$PKE
PARK AEROSPACE CORP

2017 Q3 Form 10-Q Financial Statement

#000143774917016933 Filed on October 06, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q3
Revenue $11.36M $29.06M
YoY Change -60.92% -23.42%
Cost Of Revenue $8.147M $21.82M
YoY Change -62.67% -20.89%
Gross Profit $3.208M $7.234M
YoY Change -55.65% -30.18%
Gross Profit Margin 28.25% 24.9%
Selling, General & Admin $2.240M $5.110M
YoY Change -56.16% 2.02%
% of Gross Profit 69.83% 70.64%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $100.0K $820.0K
YoY Change -87.8% -2.38%
% of Gross Profit 3.12% 11.34%
Operating Expenses $2.240M $5.110M
YoY Change -56.16% 2.02%
Operating Profit $968.0K $2.101M
YoY Change -53.93% -60.06%
Interest Expense $603.0K $334.0K
YoY Change 80.54% -6.18%
% of Operating Profit 62.29% 15.9%
Other Income/Expense, Net
YoY Change
Pretax Income $1.116M $2.136M
YoY Change -47.75% -59.1%
Income Tax $257.0K $155.0K
% Of Pretax Income 23.03% 7.26%
Net Earnings $520.0K $1.981M
YoY Change -73.75% -56.64%
Net Earnings / Revenue 4.58% 6.82%
Basic Earnings Per Share $0.02 $0.10
Diluted Earnings Per Share $0.02 $0.10
COMMON SHARES
Basic Shares Outstanding 20.24M 20.24M
Diluted Shares Outstanding 20.25M 20.24M

Balance Sheet

Concept 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $233.1M $239.7M
YoY Change -2.75% 4.44%
Cash & Equivalents $30.19M $103.4M
Short-Term Investments $202.9M $136.3M
Other Short-Term Assets $2.600M $2.300M
YoY Change 13.04% -58.18%
Inventory $11.92M $11.75M
Prepaid Expenses
Receivables $21.18M $18.37M
Other Receivables $0.00 $0.00
Total Short-Term Assets $268.7M $272.1M
YoY Change -1.24% 0.45%
LONG-TERM ASSETS
Property, Plant & Equipment $17.62M $19.97M
YoY Change -11.78% -13.29%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.956M $1.328M
YoY Change 47.29% -3.07%
Total Long-Term Assets $39.40M $41.13M
YoY Change -4.21% -30.57%
TOTAL ASSETS
Total Short-Term Assets $268.7M $272.1M
Total Long-Term Assets $39.40M $41.13M
Total Assets $308.1M $313.2M
YoY Change -1.63% -5.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.444M $4.936M
YoY Change 10.29% -40.64%
Accrued Expenses $7.062M $5.304M
YoY Change 33.14% 0.38%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $3.250M $3.000M
YoY Change 8.33% -76.0%
Total Short-Term Liabilities $17.65M $15.40M
YoY Change 14.56% -47.7%
LONG-TERM LIABILITIES
Long-Term Debt $67.00M $70.50M
YoY Change -4.96% -7.84%
Other Long-Term Liabilities $302.0K $1.024M
YoY Change -70.51% -14.95%
Total Long-Term Liabilities $67.30M $71.52M
YoY Change -5.9% -7.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.65M $15.40M
Total Long-Term Liabilities $67.30M $71.52M
Total Liabilities $127.0M $130.9M
YoY Change -2.93% -15.2%
SHAREHOLDERS EQUITY
Retained Earnings $24.98M $26.81M
YoY Change -6.82% 25.91%
Common Stock $2.096M $2.096M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $14.96M $15.02M
YoY Change -0.38% 1.78%
Treasury Stock Shares
Shareholders Equity $181.1M $182.4M
YoY Change
Total Liabilities & Shareholders Equity $308.1M $313.2M
YoY Change -1.63% -5.12%

Cashflow Statement

Concept 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income $520.0K $1.981M
YoY Change -73.75% -56.64%
Depreciation, Depletion And Amortization $100.0K $820.0K
YoY Change -87.8% -2.38%
Cash From Operating Activities -$1.050M $400.0K
YoY Change -362.5% -94.87%
INVESTING ACTIVITIES
Capital Expenditures -$260.0K -$50.00K
YoY Change 420.0% 0.0%
Acquisitions
YoY Change
Other Investing Activities -$13.01M -$1.140M
YoY Change 1041.23% -104.23%
Cash From Investing Activities -$13.27M -$1.200M
YoY Change 1005.83% -104.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.990M -2.780M
YoY Change 7.55% -60.17%
NET CHANGE
Cash From Operating Activities -1.050M 400.0K
Cash From Investing Activities -13.27M -1.200M
Cash From Financing Activities -2.990M -2.780M
Net Change In Cash -17.31M -3.580M
YoY Change 383.52% -112.9%
FREE CASH FLOW
Cash From Operating Activities -$1.050M $400.0K
Capital Expenditures -$260.0K -$50.00K
Free Cash Flow -$790.0K $450.0K
YoY Change -275.56% -94.27%

Facts In Submission

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div></div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div></div><div style="display: inline; font-weight: bold;">.</div><div style="display: inline; font-weight: bold;"> </div><div style="display: inline; font-weight: bold;"> </div><div style="display: inline; font-weight: bold;">CONTINGENCIES</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;">Litigation</div></div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">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 <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">Company&#x2019;s liquidity, capital resources or business or its consolidated results of operations, cash flows or financial position.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;">Environmental Contingencies</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">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 style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">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 Com<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">pany'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=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The insurance carriers who provided general liability insurance coverage to the Company and its subsidiaries for the years dur<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">ing 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=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> record<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> 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=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Included in selling, general and administrative expenses are charges for actual expenditures and accruals, based on estimates, for certain environmental mat<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">ters 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 liquidity, capital resources or business or its consolidated results of operations, cash flows or financial position.</div></div></div>
CY2017Q3 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
202873000
CY2017Q1 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
136152000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-5758000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
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us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
2282000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
1502000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
8817000
us-gaap Net Income Loss
NetIncomeLoss
1914000
us-gaap Net Income Loss
NetIncomeLoss
4931000
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
520000
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
1981000
CY2017Q3 us-gaap Noncurrent Assets
NoncurrentAssets
29397000
CY2017Q1 us-gaap Noncurrent Assets
NoncurrentAssets
29448000
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-168000
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
2101000
us-gaap Operating Income Loss
OperatingIncomeLoss
66000
us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2017Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1956000
CY2017Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
985000
CY2017Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
72000
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
5000
CY2017Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
88000
CY2016Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
11000
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-102000
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-74000
CY2017Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
302000
CY2017Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1041000
us-gaap Payments Of Dividends
PaymentsOfDividends
4047000
us-gaap Payments Of Dividends
PaymentsOfDividends
4047000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
141881000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
27102000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
500000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
94000
CY2017Q3 us-gaap Treasury Stock Value
TreasuryStockValue
14963000
CY2017Q1 us-gaap Treasury Stock Value
TreasuryStockValue
15020000
CY2017Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
14000
CY2016Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
11000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20250000
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20235000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20247000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20235000
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20236000
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20235000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20236000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20235000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
74205000
CY2017Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2582000
CY2017Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2197000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
29478000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
39000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
CY2017Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
17616000
CY2017Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
18638000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1750000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1500000
CY2017Q3 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
10000000
CY2017Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
10000000
CY2017Q3 us-gaap Restructuring Charges
RestructuringCharges
2902000
CY2016Q3 us-gaap Restructuring Charges
RestructuringCharges
23000
us-gaap Restructuring Charges
RestructuringCharges
4263000
us-gaap Restructuring Charges
RestructuringCharges
93000
us-gaap Restructuring Costs
RestructuringCosts
3484000
us-gaap Restructuring Costs
RestructuringCosts
CY2017Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
24979000
CY2017Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
27112000
CY2017Q3 us-gaap Sales Revenue Net
SalesRevenueNet
29836000
CY2016Q3 us-gaap Sales Revenue Net
SalesRevenueNet
29058000
us-gaap Sales Revenue Net
SalesRevenueNet
57253000
us-gaap Sales Revenue Net
SalesRevenueNet
60548000

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