Park Aerospace Corp. (NYSE-PKE) reported results for the 2023 fiscal year first quarter ended May 29, 2022. The Company will conduct a conference call to discuss its financial results and other matters at 11:00 a.m. EDT today. A live audio webcast of the event, along with presentation materials, will be available at https://edge.media-server.com/mmc/p/wa6bspd4 at 11:00 a.m. EDT today. The presentation materials will also be available at approximately 9:00 a.m. EDT today 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.

Park reported net sales of $12,783,000 for the 2023 fiscal year first quarter ended May 29, 2022 compared to $13,594,000 for the 2022 fiscal year first quarter ended May 30, 2021 and $12,502,000 for the 2022 fiscal year fourth quarter ended February 27, 2022. Net earnings for the 2023 fiscal year first quarter were $1,910,000 compared to $2,745,000 for the 2022 fiscal year first quarter and $1,956,000 for the 2022 fiscal year fourth quarter.

Net earnings before special items for the 2023 fiscal year first quarter were $1,910,000 compared to $2,759,000 for the 2022 fiscal year first quarter and $2,018,000 for the 2022 fiscal year fourth quarter. Adjusted EBITDA for the 2023 fiscal year first quarter was $2,804,000 compared to $4,104,000 for the 2022 fiscal year first quarter and $3,083,000 for the 2022 fiscal year fourth quarter.

The Company had no pretax restructuring charges in the 2023 fiscal year first quarter compared to $14,000 in the 2022 fiscal year first quarter and $62,000 in the 2022 fiscal year fourth quarter, primarily for the costs in connection with exiting the Park Aerospace Technologies Asia Pte. Ltd. idle facility in Singapore.

Park reported basic and diluted earnings per share of $0.09 for the 2023 fiscal year first quarter compared to $0.13 for the 2022 fiscal year first quarter and $0.10 for the 2022 fiscal year fourth quarter. Park reported basic and diluted earnings per share before special items of $0.09 for the 2023 fiscal year first quarter compared to basic earnings per share before special items of $0.14 and diluted earnings per share before special items of $0.13 for the 2022 fiscal year first quarter and basic and diluted earnings per share before special items of $0.10 for the 2022 fiscal year fourth 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 (877) 407-3982 in the United States and Canada, and (201) 493-6780 in other countries. The required passcode for attendance by phone is 13730808.

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, July 13, 2022. The conference call replay will be available at https://edge.media-server.com/mmc/p/wa6bspd4 and on the Company’s website at www.parkaerospace.com under “Investor Conference Calls” on the “Shareholders” page. It can also be accessed by dialing (844) 512-2921 in the United States and Canada, and (412) 317-6671 in other countries. The required passcode for accessing the replay by phone is 13730808.

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 https://parkaerospace.com/shareholders/investor-conference-calls/.

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 restructuring charges. Accordingly, in addition to disclosing its operating results determined in accordance with GAAP, Park discloses non-GAAP measures, including Adjusted 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 ongoing, 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 Adjusted EBITDA. Such non-GAAP financial measures are provided to supplement the results provided in accordance with GAAP.

Park Aerospace Corp. 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 SigmaStrut™ and AlphaStrut™ 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
         
  May 29, 2022     May 30, 2021     February 27, 2022
Sales $ 12,783     $ 13,594       $ 12,502  
               
Net Earnings before Special Items1 $ 1,910     $ 2,759       $ 2,018  
Special Items, Net of Tax:              
Restructuring Charges   -       (14 )       (62 )
Net Earnings $ 1,910     $ 2,745       $ 1,956  
               
Basic Earnings per Share:              
Basic Earnings before Special Items1 $ 0.09     $ 0.14       $ 0.10  
Special Items:              
 Restructuring Charges   -       (0.01 )       -  
Basic Earnings per Share $ 0.09     $ 0.13       $ 0.10  
               
               
               
Diluted Earnings before Special Items1 $ 0.09     $ 0.13       $ 0.10  
Special Items:              
 Restructuring Charges   -       -         -  
Diluted Earnings per Share $ 0.09     $ 0.13       $ 0.10  
               
Weighted Average Shares Outstanding:              
Basic   20,458       20,383         20,458  
Diluted   20,504       20,710         20,508  
                         
1 Refer to "Reconciliation of non-GAAP financial measures" below for information regarding Special Items.
 
 

Comparative balance sheets (in thousands):

   
  May 29, 2022   February 27, 2022  
Assets (unaudited)      
Current Assets        
   Cash and Marketable Securities $ 107,327   $ 110,361  
   Accounts Receivable, Net   8,957     8,339  
   Inventories   6,649     4,657  
   Prepaid Expenses and Other Current Assets   3,862     3,082  
      Total Current Assets   126,795     126,439  
         
Fixed Assets, Net   24,160     24,333  
Operating Right-of-use Assets   190     203  
Other Assets   9,909     9,912  
      Total Assets $ 161,054   $ 160,887  
         
Liabilities and Shareholders' Equity        
Current Liabilities        
   Accounts Payable $ 3,180   $ 2,534  
   Accrued Liabilities   1,333     1,494  
   Operating Lease Liability   54     53  
   Income Taxes Payable   2,746     2,211  
      Total Current Liabilities   7,313     6,292  
         
Long-term Operating Lease Liability   163     174  
Non-current Income Taxes Payable   12,621     12,621  
Deferred Income Taxes   1,778     1,671  
Other Liabilities   4,531     4,497  
      Total Liabilities   26,406     25,255  
         
Shareholders’ Equity   134,648     135,632  
         
      Total Liabilities and Shareholders' Equity $ 161,054   $ 160,887  
         
Additional information        
Equity per Share $ 6.58   $ 6.63  
         
         

Comparative statements of operations (in thousands – unaudited):

               
  13 Weeks Ended
               
  May 29, 2022     May 30, 2021     February 27, 2022
               
Net Sales $ 12,783       $ 13,594       $ 12,502  
               
Cost of Sales   8,691         8,122         8,304  
               
Gross Profit   4,092         5,472         4,198  
     % of net sales   32.0 %       40.3 %       33.6 %
               
Selling, General & Administrative Expenses   1,633         1,648         1,520  
     % of net sales   12.8 %       12.1 %       12.2 %
               
Restructuring Charges   -         14         62  
     % of net sales   0.0 %       0.1 %       0.5 %
               
Earnings from Operations   2,459         3,810         2,616  
               
Interest and Other Income:              
    Interest Income   133         117         89  
               
Earnings from Operations before Income Taxes   2,592         3,927         2,705  
               
Income Tax Provision   682         1,182         749  
                           
Net Earnings $ 1,910       $ 2,745       $ 1,956  
     % of net sales   14.9 %       20.2 %       15.6 %
               
               

Reconciliation of non-GAAP financial measures (in thousands – unaudited):

                                         
  13 Weeks Ended May 29, 2022     13 Weeks Ended May 30, 2021     13 Weeks Ended February 27, 2022  
  GAAP   Specials Items   Before Special Items     GAAP   Specials Items   Before Special Items     GAAP   Specials Items   Before Special Items  
                                         
Restructuring Charges -     -     -       14     (14 )   -       62     (62 )   -    
     % of net sales 0.0 %       0.0 %     0.1 %       0.0 %     0.5 %       0.0 %  
                                         
Earnings from Operations 2,459     -     2,459       3,810     14     3,824       2,616     62     2,678    
     % of net sales 19.2 %       19.2 %     28.0 %       28.1 %     20.9 %       21.4 %  
                                         
Interest Income 133     -     133       117     -     117       89     -     89    
     % of net sales 1.0 %       1.0 %     0.9 %       0.9 %     0.7 %       0.7 %  
                                         
Earnings from Operations before Income Taxes 2,592     -     2,592       3,927     14     3,941       2,705     62     2,767    
     % of net sales 20.3 %       20.3 %     28.9 %       29.0 %     21.6 %       22.1 %  
                                         
Income Tax Provision 682     -     682       1,182     -     1,182       749     -     749    
   Effective Tax Rate 26.3 %       26.3 %     30.1 %       30.0 %     27.7 %       27.1 %  
                                         
Net Earnings 1,910     -     1,910       2,745     14     2,759       1,956     62     2,018    
     % of net sales 14.9 %       14.9 %     20.2 %       20.3 %     15.6 %       16.1 %  
                                         
                                         
Net Earnings         1,910               2,759               2,018    
Addback non-cash expenses:                                        
   Income Tax Provision         682               1,182               749    
   Interest Income         (133 )             (117 )             (89 )  
   Depreciation         260               216               331    
   Stock Option Expense         85               64               74    
EBITDA         2,804               4,104               3,083    
                                         

Contact: Donna D’Amico-Annitto 486 North Oliver Road, Bldg. Z Newton, Kansas 67114  (316) 283-6500

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