	27,599		$	35,756		$	26,462		$	114,609		$	145,855

Cost of Sales		20,213			25,029			19,828			84,568			103,103

Gross Profit		7,386			10,727			6,634			30,041			42,752
% of net sales		26.8	%		30.0	%		25.1	%		26.2	%		29.3	%

Selling, General & Administrative Expenses		4,688			5,137			4,604			19,739			21,211
% of net sales		17.0	%		14.4	%		17.4	%		17.2	%		14.5	%

Restructuring Charge		107			162			113			313			535

Earnings from Operations		2,591			5,428			1,917			9,989			21,006

Interest:
Interest Income		527			340			430			1,704			1,149

Interest Expense		422			577			343			1,432			1,657

Net Interest Expense		105			(237	)		87			272			(508	)

Earnings before Income Taxes		2,696			5,191			2,004			10,261			20,498

Income Tax Provision		219			617			129			978			2,469

Net Earnings	$	2,477		$	4,574		$	1,875		$	9,283		$	18,029

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

	13 Weeks Ended February 26, 2017									13 Weeks Ended February 28, 2016									13 Weeks Ended November 27, 2016
	GAAP			Specials Items			Before Special Items			GAAP			Specials Items			Before Special Items			GAAP			Specials Items			Before Special Items

Selling, General & Administrative Expenses	$	4,688		$	-		$	4,688		$	5,137		$	-		$	5,137		$	4,604		$	-		$	4,604
% of net sales		17.0	%					17.0	%		14.4	%					14.4	%		17.4	%					17.4	%

Restructuring Charge		107			(107	)		-			162			(162	)		-			113			(113	)		-
% of net sales		0.4	%					0.0	%		0.5	%					0.0	%		0.4	%					0.0	%

Earnings from Operations		2,591			107			2,698			5,428			162			5,590			1,917			113			2,030
% of net sales		9.4	%					9.8	%		15.2	%					15.6	%		7.2	%					7.7	%

Net Interest (Expense) Income		105			-			105			(237	)		292			55			87			-			87
% of net sales		0.4	%					0.4	%		-0.7	%					0.2	%		0.3	%					0.3	%

Earnings before Income Taxes		2,696			107			2,803			5,191			454			5,645			2,004			113			2,117
% of net sales		9.8	%					10.2	%		14.5	%					15.8	%		7.6	%					8.0	%

Income Tax Provision		219			36			255			617			163			780			129			44			173
Effective Tax Rate		8.1	%					9.1	%		11.9	%					13.8	%		6.4	%					8.2	%

Net Earnings		2,477			71			2,548			4,574			291			4,865			1,875			69			1,944
% of net sales		9.0	%					9.2	%		12.8	%					13.6	%		7.1	%					7.3	%

	52 Weeks Ended February 26, 2017									52 Weeks Ended February 28, 2016
	GAAP			Specials Items			Before Special Items			GAAP			Specials Items			Before Special Items
Selling, General & Administrative Expenses	$	19,739		$	-		$	19,739		$	21,211		$	-		$	21,211
%		17.2	%					17.2	%		14.5	%					14.5	%

Restructuring Charge		313			(313	)		-			535			(535	)		-
%		0.3	%					0.0	%		0.4	%					0.0	%

Earnings from Operations		9,989			313			10,302			21,006			535			21,541
%		8.7	%					9.0	%		14.4	%					14.8	%

Net Interest Expense		272			-			272			(508	)		292			(216	)
%		0.2	%					0.2	%		-0.3	%					-0.1	%

Earnings before Income Taxes		10,261			313			10,574			20,498			827			21,325
%		9.0	%					9.2	%		14.1	%					14.6	%

Income Tax Provision		978			116			1,094			2,469			276			2,745
Effective Tax Rate		9.5	%					10.3	%		12.0	%					12.9	%

Net Earnings		9,283			197			9,480			18,029			551			18,580
%		8.1	%					8.3	%		12.4	%					12.7	%

GRAPHIC 3 pke20170502_8kimg001.gif begin 644 pke20170502_8kimg001.gif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end