Park Electrochemical Corp.

 

 

May 9, 2013 Investor Conference Call – Supplementary Financial Information

 

 

The financial and other data contained herein (the “Supplementary Data”) is being provided pursuant to the requirements of Regulation G promulgated by the U.S. Securities and Exchange Commission (the “SEC”).  The Supplementary Data is time-sensitive information and is accurate as of May 9, 2013.  Park Electrochemical Corp. (“Park” or the “Company”) is under no obligation to (and expressly disclaims any such obligation to) update or alter the Supplementary Data whether as a result of new information, future events or otherwise.

 

The Supplementary Data should be read in conjunction with our 2013 fiscal year fourth quarter earnings news release dated May 9, 2013 and the reports and documents that we file from time to time with the SEC.  In particular, please read our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and any Current Reports on Form 8-K that we may file from time to time.  Park currently expects to file its Annual Report on Form 10-K for the fiscal year ended March 3, 2013 on or about May 17, 2013.  We make available free of charge on or through our website located at www.parkelectro.com our SEC filings on Forms 10-K, 10-Q and 8-K and any amendments to those filings as soon as reasonably practicable after electronic filing with the SEC.

 

Information to be presented at the May 9, 2013 investor conference call by Matt Farabaugh

 

Certain statements we may make during the course of this discussion which do not relate to historical financial information may be deemed to constitute forward-looking statements.  Any forward-looking statements are subject to various factors that could cause actual results to differ materially from our expectations.  We have set forth in our most recent Annual Report on Form 10-K for the fiscal year ended February 26, 2012 various factors that could affect future results.  Those factors are found in Item 1A and after Item 7 of that Form 10-K. Any forward-looking statements we may make are subject to those factors.

 

I'd like to briefly review some of the items in our fourth quarter and fiscal year 2013 P&L, which are not specifically addressed in the earnings release.  It is important to note that the fourth quarter ended March 3, 2013 was a 14-week period compared to the fourth quarter ended February 26, 2012, which was a 13-week period. In addition, the fiscal year ended March 3, 2013 was a 53-week period compared to the fiscal year ended February 26, 2012, which was a 52-week period.

 

During the fiscal year 2013 fourth quarter, North American sales were 49% of total sales, European sales were 9% of total sales and Asian sales were 42% of total sales, compared to 46%, 14% and 40%, respectively, for the fourth quarter of the prior fiscal year and 46%, 8% and 46%, respectively, for the 2013 fiscal year third quarter.

 

Sales of Park’s high performance (non-FR-4) printed circuit materials were 82% of total laminate and prepreg material sales in the fourth quarter of fiscal year 2013, 80% in the fourth quarter of the prior fiscal year and 82% in the third quarter of fiscal year 2013. 

 

Sales of Park’s aerospace materials and parts were $7.0 million in the fourth quarter of the 2013 fiscal year compared to $6.7 million in the fourth quarter of the prior fiscal year and compared to $5.5 million in the third quarter of the 2013 fiscal year.  Sales of aerospace materials and parts were $25.9 million in the 2013 fiscal year compared to $26.5 million in the prior year.

 

During the fourth quarter of the 2013 fiscal year, the Company had one customer that was more than 10% of total sales, which was TTM. The four remaining customers rounding out the top five were WUS, Sanmina, ISUPETASYS and Multek. The top five customers totaled approximately 47% of total sales. Our top 10 customers totaled approximately 62% of total sales and the top 20 customers totaled approximately 75% of total sales.

 

During the 2013 fiscal year, the Company had two customers that were more than 10% of total sales, which were TTM and Sanmina. The three remaining customers rounding out the top five were WUS, Multek and ISUPETASYS. The top five customers totaled approximately 48% of total sales. Our top 10 customers totaled approximately 63% of total sales and the top 20 customers totaled approximately 74% of total sales.

 

Safe Harbor Statement

 

The Supplementary Data may contain “forward-looking statements,” as defined under the Federal Securities Laws, including the Private Securities Litigation Reform Act of 1995.  Certain portions of the Supplementary Data which do not relate to historical financial information may be deemed to constitute forward-looking statements that are subject to various factors which could cause actual results to differ materially from Park’s expectations or from results which might be projected, forecasted, estimated or budgeted by the Company in forward-looking statements.  Generally, you can identify forward-looking statements by the use of words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “goal,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue” and similar expressions or the negative or other variations thereof.  Such forward-looking statements are based on current expectations that involve a number of uncertainties and risks that may cause actual events or results to differ materially from Park’s expectations.  Factors that could cause actual events or results to differ materially include but are not limited to general conditions in the electronics and aerospace industries, Park’s competitive position, the status of Park’s relationships with its customers, economic conditions in international markets, the cost and availability of raw materials, transportation and utilities, and the various other factors set forth in Item 1A “Risk Factors” and under the caption “Factors That May Affect Future Results” after Item 7 of Park’s Annual Report on Form 10-K for the fiscal year ended February 26, 2012.  These and other risks may be detailed from time to time in Park’s periodic reports filed with the Securities and Exchange Commission, including, but not limited to, its fiscal year 2013 Annual Report on Form 10-K and other SEC filings, copies of which may be obtained from http://www.sec.gov/.  Park is under no obligation to (and expressly disclaims any such obligation to) update any of the information contained herein if any forward-looking statement later turns out to be inaccurate whether as a result of new information, future events or otherwise.