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Park Electrochemical Fiscal Q1 Profits Up 67%

Published: 01 July 2014
 by Mike Buetow

MELVILLE, NY -- Park Electrochemical today reported net sales rose 12.4%

to $48.8 million for its fiscal first quarter ended June 1.

Net earnings after charges rose 67% year-over-year to $8,23 million.

Net earnings before special items were $8.6 million, up 69% from a year ago. 

During the quarter, the company recorded pretax restructuring charges of $267,000 in connection with the closure of its Nelco Technology (Zhuhai FTZ) facility in Zhuhai, China, and the closure of its New England Laminates unit in Newburgh, NY. The laminates maker also took a pretax charge of $260,000 for fees incurred in connection with its 2014 fiscal year-end audit.

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