Park Aerospace Corp. Reports First Quarter Results
07 Julho 2022 - 07:30AM
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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