Press Release

 

Contact: Adrienne Binenstock
Park Electrochemical Corp.
(516) 354-4100

PARK ELECTROCHEMICAL REPORTS SECOND QUARTER SALES AND PROFITS

LAKE SUCCESS, New York, September 25, 2000...Park Electrochemical Corp. (NYSE-PKE) reported sales of $129,902,000 for the second quarter ended August 27, 2000 compared to $107,729,000 for the second quarter of last year. Park’s sales for the first six months were $250,061,000 compared to last year’s first six months’ sales of $212,183,000.

Park reported second quarter earnings of $11,655,000 compared to $6,047,000 for last year’s second quarter. Earnings for the first six months were $20,484,000 compared to $11,745,000 for last year’s first six months.

Park’s earnings per share for the second quarter were $1.10 basic and $.95 diluted versus $.58 per share basic and $.53 per share diluted for last year’s second quarter. Park’s earnings per share for the six months were $1.94 basic and $1.69 diluted compared to $1.12 per share basic and $1.04 per share diluted for last year’s first six months.

Brian Shore, Park Electrochemical’s President and CEO, said, “I am very pleased with the performance of Park’s people in the second quarter. Our people are working very, very hard to serve our customers’ needs around the globe and to help our customers be successful in this extremely demanding market climate. The dedication and commitment our people have exhibited to our customers and to our business is remarkable and also very gratifying to me.”

Brian Shore concluded, “Our markets around the world continue to be exceptionally strong, particularly for our higher technology, high-speed, low-loss product line. (As a matter of fact, the recent tremendous success of our high-speed product line probably is a story in its own right.) We are working very closely with our customers to support them and help them grow in this highly pressurized environment. Our major capacity expansions in New York and California are on track. I can assure you that we, along with our customers and suppliers, are very excited about our dramatic expansion program. In addition, our recently announced Neltec expansion is on track, and this expansion should help us continue to play a leadership role in the high-tech, high-speed material arena.”

Certain portions of this press release 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. 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, 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 February 27, 2000.

Park Electrochemical Corp. is a leading designer and producer of advanced electronic materials used to fabricate complex multilayer printed circuit boards and interconnection systems. Park’s electronic materials business operates under the “Nelco” name. Park also manufactures specialty adhesive tapes and advanced composite materials for the electronics, aerospace and industrial markets.

Additional corporate information is available on the World Wide Web at www.parkelectro.com.

 

The performance table...

 

For the 13 weeks ended* 8/27/00 8/29/99
Net Sales $129,902,000 $107,729,000
Net Earnings $11,655,000 $6,047,000
Shares Outstanding:    
  Basic 10,588,000 10,489,000
  Diluted 13,293,000 13,096,000
Earnings Per Share:    
  Basic $1.10 $.58
  Diluted $.95 $.53
For the 26 weeks ended* 8/27/00 8/29/99
Net Sales $250,061,000 $212,183,000
Net Earnings $20,484,000 $11,745,000
Shares Outstanding:    
  Basic 10,580,000 10,459,000
  Diluted 13,181,000 13,034,000
Earnings Per Share:    
  Basic $1.94 $1.12
  Diluted $1.69 $1.04
*unaudited    

The comparative balance sheets (in thousands—unaudited):
  8/27/00 2/27/00
ASSETS  
Current Assets  
Cash & Temporary Investments $144,847 $131,462
Accounts Receivable, Net 75,904 68,335
Inventories 32,112 27,368
Other Current Assets 8,461 9,614
Total Current Assets 261,324 236,779
Fixed Assets, Net 135,529 125,977
Other Assets 3,313 2,496
Total $400,166 $365,252
 
LIABILITIES & STOCKHOLDERS’ EQUITY  
Current Liabilities  
Accounts Payable $34,514 $24,964
Accrued Liabilities 36,778 28,973
Income Taxes Payable 8,454 6,729
Total Current Liabilities 79,746 60,666
Long-Term Debt100,000100,000
Deferred Income Taxes 12,879 11,933
Deferred Pension Liability & Other   12,719 13,535
Total Liabilities 205,344 186,134
Stockholders’ Equity 194,822 179,118
Total $400,166 $365,252
Equity Per Share $18.38 $16.95

Detailed operating information (in thousands—unaudited):
 13 Weeks Ended26 Weeks Ended
  8/27/00 8/29/99 8/27/00 8/29/99
Net Sales $129,902 $107,729 $250,061 $212,183
Cost of Sales 101,509 88,311 197,973 173,735
% 78.1% 82.0% 79.2% 81.9%
Gross Profit 28,393 19,418 52,088 38,448
% 21.9% 18.0% 20.8% 18.1%
Operating Expenses 12,572 11,460 24,499 23,125
% 9.7% 10.6% 9.8% 10.9%
Profit (Loss) from Operations 15,821 7,958 27,589 15,323
% 12.2% 7.4% 11.0% 7.2%
Other Income (Net) 653 105 1,060 337
% .5% .1% .5% .2%
Pre-Tax Earnings 16,474 8,063 28,649 15,660
% 12.7% 7.5% 11.5% 7.4%
Income Tax Provision (Benefit) 4,819 2,016 8,165 3,915
Effective Tax Rate 29.3% 25.0% 28.5% 25.0%
Net Earnings $11,655 $6,047 $20,484 $11,745
% 9.0% 5.6% 8.2% 5.5%

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Park Electrochemical Corporation*48 So. Service Road, Suite 300*Melville*NY*11747

(631) 465-3600*Fax: 465-3100

Copyright 2000 (c) All Rights Reserved. Park Electrochemical Corp.

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