$PKE
PARK AEROSPACE CORP

2015 Q3 Form 10-Q Financial Statement

#000143774915018238 Filed on October 09, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2014 Q3
Revenue $37.95M $42.35M
YoY Change -10.39% -4.83%
Cost Of Revenue $27.59M $30.18M
YoY Change -8.59% -2.34%
Gross Profit $10.36M $12.17M
YoY Change -14.87% -10.51%
Gross Profit Margin 27.3% 28.74%
Selling, General & Admin $5.009M $6.252M
YoY Change -19.88% 4.2%
% of Gross Profit 48.34% 51.37%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $840.0K $860.0K
YoY Change -2.33% -13.13%
% of Gross Profit 8.11% 7.07%
Operating Expenses $5.009M $6.252M
YoY Change -19.88% 4.2%
Operating Profit $5.261M $5.836M
YoY Change -9.85% -23.21%
Interest Expense $356.0K $360.0K
YoY Change -1.11% -460.0%
% of Operating Profit 6.77% 6.17%
Other Income/Expense, Net
YoY Change
Pretax Income $5.222M $5.702M
YoY Change -8.42% -22.95%
Income Tax $653.0K $747.0K
% Of Pretax Income 12.5% 13.1%
Net Earnings $4.569M $4.955M
YoY Change -7.79% -38.06%
Net Earnings / Revenue 12.04% 11.7%
Basic Earnings Per Share $0.23 $0.24
Diluted Earnings Per Share $0.23 $0.24
COMMON SHARES
Basic Shares Outstanding 20.34M 20.93M
Diluted Shares Outstanding 20.34M 21.03M

Balance Sheet

Concept 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $229.5M $285.2M
YoY Change -19.53% 0.39%
Cash & Equivalents $89.38M $114.4M
Short-Term Investments $140.1M $170.7M
Other Short-Term Assets $5.500M $4.100M
YoY Change 34.15% -53.93%
Inventory $14.05M $15.20M
Prepaid Expenses
Receivables $21.92M $22.90M
Other Receivables $0.00 $0.00
Total Short-Term Assets $270.9M $327.4M
YoY Change -17.26% -1.62%
LONG-TERM ASSETS
Property, Plant & Equipment $23.03M $28.10M
YoY Change -18.04% -8.77%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.370M $26.30M
YoY Change -94.79% 275.71%
Total Long-Term Assets $59.24M $64.30M
YoY Change -7.87% 34.8%
TOTAL ASSETS
Total Short-Term Assets $270.9M $327.4M
Total Long-Term Assets $59.24M $64.30M
Total Assets $330.1M $391.7M
YoY Change -15.71% 2.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.315M $7.900M
YoY Change 5.25% 23.44%
Accrued Expenses $5.284M $6.400M
YoY Change -17.44% -3.03%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $12.50M $15.00M
YoY Change -16.67%
Total Short-Term Liabilities $29.45M $32.70M
YoY Change -9.93% 83.71%
LONG-TERM LIABILITIES
Long-Term Debt $76.50M $89.00M
YoY Change -14.04% 71.15%
Other Long-Term Liabilities $1.204M $200.0K
YoY Change 502.0% 0.0%
Total Long-Term Liabilities $77.70M $89.20M
YoY Change -12.89% 70.88%
TOTAL LIABILITIES
Total Short-Term Liabilities $29.45M $32.70M
Total Long-Term Liabilities $77.70M $89.20M
Total Liabilities $154.3M $180.0M
YoY Change -14.27% 154.24%
SHAREHOLDERS EQUITY
Retained Earnings $21.29M
YoY Change
Common Stock $2.096M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $14.76M
YoY Change
Treasury Stock Shares
Shareholders Equity $175.8M $211.7M
YoY Change
Total Liabilities & Shareholders Equity $330.1M $391.7M
YoY Change -15.71% 2.94%

Cashflow Statement

Concept 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income $4.569M $4.955M
YoY Change -7.79% -38.06%
Depreciation, Depletion And Amortization $840.0K $860.0K
YoY Change -2.33% -13.13%
Cash From Operating Activities $7.800M $8.810M
YoY Change -11.46% 33.48%
INVESTING ACTIVITIES
Capital Expenditures -$50.00K -$180.0K
YoY Change -72.22% 20.0%
Acquisitions
YoY Change
Other Investing Activities $26.97M -$28.83M
YoY Change -193.55% -65.58%
Cash From Investing Activities $26.93M -$29.01M
YoY Change -192.83% -65.42%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.980M -590.0K
YoY Change 1083.05% -67.76%
NET CHANGE
Cash From Operating Activities 7.800M 8.810M
Cash From Investing Activities 26.93M -29.01M
Cash From Financing Activities -6.980M -590.0K
Net Change In Cash 27.75M -20.79M
YoY Change -233.48% -73.73%
FREE CASH FLOW
Cash From Operating Activities $7.800M $8.810M
Capital Expenditures -$50.00K -$180.0K
Free Cash Flow $7.850M $8.990M
YoY Change -12.68% 33.19%

Facts In Submission

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226000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
232000
CY2015Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
5472000
CY2015Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
5256000
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
39005000
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
41936000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
2026000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
50000
CY2015Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
23030000
CY2015Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
26537000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
5000000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0
CY2015Q3 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
25000000
CY2015Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
0
CY2015Q3 us-gaap Restructuring Charges
RestructuringCharges
91000
CY2014Q3 us-gaap Restructuring Charges
RestructuringCharges
83000
us-gaap Restructuring Charges
RestructuringCharges
215000
us-gaap Restructuring Charges
RestructuringCharges
350000
CY2015Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
21290000
CY2015Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
16048000
CY2015Q3 us-gaap Sales Revenue Net
SalesRevenueNet
37947000
CY2014Q3 us-gaap Sales Revenue Net
SalesRevenueNet
42349000
us-gaap Sales Revenue Net
SalesRevenueNet
75776000
us-gaap Sales Revenue Net
SalesRevenueNet
91166000
CY2015Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5009000
CY2014Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
6252000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
10810000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
12848000
us-gaap Share Based Compensation
ShareBasedCompensation
841000
us-gaap Share Based Compensation
ShareBasedCompensation
605000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.3171
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.2873
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0184
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0168
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
88900
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
21
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
180100
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
7.43
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
966692
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1055392
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
22.55
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
22.51
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
22.41
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
619980
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
19.91
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
21.52
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P10Y
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
2500
CY2015Q1 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
1250000
CY2015Q3 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
550212
CY2015Q3 us-gaap Stockholders Equity
StockholdersEquity
175825000
CY2015Q1 us-gaap Stockholders Equity
StockholdersEquity
181599000
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
20.52
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
581032
us-gaap Treasury Stock Shares Retired
TreasuryStockSharesRetired
444834
CY2015Q3 us-gaap Treasury Stock Value
TreasuryStockValue
14757000
CY2015Q1 us-gaap Treasury Stock Value
TreasuryStockValue
2832000
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
11936000
CY2015Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
3000
CY2014Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
104000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
11000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
106000
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20340000
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21029000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20453000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21008000
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21029000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20442000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20902000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21008000
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20337000
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20925000
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20925000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20902000

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