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//science-technology.news-articles.net/content/2 .. chemical-corp-reports-first-quarter-results.html
Published in Science and Technology on Thursday, June 24th 2010 at 3:41 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
MELVILLE, N.Y.--([ BUSINESS WIRE ])--Park Electrochemical Corp. (NYSE-PKE) reported sales of $59,026,000 for its 2011 fiscal year first quarter ended May 30, 2010 compared to sales of $36,697,000 for the first quarter of last year.
Park reported net earnings of $9,869,000 for the first quarter ended May 30, 2010 compared to net earnings of $3,074,000 for last yeara�s first quarter. Park's basic and diluted earnings per share were $0.48 for the first quarter ended May 30, 2010 compared to basic and diluted earnings per share of $0.15 for last yeara�s first quarter.
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 (877) 685-2329 in the United States and Canada and (706) 634-2174 in other countries and the required passcode is 83419606.
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 Tuesday, June 29, 2010. The conference call replay can be accessed by dialing (800) 642-1687 in the United States and Canada and (706) 645-9291 in other countries and entering passcode 83419606 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 Companya�s web site at [ www.parkelectro.com/investor/investor.html ].
Park Electrochemical Corp. is a global advanced materials company which develops and manufactures high-technology digital and RF/microwave printed circuit materials principally for the telecommunications and internet infrastructure and high-end computing markets and advanced composite materials, parts and assemblies principally for the aerospace markets. Parka�s core capabilities are in the areas of polymer chemistry formulation and coating technology. Park also specializes in the design and manufacture of complex composite aircraft and space vehicle parts. The Companya�s manufacturing facilities are located in Singapore, China, France, Connecticut, Kansas, Arizona, California and Washington.
Additional corporate information is available on the Companya�s website at [ www.parkelectro.com ].
The performance table (in thousands, except per share amountsa"unaudited):
13 Weeks Ended | |||||||
5/30/10 | 5/31/09 | ||||||
| Sales | $ | 59,026 | $ | 36,697 | |||
| Net Earnings | $ | 9,869 | $ | 3,074 | |||
| Basic and Diluted Earnings Per Share: | $ | 0.48 | $ | 0.15 | |||
| Weighted Average Shares Outstanding: | |||||||
| Basic | 20,561 | 20,471 | |||||
| Diluted | 20,608 | 20,482 | |||||
The comparative balance sheets (in thousands):
5/30/10 | 2/28/10 | |||||||
(unaudited) | ||||||||
Assets | ||||||||
| Current Assets | ||||||||
| Cash and Marketable Securities | $ | 244,485 | $ | 237,840 | ||||
| Accounts Receivable, Net | 36,055 | 31,698 | ||||||
| Inventories | 14,053 | 11,973 | ||||||
| Other Current Assets | 2,708 | 1,167 | ||||||
| Total Current Assets | 297,301 | 282,678 | ||||||
| Fixed Assets, Net | 43,797 | 44,905 | ||||||
| Other Assets | 16,984 | 15,521 | ||||||
Total Assets | $ | 358,082 | $ | 343,104 | ||||
Liabilities and Stockholders' Equity | ||||||||
| Current Liabilities | ||||||||
| Accounts Payable | $ | 11,922 | $ | 10,201 | ||||
| Accrued Liabilities | 8,999 | 7,301 | ||||||
| Income Taxes Payable | 5,640 | 4,140 | ||||||
| Total Current Liabilities | 26,561 | 21,642 | ||||||
| Deferred Income Taxes | 1,398 | 1,398 | ||||||
| Other Liabilities | 3,911 | 3,966 | ||||||
| Total Liabilities | 31,870 | 27,006 | ||||||
| Stockholdersa� Equity | 326,212 | 316,098 | ||||||
| Total Liabilities and Stockholders' Equity | $ | 358,082 | $ | 343,104 | ||||
| Equity Per Share | $ | 15.87 | $ | 15.40 | ||||
Detailed operating information (in thousands - unaudited):
13 Weeks Ended | ||||||||
5/30/10 | 5/31/09 | |||||||
Net Sales | $ | 59,026 | $ | 36,697 | ||||
| Cost of Sales | 38,863 | 27,489 | ||||||
| % | 65.8% | 74.9% | ||||||
| Gross Profit | 20,16 | 39,208 | ||||||
| % | 34.2% | 25.1% | ||||||
| Selling, General and Administrative | ||||||||
| Expenses | 7,762 | 5,917 | ||||||
| % | 13.2% | 16.1% | ||||||
| Earnings from Operations | 12,401 | 3,291 | ||||||
| % | 21.0% | 9.0% | ||||||
| Interest Income | 76 | 688 | ||||||
| % | 0.1% | 1.8% | ||||||
| Earnings before Income Taxes | 12,477 | 3,979 | ||||||
| % | 21.1% | 10.8% | ||||||
| Income Tax Provision | 2,608 | 905 | ||||||
| Effective Tax Rate | 20.9% | 22.7% | ||||||
Net Earnings | 9,869 | 3,074 | ||||||
| % | 16.7% | 8.4% | ||||||