Park Electrochemical Q2 Profit Up - Quick Facts

(RTTNews) - Park Electrochemical Corp. (PKE) reported that its net earnings for the second quarter ended September 1, 2013 increased to $8.04 million or $0.39 per share from $3.25 million or $0.16 per share in the second quarter ended August 26, 2012.

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 Nelco Technology (Zhuhai FTZ) Ltd. facility located in the Free Trade Zone in Zhuhai, China.

In the second quarter of last fiscal year, the company recorded pre-tax restructuring charges of $2.52 million in connection with the closure of its Nelco Technology (Zhuhai FTZ) Ltd. facility.

Net earnings before special items rose to $5.98 million or $0.29 per share from $5.77 million or $0.28 per share in the second quarter of last fiscal year.

Net sales for the quarter were $44.50 million down from $46.43 million in the same quarter last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.29 per share and revenues of $46.48 million for the quarter. Analysts' estimates typically exclude special items.