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Park Electrochemical's Sales Lag in Q2

Published: 07 October 2015
 by Mike Buetow

MELVILLE, NY -- Park Electrochemical today reported fiscal second quarter net sales fell 10.4% year-over-year.

Net profits for quarter ended Aug. 30 were $4.6 million, down 8.5% from last year. The net profits included more than $90,000 in restructuring charges due to a pair of long-closed facilities.

Net earnings before special items were $4.64 million, versus $5 million a year ago.

Overall net sales for the period ended Aug. 30 were $38 million.

In the quarter, the company recorded pretax restructuring charges of $91,000 related to its fiscal 2013 closing of a Nelco Technology (Zhuhai FTZ) Ltd. facility in Zhuhai, China, and its fiscal 2009 closing of New England Laminates in Newburgh, NY.

Park took $83,000 in pretax restructuring charges last year related to the two plant closings.

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