Park Electrochemical reports second quarter results announces proposed closure of its Nelco UK manufacturing facility

Park Electrochemical reports second quarter results announces proposed closure of its Nelco UK manufacturing facility

Keywords: Park Electrochemical

Park Electrochemical Corp. has reported sales of $56,901,000 for the second quarter ended 1 September 2002 compared to $51,743,000 for the second quarter of last year. Park’s sales for the first 6 months were $113,462,000 compared to last year’s first 6 month’s sales of $120,845,000. Park reported a net loss of $633,000, before a non-recurring, pre-tax gain of $3,170,000(related to the sale of its Dielectric Polymers business discussed below), for the second quarter compared to a net loss of $3,779,000 for last year’s second quarter. For the 6 months ended 1 September 2002, Park reported a net loss of $1,269,000 (before the $3,170,000 non-recurring, pre-tax gain referred to above), compared to a net loss of $6,919,000 for last year’s first 6 months (before a non-recurring, pre-tax charge of $16,388,000 incurred in last year’s first quarter). Before the non-recurring gain, Park’s basic and diluted losses per share were and $.03 for the second quarter $.06 for the 6 months ended 1 September 2002 compared to losses per share, before non-recurring charges, of $.19 and $.36 basic and diluted, respectively, for the same periods in the prior year.

As previously reported, the Company sold its Dielectric Polymers Inc. subsidiary on 27 June 2002 and recorded a one-time, pre-tax gain of $3,170,000 in the second quarter in connection with the sale.

(Source: PRNewswire-FirstCall)