EXHIBIT 99.1
PARK ELECTROCHEMICAL CORP. NEWS RELEASE
- ---------------------------------------------------------------
Contact: Linda Lagnese 48 South Service Road
Melville, NY 11747
631) 465-3600
PARK ELECTROCHEMICAL REPORTS FIRST QUARTER RESULTS
Melville, New York, June 27, 2007......Park Electrochemical Corp.
(NYSE-PKE) reported sales of $57,077,000 for its 2008 fiscal year
first quarter ended May 27, 2007 compared to sales of $62,838,000
for the first quarter of last year.
Park reported net earnings of $7,411,000 for the first quarter
ended May 27, 2007 compared to net earnings of $8,894,000 for last
year's first quarter.
Park's basic and diluted earnings per share were $.37 for the first
quarter ended May 27, 2007 compared to basic and diluted earnings
per share of $.44 for last year's first quarter. The effective tax
rate for the first quarter ended May 27, 2007 was 24.7% compared to
a rate of 23.0% for last year's first quarter.
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 (866) 288-0543.
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 Sunday, July 1, 2007. The conference
call replay can be accessed by dialing (888) 203-1112 and entering
passcode 9303243 or on the Company's web site at
www.parkelectro.com under the caption "Investor Conference Calls".
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
under the caption "Investor Conference Calls".
Park Electrochemical Corp. is a global advanced materials company
which develops and manufactures high-technology digital and
RF/microwave printed circuit materials (the Nelcor product line)
and advanced composite materials (the NelcoteTM product line)
principally for the telecommunications and internet infrastructure,
high-end computing and aerospace markets. Park focuses on the
general aviation aircraft segment of the aerospace industry.
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,
New York, Arizona and California.
Additional corporate information is available on the Company's web
site at www.parkelectro.com.
The performance table (in thousands, except per share amounts-unaudited):
13 Weeks Ended
--------------
5/27/07 5/28/06
------- -------
Sales $57,077 $62,838
Net Earnings $7,411 $8,894
Basic and Diluted Earnings Per $0.37 $0.44
Share:
Weighted Average Shares
Outstanding:
Basic 20,206 20,135
Diluted 20,235 20,357
The comparative balance sheets (in thousands):
5/27/07 2/25/07
------- -------
(unaudited)
Assets
------
Current Assets
Cash and Marketable Securities $224,603 $208,775
Accounts Receivable, Net 32,099 39,418
Inventories 15,958 15,090
Other Current Assets 3,525 3,049
------ ------
Total Current Assets 276,185 266,332
Fixed Assets, Net 49,727 49,895
Other Assets
6,015 5,695
------ ------
Total Assets $331,927 $321,922
======= =======
Liabilities and Stockholders'Equity
-------------------------------------
Current Liabilities
Accounts Payable $13,413 $13,589
Accrued Liabilities 14,382 13,058
Income Taxes Payable 2,484 2,354
------ ------
Total Current Liabilities 30,279 29,001
Deferred Income Taxes 4,612 4,294
Other Liabilities 7,170 7,279
Liabilities from Discontinued
Operations 17,181 17,181
------ ------
Total Liabilities 59,242 57,755
Stockholders' Equity 272,685 264,167
------- -------
Total Liabilities and
Stockholders' Equity $331,927 $321,922
======== ========
Equity Per Share $13.50 $13.08
===== =====
Detailed operating information (in thousands - unaudited):
13 Weeks Ended
--------------
5/27/07 5/28/06
------- -------
Net Sales $ 57,077 $ 62,838
Cost of Sales 42,968 46,475
% 75.3% 74.0%
Gross Profit 14,109 16,363
% 24.7% 26.0%
Selling, General and Administrative
Expenses 6,572 6,761
% 11.5% 10.7%
Earnings from Operations 7,537 9,602
% 13.2% 15.3%
Other Income 2,311 1,949
% 4.1% 3.1%
Earnings before Income Taxes 9,848 11,551
% 17.3% 18.4%
Income Tax Provision 2,437 2,657
Effective Tax Rate 24.7% 23.0%
Net Earnings 7,411 8,894
% 13.0% 14.2%