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Park Electrochemical Reports Third Quarter Results

23 December 2005

Park Electrochemical Corp. (NYSE: PKE) reported sales of $57,159,000 for its 2006 fiscal year third quarter ended November 27, 2005 compared to sales of $50,359,000 for the third quarter of last year. Park's sales for the first nine months ended November 27, 2005 were $165,277,000 compared to sales of $159,975,000 for last year's first nine months.
Park reported net profit before special items of $8,233,000 for the third quarter ended November 27, 2005 compared to net profit before special items of $4,189,000 for last fiscal year's third quarter. During the current year's third quarter, the Company recognized a tax benefit of $1,512,000 relating to the reversal of valuation allowances against deferred tax assets previously recorded in the United States. During last year's third quarter, the Company recognized a $4,745,000 gain related to insurance proceeds from the November 2002 accident at its Singapore facility and a $625,000 after-tax charge for termination benefits related to workforce reductions at its North American and European operations. Accordingly, net earnings were $9,745,000 for the third quarter ended November 27, 2005 compared to net earnings of $7,692,000 for last fiscal year's third quarter ended November 28, 2004.
For the nine-month period ended November 27, 2005, Park reported net profit before special items of $20,677,000 compared to net profit before special items of $13,157,000 for last year's nine-month period. During the current year's nine-month period, the Company recorded an after-tax charge of $1,059,000 for termination benefits related to the reduction in workforce at the its Neltec Europe SAS subsidiary in Mirebeau, France and the $1,512,000 tax benefit referred to above. Last year's nine-month period ended November 28, 2004 included the gain of $4,745,000 on the insurance settlement and the employment termination benefits charge of $625,000 described above. Accordingly, net earnings were $21,130,000 for the nine-month period ended November 27, 2005 compared to net earnings of $16,660,000 for last year's first nine-month period.
Park reported diluted earnings per share before special items of $.41 and $1.03, respectively, for the third quarter and nine months ended November 27, 2005 compared to $.21 and $.66, respectively, for last year's third quarter and nine-month period. Diluted earnings per share were $.48 and $1.05, respectively, for the third quarter and nine months ended November 27, 2005 compared to $.38 and $.83, respectively, for last year's third quarter and first nine-month period.
Brian Shore, Park's President and CEO, said, "Not too surprisingly, the condition of the global markets for our electronic materials products during our third quarter was a little better than the condition of those markets during our second quarter. (Remember that our second quarter is our "summer" quarter during which business tends to be a little slower.) At this point, our visibility regarding the condition of the electronics markets for our fourth quarter is particularly poor, because it is very difficult to anticipate how those markets will emerge from the New Year's holiday. On the other hand, the markets for our advanced materials products were relatively strong during the third quarter, and we believe that this strength will persist through our fourth quarter." Brian Shore concluded, "As has been the case for the last several quarters, we continue to focus our attention, energy and resources on the development and growth of our advanced material business."
The Company will conduct a conference call to discuss its financial results at 11:00 a.m. EST today. Forward-looking and other material information may be discussed in this conference call. The conference call dial-in number is (877) 704-5378.
For those unable to listen to the call live, a conference call replay will be available from approximately 2:00 p.m. EST today through 11:59 p.m. EST on Saturday, December 24, 2005. The conference call replay can be accessed by dialing (888) 203-1112 and entering passcode 2647350 or on the Company's web site at http://www.parkelectro.com under the caption "Investor Conference Calls."
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 http://www.parkelectro.com under the caption "Investor Conference Calls."
Park believes that an evaluation of its ongoing operations would be difficult if the disclosure of its financial results were limited to generally accepted accounting principles ("GAAP") financial measures, which include special items, such as employment termination benefits charges and the gain on the insurance claim settlement. 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 net earnings determined in accordance with GAAP. Such non-GAAP financial measures are provided to supplement the results provided in accordance with GAAP.
Certain portions of this press release may be deemed to constitute forward looking statements that are subject to various factors which could cause actual results to differ materially from Park's expectations. Such factors include, but are not limited to, general conditions in the electronics industry, Park's competitive position, the status of Park's relationships with its customers, economic conditions in international markets, the cost and availability of utilities, and the various factors set forth under the caption "Factors That May Affect Future Results" after Item 7 of Park's Annual Report on Form 10-K for the fiscal year ended February 27, 2005.
Park Electrochemical Corp. is a global advanced materials company which develops and manufactures high-technology digital and RF/microwave printed circuit materials and advanced composite materials for the electronics, military, aerospace, wireless communication, specialty and industrial markets. The Company's manufacturing facilities are located in Singapore, China (currently under construction), France (two facilities), Connecticut, New York, Arizona and California. The Company operates under the FiberCote(TM), Nelco(R) and Neltec(R) names.
Additional corporate information is available on the Company's web site at http://www.parkelectro.com.
The performance table (in thousands, except per share amounts-unaudited):
13 weeks Ended39 weeks Ended
11/27/0511/28/04 11/27/0511/28/04
Sales$57,159 $50,359$165,277 $159,975
Net Profit before
Special Items $8,233 $4,189 $20,677 $13,157
Special Items 1,512 3,503453 3,503
Net Profit $9,745 $7,692 $21,130 $16,660
Basic Earnings Per Share:
Net Profit befor pecial Items $0.41 $0.21 $1.04 $0.66
Special Items 0.07 0.17 0.020.17
Net Earnings $0.48 $0.38 $1.06 $0.83
Diluted Earnings Per Share:
Net Profit befor pecial Items $0.41 $0.21 $1.03 $0.66
Special Items $0.07 $0.17 $0.02 $0.17
Net Earnings $0.48 $0.38 $1.05 $0.83
Weighted Average
Shares Outstanding:
Basic 20,099 19,901 20,026 19,866
Diluted 20,251 20,061 20,183 20,081
The comparative balance sheets (in thousands):
11/27/05 2/27/05
(unaudited)
Assets
Current Assets
Cash and Marketable Securities $206,895 $189,578
Accounts Receivable, Net 36,944 35,722
Inventories 14,155 15,418
Other Current Assets 3,6202,944
Total Current Assets261,614 243,662
Fixed Assets, Net 58,503 63,251
Other Assets 2,484 398
Total Assets $322,601 $307,311
Liabilities and Stockholders' Equity
Current Liabilities
Accounts Payable $14,020 $15,121
Accrued Liabilities 39,448 20,566
Income Taxes Payable 7,3376,474
Total Current Liabilities 60,805 42,161
Deferred Income Taxes5,0395,042
Liability from Discontinued Operations 17,252 17,251
Total Liabilities 83,096 64,454
Stockholders' Equity 239,505 242,857
Total Liabilities and Stockholders' Equity $322,601 $307,311
Equity Per Share $11.91 $12.19
Detailed operating information (in thousands - unaudited):
13 Weeks Ended 39 Weeks Ended
11/27/0511/28/0411/27/0511/28/04
Net Sales $57,159 $50,359$165,277$159,975
Cost of Sales 41,867 40,519 126,360 127,005
%73.2% 80.5% 76.5% 79.4%
Gross Profit 15,292 9,840 38,917 32,970
%26.8% 19.5% 23.5% 20.6%
Selling, General an dministrative Expenses 6,092 6,282 18,314 21,144
%10.7% 12.4% 11.0% 13.2%
Profit from Operations9,200 3,558 20,603 11,826
%16.1% 7.1% 12.5% 7.4%
Other Income1,562971 4,381 2,398
% 2.7% 1.9% 2.7% 1.5%
Pre-Tax Operating Profit 10,762 4,529 24,984 14,224
%18.8% 9.0% 15.1% 8.9%
Income Tax Provision 2,529340 4,307 1,067
Effective Tax Rate 23.5% 7.5% 17.2% 7.5%
Net Profit Befor pecial Items 8,233 4,189 20,677 13,157
%14.4% 8.3% 12.5% 8.2%
Special Items:
Employment Terminatio enefits Charges -625 1,059 625
% -1.2% 0.6% 0.4%
Insurance Gain - 4,745 - 4,745
% -9.4% - 3.0%
Income Tax Provision (1,512) 617 (1,512) 617
Effective Tax Rate (14.0%) 15.0% (6.0%) 15.0%
After-Tax Special Items 1,512 3,503453 3,503
% 2.6% 7.0% 0.3% 2.2%
After Special Items:
Earnings befor ncome Taxes 10,762 8,649 23,925 18,344
%18.8% 17.2% 14.5% 11.5%
Income Tax Provision 1,017957 2,795 1,684
Effective Tax Rate 9.4% 11.1% 11.7% 9.2%
Net Earnings9,745 7,692 21,130 16,660
%17.0% 15.3% 12.8% 10.4%