Press Release
Park Electrochemical Corp.
(516) 354-4100
PARK ELECTROCHEMICAL REPORTS THIRD QUARTER SALES & PROFITS
LAKE SUCCESS, New York, December 20, 2000...Park Electrochemical Corp. (NYSE-PKE) reported sales of $142,608,000 for the third quarter ended November 26, 2000 compared to $108,183,000 for the third quarter of last year. Park’s sales for the first nine months were $392,669,000 compared to last year’s first nine months sales of $320,366,000.
Park reported earnings of $14,827,000 for the third quarter compared to $5,790,000 for last year’s third quarter. Earnings for the first nine months were $35,311,000 compared to $17,535,000 for last year’s first nine months.
Park’s earnings per share for the third quarter were $.93 basic and $.78 diluted versus $.37 per share basic and $.34 per share diluted for last year’s third quarter, after adjustment for the three-for-two stock split effected on November 8, 2000. Park’s earnings per share for the nine months were $2.22 basic and $1.91 diluted compared to $1.11 per share basic and $1.03 per share diluted for last year’s first nine months, also adjusted for the three-for-two stock split.
Brian Shore, Park’s President and CEO, said, “Once again, I am extremely pleased with the performance of all of Park’s people in the third quarter. Our people continue to work very, very hard to serve our customers’ needs around the globe and to help our customers succeed in a very demanding world.”
Brian Shore continued, “Our business was extremely strong in all of our markets around the world during the third quarter. The market climate continues to be very strong around the world for our high speed digital broadband products such as N4000-13 and N6000. Our backlog continues at near historically high levels and our bookings continue to run at near historically high rates.”
Brian Shore concluded, “Our major expansion plans in New York, California and Arizona continue on schedule, and we are now just beginning to bring on the first components of the new capacity related to those expansion programs. We are very excited about the globalization of our high speed digital broadband product line. We continue to be very optimistic about our business in the future and we are not looking back!”
The Company also reported that there currently remain approximately 2,250,000 shares of Park Electrochemical Corp. Common Stock available to be purchased by the Company pursuant to previous share purchase authorizations announced on June 24, 1998 and September 9, 1998. Pursuant to these authorizations, the Company is authorized to purchase its shares from time to time on the open market or in privately negotiated transactions.
The Company will host a conference call to discuss its financial results at 11:00 a.m. EST today. Forward-looking and other material information may be discussed in this conference call. The conference call dial-in number is (800) 289-0730.
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 major manufacturing facilities are located in Singapore, England, France, Germany, 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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