$PKE
PARK AEROSPACE CORP

2018 Q2 Form 10-Q Financial Statement

#000143774918012591 Filed on June 28, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2 2017 Q1
Revenue $10.39M $8.726M $27.60M
YoY Change 19.1% -72.29% -22.81%
Cost Of Revenue $7.541M $21.10M -$40.80M
YoY Change -64.25% -7.08% -15.35%
Gross Profit $2.852M $2.297M $7.386M
YoY Change 24.16% -73.86% -31.15%
Gross Profit Margin 27.44% 26.32% 26.76%
Selling, General & Admin $2.101M $4.727M -$4.700M
YoY Change -55.55% -11.43% -7.84%
% of Gross Profit 73.67% 205.79% -63.63%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $432.0K $807.0K $740.0K
YoY Change -46.47% -2.42% -12.94%
% of Gross Profit 15.15% 35.13% 10.02%
Operating Expenses $2.101M $4.727M -$4.800M
YoY Change -55.55% -11.43% -5.88%
Operating Profit $751.0K $234.0K $12.19M
YoY Change 220.94% -93.08% -23.0%
Interest Expense $0.00 $510.0K $0.00
YoY Change -100.0% 53.15% -100.0%
% of Operating Profit 0.0% 217.95% 0.0%
Other Income/Expense, Net
YoY Change
Pretax Income $1.091M $473.0K -$9.400M
YoY Change 130.66% -86.19% -47.78%
Income Tax $275.0K -$921.0K -$1.500M
% Of Pretax Income 25.21% -194.71%
Net Earnings $3.168M $1.394M $2.477M
YoY Change 127.26% -52.75% -45.85%
Net Earnings / Revenue 30.48% 15.98% 8.97%
Basic Earnings Per Share $0.16 $0.07 $0.12
Diluted Earnings Per Share $0.16 $0.07 $0.12
COMMON SHARES
Basic Shares Outstanding 20.24M 20.24M 20.24M
Diluted Shares Outstanding 20.30M 20.24M 20.25M

Balance Sheet

Concept 2018 Q2 2017 Q2 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $106.1M $237.8M $238.6M
YoY Change -55.38% -1.9% 0.51%
Cash & Equivalents $16.64M $47.31M $102.4M
Short-Term Investments $89.40M $190.5M $136.2M
Other Short-Term Assets $2.400M $2.500M $2.200M
YoY Change -4.0% 8.7% 10.0%
Inventory $12.64M $10.91M $11.11M
Prepaid Expenses
Receivables $21.30M $17.71M $17.24M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $142.4M $268.9M $269.1M
YoY Change -47.05% -2.25% -1.12%
LONG-TERM ASSETS
Property, Plant & Equipment $15.83M $17.95M $18.64M
YoY Change -11.8% -13.48% -13.36%
Goodwill $9.776M
YoY Change 0.0%
Intangibles $49.00K
YoY Change -14.04%
Long-Term Investments
YoY Change
Other Assets $1.405M $989.0K $985.0K
YoY Change 42.06% -22.79% -21.01%
Total Long-Term Assets $27.05M $38.76M $39.45M
YoY Change -30.21% -7.4% -7.38%
TOTAL ASSETS
Total Short-Term Assets $142.4M $268.9M $269.1M
Total Long-Term Assets $27.05M $38.76M $39.45M
Total Assets $169.5M $307.7M $308.6M
YoY Change -44.93% -2.93% -1.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.486M $3.619M $4.183M
YoY Change 23.96% -47.08% -32.04%
Accrued Expenses $5.765M $5.250M $3.417M
YoY Change 9.81% 0.75% -25.39%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $3.500M $3.500M
YoY Change 16.67% 16.67%
Total Short-Term Liabilities $13.07M $15.26M $14.12M
YoY Change -14.35% -17.56% -15.32%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $67.75M $68.50M
YoY Change -100.0% -4.91% -4.86%
Other Long-Term Liabilities $543.0K $353.0K $1.041M
YoY Change 53.82% -71.58% -19.61%
Total Long-Term Liabilities $543.0K $68.10M $69.54M
YoY Change -99.2% -6.05% -5.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.07M $15.26M $14.12M
Total Long-Term Liabilities $543.0K $68.10M $69.54M
Total Liabilities $32.84M $125.5M $125.8M
YoY Change -73.83% -7.03% -6.09%
SHAREHOLDERS EQUITY
Retained Earnings -$19.95M $26.48M $27.11M
YoY Change -175.35% -1.36% 4.59%
Common Stock $2.096M $2.096M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $14.82M $15.01M $15.02M
YoY Change -1.31% -0.04% 0.0%
Treasury Stock Shares $730.5K
Shareholders Equity $136.6M $182.3M $182.8M
YoY Change
Total Liabilities & Shareholders Equity $169.5M $307.7M $308.6M
YoY Change -44.93% -2.93% -1.97%

Cashflow Statement

Concept 2018 Q2 2017 Q2 2017 Q1
OPERATING ACTIVITIES
Net Income $3.168M $1.394M $2.477M
YoY Change 127.26% -52.75% -45.85%
Depreciation, Depletion And Amortization $432.0K $807.0K $740.0K
YoY Change -46.47% -2.42% -12.94%
Cash From Operating Activities -$259.0K $2.550M $2.500M
YoY Change -110.16% -69.7% -65.08%
INVESTING ACTIVITIES
Capital Expenditures $10.00K $105.0K -$50.00K
YoY Change -90.48% 156.1% -37.5%
Acquisitions
YoY Change
Other Investing Activities $600.0K -$54.80M -$3.600M
YoY Change -101.09% -1656.82% -125.71%
Cash From Investing Activities $594.0K -$54.91M -$3.650M
YoY Change -101.08% -1677.39% -126.22%
FINANCING ACTIVITIES
Cash Dividend Paid $2.023M $2.023M
YoY Change 0.0% 0.0%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $750.0K
YoY Change 0.0%
Cash From Financing Activities -1.976M -2.767M -2.770M
YoY Change -28.59% -0.22% -377.0%
NET CHANGE
Cash From Operating Activities -259.0K 2.550M 2.500M
Cash From Investing Activities 594.0K -54.91M -3.650M
Cash From Financing Activities -1.976M -2.767M -2.770M
Net Change In Cash -1.617M -55.13M -3.920M
YoY Change -97.07% -704.25% -117.75%
FREE CASH FLOW
Cash From Operating Activities -$259.0K $2.550M $2.500M
Capital Expenditures $10.00K $105.0K -$50.00K
Free Cash Flow -$269.0K $2.445M $2.550M
YoY Change -111.0% -70.8% -64.78%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2018Q2 pke Number Of Units Covered Under General Liability Insurance Coverage
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CY2018Q2 pke Percentage Of Legal Defense And Remediation Costs Associated With Sites Reimbursed By Insurance Carriers
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1
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PercentageOfStockOptionsExercisableOnEachSucceedingYearFromDateOfGrant
0.25
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StockRepurchaseProgramPercentageOfOutstandingSharesAuthorizedToBeRepurchased
0.06
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CY2018Q2 us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<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-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</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 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>&nbsp;</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 liquidity, capital resources, business, consolidated results of operations or financial position of the Company. 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 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 style="display: inline; font-style: italic;">&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 and certain of its subsidiaries have been named by the Environmental Protection Agency (the &#x201c;EPA&#x201d;) or a comparable state agency under the Comprehensive Environmental Response, Compensation and Liability Act (the &#x201c;Superfund Act&#x201d;) 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;">three</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 Company&#x2019;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 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 which provided general liability insurance coverage to the Company and its subsidiaries for the years during which the Company&#x2019;s subsidiaries&#x2019; 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;">two</div> of these 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;">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 27, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 28, 2017, </div>respectively. The Company had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> recorded liabilities for environmental matters <div style="display: inline; font-style: italic; font-style: normal;">at </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">May 27, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 28, 2017.</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 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&#x2019;s subsidiaries&#x2019; waste was disposed at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</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;">two</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: left"></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 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>
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