Park Electrochemical Posts Flat Profit In Q3 - Quick Facts

(RTTNews) - Park Electrochemical Corp. (PKE) reported net earnings of $4.72 million, or $0.23 per share in the third quarter of 2013, flat from last year. On average, 3 analysts polled by Thomson Reuters expected earnings per share of $0.28 for the quarter. Analysts' estimates typically exclude one-time items.

During the third quarter ended November 25, 2012, the firm recorded pre-tax restructuring charges of $559,000 relating to the closure of its Nelco Technology (Zhuhai FTZ) Ltd. facility in the Free Trade Zone in Zhuhai, China and its Park Advanced Composite Materials, Inc. facility located in Waterbury, Connecticut. The company incurred no additional charges in connection with these closures in the third quarter ended December 1, 2013.

Three-month net sales of $39.68 million, were lower than the prior-year figure of $41.265 million. Analysts estimated revenues of $44.36 million for the quarter.