$PKE
PARK AEROSPACE CORP

2017 Q2 Form 10-Q Financial Statement

#000143774917012365 Filed on July 07, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2 2015 Q4
Revenue $8.726M $31.49M $34.32M
YoY Change -72.29% -16.76% -1.03%
Cost Of Revenue $21.10M $22.70M $24.03M
YoY Change -7.08% -14.21% -7.88%
Gross Profit $2.297M $8.787M $10.30M
YoY Change -73.86% -22.7% 19.76%
Gross Profit Margin 26.32% 27.9% 30.0%
Selling, General & Admin $4.727M $5.337M $5.264M
YoY Change -11.43% -8.0% -8.52%
% of Gross Profit 205.79% 60.74% 51.12%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $807.0K $827.0K $840.0K
YoY Change -2.42% -1.19% -5.62%
% of Gross Profit 35.13% 9.41% 8.16%
Operating Expenses $4.727M $5.337M $5.264M
YoY Change -11.43% -8.0% -8.52%
Operating Profit $234.0K $3.380M $4.875M
YoY Change -93.08% -37.89% 120.79%
Interest Expense $510.0K $333.0K $355.0K
YoY Change 53.15% -9.76% -1.66%
% of Operating Profit 217.95% 9.85% 7.28%
Other Income/Expense, Net
YoY Change
Pretax Income $473.0K $3.425M $4.747M
YoY Change -86.19% -35.84% 129.43%
Income Tax -$921.0K $475.0K $638.0K
% Of Pretax Income -194.71% 13.87% 13.44%
Net Earnings $1.394M $2.950M $2.950M
YoY Change -52.75% -38.25% 45.25%
Net Earnings / Revenue 15.98% 9.37% 8.59%
Basic Earnings Per Share $0.07 $0.15 $0.20
Diluted Earnings Per Share $0.07 $0.15 $0.20
COMMON SHARES
Basic Shares Outstanding 20.24M 20.24M 20.25M
Diluted Shares Outstanding 20.24M 20.24M 20.25M

Balance Sheet

Concept 2017 Q2 2016 Q2 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $237.8M $242.4M $229.6M
YoY Change -1.9% 5.85% -19.52%
Cash & Equivalents $47.31M $106.9M $76.74M
Short-Term Investments $190.5M $135.5M $152.9M
Other Short-Term Assets $2.500M $2.300M $5.200M
YoY Change 8.7% -62.3% 67.74%
Inventory $10.91M $12.00M $12.64M
Prepaid Expenses
Receivables $17.71M $18.42M $20.09M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $268.9M $275.1M $267.6M
YoY Change -2.25% 1.46% -17.32%
LONG-TERM ASSETS
Property, Plant & Equipment $17.95M $20.74M $22.26M
YoY Change -13.48% -12.92% -18.66%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $989.0K $1.281M $1.273M
YoY Change -22.79% 35.41% -57.83%
Total Long-Term Assets $38.76M $41.86M $58.37M
YoY Change -7.4% -29.78% -10.51%
TOTAL ASSETS
Total Short-Term Assets $268.9M $275.1M $267.6M
Total Long-Term Assets $38.76M $41.86M $58.37M
Total Assets $307.7M $317.0M $325.9M
YoY Change -2.93% -4.17% -16.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.619M $6.838M $5.598M
YoY Change -47.08% 15.82% 21.12%
Accrued Expenses $5.250M $5.211M $4.884M
YoY Change 0.75% -2.23% -14.1%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $3.500M $3.000M $13.75M
YoY Change 16.67% -73.33% -21.43%
Total Short-Term Liabilities $15.26M $18.51M $26.91M
YoY Change -17.56% -30.84% -16.24%
LONG-TERM LIABILITIES
Long-Term Debt $67.75M $71.25M $72.75M
YoY Change -4.91% -11.21% -15.9%
Other Long-Term Liabilities $353.0K $1.242M $1.095M
YoY Change -71.58% 3.16% 319.54%
Total Long-Term Liabilities $68.10M $72.49M $73.85M
YoY Change -6.05% -11.0% -14.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.26M $18.51M $26.91M
Total Long-Term Liabilities $68.10M $72.49M $73.85M
Total Liabilities $125.5M $134.9M $147.8M
YoY Change -7.03% -13.16% -16.5%
SHAREHOLDERS EQUITY
Retained Earnings $26.48M $26.85M $23.37M
YoY Change -1.36% 43.12% -47.57%
Common Stock $2.096M $2.096M $2.096M
YoY Change 0.0% 0.0% 0.05%
Preferred Stock
YoY Change
Treasury Stock (at cost) $15.01M $15.02M $14.76M
YoY Change -0.04% 21.96% 5447.74%
Treasury Stock Shares
Shareholders Equity $182.3M $182.1M $178.1M
YoY Change
Total Liabilities & Shareholders Equity $307.7M $317.0M $325.9M
YoY Change -2.93% -4.17% -16.17%

Cashflow Statement

Concept 2017 Q2 2016 Q2 2015 Q4
OPERATING ACTIVITIES
Net Income $1.394M $2.950M $2.950M
YoY Change -52.75% -38.25% 45.25%
Depreciation, Depletion And Amortization $807.0K $827.0K $840.0K
YoY Change -2.42% -1.19% -5.62%
Cash From Operating Activities $2.550M $8.415M $4.810M
YoY Change -69.7% -244.64% 71.17%
INVESTING ACTIVITIES
Capital Expenditures $105.0K $41.00K -$90.00K
YoY Change 156.1% -76.7% -40.0%
Acquisitions
YoY Change
Other Investing Activities -$54.80M $3.520M -$13.26M
YoY Change -1656.82% -109.96% -137.16%
Cash From Investing Activities -$54.91M $3.481M -$13.36M
YoY Change -1677.39% -109.8% -137.6%
FINANCING ACTIVITIES
Cash Dividend Paid $2.023M $2.023M
YoY Change 0.0% -2.03%
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net $750.0K $750.0K
YoY Change 0.0% -70.0%
Cash From Financing Activities -2.767M -2.773M -4.520M
YoY Change -0.22% -92.89% 105.45%
NET CHANGE
Cash From Operating Activities 2.550M 8.415M 4.810M
Cash From Investing Activities -54.91M 3.481M -13.36M
Cash From Financing Activities -2.767M -2.773M -4.520M
Net Change In Cash -55.13M 9.123M -13.07M
YoY Change -704.25% -111.36% -136.16%
FREE CASH FLOW
Cash From Operating Activities $2.550M $8.415M $4.810M
Capital Expenditures $105.0K $41.00K -$90.00K
Free Cash Flow $2.445M $8.374M $4.900M
YoY Change -70.8% -239.71% 65.54%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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NumberOfInsuranceCarriers
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CY2017Q2 pke Number Of Sites Of Company Or Subsidiaries That Have Been Named For Potential Environmental Remediation Liability
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1
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CY2017Q2 us-gaap Loss Contingency Disclosures
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><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-style: italic; font-weight: inherit; font-style: normal;">11</div></div><div style="display: inline; font-weight: bold;">. CONTINGENCIES</div></div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; 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; 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; 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have a material adverse effect on the liquidity, capital resources, business or consolidated results of operations or financial position of the Company.</div><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> </div><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">In the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> quarter of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> fiscal year, the Company recorded a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div>-time litigation expense of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$375</div> for the settlement of an employment litigation.</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; 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; 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 style="display: inline; font-style: italic;">&nbsp;</div></div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; 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; 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">four</div> sites. </div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; 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; 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>have contributed any waste to a hazardous waste disposal site or contaminated area identified by the EPA or comparable state agency <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>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; 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; 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100%</div> of their legal defense and remediation costs associated with <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> of these sites. </div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; 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 expected to be reimbursed by insurance carriers, were approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1</div> during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13</div> weeks ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 28, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 29, 2016, </div>respectively. The Company had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div></div> recorded liabilities for environmental matters for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13</div> weeks ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 28, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 29, 2016.</div></div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; 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; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> sites for which certain subsidiaries of the Company have been named as potentially responsible parties. Pursuant to such general liability insurance coverage, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> insurance carriers reimburse the Company and its subsidiaries for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100%</div> of the legal defense and remediation costs associated with the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> sites. </div></div> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; 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"></div></div><div style=" MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have a material adverse effect on the Company&#x2019;s results of operations, cash flows or financial position.</div></div></div>
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