MELVILLE, NY -- Park Electrochemical reported net sales of $27.8 million for its fiscal fourth quarter ended Feb. 25, up 1% from a year ago.

Net income for the quarter were $18 million, up from $2.48 million a year ago. Net income before special items was $1.97 million.

The printed circuit laminate maker recorded a one-time tax benefit of $17.8 million related to the Tax Cuts and Jobs Act enacted in December 2017, offset in part by pretax restructuring charges of $287,000, a pretax loss on the sales of marketable securities of $1.34 million, and $819,000 in other pretax costs and fees.

The restructuring charges are related to the prior consolidations and closings of the company’s electronics business units in California, Arizona, New York and Connecticut.

Park’s net sales for the fiscal year were $111.2 million, down 3% year-over-year. Net earnings were $20.6 million, versus $9.28 million the prior year. Income before special items was $7.93 million, down from $9.48 million.

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