Press Release
Park Electrochemical Corp.
(516) 354-4100
PARK ELECTROCHEMICAL ANNOUNCES PLANS FOR 3-FOR-2 STOCK SPLIT AND INCREASE IN CASH DIVIDEND
LAKE SUCCESS, New York, August 14, 2000…Park Electrochemical Corp. (NYSE-PKE) announced that its Board of Directors has authorized a 3-for-2 stock split and has indicated its intention to increase the quarterly cash dividend by 12.5%, in both cases subject to approval by shareholders of a proposal to increase the number of authorized shares of common stock from 30 million to 60 million. The Board of Directors also called a special meeting of shareholders to be held on October 10, 2000 to vote on the proposal to increase the number of authorized shares.
At the special meeting, shareholders will vote on 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. Park currently has outstanding approximately 10,490,000 shares plus another 3,900,000 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 5.5% Convertible Subordinated Notes due 2006 to common stock. The record date for determining shareholders entitled to vote at the special meeting is August 25, 2000, and the affirmative vote of the holders of a majority of all outstanding shares is necessary for the proposal to be adopted.
If the increase in authorized shares is approved by the shareholders, the record date for the 3-for-2 stock split is expected to be October 20, 2000, and 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 would be 6¢ per share. If the increase in authorized shares is not approved by shareholders, the proposed 3-for-2 stock split and cash dividend increase will not take place. The next quarterly cash dividend is expected to be paid on November 8, 2000 to holders of record on October 20, 2000.
Brian Shore, Park’s President and CEO, said, “Our business continues to be strong around the globe, our major expansion plans are progressing very well, and we continue to feel very good about our business and our company. Our proposed stock split and cash dividend increase reflect our optimism about our future.”
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.
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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.
