$PKE
PARK AEROSPACE CORP

2016 Q3 Form 10-Q Financial Statement

#000143774916039570 Filed on October 07, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q3
Revenue $29.06M $37.95M
YoY Change -23.42% -10.39%
Cost Of Revenue $21.82M $27.59M
YoY Change -20.89% -8.59%
Gross Profit $7.234M $10.36M
YoY Change -30.18% -14.87%
Gross Profit Margin 24.9% 27.3%
Selling, General & Admin $5.110M $5.009M
YoY Change 2.02% -19.88%
% of Gross Profit 70.64% 48.34%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $820.0K $840.0K
YoY Change -2.38% -2.33%
% of Gross Profit 11.34% 8.11%
Operating Expenses $5.110M $5.009M
YoY Change 2.02% -19.88%
Operating Profit $2.101M $5.261M
YoY Change -60.06% -9.85%
Interest Expense $334.0K $356.0K
YoY Change -6.18% -1.11%
% of Operating Profit 15.9% 6.77%
Other Income/Expense, Net
YoY Change
Pretax Income $2.136M $5.222M
YoY Change -59.1% -8.42%
Income Tax $155.0K $653.0K
% Of Pretax Income 7.26% 12.5%
Net Earnings $1.981M $4.569M
YoY Change -56.64% -7.79%
Net Earnings / Revenue 6.82% 12.04%
Basic Earnings Per Share $0.10 $0.23
Diluted Earnings Per Share $0.10 $0.23
COMMON SHARES
Basic Shares Outstanding 20.24M 20.34M
Diluted Shares Outstanding 20.24M 20.34M

Balance Sheet

Concept 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $239.7M $229.5M
YoY Change 4.44% -19.53%
Cash & Equivalents $103.4M $89.38M
Short-Term Investments $136.3M $140.1M
Other Short-Term Assets $2.300M $5.500M
YoY Change -58.18% 34.15%
Inventory $11.75M $14.05M
Prepaid Expenses
Receivables $18.37M $21.92M
Other Receivables $0.00 $0.00
Total Short-Term Assets $272.1M $270.9M
YoY Change 0.45% -17.26%
LONG-TERM ASSETS
Property, Plant & Equipment $19.97M $23.03M
YoY Change -13.29% -18.04%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.328M $1.370M
YoY Change -3.07% -94.79%
Total Long-Term Assets $41.13M $59.24M
YoY Change -30.57% -7.87%
TOTAL ASSETS
Total Short-Term Assets $272.1M $270.9M
Total Long-Term Assets $41.13M $59.24M
Total Assets $313.2M $330.1M
YoY Change -5.12% -15.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.936M $8.315M
YoY Change -40.64% 5.25%
Accrued Expenses $5.304M $5.284M
YoY Change 0.38% -17.44%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $3.000M $12.50M
YoY Change -76.0% -16.67%
Total Short-Term Liabilities $15.40M $29.45M
YoY Change -47.7% -9.93%
LONG-TERM LIABILITIES
Long-Term Debt $70.50M $76.50M
YoY Change -7.84% -14.04%
Other Long-Term Liabilities $1.024M $1.204M
YoY Change -14.95% 502.0%
Total Long-Term Liabilities $71.52M $77.70M
YoY Change -7.95% -12.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.40M $29.45M
Total Long-Term Liabilities $71.52M $77.70M
Total Liabilities $130.9M $154.3M
YoY Change -15.2% -14.27%
SHAREHOLDERS EQUITY
Retained Earnings $26.81M $21.29M
YoY Change 25.91%
Common Stock $2.096M $2.096M
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $15.02M $14.76M
YoY Change 1.78%
Treasury Stock Shares
Shareholders Equity $182.4M $175.8M
YoY Change
Total Liabilities & Shareholders Equity $313.2M $330.1M
YoY Change -5.12% -15.71%

Cashflow Statement

Concept 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $1.981M $4.569M
YoY Change -56.64% -7.79%
Depreciation, Depletion And Amortization $820.0K $840.0K
YoY Change -2.38% -2.33%
Cash From Operating Activities $400.0K $7.800M
YoY Change -94.87% -11.46%
INVESTING ACTIVITIES
Capital Expenditures -$50.00K -$50.00K
YoY Change 0.0% -72.22%
Acquisitions
YoY Change
Other Investing Activities -$1.140M $26.97M
YoY Change -104.23% -193.55%
Cash From Investing Activities -$1.200M $26.93M
YoY Change -104.46% -192.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.780M -6.980M
YoY Change -60.17% 1083.05%
NET CHANGE
Cash From Operating Activities 400.0K 7.800M
Cash From Investing Activities -1.200M 26.93M
Cash From Financing Activities -2.780M -6.980M
Net Change In Cash -3.580M 27.75M
YoY Change -112.9% -233.48%
FREE CASH FLOW
Cash From Operating Activities $400.0K $7.800M
Capital Expenditures -$50.00K -$50.00K
Free Cash Flow $450.0K $7.850M
YoY Change -94.27% -12.68%

Facts In Submission

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px; width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr> <td style="WIDTH: 18pt"><div style=" MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></div></div></td> <td style="VERTICAL-ALIGN: top; WIDTH: 18pt"> <div style=""><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">11</div><div style="display: inline; font-weight: bold;">.</div></div></div></td> <td style="VERTICAL-ALIGN: top"> <div style=""><div style="display: inline; font-weight: bold;"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">CONTINGENCIES</div></div></div></div></div></td> </tr> </table> <div style="display: inline; font-weight: bold;"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;">Litigation</div></div>&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Company is subject to a number of proceedings, lawsuits and other claims related to environmental, employment, product and other matters. The Company is required to assess the likelihood of any adverse judgments or outcomes in these matters as well as potential ranges of probable losses. A determination of the amount of reserves required, if any, for these contingencies is made after careful analysis of each individual issue. The required reserves may change in the future due to new developments in each matter or changes in approach, such as a change in settlement strategy in dealing with these matters. The Company believes that the ultimate disposition of such proceedings, lawsuits and claims will not have a material adverse effect on the Company&#x2019;s liquidity, capital resources or business or its consolidated results of operations, cash flows or financial position.</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;">Environmental Contingencies</div></div></div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Company and certain of its subsidiaries have been named by the Environmental Protection Agency (the &quot;EPA&quot;) or a comparable state agency under the Comprehensive Environmental Response, Compensation and Liability Act (the &quot;Superfund Act&quot;) or similar state law as potentially responsible parties in connection with alleged releases of hazardous substances at four sites. </div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Under the Superfund Act and similar state laws, all parties who may have contributed any waste to a hazardous waste disposal site or contaminated area identified by the EPA or comparable state agency may be jointly and severally liable for the cost of cleanup. Generally, these sites are locations at which numerous persons disposed of hazardous waste. In the case of the Company's subsidiaries, generally the waste was removed from their manufacturing facilities and disposed at waste sites by various companies which contracted with the subsidiaries to provide waste disposal services. Neither the Company nor any of its subsidiaries have been accused of or charged with any wrongdoing or illegal acts in connection with any such sites. The Company believes it maintains an effective and comprehensive environmental compliance program.</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The insurance carriers who provided general liability insurance coverage to the Company and its subsidiaries for the years during which the Company's subsidiaries' waste was disposed at these sites have in the past reimbursed the Company and its subsidiaries for 100% of their legal defense and remediation costs associated with three of these sites. </div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The total costs incurred by the Company and its subsidiaries in connection with these sites, including legal fees incurred by the Company and its subsidiaries and their assessed share of remediation costs and excluding amounts paid or reimbursed by insurance carriers, were $1 and $1 in the 13 weeks and 26 weeks, respectively, ended August 28, 2016 and $1 and $2 in the 13 weeks and 26 weeks, respectively, ended August 30, 2015. The Company had no recorded liabilities for environmental matters at August 28, 2016 or February 28, 2016.</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Company does not record environmental liabilities and related legal expenses for which the Company believes that it and its subsidiaries have general liability insurance coverage for the years during which the Company's subsidiaries' waste was disposed at three sites for which certain subsidiaries of the Company have been named as potentially responsible parties. Pursuant to such general liability insurance coverage, three insurance carriers reimburse the Company and its subsidiaries for 100% of the legal defense and remediation costs associated with the three sites.</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Included in selling, general and administrative expenses are charges for actual expenditures and accruals, based on estimates, for certain environmental matters described above. The Company accrues estimated costs associated with known environmental matters, when such costs can be reasonably estimated and when the outcome appears probable. The Company believes that the ultimate disposition of known environmental matters will not have a material adverse effect on the Company&#x2019;s liquidity, capital resources or business or its consolidated results of operations, cash flows or financial position.</div></div></div>
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