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Park Aerospace Corp (PKE) SEC Filing 10-K Annual Report for the fiscal year ending Sunday, February 27, 2022

Park Electrochemical Corp

CIK: 76267 Ticker: PKE
 

 

ex_374397img001.jpg

 

 

Exhibit 99.1

  NEWS RELEASE
Contact:          Donna D’Amico-Annitto  486 North Oliver Road, Bldg. Z
  Newton, Kansas 67114

(316) 283-6500

 

PARK AEROSPACE CORP. REPORTS FOURTH QUARTER

AND FISCAL YEAR RESULTS

 

Newton, Kansas, Thursday, May 12, 2022…..Park Aerospace Corp. (NYSE-PKE) reported results for the 2022 fiscal year fourth quarter and year ended February 27, 2022. As previously reported, Park completed the sale of its Electronics Business to AGC Inc. on December 4, 2018. Therefore, costs relating to the Electronics Business are reported as discontinued operations. Continuing operations discussed below refer to Park’s Aerospace Business unless otherwise indicated.

 

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/9mg76pan 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.

 

 

Continuing Operations:

 

Park reported net sales from continuing operations of $12,502,000 for the 2022 fiscal year fourth quarter ended February 27, 2022 compared to $14,441,000 for the 2021 fiscal year fourth quarter ended February 28, 2021 and $13,864,000 for the 2022 fiscal year third quarter ended August 29, 2021. Park’s net sales from continuing operations for the fiscal year ended February 27, 2022 were $53,578,000 compared to $46,276,000 for the fiscal year ended February 28, 2021. Net earnings from continuing operations for the 2022 fiscal year fourth quarter were $1,956,000 compared to $1,032,000 for the 2021 fiscal year fourth quarter and $1,741,000 for the 2022 fiscal year third quarter. Net earnings from continuing operations were $8,464,000 for the current year compared to $5,192,000 for last fiscal year.

 

Net earnings from continuing operations before special items for the 2022 fiscal year fourth quarter were $2,018,000 compared to $2,335,000 for the 2021 fiscal year fourth quarter and $1,754,000 for the 2022 fiscal year third quarter. Net earnings from continuing operations before special items for the fiscal year ended February 27, 2022 were $8,723,000 compared to $6,495,000 for last fiscal year.

 

Adjusted EBITDA from continuing operations for the 2022 fiscal year fourth quarter was $3,083,000 compared to $3,257,000 for the 2021 fiscal year fourth quarter and $2,670,000 for the 2022 fiscal year third quarter. Adjusted EBITDA from continuing operations for the 2022 fiscal year was $13,089,000 compared to $8,419,000 for the prior fiscal year.

 

The Company recorded pretax restructuring charges of $62,000 in the 2022 fiscal year fourth quarter and $13,000 in the 2022 fiscal year third quarter, primarily for the costs in connection with exiting the Park Aerospace Technologies Asia Pte. Ltd. idle facility in Singapore. In the 2021 fiscal year fourth quarter, the Company recorded a pretax restructuring charge of $1,570,000 primarily for the impairment of assets at its Park Aerospace Technologies Asia Pte. Ltd facility in Singapore.

 

3

The following information was filed by Park Electrochemical Corp (PKE) on Thursday, May 12, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Park Electrochemical Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Earnings
Consolidated Statements Of Operations
Consolidated Statements Of Shareholders' Equity
Consolidated Statements Of Shareholders' Equity (Parentheticals)
Note 1 - Summary Of Significant Accounting Policies
Note 1 - Summary Of Significant Accounting Policies (Details Textual)
Note 1 - Summary Of Significant Accounting Policies (Tables)
Note 1 - Summary Of Significant Accounting Policies - Supplemental Cash Flow Information (Details)
Note 10 - Leases And Commitments
Note 10 - Leases And Commitments (Details Textual)
Note 10 - Leases And Commitments (Tables)
Note 10 - Leases And Commitments - Schedule Of Right-Of-Use Assets And Operating Lease Liabilities (Details)
Note 10 - Leases And Commitments- Future Minimum Lease Payments (Details)
Note 11 - Contingencies
Note 11 - Contingencies (Details Textual)
Note 12 - Discontinued Operations
Note 12 - Discontinued Operations (Details Textual)
Note 12 - Discontinued Operations (Tables)
Note 12 - Discontinued Operations - Summary Of Discontinued Operations (Details)
Note 13 - Geographic Regions
Note 13 - Geographic Regions (Tables)
Note 13 - Geographic Regions - Financial Information By Geographic Region (Details)
Note 14 - Customer And Supplier Concentrations
Note 14 - Customer And Supplier Concentrations (Details Textual)
Note 15 - Accounting Pronouncements
Note 2 - Marketable Securities
Note 2 - Marketable Securities (Tables)
Note 2 - Marketable Securities - Estimated Fair Value Of Securities By Contractual Maturity (Details)
Note 2 - Marketable Securities - Summary Of Available-For-Sale Securities (Details)
Note 2 - Marketable Securities - Summary Of Realized Gains (Losses) On Available-For-Sale Securities (Details)
Note 2 - Marketable Securities - Summary Of Unrealized Gains And Losses On Available-For-Sale Securities (Details)
Note 3 - Other Consolidated Balance Sheet Data
Note 3 - Other Consolidated Balance Sheet Data (Tables)
Note 3 - Other Consolidated Balance Sheet Data - Other Consolidated Balance Sheet Data (Details)
Note 4 - Income Taxes
Note 4 - Income Taxes (Details Textual)
Note 4 - Income Taxes (Tables)
Note 4 - Income Taxes - Components Of Deferred Tax Liabilities And Assets (Details)
Note 4 - Income Taxes - Components Of Earnings Before Income Taxes (Details)
Note 4 - Income Taxes - Effective Income Tax Reconciliation (Details)
Note 4 - Income Taxes - Income Tax (Benefit) Provision For Discontinued Operations (Details)
Note 4 - Income Taxes - Open Tax Years By Major Jurisdiction (Details)
Note 4 - Income Taxes - Provision For Income Taxes (Details)
Note 4 - Income Taxes - Unrecognized Tax Benefits (Details)
Note 5 - Stock-Based Compensation
Note 5 - Stock-Based Compensation (Details Textual)
Note 5 - Stock-Based Compensation (Tables)
Note 5 - Stock-Based Compensation - Fair Value Assumptions (Details)
Note 5 - Stock-Based Compensation - Non-Vested Options (Details)
Note 5 - Stock-Based Compensation - Option Activity (Details)
Note 6 - Shareholders' Equity
Note 6 - Shareholders' Equity (Details Textual)
Note 6 - Shareholders' Equity (Tables)
Note 6 - Shareholders' Equity - Accumulated Other Comprehensive Income (Details)
Note 7 - Earnings Per Share
Note 7 - Earnings Per Share (Details Textual)
Note 7 - Earnings Per Share (Tables)
Note 7 - Earnings Per Share - Basic And Diluted Earnings Per Share (Details)
Note 8 - Restructuring Charges
Note 8 - Restructuring Charges (Details Textual)
Note 8 - Restructuring Charges (Tables)
Note 8 - Restructuring Charges - Restructuring Charges (Details)
Note 9 - Employee Benefit Plans
Note 9 - Employee Benefit Plans (Details Textual)
Schedule Ii - Valuation And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts (Tables)
Schedule Ii - Valuation And Qualifying Accounts - Valuation And Qualifying Accounts (Details)
Selected Quarterly Financial Data (Unaudited)
Selected Quarterly Financial Data (Unaudited) (Tables)
Selected Quarterly Financial Data (Unaudited) - Quarterly Data (Details)
Significant Accounting Policies (Policies)
Ticker: PKE
CIK: 76267
Form Type: 10-K Annual Report
Accession Number: 0001437749-22-012112
Submitted to the SEC: Thu May 12 2022 3:45:57 PM EST
Accepted by the SEC: Thu May 12 2022
Period: Sunday, February 27, 2022
Industry: Printed Circuit Boards

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