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Park Electrochemical income, sales up.

Byline: Claude Solnik

Park Electrochemical reported first quarter net income jumped to $3.2 million from $1.4 million a year ago as net sales rose to $31.1 million from $27.4 million.

The Melville-based firm, which makes materials for electronics, reported $3.5 million in earnings before special items, up from $2.5 million a year ago.

The company in the current first quarter recorded $183,000 pre-tax restructuring charges related to consolidating its Nelco Products business in Fullerton, Calif., and Neltec in Tempe, Ariz., and the 2009 closing of its New England Laminates facility in Newburgh, N.Y., and $120,000 in pre-tax advisory fees.

In its prior first quarter,Park Electrochemical recorded $1.4 million in pre-tax restructuring charges related to consolidating operations in California and Arizona and closing the Newburgh facility, along with $374,000 in litigation costs.

The firm in the 2018 fiscal year's fourth quarter recorded a one-time $17.8 million tax benefit related to the Tax Cuts and Jobs Act enacted in December 2017.

Park Electrochemical at that time also recorded $287,000 in pre-tax restructuring charges, a $1.3 million pre-tax loss on the sale of securities, $144,000 in pre-tax deferred financing costs, $513,000 related to modifying stock options and $162,000 in advisory fees.

Park Electrochemical makes materials for electronics at its factories in Kansas, Singapore, France, Arizona and California. The Company also operates research and development facilities in Arizona, Kansas and Singapore.

Its products are used by the aerospace, high-technology digital and RF/microwave, telecommunications, Internet infrastructure, businesses in general and military .

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Publication:Long Island Business News
Article Type:Financial report
Geographic Code:1U9CA
Date:Jun 26, 2018
Words:273
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