Press Release
Park Electrochemical Corp.
(516) 354-4100
PARK ELECTROCHEMICAL REPORTS FIRST QUARTER RESULTS
LAKE SUCCESS, New York, June 25, 2002...Park Electrochemical Corp. (NYSE-PKE) reported sales of $56,561,000 for the first quarter ended June 2, 2002 compared to $69,102,000 for the first quarter of last fiscal year. Park reported a net loss of $636,000 for the current year@#146;s first quarter compared to a net loss of $3,140,000 before non-recurring, after-tax charges of $11,472,000 for the first quarter of last year. Park’s loss per share for the current year’s first quarter was $0.03 basic and diluted compared to a loss per share of $0.16 basic and diluted before non-recurring charges of $0.59 per share basic and diluted for the first quarter of last year. (The results for last fiscal year’s first quarter ended May 27, 2001 included non-recurring, pre-tax charges of $15,707,000 related to the sale by the Company of its Nelco Technology, Inc. subsidiary and the closure of a related support facility and $681,000 relating to workforce reductions at the Company’s continuing operations.)
Brian Shore, Park’s President and CEO, said, “The global electronics market continued to be very depressed during our first quarter. Our revenue run rate during the first quarter improved, to a small degree, partly as a result of market share gains and partly as a result of some of our key customers doing somewhat better during the period. However, it is not clear at all that these small improvements are indicative of a general recovery from the market collapse which occurred earlier last year. Certainly, the environment of uncertainty continues, and we are not spending very much time wondering or speculating about when the global electronics markets will recover. We believe in the long-term future of the global electronics industry and we certainly believe in our company and, on that basis, we continue to press forward aggressively with our plans and our business around the globe. As I have reported to you for the last several quarters, the daily consuming effort of all of our people is to work urgently and passionately to help our customers succeed.”
Brian Shore concluded, “Although we have no particular insight into the short-term future of the electronics industry, I am quite pleased with the progress our people have made and are making to build a company with lasting, enduring fundamental value. We are not interested in the shortcuts or easy solutions. We come to work every day to build this fundamental value the hard way...one brick at a time. On that basis, I am optimistic about our prospects and our future!”
The Company will host 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 (800) 289-0569.
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 2:00 p.m. EDT on Thursday, June 27, 2002. The conference call replay can be accessed by dialing (888) 203-1112 and entering passcode 594661.
Certain portions of this press release 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. Such factors include, but are not limited to, general conditions in the electronics industry, Park’s competitive position, the status of Park’s relationships with its customers, economic conditions in international markets, the cost and availability of utilities, and the various factors set forth 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 March 3, 2002.
Park Electrochemical Corp. is a leading global designer and producer of electronic materials used to fabricate complex multilayer printed circuit boards and interconnection systems. Park specializes in advanced materials for high layer count circuit boards and high speed digital broadband telecommunications, internet and networking applications. Park’s electronic materials business operates through fully integrated business units in Asia, Europe and North America. The Company’s manufacturing facilities are located in Singapore, China, Germany, France, England, Massachusetts, Connecticut, New York, Arizona and California. Park’s electronic materials business operates under the “Nelco” name.
Additional corporate information is available on the World Wide Web at http://www.parkelectro.com.
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