Park Aerospace 8K Park Electrochemical Corp. Reports Third Quarter Results | PKE 10 Jan 14

Exhibit 99.1

NEWS RELEASE

Contact: Martina Bar Kochva

48 South Service Road

Melville, NY 11747

(631) 465-3600

PARK ELECTROCHEMICAL CORP. REPORTS THIRD QUARTER RESULTS

Melville, New York, Friday, January 10, 2014…..Park Electrochemical Corp. (NYSE-PKE) reported net sales of $39,678,000 for the third quarter ended December 1, 2013 compared to net sales of $41,265,000 for the third quarter ended November 25, 2012. Park's net sales for the nine months ended December 1, 2013 were $127,613,000 compared to net sales of $133,741,000 for the nine months ended November 25, 2012.

Park reported net earnings of $4,721,000 for the third quarter ended December 1, 2013 compared to net earnings before special items of $5,109,000 for the third quarter of last fiscal year. During the third quarter ended November 25, 2012, the Company recorded pre-tax restructuring charges of $559,000 in connection with the closure of its Nelco Technology (Zhuhai FTZ) Ltd. facility located in the Free Trade Zone in Zhuhai, China and its Park Advanced Composite Materials, Inc. facility located in Waterbury, Connecticut. The Company incurred no additional charges in connection with these closures in the third quarter ended December 1, 2013. Accordingly, net earnings were $4,710,000 for the third quarter ended November 25, 2012.

For the nine-month period ended December 1, 2013, Park reported net earnings before special items of $15,833,000 compared to net earnings before special items of $15,820,000 for last fiscal year’s nine-month comparable period. The nine-month period ended December 1, 2013 included a tax benefit of $2,181,000 in connection with a tax refund related to amended federal income tax returns and pre-tax restructuring charges of $319,000 related to the Zhuhai facility closure mentioned above. The nine-month period of the prior fiscal year included pre-tax restructuring charges of $3,095,000 primarily related to the facility closures mentioned above. Accordingly, net earnings were $17,695,000 for the nine-month period ended December 1, 2013 compared to net earnings of $12,889,000 for the nine-month period ended November 25, 2012.

Park reported basic and diluted earnings per share of $0.23 for the third quarter ended December 1, 2013 compared to basic and diluted earnings per share before special items of $0.25 for last year’s third quarter. The basic and diluted earnings per share after special items were $0.23 for the third quarter ended November 25, 2012.

Park reported basic and diluted earnings per share before special items of $0.76 for each of the nine-month periods ended December 1, 2013 and November 25, 2012. Basic and diluted earnings per share were $0.85 for the nine months ended December 1, 2013 compared to basic and diluted earnings per share of $0.62 for the prior year’s first nine months.

The effective tax rate for the third quarter ended December 1, 2013 was 3.3% compared to 18.2% in the third quarter of last fiscal year. The lower tax rate in the third quarter ended December 1, 2013 was due to higher portions of taxable income in jurisdictions with lower effective income tax rates and tax incentives associated with the Company’s operations in Singapore.

The Company will conduct a conference call to discuss its financial results at 11:00 a.m. EST today. Forward-looking and other material information may be discussed in this conference call. The conference call dial-in number is (800) 688-0836 in the United States and Canada and (617) 614-4072 in other countries and the required passcode is 30855831.

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For those unable to listen to the call live, a conference call replay will be available from approximately 2:00 p.m. EST today through 11:59 p.m. EST on Thursday, January 16, 2014. 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 37416065 or on the Company's web site atwww.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 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 accounting principles generally accepted in the United States of America (“GAAP”) financial measures, which include special items, such as tax benefits and restructuring charges. 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, France, 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							39 Weeks Ended
	12/1/13		11/25/12			9/1/13		12/1/13		11/25/12
Sales	$	39,678	$	41,265		$	44,497	$	127,613	$	133,741

Net Earnings before Special Items¹	$	4,721	$	5,109		$	5,983	$	15,833	$	15,820
Special Items net of Tax	$	-	$	(399	)	$	2,062	$	1,862	$	(2,931	)
Net Earnings	$	4,721	$	4,710		$	8,045	$	17,695	$	12,889

Basic and Diluted Earnings per Share:
Basic Earnings before Special Items¹	$	0.23	$	0.25		$	0.29	$	0.76	$	0.76
Special Items	$	-	$	(0.02	)	$	0.10	$	0.09	$	(0.14	)
Basic Earnings per Share	$	0.23	$	0.23		$	0.39	$	0.85	$	0.62

Diluted Earnings before Special Items¹	$	0.23	$	0.25		$	0.29	$	0.76	$	0.76
Special Items	$	-	$	(0.02	)	$	0.10	$	0.09	$	(0.14	)
Diluted Earnings per Share	$	0.23	$	0.23		$	0.39	$	0.85	$	0.62

Weighted Average Shares Outstanding:
Basic		20,857		20,801			20,836		20,840		20,799
Diluted		20,917		20,803			20,852		20,871		20,824

¹Refer to "Detailed operating information" below for information regarding Special Items.

Comparative balance sheets (in thousands):

	12/1/13		3/3/2013
Assets	(unaudited)
Current Assets
Cash and Marketable Securities	$	291,260	$	275,216
Accounts Receivable, Net		22,852		25,878
Inventories		14,633		12,918
Other Current Assets		6,421		6,662
Total Current Assets		335,166		320,674

Fixed Assets, Net		30,154		32,187
Other Assets		16,823		16,797
Total Assets	$	382,143	$	369,658

Liabilities and Shareholders' Equity
Current Liabilities
Accounts Payable	$	6,224	$	6,485
Accrued Liabilities		6,679		6,016
Income Taxes Payable		2,691		4,177
Total Current Liabilities		15,594		16,678

Long-Term Debt		52,000		52,000
Deferred Income Taxes		761		812
Other Liabilities		246		246
Total Liabilities		68,601		69,736

Shareholders’ Equity		313,542		299,922

Total Liabilities and Shareholders' Equity	$	382,143	$	369,658

Equity per Share	$	15.02	$	14.40

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Detailed operating information (in thousands – unaudited):

	13 Weeks Ended December 1, 2013								13 Weeks Ended November 25, 2012									13 Weeks Ended September 1, 2013
	GAAP			Specials Items		Before Special Items			GAAP			Specials Items			Before Special Items			GAAP			Specials Items			Before Special Items
Net Sales	$	39,678				$	39,678		$	41,265					$	41,265		$	44,497					$	44,497
Cost of Sales		28,640					28,640			28,725						28,725			30,876						30,876
%		72.2	%				72.2	%		69.6	%					69.6	%		69.4	%					69.4	%

Gross Profit		11,038					11,038			12,540						12,540			13,621						13,621
%		27.8	%				27.8	%		30.4	%					30.4	%		30.6	%					30.6	%

Selling, General & AdministrativeExpenses		6,106					6,106			6,365						6,365			6,041						6,041
%		15.4	%				15.4	%		15.4	%					15.4	%		13.6	%					13.6	%

Restructuring Charge		-			-		-			559			(559	)		-			119			(119	)		-
%		0.0	%				0.0	%		1.4	%					0.0	%		0.3	%					0.0	%

Earnings from Operations		4,932			-		4,932			5,616			559			6,175			7,461			119			7,580
%		12.4	%				12.4	%		13.6	%					15.0	%		16.8	%					17.0	%

Interest Income		139					139			143			-			143			77						77
%		0.4	%				0.4	%		0.3	%					0.3	%		0.2	%					0.2	%

Interest Expense		187					187			-						-			185						185
%		0.5	%				0.5	%		0.0	%					0.0	%		0.4	%					0.4	%

Net Interest (Expense) Income		(48	)				(48	)		143						143			(108	)					(108	)
%		-0.1	%				-0.1	%		0.3	%					0.3	%		-0.2	%					-0.2	%

Earnings before Income Taxes		4,884			-		4,884			5,759			559			6,318			7,353			119			7,472
%		12.3	%				12.3	%		14.0	%					15.3	%		16.5	%					16.8	%

Income Tax Provision		163			-		163			1,049			160			1,209			(692	)		2,181			1,489
Effective Tax Rate		3.3	%				3.3	%		18.2	%					19.1	%		-9.4	%					19.9	%

Net Earnings		4,721			-		4,721			4,710			399			5,109			8,045			(2,062	)		5,983
%		11.9	%				11.9	%		11.4	%					12.4	%		18.1	%					13.4	%

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Detailed operating information (in thousands – unaudited), continued:

	39 Weeks Ended December 1, 2013									39 Weeks Ended November 25, 2012
	GAAP			Specials Items			Before Special Items			GAAP			Specials Items			Before Special Items
Net Sales	$	127,613					$	127,613		$	133,741					$	133,741
Cost of Sales		89,963						89,963			95,026						95,026
%		70.5	%					70.5	%		71.1	%					71.1	%

Gross Profit		37,650						37,650			38,715						38,715
%		29.5	%					29.5	%		28.9	%					28.9	%

Selling, General & AdministrativeExpenses		18,703						18,703			20,012						20,012
%		14.7	%					14.7	%		15.0	%					15.0	%

Restructuring Charge		319			(319	)		-			3,095			(3,095	)		-
%		0.2	%					0.0	%		2.3	%					0.0	%

Earnings from Operations		18,628			319			18,947			15,608			3,095			18,703
%		14.6	%					14.8	%		11.7	%					14.0	%

Interest Income		284						284			520						520
%		0.2	%					0.2	%		0.4	%					0.4	%

Interest Expense		543						543			-						-
%		0.4	%					0.4	%		0.0	%					0.0	%

Net Interest (Expense) Income		(259	)					(259	)		520						520
%		-0.2	%					-0.2	%		0.4	%					0.4	%

Earnings before Income Taxes		18,369			319			18,688			16,128			3,095			19,223
%		14.4	%					14.6	%		12.1	%					14.4	%

Income Tax Provision		674			2,181			2,855			3,239			164			3,403
Effective Tax Rate		3.7	%					15.3	%		20.1	%					17.7	%

Net Earnings		17,695			(1,862	)		15,833			12,889			2,931			15,820
%		13.9	%					12.4	%		9.6	%					11.8	%

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Park Aerospace (PKE) 8-KPark Electrochemical Corp. Reports Third Quarter Results