Press Release
Park Electrochemical Corp.
(516) 354-4100
PARK ELECTROCHEMICAL CORP. ANNOUNCES 3-FOR-2 STOCK SPLIT AND INCREASE IN CASH DIVIDEND.
Lake Success, New York, October 10, 2000…Park Electrochemical Corp. (NYSE-PKE) announced that its Board of Directors has declared a 3-for-2 stock split in the form of a stock dividend and has increased the quarterly cash dividend by 12.5%. Park also announced that at a special meeting of shareholders held on October 10, 2000, the shareholders approved an amendment to Park’s restated certificate of incorporation to increase the number of authorized shares of common stock from 30,000,000 to 60,000,000. Before giving effect to the stock split, Park currently has outstanding approximately 10,520,000 shares plus approximately 3,920,000 shares reserved for issuance under Park’s stock option plans and the 1997 agreement for the acquisition of Dielektra GmbH and in connection with the conversion of Park’s 5-1/2% Convertible Subordinated Notes due 2006 to common stock.
Park’s quarterly cash dividend will be increased from the current rate of 8¢ per share to the equivalent of 9¢ per share on a pre-split basis. On a post-split basis, the quarterly cash dividend will be 6¢ per share. The 3-for-2 stock split will be distributed and the cash dividend will be paid on November 8, 2000 to shareholders of record at the close of business on October 20, 2000.
Brian Shore, Park’s President and CEO, said “We are very gratified that our shareholders have approved our proposal to increase the number of authorized shares of common stock. We are likewise very pleased to announce the stock split and cash dividend increase. Our major expansion programs continue on track. Our high-speed digital broadband product line continues to grow beyond our expectations. Our business continues to be strong, and we are feeling good about our company and our future! I would like to personally thank our shareholders for their support in approving the increase in our authorized shares of common stock.”
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, 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.
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Park Electrochemical Corporation
48 So. Service Road, Suite 300MelvilleNY11747
(631) 465-3600Fax: 465-3100
Copyright 2000 (c) All Rights Reserved. Park Electrochemical Corp.
