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Park's Profit Improves Despite Sales Drop

Written by Mike Buetow
Thursday, 20 September 2007
MELVILLE, NY — Park Electrochemical reported fiscal second-quarter sales dropped 10% year-over-year to $60.5 million. Net earnings rose 8.1% to $9.2 million, exclusive of special items, for the period ended Aug. 26. A year ago, the company recorded a pretax charge of $1.3 million in connection with the termination of an insurance arrangement, a $499,000 tax benefit relating to the insurance termination charge, and $4.9 million worth of other tax benefits. For the quarter, gross margins were up three points to 27.1%.

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