MELVILLE, NY -- Park Electrochemical reported net profits and sales fell 12.4% and 13%, respectively, year-over-year in its fiscal third quarter.

For its fiscal third quarter ended Nov. 25, the laminates provider had sales of of $41.3 million, down from $47.3 million a year ago.

Net income before one-time items were $5.11 million for the quarter, while GAAP net income was $4.71 million, down from $5.38 million last year. During the most recent quarter Park tool pretax charges of $559,000 in connection with the closure of its Nelco Technology facility in Zhuhai, China and its Park Advanced Composite Materials facility in Waterbury, CT.

Gross profits as a percentage of sales were 30.4% for the quarter, up from 27.5% last year.

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