Park Electrochemical Corp. (NYSE-PKE) reported results for the 2019
fiscal year fourth quarter and year ended March 3, 2019. As
previously reported, Park completed the sale of its Electronics
Business to AGC Inc. on December 4, 2018. Therefore, the results of
operations for the Electronics Business are reported as
discontinued operations. Continuing operations discussed below
refer to Park’s Aerospace Business unless otherwise indicated, and
prior periods in such discussion have been restated to reflect
results excluding the Electronics Business. It is important to note
that the fourth quarter ended March 3, 2019 was a 14-week period
compared to the fourth quarter ended February 25, 2018, which was a
13-week period. In addition, the fiscal year ended March 3, 2019
was a 53-week period compared to the fiscal year ended February 25,
2018, which was a 52-week period.
A live audio webcast, along with the
presentation materials, will be available at
https://parkelectro.com/shareholders/investor-conference-calls/.
An archive replay will also be available at the same link for one
year. Presentation materials will also be available at
approximately 9:00 A.M. EDT today
at https://parkelectro.com/shareholders/investor-conference-calls/
and on the Company’s website
at www.parkelectro.com under “Investor
Conference Calls” on the “Shareholders” page.
Continuing Operations:
Park reported net sales from continuing
operations of $16,659,000 for the 2019 fiscal year fourth quarter
ended March 3, 2019 compared to net sales from continuing
operations of $9,920,000 for the 2018 fiscal year fourth quarter
ended February 25, 2018 and net sales from continuing operations of
$12,853,000 for the 2019 fiscal year third quarter ended November
25, 2018. Park’s net sales from continuing operations for the
fiscal year ended March 3, 2019 were $51,116,000 compared to net
sales from continuing operations of $40,230,000 for the fiscal year
ended February 25, 2018.
Net earnings from continuing operations for the
2019 fiscal year fourth quarter were $1,588,000 compared to
$17,197,000 for the 2018 fiscal year fourth quarter and $2,078,000
for the 2019 fiscal year third quarter. Net earnings from
continuing operations were $6,306,000 for the current fiscal year
compared to $18,472,000 for last fiscal year.
Net earnings from continuing operations before
special items for the 2019 fiscal year fourth quarter were
$3,944,000 compared to $659,000 for the 2018 fiscal year fourth
quarter and $2,078,000 for the 2019 fiscal year third quarter. Net
earnings from continuing operations before special items were
$7,874,000 for the current fiscal year compared to $1,934,000 for
last fiscal year. EBITDA from continuing operations for the 2019
fiscal year fourth quarter was $4,251,000 compared to EBITDA from
continuing operations before special items of $1,338,000 for the
2018 fiscal year fourth quarter and EBITDA from continuing
operations of $2,948,000 for the 2019 fiscal year third quarter.
EBITDA from continuing operations was $10,248,000 for the current
fiscal year compared to $4,704,000 for last fiscal year.
In the 2019 fiscal year fourth quarter, the
Company recorded a one-time tax charge of $788,000 related to the
Tax Cuts and Jobs Act enacted in December 2017. Additionally, in
the 2019 fiscal year fourth quarter, the Company recorded a pre-tax
loss on the sales of marketable securities of $1,498,000 and a
pre-tax stock option modification charge of $528,000. The loss on
the sales of marketable securities was in connection with the
liquidation of securities to fund a special cash dividend of $4.25
per share paid in February 2019. The stock option modification
charge related to a reduction in the exercise prices of previously
granted employee stock options resulting from the special dividend
paid in February 2019.
In the 2018 fiscal year fourth quarter, the
Company recorded a one-time tax benefit of $18,157,000 related to
the Tax Cuts and Jobs Act enacted in December 2017. Additionally,
in the 2018 fiscal year fourth quarter, the Company recorded
pre-tax restructuring charges of $146,000, a pre-tax loss on the
sales of marketable securities of $1,342,000, pre-tax deferred
financing costs of $144,000 related to the early termination of the
HSBC Bank Credit Agreement and a pre-tax stock option modification
charge of $513,000. The restructuring charges related to the
closure of the Company’s facility in Waterbury, Connecticut. The
loss on the sales of marketable securities was in connection with
the liquidation of securities to repatriate overseas funds to pay
off the HSBC loan of $68,500,000 and to pay a special cash dividend
of $3.00 per share in February 2018. The stock option modification
charge related to a reduction in the exercise prices of previously
granted employee stock options resulting from the special dividend
paid in February 2018.
Pre-tax earnings from continuing operations were
$2,926,000 for the 2019 fiscal year fourth quarter compared to a
pre-tax loss from continuing operations of $1,403,000 for the 2018
fiscal year fourth quarter and pre-tax earnings from continuing
operations of $2,694,000 for the 2019 fiscal year third quarter.
Pre-tax earnings from continuing operations were $8,097,000 for the
fiscal year ended March 3, 2019 compared to $310,000 for last
fiscal year.
Pre-tax earnings from continuing operations
before special items were $4,952,000 for the 2019 fiscal year
fourth quarter compared to $742,000 for the 2018 fiscal year fourth
quarter and $2,694,000 for the 2019 fiscal year third quarter.
Pre-tax earnings from continuing operations before special items
were $10,123,000 for the fiscal year ended March 3, 2019 compared
to $2,455,000 for last fiscal year.
Park reported basic and diluted earnings per
share from continuing operations of $0.08 for the 2019 fiscal year
fourth quarter compared to $0.85 for the 2018 fiscal year fourth
quarter and $0.10 for the 2019 fiscal year third quarter. Basic and
diluted earnings per share from continuing operations before
special items were $0.19 for the 2019 fiscal year fourth quarter
compared to $0.03 for the 2018 fiscal year fourth quarter and $0.10
for the 2019 fiscal year third quarter.
Park reported basic and diluted earnings per
share from continuing operations of $0.31 for the 2019 fiscal year
compared to $0.91 for the 2018 fiscal year. Basic and diluted
earnings per share from continuing operations before special items
were $0.39 for the 2019 fiscal year compared to $0.10 for 2018
fiscal year.
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
(844) 466-4114 in the United States and Canada and (765) 507-2654
in other countries and the required passcode is 6645627.
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 Thursday, May 23,
2019. The conference call replay can be accessed by dialing
(855) 859-2056 in the United States and Canada and (404) 537-3406
in other countries and entering passcode 6645627 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, including the investor
presentation, 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 believes that an evaluation of its ongoing
operations would be difficult if the disclosure of its operating
results were limited to accounting principles generally accepted in
the United States of America (“GAAP”) financial measures, which
include special items, such as one-time tax benefits, restructuring
and facility closure costs, losses on sales of marketable
securities, deferred financing charges, stock option modification
charges, and EBITDA. Accordingly, in addition to disclosing its
operating results determined in accordance with GAAP, Park
discloses non-GAAP measures including EBITDA and 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 includes a reconciliation of the non-GAAP operating
results before special items to earnings determined in accordance
with GAAP and a reconciliation of GAAP pre-tax earnings to EBITDA.
Such non-GAAP financial measures are provided to supplement the
results provided in accordance with GAAP.
Park Electrochemical Corp. is an Aerospace
Company which develops and manufactures solution and hot-melt
advanced composite materials used to produce composite structures
for the global aerospace markets. Park’s advanced composite
materials include film adhesives (undergoing qualification) and
lightning strike materials. Park offers an array of composite
materials specifically designed for hand lay-up or automated fiber
placement (AFP) manufacturing applications. Park’s advanced
composite materials are used to produce primary and thirdary
structures for jet engines, large and regional transport aircraft,
military aircraft, Unmanned Aerial Vehicles (UAVs commonly referred
to as “drones”), business jets, general aviation aircraft and
rotary wing aircraft. Park also offers specialty ablative
materials for rocket motors and nozzles and specially designed
materials for radome applications. As a complement to Park’s
advanced composite materials offering, Park designs and fabricates
composite parts, structures and assemblies and low volume tooling
for the aerospace industry. Target markets for Park’s
composite parts and structures (which include Park’s patented
composite Sigma Strut and Alpha Strut product lines) are, among
others, prototype and development aircraft, special mission
aircraft, spares for legacy military and civilian aircraft and
exotic spacecraft. Park’s objective is to do what others are
either unwilling or unable to do. When nobody else wants to
do it because it is too difficult, too small or too annoying, sign
us up.
Additional corporate information is available on
the Company’s web site at www.parkelectro.com
Performance table, including non-GAAP
information (in thousands, except per share amounts
–unaudited):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14 Weeks Ended |
|
|
13 Weeks Ended |
|
53 Weeks Ended |
|
|
52 Weeks Ended |
|
|
|
|
|
|
|
|
|
|
|
|
March 3, 2019 |
|
|
February 25, 2018 |
|
|
November 25, 2018 |
|
March 3, 2019 |
|
|
February 25, 2018 |
|
|
Sales |
$ |
16,659 |
|
|
|
$ |
9,920 |
|
|
|
$ |
12,853 |
|
$ |
51,116 |
|
|
|
$ |
40,230 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings before Special
Items1 |
$ |
3,944 |
|
|
|
$ |
659 |
|
|
|
$ |
2,078 |
|
$ |
7,874 |
|
|
|
$ |
1,934 |
|
|
|
Special Items, Net of Tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock Option
Modifications |
|
(408 |
) |
|
|
|
(322 |
) |
|
|
|
- |
|
|
(408 |
) |
|
|
|
(322 |
) |
|
|
Restructuring Charges |
|
- |
|
|
|
|
(92 |
) |
|
|
|
- |
|
|
- |
|
|
|
|
(92 |
) |
|
|
Loss on Sales of
Marketable Securities |
|
(1,160 |
) |
|
|
|
(1,114 |
) |
|
|
|
- |
|
|
(1,160 |
) |
|
|
|
(1,114 |
) |
|
|
Acceleration of Deferred
Financing Costs |
|
- |
|
|
|
|
(91 |
) |
|
|
|
- |
|
|
- |
|
|
|
|
(91 |
) |
|
|
Tax Cut and Jobs Act |
|
(788 |
) |
|
|
|
18,157 |
|
|
|
|
- |
|
|
- |
|
|
|
|
18,157 |
|
|
|
Net Earnings from
Continuing Operations |
$ |
1,588 |
|
|
|
$ |
17,197 |
|
|
|
$ |
2,078 |
|
$ |
6,306 |
|
|
|
$ |
18,472 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from Discontinued
Operations, Net of Tax |
$ |
102,398 |
|
|
|
$ |
768 |
|
|
|
$ |
1,613 |
|
$ |
107,239 |
|
|
|
$ |
2,123 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings |
$ |
103,986 |
|
|
|
$ |
17,965 |
|
|
|
$ |
3,691 |
|
$ |
113,545 |
|
|
|
$ |
20,595 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings per Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings before
Special Items1 |
$ |
0.19 |
|
|
|
$ |
0.03 |
|
|
|
$ |
0.10 |
|
$ |
0.39 |
|
|
|
$ |
0.10 |
|
|
|
Special Items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock Option
Modifications |
|
(0.02 |
) |
|
|
|
(0.02 |
) |
|
|
|
- |
|
|
(0.02 |
) |
|
|
|
(0.02 |
) |
|
|
Restructuring Charges |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
- |
|
|
|
|
- |
|
|
|
Loss on Sales of
Marketable Securities |
|
(0.05 |
) |
|
|
|
(0.06 |
) |
|
|
|
- |
|
|
(0.06 |
) |
|
|
|
(0.06 |
) |
|
|
Acceleration of Deferred
Financing Costs |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
- |
|
|
|
|
- |
|
|
|
Tax Cut and Jobs Act |
|
(0.04 |
) |
|
|
|
0.90 |
|
|
|
|
- |
|
|
- |
|
|
|
|
0.89 |
|
|
|
Basic Earnings per Share
from Continuing Operations |
$ |
0.08 |
|
|
|
$ |
0.85 |
|
|
|
$ |
0.10 |
|
$ |
0.31 |
|
|
|
$ |
0.91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings per Share
from Discontinued Operations |
|
5.02 |
|
|
|
|
0.04 |
|
|
|
|
0.08 |
|
|
5.29 |
|
|
|
|
0.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings per
Share |
$ |
5.10 |
|
|
|
$ |
0.89 |
|
|
|
$ |
0.18 |
|
$ |
5.60 |
|
|
|
$ |
1.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings before
Special Items1 |
$ |
0.19 |
|
|
|
$ |
0.03 |
|
|
|
$ |
0.10 |
|
$ |
0.39 |
|
|
|
$ |
0.10 |
|
|
|
Special Items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock Option
Modifications |
|
(0.02 |
) |
|
|
|
(0.02 |
) |
|
|
|
- |
|
|
(0.02 |
) |
|
|
|
(0.02 |
) |
|
|
Restructuring Charges |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
- |
|
|
|
|
- |
|
|
|
Loss on Sales of
Marketable Securities |
|
(0.05 |
) |
|
|
|
(0.05 |
) |
|
|
|
- |
|
|
(0.06 |
) |
|
|
|
(0.06 |
) |
|
|
Acceleration of Deferred
Financing Costs |
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
- |
|
|
|
|
- |
|
|
|
Tax Cut and Jobs Act |
|
(0.04 |
) |
|
|
|
0.89 |
|
|
|
|
- |
|
|
- |
|
|
|
|
0.89 |
|
|
|
Diluted Earnings per Share
from Continuing Operations |
$ |
0.08 |
|
|
|
$ |
0.85 |
|
|
|
$ |
0.10 |
|
$ |
0.31 |
|
|
|
$ |
0.91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings per Share
from Discontinued Operations |
|
4.99 |
|
|
|
|
0.04 |
|
|
|
|
0.08 |
|
|
5.26 |
|
|
|
|
0.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings per
Share |
$ |
5.07 |
|
|
|
$ |
0.89 |
|
|
|
$ |
0.18 |
|
$ |
5.57 |
|
|
|
$ |
1.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Shares
Outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
20,370 |
|
|
|
|
20,238 |
|
|
|
|
20,278 |
|
|
20,288 |
|
|
|
|
20,237 |
|
|
|
Diluted |
|
20,501 |
|
|
|
|
20,311 |
|
|
|
|
20,352 |
|
|
20,385 |
|
|
|
|
20,267 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Refer to "Reconciliation of non-GAAP financial measures" below
for information regarding Special Items. |
|
|
|
|
|
|
|
|
|
|
|
|
Comparative balance sheets (in thousands except
per share information):
|
|
|
March 3, 2019 |
|
February 25, 2018 |
|
|
Assets |
(unaudited) |
|
(Note 1) |
|
|
Current Assets |
|
|
|
|
|
Cash and Marketable Securities |
$ |
151,624 |
|
$ |
108,231 |
|
|
Accounts Receivable, Net |
|
9,352 |
|
|
6,961 |
|
|
Inventories |
|
5,267 |
|
|
3,955 |
|
|
Prepaid Expenses and Other Current Assets |
|
1,690 |
|
|
1,473 |
|
|
Current Assets - Discontinued Operations |
|
- |
|
|
20,648 |
|
|
Total Current Assets |
|
167,933 |
|
|
141,268 |
|
|
|
|
|
|
|
|
Fixed Assets, Net |
|
10,791 |
|
|
9,805 |
|
|
Other Assets |
|
10,127 |
|
|
10,188 |
|
|
Non Current Assets - Discontinued Operations |
|
- |
|
|
8,885 |
|
|
Total Assets |
$ |
188,851 |
|
$ |
170,146 |
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity |
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
Accounts Payable |
$ |
3,169 |
|
$ |
1,825 |
|
|
Accrued Liabilities |
|
2,920 |
|
|
1,022 |
|
|
Income Taxes Payable |
|
5,066 |
|
|
1,456 |
|
|
|
Current Liabilities - Discontinued Operations |
|
- |
|
|
7,924 |
|
|
|
Total Current Liabilities |
|
11,155 |
|
|
12,227 |
|
|
|
|
|
|
|
|
Noncurrent Income Taxes Payable |
|
17,669 |
|
|
20,364 |
|
|
Deferred Income Taxes |
|
- |
|
|
1,133 |
|
|
Other Liabilities |
|
1,016 |
|
|
314 |
|
|
Noncurrent Liabilities - Discontinued Operations |
|
- |
|
|
847 |
|
|
Total Liabilities |
|
29,840 |
|
|
34,885 |
|
|
|
|
|
|
|
|
Shareholders’ Equity |
|
159,011 |
|
|
135,261 |
|
|
|
|
|
|
|
|
Total Liabilities and Shareholders' Equity |
$ |
188,851 |
|
$ |
170,146 |
|
|
|
|
|
|
|
|
Additional information |
|
|
|
|
|
Equity per Share |
$ |
7.84 |
|
$ |
6.68 |
|
|
|
(Note 1) - These
amounts have not been audited and are based on the audited
financial statements. |
|
|
Comparative statements of operations (in
thousands – unaudited):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14 Weeks Ended |
|
|
13 Weeks Ended |
|
|
53 Weeks Ended |
|
|
52 Weeks Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 3, 2019 |
|
|
February 25, 2018 |
|
|
November 25, 2018 |
|
|
March 3, 2019 |
|
|
February 25, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
$ |
16,659 |
|
|
|
$ |
9,920 |
|
|
|
$ |
12,853 |
|
|
|
$ |
51,116 |
|
|
|
$ |
40,230 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Sales |
|
10,756 |
|
|
|
|
7,102 |
|
|
|
|
8,569 |
|
|
|
|
34,932 |
|
|
|
|
28,942 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit |
|
5,903 |
|
|
|
|
2,818 |
|
|
|
|
4,284 |
|
|
|
|
16,184 |
|
|
|
|
11,288 |
|
|
|
% of net sales |
|
35.4 |
% |
|
|
|
28.4 |
% |
|
|
|
33.3 |
% |
|
|
|
31.7 |
% |
|
|
|
28.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, General & Administrative Expenses |
|
2,768 |
|
|
|
|
2,673 |
|
|
|
|
1,983 |
|
|
|
|
8,968 |
|
|
|
|
9,862 |
|
|
|
% of net sales |
|
16.6 |
% |
|
|
|
26.9 |
% |
|
|
|
15.4 |
% |
|
|
|
17.5 |
% |
|
|
|
24.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring Charges |
|
- |
|
|
|
|
146 |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
146 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from Operations |
|
3,135 |
|
|
|
|
(1 |
) |
|
|
|
2,301 |
|
|
|
|
7,216 |
|
|
|
|
1,280 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income |
|
1,289 |
|
|
|
|
407 |
|
|
|
|
393 |
|
|
|
|
2,379 |
|
|
|
|
2,641 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on Sales of Marketable Securities |
|
(1,498 |
) |
|
|
|
(1,342 |
) |
|
|
|
- |
|
|
|
|
(1,498 |
) |
|
|
|
(1,342 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense |
|
- |
|
|
|
|
467 |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
2,269 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest and Other Income |
|
(209 |
) |
|
|
|
(1,402 |
) |
|
|
|
393 |
|
|
|
|
881 |
|
|
|
|
(970 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss) before Income Taxes |
|
2,926 |
|
|
|
|
(1,403 |
) |
|
|
|
2,694 |
|
|
|
|
8,097 |
|
|
|
|
310 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Provision/(Benefit) |
|
1,338 |
|
|
|
|
(18,600 |
) |
|
|
|
616 |
|
|
|
|
1,791 |
|
|
|
|
(18,162 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings from continuing operations |
|
1,588 |
|
|
|
|
17,197 |
|
|
|
|
2,078 |
|
|
|
|
6,306 |
|
|
|
|
18,472 |
|
|
|
% of net sales |
|
9.5 |
% |
|
|
|
173.4 |
% |
|
|
|
16.2 |
% |
|
|
|
12.3 |
% |
|
|
|
45.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from discontinued operations, net of tax |
|
102,398 |
|
|
|
|
768 |
|
|
|
|
1,613 |
|
|
|
|
107,239 |
|
|
|
|
2,123 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings |
$ |
103,986 |
|
|
|
$ |
17,965 |
|
|
|
$ |
3,691 |
|
|
|
$ |
113,545 |
|
|
|
$ |
20,595 |
|
|
|
% of net sales |
|
624.2 |
% |
|
|
|
181.1 |
% |
|
|
|
28.7 |
% |
|
|
|
222.1 |
% |
|
|
|
51.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of non-GAAP financial measures
(in thousands – unaudited):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14 Weeks Ended March 3, 2019 |
|
|
13 Weeks Ended February 25, 2018 |
|
|
13 Weeks Ended November 25, 2018 |
|
|
GAAP |
|
Specials Items |
|
Before Special Items |
|
|
GAAP |
|
Specials Items |
|
Before Special Items |
|
|
GAAP |
|
Specials Items |
|
Before Special Items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, General & Administrative Expenses |
$ |
2,768 |
|
|
$ |
(528 |
) |
|
$ |
2,240 |
|
|
|
$ |
2,673 |
|
|
$ |
(513 |
) |
|
$ |
2,160 |
|
|
|
$ |
1,983 |
|
|
$ |
- |
|
|
$ |
1,983 |
|
|
% of net sales |
|
16.6 |
% |
|
|
|
|
13.4 |
% |
|
|
|
26.9 |
% |
|
|
|
|
21.8 |
% |
|
|
|
15.4 |
% |
|
|
|
|
15.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring Charges |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
146 |
|
|
|
(146 |
) |
|
|
- |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
% of net sales |
|
0.0 |
% |
|
|
|
|
0.0 |
% |
|
|
|
1.5 |
% |
|
|
|
|
0.0 |
% |
|
|
|
0.0 |
% |
|
|
|
|
0.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from Operations |
|
3,135 |
|
|
|
528 |
|
|
|
3,663 |
|
|
|
|
(1 |
) |
|
|
659 |
|
|
|
658 |
|
|
|
|
2,301 |
|
|
|
- |
|
|
|
2,301 |
|
|
% of net sales |
|
18.8 |
% |
|
|
|
|
22.0 |
% |
|
|
|
0.0 |
% |
|
|
|
|
6.6 |
% |
|
|
|
17.9 |
% |
|
|
|
|
17.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income |
|
1,289 |
|
|
|
- |
|
|
|
1,289 |
|
|
|
|
407 |
|
|
|
- |
|
|
|
407 |
|
|
|
|
393 |
|
|
|
- |
|
|
|
393 |
|
|
% of net sales |
|
7.7 |
% |
|
|
|
|
7.7 |
% |
|
|
|
4.1 |
% |
|
|
|
|
4.1 |
% |
|
|
|
3.1 |
% |
|
|
|
|
3.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on Sales of Marketable Securities |
|
(1,498 |
) |
|
|
1,498 |
|
|
|
- |
|
|
|
|
(1,342 |
) |
|
|
1,342 |
|
|
|
- |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
% of net sales |
|
-9.0 |
% |
|
|
|
|
0.0 |
% |
|
|
|
-13.5 |
% |
|
|
|
|
0.0 |
% |
|
|
|
0.0 |
% |
|
|
|
|
0.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
467 |
|
|
|
(144 |
) |
|
|
323 |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
% of net sales |
|
0.0 |
% |
|
|
|
|
0.0 |
% |
|
|
|
4.7 |
% |
|
|
|
|
3.3 |
% |
|
|
|
0.0 |
% |
|
|
|
|
0.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest and Other Income |
|
(209 |
) |
|
|
1,498 |
|
|
|
1,289 |
|
|
|
|
(1,402 |
) |
|
|
1,486 |
|
|
|
84 |
|
|
|
|
393 |
|
|
|
- |
|
|
|
393 |
|
|
% of net sales |
|
-1.3 |
% |
|
|
|
|
7.7 |
% |
|
|
|
-14.1 |
% |
|
|
|
|
0.8 |
% |
|
|
|
3.1 |
% |
|
|
|
|
3.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss) before Income Taxes |
|
2,926 |
|
|
|
2,026 |
|
|
|
4,952 |
|
|
|
|
(1,403 |
) |
|
|
2,145 |
|
|
|
742 |
|
|
|
|
2,694 |
|
|
|
- |
|
|
|
2,694 |
|
|
% of net sales |
|
17.6 |
% |
|
|
|
|
29.7 |
% |
|
|
|
-14.1 |
% |
|
|
|
|
7.5 |
% |
|
|
|
21.0 |
% |
|
|
|
|
21.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Provision/(Benefit) |
|
1,338 |
|
|
|
(330 |
) |
|
|
1,008 |
|
|
|
|
(18,600 |
) |
|
|
18,683 |
|
|
|
83 |
|
|
|
|
616 |
|
|
|
|
|
616 |
|
|
Effective Tax Rate |
|
45.7 |
% |
|
|
|
|
20.4 |
% |
|
|
|
1325.7 |
% |
|
|
|
|
11.2 |
% |
|
|
|
22.9 |
% |
|
|
|
|
22.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings from continuing operations |
|
1,588 |
|
|
|
2,356 |
|
|
|
3,944 |
|
|
|
|
17,197 |
|
|
|
(16,538 |
) |
|
|
659 |
|
|
|
|
2,078 |
|
|
|
- |
|
|
|
2,078 |
|
|
% of net sales |
|
9.5 |
% |
|
|
|
|
23.7 |
% |
|
|
|
173.4 |
% |
|
|
|
|
6.6 |
% |
|
|
|
16.2 |
% |
|
|
|
|
16.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from discontinued operations, net of tax |
|
102,398 |
|
|
|
(102,128 |
) |
|
|
270 |
|
|
|
|
768 |
|
|
|
545 |
|
|
|
1,313 |
|
|
|
|
1,613 |
|
|
|
(1,565 |
) |
|
|
48 |
|
|
% of net sales |
|
614.7 |
% |
|
|
|
|
1.6 |
% |
|
|
|
7.7 |
% |
|
|
|
|
13.2 |
% |
|
|
|
12.5 |
% |
|
|
|
|
0.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings |
|
103,986 |
|
|
|
(99,772 |
) |
|
|
4,214 |
|
|
|
|
17,965 |
|
|
|
(15,993 |
) |
|
|
1,972 |
|
|
|
|
3,691 |
|
|
|
(1,565 |
) |
|
|
2,126 |
|
|
% of net sales |
|
624.2 |
% |
|
|
|
|
25.3 |
% |
|
|
|
181.1 |
% |
|
|
|
|
19.9 |
% |
|
|
|
28.7 |
% |
|
|
|
|
16.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from Operations |
|
|
|
|
|
3,663 |
|
|
|
|
|
|
|
|
658 |
|
|
|
|
|
|
|
|
2,301 |
|
|
Addback non-cash
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
462 |
|
|
|
|
|
|
|
|
457 |
|
|
|
|
|
|
|
|
453 |
|
|
Stock Option
Expense |
|
|
|
|
|
126 |
|
|
|
|
|
|
|
|
223 |
|
|
|
|
|
|
|
|
194 |
|
|
EBITDA |
|
|
|
|
|
4,251 |
|
|
|
|
|
|
|
|
1,338 |
|
|
|
|
|
|
|
|
2,948 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of non-GAAP financial measures (in
thousands – unaudited) continued: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
53 Weeks Ended March 3, 2019 |
|
|
52 Weeks Ended February 25, 2018 |
|
|
|
|
|
|
|
|
|
GAAP |
|
Specials Items |
|
Before Special Items |
|
|
GAAP |
|
Specials Items |
|
Before Special Items |
|
|
|
|
|
|
|
|
Selling, General & Administrative Expenses |
$ |
8,968 |
|
|
$ |
(528 |
) |
|
$ |
8,440 |
|
|
|
$ |
9,862 |
|
|
$ |
(513 |
) |
|
$ |
9,349 |
|
|
|
|
|
|
|
|
|
% of net sales |
|
17.5 |
% |
|
|
|
|
16.5 |
% |
|
|
|
24.5 |
% |
|
|
|
|
23.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring Charges |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
146 |
|
|
|
(146 |
) |
|
|
- |
|
|
|
|
|
|
|
|
|
% of net sales |
|
0.0 |
% |
|
|
|
|
0.0 |
% |
|
|
|
0.4 |
% |
|
|
|
|
0.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from Operations |
|
7,216 |
|
|
|
528 |
|
|
|
7,744 |
|
|
|
|
1,280 |
|
|
|
659 |
|
|
|
1,939 |
|
|
|
|
|
|
|
|
|
% of net sales |
|
14.1 |
% |
|
|
|
|
15.1 |
% |
|
|
|
3.2 |
% |
|
|
|
|
4.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income |
|
2,379 |
|
|
|
|
|
2,379 |
|
|
|
|
2,641 |
|
|
|
- |
|
|
|
2,641 |
|
|
|
|
|
|
|
|
|
% of net sales |
|
4.7 |
% |
|
|
|
|
4.7 |
% |
|
|
|
6.6 |
% |
|
|
|
|
6.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on Sales of Marketable Securities |
|
(1,498 |
) |
|
|
1,498 |
|
|
|
- |
|
|
|
|
(1,342 |
) |
|
|
1,342 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
% of net sales |
|
-2.9 |
% |
|
|
|
|
0.0 |
% |
|
|
|
-3.3 |
% |
|
|
|
|
0.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
2,269 |
|
|
|
(144 |
) |
|
|
2,125 |
|
|
|
|
|
|
|
|
|
% of net sales |
|
0.0 |
% |
|
|
|
|
0.0 |
% |
|
|
|
5.6 |
% |
|
|
|
|
5.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest and Other Income |
|
881 |
|
|
|
1,498 |
|
|
|
2,379 |
|
|
|
|
(970 |
) |
|
|
1,486 |
|
|
|
516 |
|
|
|
|
|
|
|
|
|
% of net sales |
|
1.7 |
% |
|
|
|
|
4.7 |
% |
|
|
|
-2.4 |
% |
|
|
|
|
1.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before Income Taxes |
|
8,097 |
|
|
|
2,026 |
|
|
|
10,123 |
|
|
|
|
310 |
|
|
|
2,145 |
|
|
|
2,455 |
|
|
|
|
|
|
|
|
|
% of net sales |
|
15.8 |
% |
|
|
|
|
19.8 |
% |
|
|
|
0.8 |
% |
|
|
|
|
6.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Provision |
|
1,791 |
|
|
|
458 |
|
|
|
2,249 |
|
|
|
|
(18,162 |
) |
|
|
18,683 |
|
|
|
521 |
|
|
|
|
|
|
|
|
|
Effective Tax Rate |
|
22.1 |
% |
|
|
|
|
22.2 |
% |
|
|
|
-5858.7 |
% |
|
|
|
|
21.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings from continuing operations |
|
6,306 |
|
|
|
1,568 |
|
|
|
7,874 |
|
|
|
|
18,472 |
|
|
|
(16,538 |
) |
|
|
1,934 |
|
|
|
|
|
|
|
|
|
% of net sales |
|
12.3 |
% |
|
|
|
|
15.4 |
% |
|
|
|
45.9 |
% |
|
|
|
|
4.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from discontinued operations, net of tax |
|
107,239 |
|
|
|
(103,203 |
) |
|
|
4,036 |
|
|
|
|
2,123 |
|
|
|
3,873 |
|
|
|
5,996 |
|
|
|
|
|
|
|
|
|
% of net sales |
|
209.8 |
% |
|
|
|
|
7.9 |
% |
|
|
|
5.3 |
% |
|
|
|
|
14.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings |
|
113,545 |
|
|
|
(101,635 |
) |
|
|
11,910 |
|
|
|
|
20,595 |
|
|
|
(12,665 |
) |
|
|
7,930 |
|
|
|
|
|
|
|
|
|
|
|
% of net sales |
|
222.1 |
% |
|
|
|
|
23.3 |
% |
|
|
|
51.2 |
% |
|
|
|
|
19.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from Operations |
|
|
|
|
|
7,744 |
|
|
|
|
|
|
|
|
1,939 |
|
|
|
|
|
|
|
|
|
Addback non-cash
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
1,784 |
|
|
|
|
|
|
|
|
1,833 |
|
|
|
|
|
|
|
|
|
Stock Option
Expense |
|
|
|
|
|
720 |
|
|
|
|
|
|
|
|
932 |
|
|
|
|
|
|
|
|
|
EBITDA |
|
|
|
|
|
10,248 |
|
|
|
|
|
|
|
|
4,704 |
|
|
|
|
|
|
|
|
Contact: Martina Bar
Kochva
48 South Service RoadMelville, NY 11747(631) 465-3600
Park Aerospace (NYSE:PKE)
Gráfico Histórico do Ativo
De Mar 2024 até Abr 2024
Park Aerospace (NYSE:PKE)
Gráfico Histórico do Ativo
De Abr 2023 até Abr 2024