MELVILLE, NY -- Park Electrochemical reported net sales of $36.2 million for its fiscal fourth quarter ended Mar. 1, down 5% from a year ago.
Net earnings for the quarter were $4.84 million, vesus a net loss of $60 million in 2014. Net earnings before special items were $4.98 million, compared to $4.36 million last year. The company took pretax charges of $206,000 related to a modification of previously issued employee stock options and pretax restructuring charges of $193,000 related to earlier facility closings in Zhuhai and Newburgh, NY.
In the quarter, the PCB laminate maker also recorded a noncash charge of $64 million for the accrual of US income taxes on undistributed earnings of the company’s subsidiary in Singapore. In addition, it recorded pretax charges of $1.21 million related to a modification of previously issued employee stock options resulting from the special cash dividend paid by the Company in February 2014, a fee in connection with the previously announced retention of Bank of America Merrill Lynch for financial advisory services and the closure of the Zhuhai facility.
GAAP net income for the fiscal year ended Mar. 1 was $20 million, versus a net loss of $42.3 million in 2014. Net sales were $162.1 million, down 2.2% versus a year ago. Net earnings before items were $21 million, up from $20.2 million a year ago.