Park Aerospace (PKE) 8-K Park Electrochemical Corp. Reports Second Quarter Results

Exhibit 99.1

NEWS RELEASE
Contact: Martina Bar Kochva	48 South Service Road Melville, NY 11747 (631) 465-3600

PARK ELECTROCHEMICAL CORP. REPORTS SECOND QUARTER RESULTS

Melville, New York, Friday, September 25, 2009......Park Electrochemical Corp. (NYSE-PKE) reported sales of $42,518,000 for its 2010 fiscal year second quarter ended August 30, 2009 compared to sales of $55,599,000 for last fiscal year’s second quarter ended August 31, 2008.  Park’s sales for the first six months were $79,215,000 compared to sales of $115,399,000 for last year’s first six months.

Park reported net earnings of $4,755,000 for the second quarter ended August 30, 2009 compared to net earnings of $4,937,000 for last year’s second quarter.

For the six months ended August 30, 2009, Park reported net earnings of $7,829,000 compared to net earnings of $12,494,000 for last year’s first six-month period.

Park's basic and diluted earnings per share were $0.23 and $0.38 for the second quarter and first six-month period ended August 30, 2009 compared to basic and diluted earnings per share of $0.24 and $0.61 for last year’s second quarter and six-month period.

The gross profit as a percentage of sales was 25.7% and 25.4% for the second quarter and first six-month period ended August 30, 2009 compared to 19.7% and 22.1% for last year’s second quarter and six-month period. Interest income was $205,000 and $893,000 for the second quarter and first six-month period ended August 30, 2009 compared to $1,692,000 and $3,364,000 for last year’s second quarter and six-month period.

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) 685-2329 in the United States and Canada and (706) 634-2174 in other countries and the required passcode is 31843659.

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, September 30, 2009. The conference call replay can be accessed by dialing (800) 642-1687 in the United States and Canada and (706) 645-9291 in other countries and entering passcode 31843659 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 will also be available at the time of the conference call on the Company’s web site at www.parkelectro.com/investor/investor.html.  

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Park Electrochemical Corp. is a global advanced materials company which develops and manufactures high-technology digital and RF/microwave printed circuit materials principally for the telecommunications and internet infrastructure and high-end computing markets and advanced composite materials, parts and assemblies principally for the aerospace markets. Park’s core capabilities are in the areas of polymer chemistry formulation and coating technology. Park also specializes in the manufacture of complex composite aircraft and space vehicle parts. The Company’s manufacturing facilities are located in Singapore, China, France, Connecticut, Kansas, Arizona, California and Washington.

Additional corporate information is available on the Company’s web site at www.parkelectro.com.

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The performance table (in thousands, except per share amounts–unaudited):

	13 weeks Ended				26 weeks Ended
	8/30/09		8/31/08		8/30/09		8/31/08
Sales	$	42,518	$	55,599	$	79,215	$	115,399
Net Earnings	$	4,755	$	4,937	$	7,829	$	12,494
Basic and Diluted Earnings Per Share:	$	0.23	$	0.24	$	0.38	$	0.61
Weighted Average Shares Outstanding:
Basic		20,534		20,458		20,503		20,412
Diluted		20,554		20,520		20,518		20,475

The comparative balance sheets (in thousands):

	8/30/09		3/01/09
	(unaudited)
Assets
Current Assets
Cash and Marketable Securities	$	233,682	$	225,294
Accounts Receivable, Net		23,136		22,433
Inventories		11,008		10,677
Other Current Assets		2,698		5,527
Total Current Assets		270,524		263,931
Fixed Assets, Net		46,646		48,777
Other Assets		15,863		14,871
Total Assets	$	333,033	$	327,579
Liabilities and Stockholders' Equity
Current Liabilities
Accounts Payable	$	10,231	$	8,480
Accrued Liabilities		9,122		11,425
Dividends Payable		2,054		-
Income Taxes Payable		4,285		4,381
Total Current Liabilities		25,692		24,286
Deferred Income Taxes		3,926		3,927
Restructuring Accruals and Other Liabilities		3,199	3,657
Total Liabilities		32,817		31,870
Stockholders’ Equity		300,216		295,709
Total Liabilities and Stockholders' Equity	$	333,033	$	327,579
Equity Per Share	$	14.62	$	14.45

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Detailed operating information (in thousands – unaudited):

	13 Weeks Ended				26 Weeks Ended
	8/30/09		8/31/08		8/30/09		8/31/08
Net Sales	$	42,518	$	55,599	$	79,215	$	115,399
Cost of Sales		31,570		44,646		59,059		89,873
%		74.3%		80.3%		74.6%		77.9%
Gross Profit		10,948		10,953		20,156		25,526
%		25.7%		19.7%		25.4%		22.1%
Selling, General and Administrative
Expenses		5,203		6,170		11,120		12,504
%		12.2%		11.1%		14.0%		10.8%
Earnings from Operations		5,745		4,783		9,036		13,022
%		13.5%		8.6%		11.4%		11.3%
Other Income		205		1,692		893		3,364
%		0.5%		3.0%		1.1%		2.9%
Earnings Before Income Taxes		5,950		6,475		9,929		16,386
%		14.0%		11.6%		12.5%		14.2%
Income Tax Provision		1,195		1,538		2,100		3,892
Effective Tax Rate		20.1%		23.8%		21.2%		23.8%
Net Earnings		4,755		4,937		7,829		12,494
%		11.2%		8.9%		9.9%		10.8%

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