Park Electrochemical Q2 Profit Down - Quick Facts

(RTTNews) - Park Electrochemical Corp. (PKE) reported that its net earnings for the second quarter ended August 31, 2014 dropped to $4.96 million from $8.05 million in the second quarter ended September 1, 2013. Earnings per share were $0.24 down from $0.39 last year.

During the second quarter ended August 31, 2014, the company recorded pre-tax restructuring charges of $83,000 in connection with the closure of its Nelco Technology (Zhuhai FTZ) Ltd. facility located in the Free Trade Zone in Zhuhai, China and the closure of its New England Laminates Co., Inc. business unit located in Newburgh, New York.

During the second quarter ended September 1, 2013, the Company recorded a tax benefit of $2.18 million in connection with a tax refund related to amended federal income tax returns and pre-tax restructuring charges of $119,000 related to the closure of its Zhuhai facility.

Earnings per share before special items were $0.24 compared to $0.29 in the previous year.

Quarterly net sales declined to $42.35 million from $44.50 million in the prior year quarter.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.41 per share and revenues of $50.89 million for the quarter. Analysts' estimates typically exclude special items.