Park Electrochemical Q1 Profit, Sales Decline - Quick Facts

(RTTNews) - Park Electrochemical Corp. (PKE), an advanced materials company, reported Wednesday that its first-quarter net earnings plunged to $2.95 million from last year's $4.78 million. Earnings per share were $0.15, lower than $0.23 a year ago.

The latest results included pre-tax restructuring charges of $70,000 related to the closure in fiscal year 2009 of its New England Laminates Co., Inc. facility located in Newburgh, New York. The prior year's charges were $124,000.

Park reported net earnings before special items of $2.99 million, compared to $4.87 million a year ago. Earnings per share before special items were $0.15 for the current year's first quarter, compared to $0.24 last year.

Park Electrochemical's net sales fell to $31.49 million from net sales of $37.83 million in the prior year.

On average, two analysts polled by Thomson Reuters expected earnings of $0.22 per share on sales of $35.30 million. Analysts' estimates typically exclude special items.