Park Electrochemical Slips To Loss In Q4, Misses Estimates - Quick Facts

(RTTNews) - Park Electrochemical Corp. (PKE) Friday reported fourth-quarter net loss of $60 million or $2.88 per share compared with a profit of $4.07 million or $0.20 per share last year.

For the quarter, the group recorded a non-cash charge of $63.9 million for the accrual of U.S. income taxes on the undistributed earnings of the company's subsidiary in Singapore.

Net earnings before special items totaled $4.3 million or $0.21 per share. On average, 3 analysts polled by Thomson Reuters expected earnings per share of $0.23 for the quarter. Analysts' estimates typically exclude one-time items.

The company's net sales for the period declined to $38.1 million from $42.6 million in the prior-year quarter. Analysts estimated revenues of $40.94 million for the quarter.