$PKE
PARK AEROSPACE CORP

2017 Q4 Form 10-Q Financial Statement

#000143774918000331 Filed on January 05, 2018

View on sec.gov

Income Statement

Concept 2017 Q4 2016 Q4
Revenue $10.23M $26.46M
YoY Change -61.34% -22.9%
Cost Of Revenue $7.264M $19.83M
YoY Change -63.36% -17.47%
Gross Profit $2.965M $6.634M
YoY Change -55.31% -35.57%
Gross Profit Margin 28.99% 25.07%
Selling, General & Admin $2.509M $4.604M
YoY Change -45.5% -12.54%
% of Gross Profit 84.62% 69.4%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $460.0K $720.0K
YoY Change -36.11% -14.29%
% of Gross Profit 15.51% 10.85%
Operating Expenses $2.509M $4.604M
YoY Change -45.5% -12.54%
Operating Profit $456.0K $1.917M
YoY Change -76.21% -60.68%
Interest Expense $689.0K $343.0K
YoY Change 100.87% -3.38%
% of Operating Profit 151.1% 17.89%
Other Income/Expense, Net
YoY Change
Pretax Income $501.0K $2.004M
YoY Change -75.0% -57.78%
Income Tax $157.0K $129.0K
% Of Pretax Income 31.34% 6.44%
Net Earnings $716.0K $1.875M
YoY Change -61.81% -36.44%
Net Earnings / Revenue 7.0% 7.09%
Basic Earnings Per Share $0.04 $0.09
Diluted Earnings Per Share $0.04 $0.09
COMMON SHARES
Basic Shares Outstanding 20.24M 20.24M
Diluted Shares Outstanding 20.26M 20.24M

Balance Sheet

Concept 2017 Q4 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $231.8M $238.8M
YoY Change -2.93% 4.01%
Cash & Equivalents $30.59M $106.5M
Short-Term Investments $201.2M $132.4M
Other Short-Term Assets $2.800M $2.300M
YoY Change 21.74% -55.77%
Inventory $11.45M $12.59M
Prepaid Expenses
Receivables $16.46M $16.01M
Other Receivables $0.00 $0.00
Total Short-Term Assets $262.5M $269.8M
YoY Change -2.69% 0.82%
LONG-TERM ASSETS
Property, Plant & Equipment $17.12M $19.33M
YoY Change -11.46% -13.14%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.919M $1.125M
YoY Change 70.58% -11.63%
Total Long-Term Assets $38.86M $40.29M
YoY Change -3.55% -30.97%
TOTAL ASSETS
Total Short-Term Assets $262.5M $269.8M
Total Long-Term Assets $38.86M $40.29M
Total Assets $301.3M $310.0M
YoY Change -2.81% -4.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.424M $4.692M
YoY Change -27.02% -16.18%
Accrued Expenses $6.639M $4.645M
YoY Change 42.93% -4.89%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $3.000M $3.000M
YoY Change 0.0% -78.18%
Total Short-Term Liabilities $13.65M $13.61M
YoY Change 0.3% -49.41%
LONG-TERM LIABILITIES
Long-Term Debt $66.25M $69.75M
YoY Change -5.02% -4.12%
Other Long-Term Liabilities $169.0K $586.0K
YoY Change -71.16% -46.48%
Total Long-Term Liabilities $66.42M $70.34M
YoY Change -5.57% -4.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.65M $13.61M
Total Long-Term Liabilities $66.42M $70.34M
Total Liabilities $122.2M $127.9M
YoY Change -4.48% -13.48%
SHAREHOLDERS EQUITY
Retained Earnings $23.67M $26.66M
YoY Change -11.2% 14.05%
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 $179.2M $182.2M
YoY Change
Total Liabilities & Shareholders Equity $301.3M $310.0M
YoY Change -2.81% -4.87%

Cashflow Statement

Concept 2017 Q4 2016 Q4
OPERATING ACTIVITIES
Net Income $716.0K $1.875M
YoY Change -61.81% -36.44%
Depreciation, Depletion And Amortization $460.0K $720.0K
YoY Change -36.11% -14.29%
Cash From Operating Activities $3.480M $1.850M
YoY Change 88.11% -61.54%
INVESTING ACTIVITIES
Capital Expenditures -$60.00K -$100.0K
YoY Change -40.0% 11.11%
Acquisitions
YoY Change
Other Investing Activities $90.00K $3.940M
YoY Change -97.72% -129.71%
Cash From Investing Activities $40.00K $3.850M
YoY Change -98.96% -128.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.020M -2.770M
YoY Change 9.03% -38.72%
NET CHANGE
Cash From Operating Activities 3.480M 1.850M
Cash From Investing Activities 40.00K 3.850M
Cash From Financing Activities -3.020M -2.770M
Net Change In Cash 500.0K 2.930M
YoY Change -82.94% -122.42%
FREE CASH FLOW
Cash From Operating Activities $3.480M $1.850M
Capital Expenditures -$60.00K -$100.0K
Free Cash Flow $3.540M $1.950M
YoY Change 81.54% -60.2%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2017Q1 pke Stockolders Equity Including Treasury Stock
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pke Number Of Insurance Carriers
NumberOfInsuranceCarriers
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pke Number Of Sites Of Company Or Subsidiaries That Have Been Named For Potential Environmental Remediation Liability
NumberOfSitesOfCompanyOrSubsidiariesThatHaveBeenNamedForPotentialEnvironmentalRemediationLiability
4
pke Number Of Units Covered Under General Liability Insurance Coverage
NumberOfUnitsCoveredUnderGeneralLiabilityInsuranceCoverage
3
pke Percentage Of Legal Defense And Remediation Costs Associated With Sites Reimbursed By Insurance Carriers
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1
pke Proceeds From Sale Of Treasury Stock Stock Options Exercised
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StockRepurchaseProgramPercentageOfOutstandingSharesAuthorizedToBeRepurchased
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us-gaap Amortization Of Debt Discount Premium
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CY2017Q4 us-gaap Available For Sale Securities Amortized Cost
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us-gaap Cash And Cash Equivalents Period Increase Decrease
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us-gaap Cash And Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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CY2017Q4 us-gaap Commitments And Contingencies
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CY2017Q1 us-gaap Commitments And Contingencies
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us-gaap Gross Profit
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us-gaap Income Taxes Paid Net
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us-gaap Interest And Other Income
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us-gaap Loss Contingency Disclosures
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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=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"></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>
CY2017Q4 us-gaap Interest Expense
InterestExpense
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us-gaap Interest Expense
InterestExpense
1802000
CY2016Q4 us-gaap Interest Expense
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us-gaap Interest Expense
InterestExpense
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us-gaap Interest Paid Net
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us-gaap Interest Paid Net
InterestPaidNet
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CY2017Q4 us-gaap Inventory Finished Goods Net Of Reserves
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InventoryNet
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InventoryNet
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InventoryRawMaterialsNetOfReserves
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InventorySuppliesNetOfReserves
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InventorySuppliesNetOfReserves
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InventoryWorkInProcessNetOfReserves
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Liabilities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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NetIncomeLoss
716000
CY2016Q4 us-gaap Net Income Loss
NetIncomeLoss
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NoncurrentAssets
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NoncurrentAssets
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PropertyPlantAndEquipmentNet
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us-gaap Operating Income Loss
OperatingIncomeLoss
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OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
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CY2016Q4 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
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OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
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OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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CY2017Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
169000
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OtherLiabilitiesNoncurrent
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us-gaap Payments Of Dividends
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162018000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
44327000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
703000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
194000
CY2017Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2751000
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PrepaidExpenseAndOtherAssetsCurrent
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us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
50650000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
39000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
2750000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
2250000
CY2017Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
10000000
CY2017Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
10000000
CY2017Q4 us-gaap Restructuring Charges
RestructuringCharges
472000
CY2016Q4 us-gaap Restructuring Charges
RestructuringCharges
113000
us-gaap Restructuring Charges
RestructuringCharges
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us-gaap Restructuring Charges
RestructuringCharges
206000
us-gaap Restructuring Costs
RestructuringCosts
2450000
us-gaap Restructuring Costs
RestructuringCosts
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
23671000
CY2017Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
27112000
CY2017Q4 us-gaap Sales Revenue Net
SalesRevenueNet
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CY2016Q4 us-gaap Sales Revenue Net
SalesRevenueNet
26462000
us-gaap Sales Revenue Net
SalesRevenueNet
83392000
us-gaap Sales Revenue Net
SalesRevenueNet
87010000
CY2017Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2017Q4 us-gaap Treasury Stock Value
TreasuryStockValue
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CY2017Q1 us-gaap Treasury Stock Value
TreasuryStockValue
15020000
CY2017Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
24000
CY2016Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
16000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
CY2017Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20261000
CY2016Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20235000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20252000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20235000
CY2016Q4 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
CY2017Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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CY2016Q4 us-gaap Selling General And Administrative Expense
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us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
13967000
us-gaap Selling General And Administrative Expense
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15051000
us-gaap Share Based Compensation
ShareBasedCompensation
709000
us-gaap Share Based Compensation
ShareBasedCompensation
968000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
2775
CY2015Q1 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
1250000
CY2017Q4 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
1531412
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
179186000
CY2017Q1 us-gaap Stockholders Equity
StockholdersEquity
182826000

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