Press Release
Contact: Adrienne Binenstock
Park Electrochemical Corp.
(516) 354-4100
PARK ELECTROCHEMICAL ANNOUNCES EXPANDED SHARE REPURCHASE PLAN
LAKE SUCCESS, New York, September 9, 1998...Park Electrochemical Corp. (NYSE-PKE) announced that its Board of Directors has authorized the Company’s purchase, on the open market and in privately negotiated transactions, of up to 1,500,000 shares of its Common Stock, representing approximately 14.4% of the Company’s 10,433,027 total outstanding shares as of the close of business on September 8, 1998. This authorization is in addition to the Board of Directors’ previous authorization in June 1998 to purchase up to 10% of the Company’s then outstanding Common Stock, representing approximately 1,140,000 shares. As of the close of business on September 8, 1998, the Company had purchased 987,400 shares, and may purchase an additional 152,600 shares, pursuant to that previous authorization. Additional purchases by the Company pursuant to these Board of Directors’ authorizations may begin immediately and may occur from time to time in the future. Shares purchased by the Company will be retained as treasury stock and will be available for use under the Company’s stock option plans and for other corporate purposes.
Brian Shore, Park’s President and CEO, said, “This expansion of our stock repurchase program reflects our continuing confidence in our Company’s long-term prospects.”
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 March 1, 1998.
Park Electrochemical Corp. is a leading designer and producer of advanced electronics 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.
48 So. Service Road, Suite 300