Press Release

 

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

PARK ELECTROCHEMICAL REPORTS SECOND QUARTER SALES AND PROFITS

LAKE SUCCESS, New York, September 24, 1999...Park Electrochemical Corp. (NYSE-PKE) reported sales of $107,729,000 for the second quarter ended August 29, 1999 compared to $86,348,000 for the second quarter of last year. Park’s sales for the first six months were $212,183,000 compared to last year’s first six months’ sales of $186,203,000.

Park reported second quarter earnings of $6,047,000 compared to $225,000 for last year’s second quarter. Earnings for the first six months were $11,745,000 compared to $5,760,000 for last year’s first six months.

Park’s earnings per share for the second quarter were $.58 basic and $.53 diluted versus $.02 per share basic and diluted for last year’s second quarter. Park’s earnings per share for the six months were $1.12 basic and $1.04 diluted compared to $.50 per share basic and $.49 per share diluted for last year’s first six months.

Brian Shore, Park Electrochemical’s President and CEO, said, “We are pleased with our second quarter performance. Our business continues to be strong with our leading customers around the world. The major expansion of our Singapore operation will be complete and on line within the next two months. We are also proceeding with the recently announced large expansions of our Nelco New York and Nelco California operations.”

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 28, 1999.

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 is operated by its “Nelco” group of companies. Park also manufactures specialty adhesive tapes and advanced composite materials for the electronics, aerospace and industrial markets.

   The performance table...
For the 13 weeks ended*8/29/998/30/98
Net Sales$107,729,000$86,348,000
Net Earnings$   6,047,000$    225,000
Shares Outstanding:  
  Basic10,489,00011,512,000
  Diluted13,096,00011,633,000
Earnings Per Share:  
  Basic$ .58$ .02
  Diluted$ .53$ .02
For the 26 weeks ended*8/29/998/30/98
Net Sales$212,183,000$186,203,000
Net Earnings$ 11,745,000$   5,760,000
Shares Outstanding:  
  Basic10,459,00011,507,000
  Diluted13,034,00011,668,000
Earnings Per Share:  
  Basic$1.12 $ .50
  Diluted$1.04$ .49
*unaudited  

The comparative balance sheets (in thousand—unaudited):
 8/29/992/28/99
ASSETS  
Current Assets  
Cash & Temporary Investments$136,115$139,702
Accounts Receivable, Net69,60156,917
Inventories26,77425,703
Other Current Assets8,0867,874
Total Current Assets240,576230,196
Fixed Assets, Net121,103118,012
Other Assets3,4133,490
Total$365,092$351,698
 
LIABILITIES & STOCKHOLDERS’ EQUITY  
Current Liabilities  
Accounts Payable$ 31,557$ 31,019
Accrued Liabilities26,98923,154
Income Taxes Payable7,3189,183
Total Current Liabilities65,86463,356
Long-Term Debt100,000100,000
Deferred Income Taxes9,8189,501
Deferred Pension Liability & Other   14,07014,195
Total Liabilities189,752187,052
Stockholders’ Equity175,340164,646
Total$365,092$351,698
Equity Per Share$16.64$15.79

Detailed operating information (in thousands—unaudited):
 13 Weeks Ended26 Weeks Ended
 8/29/998/30/988/29/998/30/98
Net Sales$107,729$86,348$212,183$186,203
Cost of Sales88,31177,355173,735159,839
%82.0%89.6%81.9%85.8%
Gross Profit19,4188,99338,44826,364
%18.0%10.4%18.1%14.2%
Operating Expenses11,4609,66023,12519,795
%10.6%11.2%10.9%10.7%
Profit (Loss) from Operations7,958(667)15,3236,569
%7.4%(0.8%)7.2%3.5%
Other Income (Net)1057053371,376
%0.1%0.8%0.2%0.8%
Pre-Tax Earnings8,0633815,6607,945
%7.5%0%7.4%4.3%
Income Tax Provision (Benefit)2,016(187)3,9152,185
Effective Tax Rate25.0%—25.0%27.5%
Net Earnings$  6,047$    225$ 11,745$  5,760
%5.6%0.3%5.5%3.1%

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

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

Copyright 1999 © All Rights Reserved. Park Electrochemical Corp.

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