Park Aerospace (PKE) 8-K Park Electrochemical Corp. Reports Fourth Quarter and Fiscal Year Results

Exhibit 99.1 

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

PARK ELECTROCHEMICAL CORP. REPORTS FOURTH QUARTER AND FISCAL YEAR RESULTS

Melville, New York, Tuesday, May 1, 2012…..Park Electrochemical Corp. (NYSE-PKE) reported net sales of $43,676,000 for the fourth quarter ended February 26, 2012 compared to net sales of $51,201,000 for the fourth quarter ended February 27, 2011. Park’s net sales for the fiscal year ended February 26, 2012 were $193,254,000 compared to net sales of $211,652,000 for the fiscal year ended February 27, 2011.

Park reported net earnings before special items of $3,914,000 for the fourth quarter ended February 26, 2012 compared to net earnings of $8,285,000 for the fourth quarter of last year. In the fourth quarter ended February 26, 2012, the Company recorded a restructuring charge of $1,250,000 in connection with the closing of its Park Advanced Composite Materials, Inc. facility, located in Waterbury, Connecticut. Accordingly, net earnings for the fourth quarter ended February 26, 2012 were $3,151,000 compared to net earnings of $8,285,000 for the fourth quarter of last year.

For the year ended February 26, 2012, Park reported net earnings before special items of $23,150,000 compared to net earnings before special items of $33,933,000 for the prior fiscal year. In the 2012 fiscal year, the Company recorded special items consisting of the restructuring charge of $1,250,000 mentioned above and other pre-tax income of $1,598,000 relating to the settlement of certain lawsuits. In the year ended February 27, 2011, the Company recorded an additional charge of $1,312,000 in connection with the closure, in January 2009, of its Neltec Europe SAS business unit in Mirebeau, France.

Accordingly, net earnings were $23,442,000 for the year ended February 26, 2012 compared to net earnings of $32,621,000 for the year ended February 27, 2011.

Park reported diluted earnings per share before special items of $0.19 for the fourth quarter ended February 26, 2012 compared to diluted earnings per share of $0.40 for last year’s fourth quarter. Diluted earnings per share were $0.15 for the fourth quarter ended February 26, 2012

For the fiscal year ended February 26, 2012, Park reported diluted earnings per share before special items of $1.11 compared to diluted earnings per share before special items of $1.64 for the prior fiscal year. Diluted earnings per share were $1.13 for the year ended February 26, 2012 compared to diluted earnings per share of $1.58 for the prior fiscal year.

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 (800) 599-9816 in the United States and Canada and (617) 847-8705 in other countries and the required passcode is 21589736.

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 Monday, May 7, 2012. The conference call replay can be accessed by dialing (888) 286-8010 in the United States and Canada and (617) 801-6888 in other countries and entering passcode 44640456 or on the Company's web site atwww.parkelectro.com/investor/investor.html.

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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 atwww.parkelectro.com/investor/investor.html.

Park believes that an evaluation of its ongoing operations would be difficult if the disclosure of its financial results were limited to generally accepted accounting principles (“GAAP”) financial measures, which include special items, such as restructuring and closure charges and the settlement of lawsuits. Accordingly, in addition to disclosing its financial results determined in accordance with GAAP, Park discloses non-GAAP 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 reconciles the non-GAAP operating results before special items to earnings determined in accordance with GAAP. Such non-GAAP financial measures are provided to supplement the results provided in accordance with GAAP.

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 for the aerospace markets. Park’s core capabilities are in the areas of polymer chemistry formulation and coating technology. The Company’s manufacturing facilities are located in Singapore, China, France, Connecticut, Kansas, Arizona and California. The Company also maintains R&D facilities in Arizona, Kansas and Singapore.

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

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Performance table, including non-GAAP information (in thousands, except per share amounts–unaudited):

	13 Weeks Ended					52 Weeks Ended
	2/26/12			2/27/11		2/26/12		2/27/11
Sales	$	43,676		$	51,201	$	193,254	$	211,652
Net Earnings before Special Items1	$	3,914		$	8,285	$	23,150	$	33,933
Special Items net of Tax	$	(763	)	$	-	$	292	$	(1,312	)
Net Earnings	$	3,151		$	8,285	$	23,442	$	32,621
Basic and Diluted Earnings per Share:
Basic Earnings before Special Items1	$	0.19		$	0.40	$	1.12	$	1.65
Special Items	$	(0.04	)	$	-	$	0.01	$	(0.07	)
Basic Earnings per Share	$	0.15		$	0.40	$	1.13	$	1.58
Diluted Earnings before Special Items1	$	0.19		$	0.40	$	1.11	$	1.64
Special Items	$	(0.04	)	$	-	$	0.02	$	(0.06	)
Diluted Earnings per Share	$	0.15		$	0.40	$	1.13	$	1.58
Weighted Average Shares Outstanding:
Basic		20,764			20,682		20,746		20,628
Diluted		20,816			20,777		20,792		20,675

¹Refer to "Reconciliation of GAAP to non-GAAP measures" below for information regarding Special Items.

Comparative balance sheets(in thousands):

	2/26/12		2/27/11
Assets
Current Assets
Cash and Marketable Securities	$	268,785	$	250,444
Accounts Receivable, Net		23,533		29,822
Inventories		15,823		12,888
Other Current Assets		3,449		3,805
Total Current Assets		311,590		296,959
Fixed Assets, Net		38,695		41,292
Other Assets		15,703		15,557
Total Assets	$	365,988	$	353,808
Liabilities and Stockholders' Equity
Current Liabilities
Accounts Payable	$	8,427	$	9,944
Accrued Liabilities		8,816		9,497
Income Taxes Payable		4,198		5,812
Total Current Liabilities		21,441		25,253
Deferred Income Taxes		1,062		1,460
Other Liabilities		274		1,787
Total Liabilities		22,777		28,500
Stockholders’ Equity		343,211		325,308
Total Liabilities and Stockholders' Equity	$	365,988	$	353,808
Equity per Share	$	16.50	$	15.70

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Detailed operating information (in thousands – unaudited):

		13 Weeks Ended						52 Weeks Ended
		2/26/12			2/27/11			2/26/12			2/27/11
Net Sales		$	43,676		$	51,201		$	193,254		$	211,652
Cost of Sales			32,435			34,272			138,512			141,751
%			74.3	%		66.9	%		71.7	%		67.0	%
Gross Profit			11,241			16,929			54,742			69,901
%			25.7	%		33.1	%		28.3	%		33.0	%
Selling, General and Administrative Expenses			6,804			6,536			28,247			27,917
%			15.5	%		12.8	%		14.6	%		13.2	%
Restructuring Charge			1,250			-			1,250			1,312
%			2.9	%		0.0	%		0.6	%		0.6	%
Earnings from Operations			3,187			10,393			25,245			40,672
%			7.3	%		20.3	%		13.1	%		19.2	%
Other Income			203			228			2,406			645
%			0.4	%		0.4	%		1.2	%		0.3	%
Earnings before Income Taxes			3,390			10,621			27,651			41,317
%			7.8	%		20.7	%		14.3	%		19.5	%
Income Tax Provision			239			2,336			4,209			8,696
Effective Tax Rate	��		7.1	%		22.0	%		15.2	%		21.0	%
Net Earnings			3,151			8,285			23,442			32,621
%			7.2	%		16.2	%		12.1	%		15.4	%
Reconciliation of GAAP to non-GAAP measures(in thousands – unaudited):
GAAP Earnings before Income Taxes		$	3,390		$	10,621		$	27,651		$	41,317
Special Items:
Settlement of Certain Lawsuits			-			-			1,598			-
Restructuring Charge			(1,250	)		-			(1,250	)		(1,312	)
Adjusted Earnings before Income Taxes			4,640			10,621			27,303			42,629
%			10.6	%		20.7	%		14.1	%		20.1	%
Income Tax Provision before Special Item			726			2,336			4,153			8,696
Effective Tax Rate			15.6	%		22.0	%		15.2	%		20.4	%
Net Earnings before Special Items			3,914			8,285			23,150			33,933
%			9.0	%		16.2	%		12.0	%		16.0	%

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Detailed operating informationbefore special items (in thousands – unaudited):

	13 Weeks Ended						52 Weeks Ended
	2/26/2012			2/27/2011			2/26/2012			2/27/2011
Net Sales	$	43,676		$	51,201		$	193,254		$	211,652
Cost of Sales		32,435			34,272			138,512			141,751
%		74.3	%		66.9	%		71.7	%		67.0	%
Gross Profit		11,241			16,929			54,742			69,901
%		25.7	%		33.1	%		28.3	%		33.0	%
Selling, General and Administrative Expenses		6,804			6,536			28,247			27,917
%		15.6	%		12.8	%		14.6	%		13.2	%
Restructuring Charge1		-			-			-			-
%		0.0	%		0.0	%		0.0	%		0.0	%
Earnings from Operations		4,437			10,393			26,495			41,984
%		10.2	%		20.3	%		13.7	%		19.8	%
Other Income1		203			228			808			645
%		0.5	%		0.4	%		0.4	%		0.3	%
Earnings before Income Taxes		4,640			10,621			27,303			42,629
%		10.6	%		20.7	%		14.1	%		20.1	%
Income Tax Provision		726			2,336			4,153			8,696
Effective Tax Rate		15.6	%		22.0	%		15.2	%		20.4	%
Net Earnings		3,914			8,285			23,150			33,933
%		9.0	%		16.2	%		12.0	%		16.0	%

¹Refer to "Reconciliation of GAAP to non-GAAP measures" above for information regarding Special Items.

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