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Park Electrochemical Reports Second Quarter Results.

MELVILLE, N.Y. -- Park Electrochemical Corp. (NYSE-PKE) reported sales of $60,541,000 for its 2008 fiscal year second quarter ended August 26, 2007 compared to sales of $66,518,000 for the second quarter of last year. Park's sales for the first six months were $117,618,000 compared to sales of $129,356,000 for last year's first six months.

Park reported net earnings of $9,160,000 for the second quarter ended August 26, 2007 compared to net earnings before special items of $8,470,000 for last fiscal year's second quarter ended August 27, 2006. During the prior year's second quarter, the Company recorded a pre-tax charge of $1,316,000 in connection with the termination of an insurance arrangement, and recognized a $499,000 tax benefit relating to this insurance termination charge. During the prior year's second quarter, Park also recognized a tax benefit of $3,500,000 relating to the elimination of certain valuation allowances previously established related to deferred tax assets in the United States and a tax benefit of $1,391,000 relating to the elimination of reserves no longer required. Park recorded no special items during the current year's second quarter. Accordingly, net earnings were $9,160,000 for the second quarter ended August 26, 2007 compared to net earnings of $12,544,000 for last fiscal year's second quarter ended August 27, 2006.

For the six-month period ended August 26, 2007, Park reported net earnings of $16,571,000 compared to net earnings before special items of $17,364,000 for last year's first six-month period. As mentioned above, last year's six-month period included a pre-tax charge of $1,316,000 in connection with the termination of an insurance arrangement and a tax benefit of $499,000 relating to the insurance termination charge, a tax benefit of $3,500,000 relating to the elimination of valuation allowances and a tax benefit of $1,391,000 relating to the elimination of reserves no longer required. Park recorded no special items during the six-month period ended August 26, 2007. Accordingly, net earnings were $16,571,000 for the six-month period ended August 26, 2007 compared to net earnings of $21,438,000 for last year's first six-months.

Park reported basic and diluted earnings per share of $.45 and $.82, respectively, for the second quarter and six-month period ended August 26, 2007 compared to basic and diluted earnings per share before special items of $.42 and $.86 for last year's second quarter and six-month period. Basic and diluted earnings per share were $.45 and $.82, respectively, for the second quarter and six-months ended August 26, 2007 compared to $.62 and $1.06, respectively, for last year's second quarter and first six-month period. The effective tax rate for the second quarter ended August 26, 2007 was 25.2% compared to a rate of 23.0% for last year's second 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 (866) 316-1365.

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, September 24, 2007. The conference call replay can be accessed by dialing (888) 203-1112 and entering passcode 9416880 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 Electrochemical Corp. is a global advanced materials company which develops and manufactures high-technology digital and RF/microwave printed circuit materials (the Nelco[R] product line) and advanced composite materials (the Nelcote(TM) product line) principally for the telecommunications and internet infrastructure, high-end computing and aerospace markets. Park focuses on the general aviation aircraft segment of the aerospace industry. Park's core capabilities are in the areas of polymer chemistry formulation and coating technology. The Company's manufacturing facilities are located in Singapore, China, France, Connecticut, New York, Arizona and California. In addition, as recently announced, the Company plans to construct a new facility in Newton, Kansas.

Additional corporate information is available on the Company's web site at www.parkelectro.com.
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Publication:Business Wire
Article Type:Financial report
Date:Sep 20, 2007
Words:748
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