EX-99.1 2 k153637_ex99-1.htm
Exhibit 99.1

   
  
NEWS RELEASE
Contact:Karen Maffucci
48 South Service Road
 
Melville, NY 11747
 
(631) 465-3600


PARK ELECTROCHEMICAL REPORTS FIRST QUARTER RESULTS

Melville, New York, June 30, 2009......Park Electrochemical Corp. (NYSE-PKE) reported sales of $36,697,000 for its 2010 fiscal year first quarter ended May 31, 2009 compared to sales of $59,800,000 for the first quarter of last year.

Park reported net earnings of $3,074,000 for the first quarter ended May 31, 2009 compared to net earnings of $7,557,000 for last year’s first quarter.  Park's basic and diluted earnings per share were $0.15 for the first quarter ended May 31, 2009 compared to basic and diluted earnings per share of $0.37 for last year’s first quarter.  The gross profit as a percentage of sales was 25.1% for the first quarter ended May 31, 2009 compared to 24.4% for last year’s first quarter. Interest income was $688,000 for the first quarter ended May 31, 2009 compared to $1,672,000 for last year’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 (866) 393-8397 in the United States and Canada and (706) 902-3776 in other countries and the required passcode is 16180363.

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 Saturday, July 4, 2009.  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 16180363 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 principally for the telecommunications and internet infrastructure and high-end computing markets and advanced composite materials and parts principally for the aerospace markets.  Park’s core capabilities are in the areas of polymer chemistry formulation and coating technology. Park also specializes in the manufacture of complex composite aircraft and space vehicle parts.  The Company’s manufacturing facilities are located in Singapore, China, France, Connecticut, Kansas, Arizona, California and Washington.

Additional corporate information is available on the Company’s web site at www.parkelectro.com.

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The performance table (in thousands, except per share amounts–unaudited):

   
13 Weeks Ended
  
   
5/31/09
    
6/01/08
  
             
Sales
   $ 36,697     $ 59,800  
                 
Net Earnings
   $ 3,074     $ 7,557  
                 
Basic and Diluted Earnings Per Share:
   $ 0.15     $ 0.37  
                 
Weighted Average Shares Outstanding:
                
  Basic
     20,471       20,366  
  Diluted
     20,482       20,430  


The comparative balance sheets (in thousands):

   
5/31/09
   
3/01/09
  
   
(unaudited)
        
Assets
            
Current Assets
            
   Cash and Marketable Securities
   $ 229,826     $ 225,294  
   Accounts Receivable, Net
     20,920       22,433  
   Inventories
     11,210       10,677  
   Other Current Assets
     3,454       5,527  
                 
     Total Current Assets
     265,410       263,931  
                 
Fixed Assets, Net
     47,953       48,777  
Other Assets
     14,623       14,871  
                 
     Total Assets
   $ 327,986     $ 327,579  
                 
Liabilities and Stockholders' Equity
                
Current Liabilities
                
   Accounts Payable
   $ 7,368     $ 8,480  
   Accrued Liabilities
     10,292       11,425  
   Income Taxes Payable
     5,301       4,381  
                 
     Total Current Liabilities
     22,961       24,286  
                 
Deferred Income Taxes
     3,926       3,927  
Other Liabilities
  
3,404
    
3,657
  
                 
                 
                 
     Total Liabilities
     30,291       31,870  
                 
Stockholders’ Equity
     297,695       295,709  
                 
     Total Liabilities and Stockholders' Equity
   $ 327,986     $ 327,579  
                 
Equity Per Share
   $ 14.54     $ 14.45  
 
 
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Detailed operating information (in thousands - unaudited):

   
13 Weeks Ended
  
   
5/31/09
    
6/01/08
  
Net Sales
   $ 36,697     $ 59,800  
Cost of Sales
     27,489       45,227  
%
     74.9%       75.6%  
                 
Gross Profit
     9,208       14,573  
%
     25.1%       24.4%  
                 
Selling, General and Administrative
                
Expenses
     5,917       6,334  
%
     16.1%       10.6%  
                 
Earnings from Operations
     3,291       8,239  
%
     9.0%       13.8%  
                 
Interest Income
     688       1,672  
%
     1.8%       2.8%  
                 
Earnings before Income Taxes
     3,979       9,911  
%
     10.8%       16.6%  
                 
Income Tax Provision
     905       2,354  
Effective Tax Rate
     22.7%       23.8%  
                 
Net Earnings
     3,074       7,557  
%
     8.4%       12.6%  



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