On July 16, 2024, Park Aerospace Corp (PKE, Financial) released its 8-K filing reporting the financial results for the first quarter of the fiscal year 2025, which ended on June 2, 2024. Park Aerospace Corp designs, develops, and manufactures advanced composite materials and structures for the aerospace markets, with a significant presence in North America, Asia, and Europe.
Performance Overview
Park Aerospace Corp (PKE, Financial) reported net sales of $13.97 million for the first quarter of fiscal year 2025, a decrease from $15.55 million in the same quarter of the previous fiscal year and $16.33 million in the fourth quarter of fiscal year 2024. Net earnings for the quarter were $993,000, down from $1.85 million in the first quarter of fiscal year 2024 and $2.67 million in the fourth quarter of fiscal year 2024.
Financial Achievements and Challenges
The company faced significant challenges, including a $1.05 million pre-tax charge related to storm damage at its facilities in Newton, Kansas. This impacted the overall financial performance, contributing to the decline in net earnings. Despite these challenges, Park Aerospace Corp (PKE, Financial) managed to achieve an adjusted EBITDA of $2.61 million, compared to $3.31 million in the first quarter of fiscal year 2024 and $3.20 million in the fourth quarter of fiscal year 2024.
Income Statement Highlights
| 13 Weeks Ended | June 2, 2024 | May 28, 2023 | March 3, 2024 |
|---|---|---|---|
| Net Sales | $13,970 | $15,551 | $16,333 |
| Net Earnings | $993 | $1,854 | $2,670 |
| Adjusted EBITDA | $2,610 | $3,311 | $3,201 |
Balance Sheet and Cash Flow
As of June 2, 2024, Park Aerospace Corp (PKE, Financial) reported total assets of $129.43 million, down from $132.31 million as of March 3, 2024. The company's cash and marketable securities stood at $74.42 million, a slight decrease from $77.21 million at the end of the previous quarter. Total liabilities were $17.74 million, compared to $19.40 million at the end of the fourth quarter of fiscal year 2024.
Key Metrics and Analysis
Basic and diluted earnings per share for the first quarter of fiscal year 2025 were $0.05, compared to $0.09 in the first quarter of fiscal year 2024 and $0.13 in the fourth quarter of fiscal year 2024. The decline in earnings per share reflects the impact of the storm damage charge and other operational challenges faced during the quarter.
Park Aerospace Corp (PKE, Financial) continues to focus on its core business of developing and manufacturing advanced composite materials for the aerospace industry. The company's ability to manage operational challenges and maintain a strong balance sheet will be crucial for its future performance.
For more detailed information, readers can access the full 8-K filing.
Explore the complete 8-K earnings release (here) from Park Aerospace Corp for further details.
