Park Electrochemical Corp. (PKE, Financial) filed Quarterly Report for the period ended 2008-11-30.
Park Electrochemical Corp. through its subsidiaries is primarily engaged in the design production and marketing of advanced electronic materials used to fabricate complex multilayer printed circuit boards semiconductor packages and other electronic interconnection systems. The company's electronic materials business is operated by its Nelco group of companies. The company is also engaged in the design production and marketing of specialty adhesive tapes and films advanced composite materials and microwave circuitry materials for the electronics aerospace markets. Park Electrochemical Corp. has a market cap of $387.5 million; its shares were traded at around $17.5 with a P/E ratio of 13.8 and P/S ratio of 1.6. The dividend yield of Park Electrochemical Corp. stocks is 1.69%. Park Electrochemical Corp. had an annual average earning growth of 61% over the past 5 years.
For the three-month period ended November 30, 2008, the Companys sales in North America, Asia and Europe were 55%, 36% and 9%, respectively, of the Companys total net sales worldwide compared with 50%, 37% and 13%, respectively, for the three-month period ended November 25, 2007; and for the nine-month period ended November 30, 2008, the Companys sales in North America, Asia and Europe were 53%, 37% and 10% of the Companys total net sales worldwide compared with 51%, 37% and 12%, respectively, for the nine-month period ended November 25, 2007. The Companys sales in North America decreased 14%, its sales in Asia decreased 24% and its sales in Europe decreased 51% in the three-month period ended November 30, 2008 compared with the three-month period ended November 25, 2007, and its sales in North America decreased 6%, its sales in Asia decreased 10% and its sales in Europe decreased 21% in the nine-month period ended November 30, 2008 compared with the nine-month period ended November 25, 2007.
During the three-month and nine-month periods ended November 30, 2008, the Companys total net sales worldwide of high performance printed circuit materials (non-FR4 printed circuit materials) were 61% and 59%, respectively, of the Companys total net sales worldwide of printed circuit materials, compared with 54% and 52% for last fiscal years comparable periods.
The Companys cost of sales as a percentage of net sales increased to 80.1% in the three-month period ended November 30, 2008 from 74.7% in the three-month period ended November 25, 2007 and to 78.5% in the nine-month period ended November 30, 2008 from 74.3% in the nine-month period ended November 25, 2007 resulting in gross profit margin declines, which were attributable to lower sales volumes in both 2009 fiscal year periods and the impact of currency translation on costs incurred in Singapore dollars and significant increases in raw material and utility costs in the 2009 fiscal year nine-month period, partially offset by higher percentages of sales of higher margin, high performance printed circuit materials and advanced composite materials products in both 2009 fiscal year periods.
Selling, general and administrative expenses decreased by $0.4 million and $1.1 million, respectively, or by 6% and 5%, respectively, during the three-month period and nine-month period, respectively, ended November 30, 2008 compared with last fiscal years comparable periods. However, these expenses, measured as percentages of sales, were 12.6% and 11.4%, respectively, during the three-month and nine-month periods ended November 30, 2008 compared with 10.4% and 10.9%, respectively, during the last fiscal years comparable periods. The higher percentages in the 2009 fiscal year periods were the result of lower sales in such periods. Stock option expenses were $0.3 million and $0.9 million, respectively, for the three-month and nine-month periods ended November 30, 2008 compared with $0.4 million and $1.0 million for last fiscal years comparable periods.
the result of increased interest receivable. Accounts payable declined 36%, accounts receivable declined 19% and inventories declined 11% at November 30, 2008 compared to March 2, 2008 principally as a result of lower production and sales volumes during the quarter ended November 30, 2008 compared to the quarter ended March 2, 2008. The 12% decline in accrued liabilities was primarily the result of decreased accruals for compensation programs and professional fees. Income taxes payable declined 52% at November 30, 2008 compared to March 2, 2008 primarily as a result of payments made during the nine-month period. The Companys current ratio (the ratio of current assets to current liabilities) was 11.6 to 1 at November 30, 2008 compared to 8.5 to 1 at March 2, 2008.
Read the The complete Report
Gurus buys and sells of PKE
10-year financial history of PKE.
Insider buys/sells of PKE.
Park Electrochemical Corp. through its subsidiaries is primarily engaged in the design production and marketing of advanced electronic materials used to fabricate complex multilayer printed circuit boards semiconductor packages and other electronic interconnection systems. The company's electronic materials business is operated by its Nelco group of companies. The company is also engaged in the design production and marketing of specialty adhesive tapes and films advanced composite materials and microwave circuitry materials for the electronics aerospace markets. Park Electrochemical Corp. has a market cap of $387.5 million; its shares were traded at around $17.5 with a P/E ratio of 13.8 and P/S ratio of 1.6. The dividend yield of Park Electrochemical Corp. stocks is 1.69%. Park Electrochemical Corp. had an annual average earning growth of 61% over the past 5 years.
Highlight of Business Operations:
The Companys foreign operations accounted for $21.9 million and $77.6 million, respectively, of net sales, or 45% and 47%, respectively, of the Companys total net sales worldwide, during the three-month and nine-month periods ended November 30, 2008, compared with $31.8 million and $89.1 million, respectively, of net sales, or 50% and 49%, respectively, of total net sales worldwide, during last years comparable periods. Net sales by the Companys foreign operations during the three months and nine months ended November 30, 2008 decreased 31% and 13%, respectively, from the 2008 fiscal year comparable periods primarily as a result of decreases in sales in Europe and Asia during such periods.For the three-month period ended November 30, 2008, the Companys sales in North America, Asia and Europe were 55%, 36% and 9%, respectively, of the Companys total net sales worldwide compared with 50%, 37% and 13%, respectively, for the three-month period ended November 25, 2007; and for the nine-month period ended November 30, 2008, the Companys sales in North America, Asia and Europe were 53%, 37% and 10% of the Companys total net sales worldwide compared with 51%, 37% and 12%, respectively, for the nine-month period ended November 25, 2007. The Companys sales in North America decreased 14%, its sales in Asia decreased 24% and its sales in Europe decreased 51% in the three-month period ended November 30, 2008 compared with the three-month period ended November 25, 2007, and its sales in North America decreased 6%, its sales in Asia decreased 10% and its sales in Europe decreased 21% in the nine-month period ended November 30, 2008 compared with the nine-month period ended November 25, 2007.
During the three-month and nine-month periods ended November 30, 2008, the Companys total net sales worldwide of high performance printed circuit materials (non-FR4 printed circuit materials) were 61% and 59%, respectively, of the Companys total net sales worldwide of printed circuit materials, compared with 54% and 52% for last fiscal years comparable periods.
The Companys cost of sales as a percentage of net sales increased to 80.1% in the three-month period ended November 30, 2008 from 74.7% in the three-month period ended November 25, 2007 and to 78.5% in the nine-month period ended November 30, 2008 from 74.3% in the nine-month period ended November 25, 2007 resulting in gross profit margin declines, which were attributable to lower sales volumes in both 2009 fiscal year periods and the impact of currency translation on costs incurred in Singapore dollars and significant increases in raw material and utility costs in the 2009 fiscal year nine-month period, partially offset by higher percentages of sales of higher margin, high performance printed circuit materials and advanced composite materials products in both 2009 fiscal year periods.
Selling, general and administrative expenses decreased by $0.4 million and $1.1 million, respectively, or by 6% and 5%, respectively, during the three-month period and nine-month period, respectively, ended November 30, 2008 compared with last fiscal years comparable periods. However, these expenses, measured as percentages of sales, were 12.6% and 11.4%, respectively, during the three-month and nine-month periods ended November 30, 2008 compared with 10.4% and 10.9%, respectively, during the last fiscal years comparable periods. The higher percentages in the 2009 fiscal year periods were the result of lower sales in such periods. Stock option expenses were $0.3 million and $0.9 million, respectively, for the three-month and nine-month periods ended November 30, 2008 compared with $0.4 million and $1.0 million for last fiscal years comparable periods.
the result of increased interest receivable. Accounts payable declined 36%, accounts receivable declined 19% and inventories declined 11% at November 30, 2008 compared to March 2, 2008 principally as a result of lower production and sales volumes during the quarter ended November 30, 2008 compared to the quarter ended March 2, 2008. The 12% decline in accrued liabilities was primarily the result of decreased accruals for compensation programs and professional fees. Income taxes payable declined 52% at November 30, 2008 compared to March 2, 2008 primarily as a result of payments made during the nine-month period. The Companys current ratio (the ratio of current assets to current liabilities) was 11.6 to 1 at November 30, 2008 compared to 8.5 to 1 at March 2, 2008.
Read the The complete Report
Gurus who own PKE
PKE is in the portfolios of Third Avenue Management, David Dreman. More on PKE:Gurus buys and sells of PKE
10-year financial history of PKE.
Insider buys/sells of PKE.
