Park Aerospace Corp. (NYSE-PKE) reported results for the 2020
fiscal year second quarter ended September 1, 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 in the prior year 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.
A live audio webcast, along with presentation
materials, will be available at
https://edge.media-server.com/mmc/p/ycr9hepo at 11:00 a.m. EDT on
Thursday, October 10, 2019. The presentation materials will also be
available at approximately 9:00 a.m. EDT on Thursday, October 10,
2019 at
https://parkaerospace.com/shareholders/investor-conference-calls/
and on the Company’s website at www.parkaerospace.com under
“Investor Conference Calls” on the “Shareholders” page.
Continuing Operations:
Park reported net sales of $13,723,000 for the
2020 fiscal year second quarter ended September 1, 2019 compared to
$11,211,000 for the 2019 fiscal year second quarter ended August
26, 2018 and $14,950,000 for the 2020 fiscal year first quarter
ended June 2, 2019. Park’s net sales from continuing
operations for the six months ended September 1, 2019 were
$28,673,000 compared to $21,604,000 for the six months ended August
26, 2018. Net earnings from continuing operations for the 2020
fiscal year second quarter were $2,052,000 compared to $1,824,000
for the 2019 fiscal year second quarter and $2,714,000 for the 2020
fiscal year first quarter. Net earnings from continuing operations
were $4,766,000 for the current year’s first six months compared to
$2,640,000 for last year’s first six months.
Park reported net earnings from continuing
operations before special items of $2,052,000 for the 2020 fiscal
year second quarter compared to $1,036,000 for the 2019 fiscal year
second quarter and $2,858,000 for the 2020 fiscal year first
quarter. In the 2019 fiscal year second quarter, the Company
recorded a one-time tax benefit of $788,000 related to the Tax Cuts
and Jobs Act enacted in December 2017. EBITDA from continuing
operations for the 2020 fiscal year second quarter was $2,406,000
compared to $1,663,000 for the 2019 fiscal year second quarter and
$3,372,000 for the 2020 fiscal year first quarter.
For the six months ended September 1, 2019, Park
reported net earnings from continuing operations before special
items of $4,910,000 compared to $1,852,000 for last fiscal year’s
first six months. In the 2020 fiscal year’s first six months,
the Company recorded a one-time tax charge of $144,000 for the
write down of deferred tax assets for stock option expirations
pertaining to employees who transferred to AGC Inc. in connection
with the sale of the electronics business. The 2019 fiscal year’s
first six months included the one-time tax benefit of $788,000
mentioned above. EBITDA from continuing operations for the current
year’s first six months was $5,779,000 compared to $3,045,000 for
last year’s first six months.
Park reported basic and diluted earnings per
share from continuing operations of $0.10 for the 2020 fiscal year
second quarter compared to $0.09 for the 2019 fiscal year second
quarter and $0.13 for the 2020 fiscal year first quarter. Basic and
diluted earnings per share from continuing operations before
special items were $0.10 for the 2020 fiscal year second quarter
compared to $0.05 for the 2019 fiscal year second quarter and $0.14
for the 2020 fiscal year first quarter.
Park reported basic and diluted earnings per
share from continuing operations of $0.23 for the 2020 fiscal
year’s first six months compared to $0.13 for the 2019 fiscal
year’s first six months. Basic and diluted earnings per share from
continuing operations before special items were $0.24 for the 2020
fiscal year’s first six months compared to $0.09 for 2019 fiscal
year’s first six months.
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 8780956.
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 Wednesday, October 16,
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 8780956 or on the
Company's web site at
www.parkaerospace.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.parkaerospace.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 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 Aerospace 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 secondary 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 proprietary 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.parkaerospace.com.
Performance table, including non-GAAP
information (in thousands, except per share amounts –
unaudited):
|
13 Weeks Ended |
|
26 Weeks Ended |
|
|
|
|
|
|
|
|
September 1, 2019 |
|
|
August 26, 2018 |
|
|
June 2, 2019 |
|
September 1, 2019 |
|
|
August 26, 2018 |
Sales |
$ |
13,723 |
|
|
$ |
11,211 |
|
|
$ |
14,950 |
|
|
$ |
28,673 |
|
|
|
$ |
21,604 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings before Special
Items1 |
$ |
2,052 |
|
|
$ |
1,036 |
|
|
$ |
2,858 |
|
|
$ |
4,910 |
|
|
|
$ |
1,852 |
Special Items, Net of Tax: |
|
|
|
|
|
|
|
|
|
|
|
|
Tax Impact of Cancelled Stock Options |
|
- |
|
|
|
- |
|
|
|
(144 |
) |
|
|
(144 |
) |
|
|
|
- |
Tax Cuts and Jobs Act |
|
- |
|
|
|
788 |
|
|
|
- |
|
|
|
- |
|
|
|
|
788 |
Net Earnings from Continuing Operations |
$ |
2,052 |
|
|
$ |
1,824 |
|
|
$ |
2,714 |
|
|
$ |
4,766 |
|
|
|
$ |
2,640 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (Loss) from Discontinued Operations, Net of Tax |
$ |
83 |
|
|
$ |
876 |
|
|
$ |
(127 |
) |
|
$ |
(44 |
) |
|
|
$ |
3,228 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings |
$ |
2,135 |
|
|
$ |
2,700 |
|
|
$ |
2,587 |
|
|
$ |
4,722 |
|
|
|
$ |
5,868 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings per Share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings before Special Items1 |
$ |
0.10 |
|
|
$ |
0.05 |
|
|
$ |
0.14 |
|
|
$ |
0.24 |
|
|
|
$ |
0.09 |
Special Items: |
|
|
|
|
|
|
|
|
|
|
|
|
Tax Impact of Cancelled Stock Options |
|
- |
|
|
|
- |
|
|
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
|
- |
Tax Cuts and Jobs Act |
|
- |
|
|
|
0.04 |
|
|
|
- |
|
|
|
- |
|
|
|
|
0.04 |
Basic Earnings per Share from Continuing Operations |
$ |
0.10 |
|
|
$ |
0.09 |
|
|
$ |
0.13 |
|
|
$ |
0.23 |
|
|
|
$ |
0.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings per Share from Discontinued Operations |
|
- |
|
|
|
0.04 |
|
|
|
- |
|
|
|
- |
|
|
|
|
0.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings per Share |
$ |
0.10 |
|
|
$ |
0.13 |
|
|
$ |
0.13 |
|
|
$ |
0.23 |
|
|
|
$ |
0.29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings before Special
Items1 |
$ |
0.10 |
|
|
$ |
0.05 |
|
|
$ |
0.14 |
|
|
$ |
0.24 |
|
|
|
$ |
0.09 |
Special Items: |
|
|
|
|
|
|
|
|
|
|
|
|
Tax Impact of Cancelled Stock Options |
|
- |
|
|
|
- |
|
|
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
|
- |
Tax Cuts and Jobs Act |
|
- |
|
|
|
0.04 |
|
|
|
- |
|
|
|
- |
|
|
|
|
0.04 |
Diluted Earnings per Share from
Continuing Operations |
$ |
0.10 |
|
|
$ |
0.09 |
|
|
$ |
0.13 |
|
|
$ |
0.23 |
|
|
|
$ |
0.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings per Share from Discontinued Operations |
|
- |
|
|
|
0.04 |
|
|
|
- |
|
|
|
- |
|
|
|
|
0.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings per Share |
$ |
0.10 |
|
|
$ |
0.13 |
|
|
$ |
0.13 |
|
|
$ |
0.23 |
|
|
|
$ |
0.29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Shares
Outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
20,499 |
|
|
|
20,253 |
|
|
|
20,492 |
|
|
|
20,495 |
|
|
|
|
20,248 |
Diluted |
|
20,601 |
|
|
|
20,382 |
|
|
|
20,588 |
|
|
|
20,593 |
|
|
|
|
20,339 |
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Refer to "Reconciliation of non-GAAP financial measures" below
for information regarding Special Items.
Comparative balance sheets (in
thousands):
|
September 1, 2019 |
|
March 3, 2019 |
Assets |
(unaudited) |
|
|
Current Assets |
|
|
|
Cash and Marketable Securities |
$ |
145,355 |
|
$ |
151,624 |
Accounts Receivable, Net |
|
8,855 |
|
|
9,352 |
Inventories |
|
4,626 |
|
|
5,267 |
Prepaid Expenses and Other Current Assets |
|
1,913 |
|
|
1,690 |
Total Current Assets |
|
160,749 |
|
|
167,933 |
|
|
|
|
Fixed Assets, Net |
|
12,311 |
|
|
10,791 |
Operating Right-of-use Assets |
|
373 |
|
|
- |
Other Assets |
|
10,096 |
|
|
10,127 |
Total Assets |
$ |
183,529 |
|
$ |
188,851 |
|
|
|
|
Liabilities and Shareholders' Equity |
|
|
|
Current Liabilities |
|
|
|
Accounts Payable |
$ |
1,819 |
|
$ |
3,169 |
Accrued Liabilities |
|
1,952 |
|
|
2,920 |
Income Taxes Payable |
|
1,481 |
|
|
5,066 |
Operating Lease Liability |
|
109 |
|
|
- |
Total Current Liabilities |
|
5,361 |
|
|
11,155 |
|
|
|
|
Long-term Operating Lease Liability |
|
264 |
|
|
- |
Non-current Income Taxes Payable |
|
15,986 |
|
|
17,669 |
Deferred Income Taxes |
|
65 |
|
|
- |
Other Liabilities |
|
1,050 |
|
|
1,016 |
Total Liabilities |
|
22,726 |
|
|
29,840 |
|
|
|
|
Shareholders’ Equity |
|
160,803 |
|
|
159,011 |
|
|
|
|
Total Liabilities and Shareholders' Equity |
$ |
183,529 |
|
$ |
188,851 |
|
|
|
|
Additional information |
|
|
|
Equity per Share |
$ |
7.84 |
|
$ |
7.84 |
|
|
|
|
|
|
Comparative statements of operations (in
thousands – unaudited):
|
13 Weeks Ended |
|
|
26 Weeks Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 1, 2019 |
|
|
August 26, 2018 |
|
|
June 2, 2019 |
|
|
September 1, 2019 |
|
|
August 26, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
$ |
13,723 |
|
|
|
$ |
11,211 |
|
|
|
$ |
14,950 |
|
|
|
$ |
28,673 |
|
|
|
$ |
21,604 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Sales |
|
9,910 |
|
|
|
|
8,066 |
|
|
|
|
10,146 |
|
|
|
|
20,056 |
|
|
|
|
15,607 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit |
|
3,813 |
|
|
|
|
3,145 |
|
|
|
|
4,804 |
|
|
|
|
8,617 |
|
|
|
|
5,997 |
|
% of net sales |
|
27.8 |
% |
|
|
|
28.1 |
% |
|
|
|
32.1 |
% |
|
|
|
30.1 |
% |
|
|
|
27.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, General &
Administrative Expenses |
|
1,914 |
|
|
|
|
2,116 |
|
|
|
|
1,922 |
|
|
|
|
3,836 |
|
|
|
|
4,217 |
|
% of net sales |
|
13.9 |
% |
|
|
|
18.9 |
% |
|
|
|
12.9 |
% |
|
|
|
13.4 |
% |
|
|
|
19.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from Continuing
Operations |
|
1,899 |
|
|
|
|
1,029 |
|
|
|
|
2,882 |
|
|
|
|
4,781 |
|
|
|
|
1,780 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and Other
Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income |
|
863 |
|
|
|
|
357 |
|
|
|
|
948 |
|
|
|
|
1,811 |
|
|
|
|
697 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from Continuing
Operations before Income Taxes |
|
2,762 |
|
|
|
|
1,386 |
|
|
|
|
3,830 |
|
|
|
|
6,592 |
|
|
|
|
2,477 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Provision
(Benefit) |
|
710 |
|
|
|
|
(438 |
) |
|
|
|
1,116 |
|
|
|
|
1,826 |
|
|
|
|
(163 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings from Continuing
Operations |
|
2,052 |
|
|
|
|
1,824 |
|
|
|
|
2,714 |
|
|
|
|
4,766 |
|
|
|
|
2,640 |
|
% of net sales |
|
15.0 |
% |
|
|
|
16.3 |
% |
|
|
|
18.2 |
% |
|
|
|
16.6 |
% |
|
|
|
12.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (Loss) from
Discontinued Operations, Net of Tax |
|
83 |
|
|
|
|
876 |
|
|
|
|
(127 |
) |
|
|
|
(44 |
) |
|
|
|
3,228 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings |
$ |
2,135 |
|
|
|
$ |
2,700 |
|
|
|
$ |
2,587 |
|
|
|
$ |
4,722 |
|
|
|
$ |
5,868 |
|
% of net sales |
|
15.6 |
% |
|
|
|
24.1 |
% |
|
|
|
17.3 |
% |
|
|
|
16.5 |
% |
|
|
|
27.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of non-GAAP financial measures
(in thousands – unaudited):
|
13 Weeks Ended September 1, 2019 |
|
|
13 Weeks Ended August 26, 2018 |
|
|
13 Weeks Ended June 2, 2019 |
|
GAAP |
|
Specials Items |
|
Before Special Items |
|
|
GAAP |
|
Specials Items |
|
Before Special Items |
|
|
GAAP |
|
Specials Items |
|
Before Special Items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, General & Administrative Expenses |
$ |
1,914 |
|
|
$ |
- |
|
$ |
1,914 |
|
|
|
$ |
2,116 |
|
|
$ |
- |
|
|
$ |
2,116 |
|
|
|
$ |
1,922 |
|
|
$ |
- |
|
|
$ |
1,922 |
|
% of net sales |
|
13.9 |
% |
|
|
|
|
13.9 |
% |
|
|
|
18.9 |
% |
|
|
|
|
18.9 |
% |
|
|
|
12.9 |
% |
|
|
|
|
12.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from Continuing
Operations |
|
1,899 |
|
|
|
- |
|
|
1,899 |
|
|
|
|
1,029 |
|
|
|
- |
|
|
|
1,029 |
|
|
|
|
2,882 |
|
|
|
- |
|
|
|
2,882 |
|
% of net sales |
|
13.8 |
% |
|
|
|
|
13.8 |
% |
|
|
|
9.2 |
% |
|
|
|
|
9.2 |
% |
|
|
|
19.3 |
% |
|
|
|
|
19.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income |
|
863 |
|
|
|
- |
|
|
863 |
|
|
|
|
357 |
|
|
|
- |
|
|
|
357 |
|
|
|
|
948 |
|
|
|
- |
|
|
|
948 |
|
% of net sales |
|
6.3 |
% |
|
|
|
|
6.3 |
% |
|
|
|
3.2 |
% |
|
|
|
|
3.2 |
% |
|
|
|
6.3 |
% |
|
|
|
|
6.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest and Other
Income |
|
863 |
|
|
|
- |
|
|
863 |
|
|
|
|
357 |
|
|
|
- |
|
|
|
357 |
|
|
|
|
948 |
|
|
|
- |
|
|
|
948 |
|
% of net sales |
|
6.3 |
% |
|
|
|
|
6.3 |
% |
|
|
|
3.2 |
% |
|
|
|
|
3.2 |
% |
|
|
|
6.3 |
% |
|
|
|
|
6.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from Continuing
Operations before Income Taxes |
|
2,762 |
|
|
|
- |
|
|
2,762 |
|
|
|
|
1,386 |
|
|
|
- |
|
|
|
1,386 |
|
|
|
|
3,830 |
|
|
|
- |
|
|
|
3,830 |
|
% of net sales |
|
20.1 |
% |
|
|
|
|
20.1 |
% |
|
|
|
12.4 |
% |
|
|
|
|
12.4 |
% |
|
|
|
25.6 |
% |
|
|
|
|
25.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Provision |
|
710 |
|
|
|
- |
|
|
710 |
|
|
|
|
(438 |
) |
|
|
788 |
|
|
|
350 |
|
|
|
|
1,116 |
|
|
|
(144 |
) |
|
|
972 |
|
Effective Tax Rate |
|
25.7 |
% |
|
|
|
|
25.7 |
% |
|
|
|
-31.6 |
% |
|
|
|
|
25.3 |
% |
|
|
|
29.1 |
% |
|
|
|
|
25.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings from Continuing
Operations |
|
2,052 |
|
|
|
- |
|
|
2,052 |
|
|
|
|
1,824 |
|
|
|
(788 |
) |
|
|
1,036 |
|
|
|
|
2,714 |
|
|
|
144 |
|
|
|
2,858 |
|
% of net sales |
|
15.0 |
% |
|
|
|
|
15.0 |
% |
|
|
|
16.3 |
% |
|
|
|
|
9.2 |
% |
|
|
|
18.2 |
% |
|
|
|
|
19.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (Loss) from
Discontinued Operations |
|
83 |
|
|
|
|
|
83 |
|
|
|
|
876 |
|
|
|
|
|
876 |
|
|
|
|
(127 |
) |
|
|
- |
|
|
|
(127 |
) |
% of net sales |
|
0.6 |
% |
|
|
|
|
0.6 |
% |
|
|
|
7.8 |
% |
|
|
|
|
7.8 |
% |
|
|
|
-0.8 |
% |
|
|
|
|
-0.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings |
|
2,135 |
|
|
|
- |
|
|
2,135 |
|
|
|
|
2,700 |
|
|
|
(788 |
) |
|
|
1,912 |
|
|
|
|
2,587 |
|
|
|
144 |
|
|
|
2,731 |
|
% of net sales |
|
15.6 |
% |
|
|
|
|
15.6 |
% |
|
|
|
24.1 |
% |
|
|
|
|
17.1 |
% |
|
|
|
17.3 |
% |
|
|
|
|
18.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from Continuing
Operations |
|
|
|
|
|
1,899 |
|
|
|
|
|
|
|
|
1,029 |
|
|
|
|
|
|
|
|
2,882 |
|
Addback non-cash
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
366 |
|
|
|
|
|
|
|
|
435 |
|
|
|
|
|
|
|
|
366 |
|
Stock Option Expense |
|
|
|
|
|
141 |
|
|
|
|
|
|
|
|
199 |
|
|
|
|
|
|
|
|
124 |
|
EBITDA |
|
|
|
|
|
2,406 |
|
|
|
|
|
|
|
|
1,663 |
|
|
|
|
|
|
|
|
3,372 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of non-GAAP financial measures -
continued (in thousands – unaudited):
|
26 Weeks Ended September 1, 2019 |
|
|
26 Weeks Ended August 26, 2018 |
|
GAAP |
|
Specials Items |
|
Before Special Items |
|
|
GAAP |
|
Specials Items |
|
Before Special Items |
Earnings from Operations |
4,781 |
|
|
- |
|
|
4,781 |
|
|
|
1,780 |
|
|
- |
|
|
1,780 |
|
% of net sales |
16.7 |
% |
|
|
|
16.7 |
% |
|
|
8.2 |
% |
|
|
|
8.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income |
1,811 |
|
|
|
|
1,811 |
|
|
|
697 |
|
|
- |
|
|
697 |
|
% of net sales |
6.3 |
% |
|
|
|
6.3 |
% |
|
|
3.2 |
% |
|
|
|
3.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense |
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
- |
|
% of net sales |
0.0 |
% |
|
|
|
0.0 |
% |
|
|
0.0 |
% |
|
|
|
0.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest and Other
Income |
1,811 |
|
|
- |
|
|
1,811 |
|
|
|
697 |
|
|
- |
|
|
697 |
|
% of net sales |
6.3 |
% |
|
|
|
6.3 |
% |
|
|
3.2 |
% |
|
|
|
3.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before Income
Taxes |
6,592 |
|
|
- |
|
|
6,592 |
|
|
|
2,477 |
|
|
- |
|
|
2,477 |
|
% of net sales |
23.0 |
% |
|
|
|
23.0 |
% |
|
|
11.5 |
% |
|
|
|
11.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Provision
(Benefit) |
1,826 |
|
|
(144 |
) |
|
1,682 |
|
|
|
(163 |
) |
|
788 |
|
|
625 |
|
Effective Tax Rate |
27.7 |
% |
|
|
|
25.5 |
% |
|
|
-6.6 |
% |
|
|
|
25.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings from continuing
operations |
4,766 |
|
|
144 |
|
|
4,910 |
|
|
|
2,640 |
|
|
(788 |
) |
|
1,852 |
|
% of net sales |
16.6 |
% |
|
|
|
17.1 |
% |
|
|
12.2 |
% |
|
|
|
8.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) Earnings from
discontinued operations |
(44 |
) |
|
- |
|
|
(44 |
) |
|
|
3,228 |
|
|
- |
|
|
3,228 |
|
% of net sales |
-0.2 |
% |
|
|
|
-0.2 |
% |
|
|
14.9 |
% |
|
|
|
14.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings |
4,722 |
|
|
144 |
|
|
4,866 |
|
|
|
5,868 |
|
|
(788 |
) |
|
5,080 |
|
% of net sales |
16.5 |
% |
|
|
|
17.0 |
% |
|
|
27.2 |
% |
|
|
|
23.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from Operations |
|
|
|
|
4,781 |
|
|
|
|
|
|
|
1,780 |
|
Addback non-cash
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
|
|
733 |
|
|
|
|
|
|
|
865 |
|
Stock Option Expense |
|
|
|
|
265 |
|
|
|
|
|
|
|
400 |
|
EBITDA |
|
|
|
|
5,779 |
|
|
|
|
|
|
|
3,045 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contact: |
|
Donna D'Amico-Annitto |
|
486 North Oliver Road, Bldg. Z Newton, Kansas 67114(316)
283-6500 |
|
|
|
|
|
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