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, Thursday, October 4, 2018…..Park Electrochemical Corp. (NYSE-PKE) reported results for the 2019 fiscal year’s second quarter ended August 26, 2018. As previously reported, Park has entered into a definitive agreement to sell its Electronics Business to AGC, Inc. Therefore, the results of operations for the Electronics Business are reported as discontinued operations. Continuing operations discussed below refer to Park’s Aerospace Business unless otherwise indicated, and prior periods in such discussion have been restated to reflect results excluding the Electronics Business.
Continuing Operations:
Park reported net sales from continuing operations of $11,211,000 for the 2019 fiscal year second quarter ended August 26, 2018 compared to net sales from continuing operations of $11,355,000 for the 2018 fiscal year second quarter ended August 27, 2017 and net sales from continuing operations of $10,393,000 for the 2019 fiscal year first quarter ended May 27, 2018. Park’s net sales from continuing operations for the six months ended August 26, 2018 were $21,604,000 compared to net sales from continuing operations of $20,081,000 for the six months ended August 27, 2017. Net earnings from continuing operations for the 2019 fiscal year second quarter were $1,824,000 compared to $859,000 for the 2018 fiscal year second quarter and $816,000 for the 2019 fiscal year first quarter. Net earnings from continuing operations were $2,640,000 for the current year’s first six months compared to $931,000 for last year’s first six months.
Pre-tax earnings from continuing operations were $1,386,000 for the 2019 fiscal year second quarter compared to pre-tax earnings from continuing operations of $1,116,000 for the 2018 fiscal year second quarter and $1,091,000 for the 2019 fiscal year first quarter. Pre-tax earnings from continuing operations were $2,477,000 for the six months ended August 26, 2018 compared to pre-tax earnings from continuing operations of $1,212,000 for last fiscal year’s first six months.
Park reported net earnings from continuing operations before special items of $1,036,000 for the 2019 fiscal year second quarter compared to net earnings from continuing operations of $859,000 for the 2018 fiscal year second quarter and net earnings from continuing operations of $816,000 for the 2019 fiscal year first quarter. In the 2019 fiscal year second quarter, the Company recorded a one-time tax benefit of $788,000 related to the Tax Cuts and Jobs Act enacted in December 2017.
For the six months ended August 26, 2018, Park reported net earnings from continuing operations before special items of $1,852,000 compared to net earnings from continuing operations of $931,000 for last fiscal year’s first six months. The current year’s first six months included the one-time tax benefit of $788,000 mentioned above.
Park reported basic and diluted earnings per share from continuing operations of $0.09 for the 2019 fiscal year second quarter compared to $0.04 for the 2018 fiscal year second quarter and $0.04 for the 2019 fiscal year first quarter. Basic and diluted earnings per share from continuing operations before special items were $0.05 for the 2019 fiscal year second quarter compared to $0.04 for the 2018 fiscal year second quarter and $0.04 for the 2019 fiscal year first quarter.
Park reported basic and diluted earnings per share from continuing operations of $0.13 for the 2019 fiscal year’s first six months compared to $0.04 for the 2018 fiscal year’s first six months. Basic and diluted earnings per share from continuing operations before special items were $0.09 for the 2019 fiscal year’s first six months compared to $0.04 for 2018 fiscal year’s first six months.
Discontinued Operations:
Net sales included in the calculation of net earnings from discontinued operations were $17,843,000 for the 2019 fiscal year second quarter ended August 26, 2018 compared to $18,481,000 for the 2018 fiscal year second quarter ended August 27, 2017 and $20,709,000 for the 2019 fiscal year first quarter ended May 27, 2018. Net sales included in the calculation of net earnings from discontinued operations for the six months ended August 26, 2018 were $38,552,000 compared to $37,172,000 for last year’s first six months.
Net earnings from discontinued operations were $876,000 for the 2019 fiscal year second quarter ended August 26, 2018 compared to negative $339,000 for the 2018 fiscal year second quarter ended August 27, 2017 and $2,352,000 for the 2019 fiscal year first quarter ended May 27, 2018. For the six months ended August 26, 2018, net earnings from discontinued operations were $3,228,000 compared to net earnings from discontinued operations of $983,000 for last fiscal year’s first six months.
Net earnings from discontinued operations for the 2019 fiscal year second quarter included pre-tax restructuring charges of $242,000 related to the Company’s consolidation of its Nelco Products, Inc. electronics Business Unit located in Fullerton, California and its Neltec, Inc. electronics Business Unit located in Tempe, Arizona and the closure in fiscal year 2009 of its New England Laminates Co., Inc. facility located in Newburgh, New York and pre-tax advisory fees of $212,000. Net earnings from discontinued operations for the 2018 fiscal year second quarter included pre-tax restructuring charges of $2,902,000 related to the Company’s consolidation of its electronics Business Units and the facility closure mentioned above. Net earnings from discontinued operations for the 2019 fiscal year first quarter included pre-tax restructuring charges of $183,000 related to the Company’s consolidation of its electronics Business Units and the facility closure mentioned above and pre-tax advisory fees of $120,000.
Net earnings from discontinued operations for the 2019 fiscal year’s first six months included pre-tax restructuring charges of $425,000 related to the Company’s consolidation of its electronics Business Units and the facility closure mentioned above and pre-tax advisory fees of $332,000. Net earnings from discontinued operations for the 2018 fiscal year’s first six months included pre-tax restructuring charges of $4,638,000 related to the Company’s consolidation of its electronics Business Units and the facility closure mentioned above and a one-time pre-tax litigation expense of $375,000.
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 (844) 466-4114 in the United States and Canada and (765) 507-2654 in other countries and the required passcode is 7593528.
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, October 10, 2018. The conference call replay can be accessed by dialing (855) 859-2056 in the United States and Canada and (404) 537-3406 in other countries and entering passcode 7593528 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.
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 one-time tax benefits, restructuring charges, and strategic evaluation advisory fees. Accordingly, in addition to disclosing its operating 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 advanced composite materials, primary and secondary structures and assemblies and low-volume tooling for the aerospace markets and high-technology digital and RF/microwave printed circuit materials principally for the telecommunications and internet infrastructure, enterprise and military/aerospace markets. The Company’s manufacturing facilities are located in Kansas, Singapore, France, 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 at www.parkelectro.com
Performance table, including non-GAAP information (in thousands, except per share amounts –unaudited):
| | | 13 Weeks Ended | | | 26 Weeks Ended | |
| | | | | | | | | | | | | | | | | | | | | |
| | | August 26, 2018 | | | August 27, 2017 | | | May 27, 2018 | | | August 26, 2018 | | | August 27, 2017 | |
Sales | | $ | 11,211 | | | $ | 11,355 | | | $ | 10,393 | | | $ | 21,604 | | | $ | 20,081 | |
| | | | | | | | | | | | | | | | | | | | | |
Net Earnings before Special Items1 | | $ | 1,036 | | | $ | 859 | | | $ | 816 | | | $ | 1,852 | | | $ | 931 | |
Special Items, net of Tax: | | | | | | | | | | | | | | | | | | | | |
Tax Cut and Jobs Act | | | 788 | | | | - | | | | - | | | | 788 | | | | - | |
Net Earnings from Continuing Operations | | $ | 1,824 | | | $ | 859 | | | $ | 816 | | | $ | 2,640 | | | $ | 931 | |
| | | | | | | | | | | | | | | | | | | | | |
Earnings/(Loss) from Discontinued Operations, Net of Tax | | $ | 876 | | | $ | (339 | ) | | $ | 2,352 | | | $ | 3,228 | | | $ | 983 | |
| | | | | | | | | | | | | | | | | | | | | |
Net Earnings | | $ | 2,700 | | | $ | 520 | | | $ | 3,168 | | | $ | 5,868 | | | $ | 1,914 | |
| | | | | | | | | | | | | | | | | | | | | |
Basic Earnings per Share: | | | | | | | | | | | | | | | | | | | | |
Basic Earnings before Special Items1 | | $ | 0.05 | | | $ | 0.04 | | | $ | 0.04 | | | $ | 0.09 | | | $ | 0.04 | |
Special Items: | | | | | | | | | | | | | | | | | | | | |
Tax Cut and Jobs Act | | | 0.04 | | | | - | | | | - | | | | 0.04 | | | | - | |
Basic Earnings per Share from Continuting Operations | | $ | 0.09 | | | $ | 0.04 | | | $ | 0.04 | | | $ | 0.13 | | | $ | 0.04 | |
| | | | | | | | | | | | | | | | | | | | | |
Basic Earnings/(Loss) per Share from Discontinued Operations | | | 0.04 | | | | (0.01 | ) | | | 0.12 | | | | 0.16 | | | | 0.05 | |
| | | | | | | | | | | | | | | | | | | | | |
Basic Earnings per Share | | $ | 0.13 | | | $ | 0.03 | | | $ | 0.16 | | | $ | 0.29 | | | $ | 0.09 | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
Diluted Earnings before Special Items1 | | $ | 0.05 | | | $ | 0.04 | | | $ | 0.04 | | | $ | 0.09 | | | $ | 0.04 | |
Special Items: | | | | | | | | | | | | | | | | | | | | |
Tax Cut and Jobs Act | | | 0.04 | | | | - | | | | - | | | | 0.04 | | | | - | |
Diluted Earnings per Share from Continuing Operations | | $ | 0.09 | | | $ | 0.04 | | | $ | 0.04 | | | $ | 0.13 | | | $ | 0.04 | |
| | | | | | | | | | | | | | | | | | | | | |
Dilued Earnings/(Loss) per Share from Discontinued Operations | | | 0.04 | | | | (0.01 | ) | | | 0.12 | | | | 0.16 | | | | 0.05 | |
| | | | | | | | | | | | | | | | | | | | | |
Diluted Earnings per Share | | $ | 0.13 | | | $ | 0.03 | | | $ | 0.16 | | | $ | 0.29 | | | $ | 0.09 | |
| | | | | | | | | | | | | | | | | | | | | |
Weighted Average Shares Outstanding: | | | | | | | | | | | | | | | | | | | | |
Basic | | | 20,253 | | | | 20,236 | | | | 20,242 | | | | 20,248 | | | | 20,236 | |
Diluted | | | 20,382 | | | | 20,250 | | | | 20,296 | | | | 20,339 | | | | 20,247 | |
1 Refer to "Reconciliation of non-GAAP financial measures" below for information regarding Special Items.
Comparative balance sheets (in thousands):
| | | August 26, 2018 | | | February 25, 2018 | |
| | (unaudited) | | | (Note 1) | |
| Assets | | | | | | |
Current Assets | | | | | | | | |
Cash and Marketable Securities | | $ | 108,310 | | | $ | 108,231 | |
Accounts Receivable, Net | | | 5,878 | | | | 6,961 | |
Inventories | | | 3,994 | | | | 3,955 | |
Prepaid Expenses and Other Current Assets | | | 1,578 | | | | 1,473 | |
Current Assets - Discontinued Operations | | | 22,624 | | | | 20,648 | |
Total Current Assets | | | 142,384 | | | | 141,268 | |
| | | | | | | | | |
Fixed Assets, Net | | | 9,111 | | | | 9,805 | |
Other Assets | | | 10,195 | | | | 10,188 | |
Non Current Assets - Discontinued Operations | | | 11,406 | | | | 11,799 | |
Total Assets | | $ | 173,096 | | | $ | 173,060 | |
| | | | | | | | | |
Liabilities and Shareholders' Equity | | | | | | | | |
Current Liabilities | | | | | | | | |
Accounts Payable | | $ | 1,091 | | | $ | 1,825 | |
Accrued Liabilities | | | 1,108 | | | | 1,022 | |
Income Taxes Payable | | | 1,467 | | | | 1,456 | |
Current Liabilities - Discontinued Operations | | | 8,170 | | | | 7,924 | |
Total Current Liabilities | | | 11,836 | | | | 12,227 | |
| | | | | | | | | |
Noncurrent Income Taxes Payable | | | 18,594 | | | | 20,364 | |
Deferred Income Taxes | | | 3,309 | | | | 4,047 | |
Other Liabilities | | | 314 | | | | 314 | |
Noncurrent Liabilities - Discontinued Operations | | | 846 | | | | 847 | |
Total Liabilities | | | 34,899 | | | | 37,799 | |
| | | | | | | | | |
Shareholders’ Equity | | | 138,197 | | | | 135,261 | |
| | | | | | | | | |
Total Liabilities and Shareholders' Equity | | $ | 173,096 | | | $ | 173,060 | |
| | | | | | | | | |
Additional information | | | | | | | | |
Equity per Share | | $ | 6.82 | | | $ | 6.68 | |
(Note 1) - These amounts have not been audited, are based on the audited financial statements | |
Comparative statements of operations (in thousands – unaudited):
| | | 13 Weeks Ended | | | 26 Weeks Ended | |
| | | | | | | | | | | | | | | | | | | | | |
| | | August 26, 2018 | | | August 27, 2017 | | | May 27, 2018 | | | August 26, 2018 | | | August 27, 2017 | |
| | | | | | | | | | | | | | | | | | | | | |
Net Sales | | $ | 11,211 | | | $ | 11,355 | | | $ | 10,393 | | | $ | 21,604 | | | $ | 20,081 | |
| | | | | | | | | | | | | | | | | | | | | |
Cost of Sales | | | 8,066 | | | | 8,147 | | | | 7,541 | | | | 15,607 | | | | 14,576 | |
| | | | | | | | | | | | | | | | | | | | | |
Gross Profit | | | 3,145 | | | | 3,208 | | | | 2,852 | | | | 5,997 | | | | 5,505 | |
% of net sales | | | 28.1 | % | | | 28.3 | % | | | 27.4 | % | | | 27.8 | % | | | 27.4 | % |
| | | | | | | | | | | | | | | | | | | | | |
Selling, General & Administrative Expenses | | | 2,116 | | | | 2,240 | | | | 2,101 | | | | 4,217 | | | | 4,680 | |
% of net sales | | | 18.9 | % | | | 19.7 | % | | | 20.2 | % | | | 19.5 | % | | | 23.3 | % |
| | | | | | | | | | | | | | | | | | | | | |
Earnings from Operations | | | 1,029 | | | | 968 | | | | 751 | | | | 1,780 | | | | 825 | |
| | | | | | | | | | | | | | | | | | | | | |
Interest: | | | | | | | | | | | | | | | | | | | | |
Interest Income | | | 357 | | | | 751 | | | | 340 | | | | 697 | | | | 1,500 | |
| | | | | | | | | | | | | | | | | | | | | |
Interest Expense | | | - | | | | 603 | | | | - | | | | - | | | | 1,113 | |
| | | | | | | | | | | | | | | | | | | | | |
Net Interest and Other Income | | | 357 | | | | 148 | | | | 340 | | | | 697 | | | | 387 | |
| | | | | | | | | | | | | | | | | | | | | |
Earnings before Income Taxes | | | 1,386 | | | | 1,116 | | | | 1,091 | | | | 2,477 | | | | 1,212 | |
| | | | | | | | | | | | | | | | | | | | | |
Income Tax Provision/(Benefit) | | | (438 | ) | | | 257 | | | | 275 | | | | (163 | ) | | | 281 | |
| | | | | | | | | | | | | | | | | | | | | |
Net Earnings from continuing operations | | | 1,824 | | | | 859 | | | | 816 | | | | 2,640 | | | | 931 | |
% of net sales | | | 16.3 | % | | | 7.6 | % | | | 7.9 | % | | | 12.2 | % | | | 4.6 | % |
| | | | | | | | | | | | | | | | | | | | | |
Earnings/(Loss) from discontinued operations, net of tax | | | 876 | | | | (339 | ) | | | 2,352 | | | | 3,228 | | | | 983 | |
| | | | | | | | | | | | | | | | | | | | | |
Net Earnings | | $ | 2,700 | | | $ | 520 | | | $ | 3,168 | | | $ | 5,868 | | | $ | 1,914 | |
% of net sales | | | 24.1 | % | | | 4.6 | % | | | 30.5 | % | | | 27.2 | % | | | 9.5 | % |
Reconciliation of non-GAAP financial measures (in thousands – unaudited):
| | | 13 Weeks Ended
August 26, 2018 | | | 13 Weeks Ended
August 27, 2017 | | | 13 Weeks Ended
May 27, 2018 | |
| | | GAAP | | | Specials Items | | | Before Special Items | | | GAAP | | | Specials Items | | | Before Special Items | | | GAAP | | | Specials Items | | | Before Special Items | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings from Operations | | | 1,029 | | | | - | | | | 1,029 | | | | 968 | | | | - | | | | 968 | | | | 751 | | | | - | | | | 751 | |
% of net sales | | | 9.2 | % | | | | | | | 9.2 | % | | | 8.5 | % | | | | | | | 8.5 | % | | | 7.2 | % | | | | | | | 7.2 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest Income | | | 357 | | | | - | | | | 357 | | | | 751 | | | | - | | | | 751 | | | | 340 | | | | - | | | | 340 | |
% of net sales | | | 3.2 | % | | | | | | | 3.2 | % | | | 6.6 | % | | | | | | | 6.6 | % | | | 3.3 | % | | | | | | | 3.3 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest Expense | | | - | | | | - | | | | - | | | | 603 | | | | - | | | | 603 | | | | - | | | | - | | | | - | |
% of net sales | | | 0.0 | % | | | | | | | 0.0 | % | | | 5.3 | % | | | | | | | 5.3 | % | | | 0.0 | % | | | | | | | 0.0 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Interest and Other Income | | | 357 | | | | - | | | | 357 | | | | 148 | | | | - | | | | 148 | | | | 340 | | | | - | | | | 340 | |
% of net sales | | | 3.2 | % | | | | | | | 3.2 | % | | | 1.3 | % | | | | | | | 1.3 | % | | | 3.3 | % | | | | | | | 3.3 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings before Income Taxes | | | 1,386 | | | | - | | | | 1,386 | | | | 1,116 | | | | - | | | | 1,116 | | | | 1,091 | | | | - | | | | 1,091 | |
% of net sales | | | 12.4 | % | | | | | | | 12.4 | % | | | 9.8 | % | | | | | | | 9.8 | % | | | 10.5 | % | | | | | | | 10.5 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income Tax Provision/(Benefit) | | | (438 | ) | | | 788 | | | | 350 | | | | 257 | | | | - | | | | 257 | | | | 275 | | | | - | | | | 275 | |
Effective Tax Rate | | | -31.6 | % | | | | | | | 25.3 | % | | | 23.0 | % | | | | | | | 23.0 | % | | | 25.2 | % | | | | | | | 25.2 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Earnings from continuing operations | | | 1,824 | | | | (788 | ) | | | 1,036 | | | | 859 | | | | - | | | | 859 | | | | 816 | | | | - | | | | 816 | |
% of net sales | | | 16.3 | % | | | | | | | 9.2 | % | | | 7.6 | % | | | | | | | 7.6 | % | | | 7.9 | % | | | | | | | 7.9 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings/(Loss) from discontinued operations | | | 876 | | | | 336 | | | | 1,212 | | | | (339 | ) | | | 1,823 | | | | 1,484 | | | | 2,352 | | | | 205 | | | | 2,557 | |
% of net sales | | | 7.8 | % | | | | | | | 10.8 | % | | | -3.0 | % | | | | | | | 13.1 | % | | | 22.6 | % | | | | | | | 24.6 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Earnings | | | 2,700 | | | | (452 | ) | | | 2,248 | | | | 520 | | | | 1,823 | | | | 2,343 | | | | 3,168 | | | | 205 | | | | 3,373 | |
% of net sales | | | 24.1 | % | | | | | | | 20.1 | % | | | 4.6 | % | | | | | | | 20.6 | % | | | 30.5 | % | | | | | | | 32.5 | % |
| | | 26 Weeks Ended
August 26, 2018 | | | 26 Weeks Ended
August 27, 2017 | |
| | | GAAP | | | Specials Items | | | Before Special Items | | | GAAP | | | Specials Items | | | Before Special Items | |
Earnings from Operations | | | 1,780 | | | | - | | | | 1,780 | | | | 825 | | | | - | | | | 825 | |
% of net sales | | | 8.2 | % | | | | | | | 8.2 | % | | | 4.1 | % | | | | | | | 4.1 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Interest Income | | | 697 | | | | | | | | 697 | | | | 1,500 | | | | - | | | | 1,500 | |
% of net sales | | | 3.2 | % | | | | | | | 3.2 | % | | | 7.5 | % | | | | | | | 7.5 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Interest Expense | | | - | | | | - | | | | - | | | | 1,113 | | | | - | | | | 1,113 | |
% of net sales | | | 0.0 | % | | | | | | | 0.0 | % | | | 5.5 | % | | | | | | | 5.5 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Net Interest and Other Income | | | 697 | | | | - | | | | 697 | | | | 387 | | | | - | | | | 387 | |
% of net sales | | | 3.2 | % | | | | | | | 3.2 | % | | | 1.9 | % | | | | | | | 1.9 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings before Income Taxes | | | 2,477 | | | | - | | | | 2,477 | | | | 1,212 | | | | - | | | | 1,212 | |
% of net sales | | | 11.5 | % | | | | | | | 11.5 | % | | | 6.0 | % | | | | | | | 6.0 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Income Tax (Benefit)/Provision | | | (163 | ) | | | 788 | | | | 625 | | | | 281 | | | | - | | | | 281 | |
Effective Tax Rate | | | -6.6 | % | | | | | | | 25.2 | % | | | 23.2 | % | | | | | | | 23.2 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Net Earnings from continuing operations | | | 2,640 | | | | (788 | ) | | | 1,852 | | | | 931 | | | | - | | | | 931 | |
% of net sales | | | 12.2 | % | | | | | | | 8.6 | % | | | 4.6 | % | | | | | | | 4.6 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings/(Loss) from discontinued operations | | | 3,228 | | | | 541 | | | | 3,769 | | | | 983 | | | | 2,913 | | | | 3,896 | |
% of net sales | | | 14.9 | % | | | | | | | 17.4 | % | | | 4.9 | % | | | | | | | 19.4 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Net Earnings | | | 5,868 | | | | (247 | ) | | | 5,621 | | | | 1,914 | | | | 2,913 | | | | 4,827 | |
% of net sales | | | 27.2 | % | | | | | | | 26.0 | % | | | 9.5 | % | | | | | | | 24.0 | % |
11
