Park Electrochemical net sales decline from last year
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Park Electrochemical Corp. (PKE) has announced its third quarter financial results for the 2013 fiscal year, reporting a decline in sales from a year ago. Net sales were $39.7M, down from $41.3M this quarter last year. Earnings this quarter were $4.72M and $0.23 per share, a decline from the $5.11M last year but flat with respect to earnings per share. Of significance this quarter was the impact of a $559K restructuring charge related to the closure of its Nelco Technology facility in the Free Trade Zone of Zhuhai, China, as well as the closure of its Waterbury, Connecticut Park Advanced Composite Materials facility. The company’s tax rate decreased substantially from a year ago at 18.2% to 3.3% because of increased amounts of its taxable income falling inside jurisdictions with low tax rates and incentives.