Park Electrochemical Corp. (PKE, Financial) filed Quarterly Report for the period ended 2010-08-29.
Park Electrochemical Corp. has a market cap of $549.1 million; its shares were traded at around $26.61 with a P/E ratio of 15.7 and P/S ratio of 3.1. The dividend yield of Park Electrochemical Corp. stocks is 1.5%.PKE is in the portfolios of Third Avenue Management, Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC, Mario Gabelli of GAMCO Investors, James Barrow of Barrow, Hanley, Mewhinney & Strauss, Paul Tudor Jones of The Tudor Group.
For the three-month period ended August 29, 2010, the Company s sales in North America, Asia and Europe were 45%, 46% and 9%, respectively, of the Company s total net sales worldwide compared to 51%, 39% and 10%, respectively, for the three-month period ended August 30, 2009; and for the six-month period ended August 29, 2010, the Company s sales in North America, Asia and Europe were 45%, 44% and 11%, respectively, of the Company s total net sales worldwide compared to 53%, 37% and 10%, respectively, for the six-month period ended August 30, 2009. The Company s sales in North America increased 13%, its sales in Asia increased 53% and its sales in Europe increased 12% in the three-month period ended August 29, 2010 compared to the three-month period ended August 30, 2009, and its sales in North America increased 23%, its sales in Asia increased 67% and its sales in Europe increased 59% in the six-month period ended August 29, 2010 compared to the six-month period ended August 30, 2009.
During the three-month and six-month periods ended August 29, 2010, the Company s total net sales worldwide of high performance printed circuit materials (non-FR4 printed circuit materials) were 76% and 74%, respectively, of the Company s total net sales worldwide of printed circuit materials, compared with 63% and 65% for last fiscal year s comparable periods.
The Company s cost of sales as a percentage of net sales decreased to 66.4% in the three-month period ended August 29, 2010 from 74.3% in the three-month period ended August 30, 2009 and to 66.1% in the six-month period ended August 29, 2010 from 74.6% in the six-month period ended August 30, 2009 resulting in gross profit margin increases, which were attributable to higher total net sales and higher percentages of sales of higher margin, high performance printed circuit materials products in the 2011 fiscal year periods. However, the gross profit margin improvements during the three-month and six-month periods ended August 29, 2010 were partially offset by losses incurred at the Company s recently established Park Aircraft Technologies Corp. business unit in Newton, Kansas.
Selling, general and administrative expenses increased by $2.0 million and $3.9 million or by 39% and 35%, respectively, during the three-month period and six-month period, respectively, ended August 29, 2010 compared to last fiscal year s comparable periods. These expenses, measured as percentages of sales, increased to 13.3% during the three months ended August 29, 2010 from 12.2% during last fiscal year s comparable period but declined to 13.2% during the six months ended August 29, 2010 compared to 14.0% during last year s comparable period. The increases in these expenses during the 2011 fiscal year periods were attributable primarily to increases in freight costs and commissions, which vary with shipments, and increases in legal fees and expenses. Stock option expenses were $0.3 million and $0.6 million, respectively, for the three-month and six-month periods ended August 29, 2010 and $0.3 million and $0.6 million, respectively, for the three-month and six-month periods ended August 30, 2009.
The Company s effective income tax rates for the three-month and six-month periods ended August 29, 2010 were 16.4% and 18.8%, respectively, compared to effective income tax rates of 20.1% and 21.2%, respectively, for the three-month and six-month periods ended August 30, 2009. The lower effective income tax rates for the three-month and six-month periods ended August 29, 2010 were primarily the results of higher taxable income in jurisdictions with lower income tax rates.
Read the The complete Report
Park Electrochemical Corp. has a market cap of $549.1 million; its shares were traded at around $26.61 with a P/E ratio of 15.7 and P/S ratio of 3.1. The dividend yield of Park Electrochemical Corp. stocks is 1.5%.PKE is in the portfolios of Third Avenue Management, Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC, Mario Gabelli of GAMCO Investors, James Barrow of Barrow, Hanley, Mewhinney & Strauss, Paul Tudor Jones of The Tudor Group.
Highlight of Business Operations:
The Company s foreign sales were $29.8 million and $62.1 million, respectively, during the three-month and six-month periods ended August 29, 2010, or 55% of the Company s total net sales worldwide in both such periods, compared to $20.6 million and $37.5 million, respectively, of foreign sales, or 49% and 47%, respectively, of total net sales worldwide, during last year s comparable periods. The Company s foreign sales during the three-month and six-month periods ended August 29, 2010 increased 44% and 66%, respectively, from the 2010 fiscal year comparable periods, as a result of increases in sales in Asia and Europe in both periods.For the three-month period ended August 29, 2010, the Company s sales in North America, Asia and Europe were 45%, 46% and 9%, respectively, of the Company s total net sales worldwide compared to 51%, 39% and 10%, respectively, for the three-month period ended August 30, 2009; and for the six-month period ended August 29, 2010, the Company s sales in North America, Asia and Europe were 45%, 44% and 11%, respectively, of the Company s total net sales worldwide compared to 53%, 37% and 10%, respectively, for the six-month period ended August 30, 2009. The Company s sales in North America increased 13%, its sales in Asia increased 53% and its sales in Europe increased 12% in the three-month period ended August 29, 2010 compared to the three-month period ended August 30, 2009, and its sales in North America increased 23%, its sales in Asia increased 67% and its sales in Europe increased 59% in the six-month period ended August 29, 2010 compared to the six-month period ended August 30, 2009.
During the three-month and six-month periods ended August 29, 2010, the Company s total net sales worldwide of high performance printed circuit materials (non-FR4 printed circuit materials) were 76% and 74%, respectively, of the Company s total net sales worldwide of printed circuit materials, compared with 63% and 65% for last fiscal year s comparable periods.
The Company s cost of sales as a percentage of net sales decreased to 66.4% in the three-month period ended August 29, 2010 from 74.3% in the three-month period ended August 30, 2009 and to 66.1% in the six-month period ended August 29, 2010 from 74.6% in the six-month period ended August 30, 2009 resulting in gross profit margin increases, which were attributable to higher total net sales and higher percentages of sales of higher margin, high performance printed circuit materials products in the 2011 fiscal year periods. However, the gross profit margin improvements during the three-month and six-month periods ended August 29, 2010 were partially offset by losses incurred at the Company s recently established Park Aircraft Technologies Corp. business unit in Newton, Kansas.
Selling, general and administrative expenses increased by $2.0 million and $3.9 million or by 39% and 35%, respectively, during the three-month period and six-month period, respectively, ended August 29, 2010 compared to last fiscal year s comparable periods. These expenses, measured as percentages of sales, increased to 13.3% during the three months ended August 29, 2010 from 12.2% during last fiscal year s comparable period but declined to 13.2% during the six months ended August 29, 2010 compared to 14.0% during last year s comparable period. The increases in these expenses during the 2011 fiscal year periods were attributable primarily to increases in freight costs and commissions, which vary with shipments, and increases in legal fees and expenses. Stock option expenses were $0.3 million and $0.6 million, respectively, for the three-month and six-month periods ended August 29, 2010 and $0.3 million and $0.6 million, respectively, for the three-month and six-month periods ended August 30, 2009.
The Company s effective income tax rates for the three-month and six-month periods ended August 29, 2010 were 16.4% and 18.8%, respectively, compared to effective income tax rates of 20.1% and 21.2%, respectively, for the three-month and six-month periods ended August 30, 2009. The lower effective income tax rates for the three-month and six-month periods ended August 29, 2010 were primarily the results of higher taxable income in jurisdictions with lower income tax rates.
Read the The complete Report
