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Park Electrochemical Q2 net sales $42,349,000

Staff writer |
Park Electrochemical reported net sales of $42,349,000 for the second quarter ended August 31, 2014 compared to net sales of $44,497,000 for Q2 ended September 1, 2013.

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Park's net sales for the six months ended August 31, 2014 were $91,166,000 compared to net sales of $87,935,000 for the six months ended September 1, 2013. Park reported net earnings before special items of $5,015,000 for the second quarter ended August 31, 2014 compared to net earnings before special items of $5,983,000 for the second quarter of last year.

During the second quarter ended August 31, 2014, the Company recorded pre-tax restructuring charges of $83,000 in connection with the closure of its Nelco Technology (Zhuhai FTZ) Ltd. facility located in the Free Trade Zone in Zhuhai, China and the closure of its New England Laminates Co., Inc. business unit located in Newburgh, New York.

During the second quarter ended September 1, 2013, the Company recorded a tax benefit of $2,181,000 in connection with a tax refund related to amended federal income tax returns and pre-tax restructuring charges of $119,000 related to the closure of its Zhuhai facility.

Accordingly, net earnings were $4,955,000 for the second quarter ended August 31, 2014 compared to $8,045,000 for the second quarter ended September 1, 2013.

For the six-month period ended August 31, 2014, Park reported net earnings before special items of $13,594,000 compared to net earnings before special items of $11,112,000 for the last fiscal year's first six-month comparable period. The six-month period ended August 31, 2014 included pre-tax restructuring charges of $350,000 related to the facility closures mentioned above.

In addition, the Company recorded a pre-tax charge of $260,000 during the six-month period ended August 31, 2014 for additional fees incurred in connection with the 2014 fiscal year-end audit. The six-month period of the prior fiscal year included the tax benefit of $2,181,000 mentioned above and pre-tax restructuring charges of $319,000 in connection with the closure of its Zhuhai facility. Accordingly, net earnings were $13,171,000 for the six-month period ended August 31, 2014 compared to net earnings of $12,974,000 for the six-month period ended September 1, 2013.

Park reported basic and diluted earnings per share before special items of $0.24 for the second quarter ended August 31, 2014 compared to basic and diluted earnings per share before special items of $0.29 for last year's second quarter. Basic and diluted earnings per share were $0.24 for the second quarter ended August 31, 2014 compared to basic and diluted earnings per share of $0.39 for last year's second quarter.

Park reported basic and diluted earnings per share before special items of $0.65 for the six months ended August 31, 2014 compared to basic and diluted earnings per share before special items of $0.53 for the six months ended September 1, 2013. Basic and diluted earnings per share were $0.63 for the six months ended August 31, 2014 compared to basic and diluted earnings per share of $0.62 for the six months ended September 1, 2013.


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