$PKE
PARK AEROSPACE CORP

2022 Q4 Form 10-Q Financial Statement

#000143774922023813 Filed on October 07, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2022 Q2
Revenue $13.87M $13.88M $12.78M
YoY Change 0.02% 1.89% -5.97%
Cost Of Revenue $9.423M $9.789M $8.691M
YoY Change -6.03% 6.32% 7.01%
Gross Profit $4.444M $4.086M $4.092M
YoY Change 15.85% -7.37% -25.22%
Gross Profit Margin 32.05% 29.45% 32.01%
Selling, General & Admin $1.523M $1.732M $1.633M
YoY Change -4.39% 16.4% -0.91%
% of Gross Profit 34.27% 42.39% 39.91%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $305.0K $261.0K $260.0K
YoY Change -13.84% 11.06% 20.37%
% of Gross Profit 6.86% 6.39% 6.35%
Operating Expenses $1.523M $1.732M $1.633M
YoY Change -4.39% 16.4% -0.91%
Operating Profit $2.921M $2.354M $2.459M
YoY Change 30.99% -14.49% -35.46%
Interest Expense $299.0K $221.0K $133.0K
YoY Change 273.75% 148.31% 13.68%
% of Operating Profit 10.24% 9.39% 5.41%
Other Income/Expense, Net
YoY Change
Pretax Income $3.220M $2.575M $2.592M
YoY Change 39.39% -9.39% -34.0%
Income Tax $990.0K $690.0K $682.0K
% Of Pretax Income 30.75% 26.8% 26.31%
Net Earnings $2.230M $1.885M $1.910M
YoY Change 28.09% -6.78% -30.42%
Net Earnings / Revenue 16.08% 13.59% 14.94%
Basic Earnings Per Share $0.11 $0.09 $0.09
Diluted Earnings Per Share $0.11 $0.09 $0.09
COMMON SHARES
Basic Shares Outstanding 20.47M 20.46M 20.46M
Diluted Shares Outstanding 20.51M 20.50M 20.50M

Balance Sheet

Concept 2022 Q4 2022 Q3 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $103.3M $102.5M $107.3M
YoY Change -5.77% -9.2% -8.12%
Cash & Equivalents $4.610M $3.836M $4.333M
Short-Term Investments $98.69M $98.63M $103.0M
Other Short-Term Assets $4.264M $3.967M $3.862M
YoY Change 32.63% 27.07% 11.1%
Inventory $6.816M $7.850M $6.649M
Prepaid Expenses
Receivables $8.923M $9.950M $8.957M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $123.3M $124.2M $126.8M
YoY Change -3.45% -3.89% -4.65%
LONG-TERM ASSETS
Property, Plant & Equipment $24.26M $24.46M $24.16M
YoY Change 1.62% 5.36% 7.42%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $112.0K $116.0K $119.0K
YoY Change -20.57% -20.0% -16.2%
Total Long-Term Assets $34.32M $34.54M $34.26M
YoY Change 0.87% 3.94% 5.32%
TOTAL ASSETS
Total Short-Term Assets $123.3M $124.2M $126.8M
Total Long-Term Assets $34.32M $34.54M $34.26M
Total Assets $157.6M $158.8M $161.1M
YoY Change -2.54% -2.29% -2.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.365M $2.800M $3.180M
YoY Change 5.49% 11.33% -4.22%
Accrued Expenses $1.270M $1.072M $1.333M
YoY Change -24.0% -23.15% -16.06%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.348M $7.142M $7.313M
YoY Change -1.64% 3.21% -31.45%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.650M $4.447M $4.531M
YoY Change 3.06% -0.69% 1.93%
Total Long-Term Liabilities $4.650M $4.447M $4.531M
YoY Change 3.06% -0.69% 1.93%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.348M $7.142M $7.313M
Total Long-Term Liabilities $4.650M $4.447M $4.531M
Total Liabilities $24.01M $24.72M $26.41M
YoY Change -3.77% -2.21% -8.11%
SHAREHOLDERS EQUITY
Retained Earnings -$24.88M -$25.06M -$24.90M
YoY Change 0.81% 2.84% 2.25%
Common Stock $2.096M $2.096M $2.096M
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $9.156M $9.156M $9.397M
YoY Change -2.56% -7.88% -12.94%
Treasury Stock Shares
Shareholders Equity $133.6M $134.1M $134.6M
YoY Change
Total Liabilities & Shareholders Equity $157.6M $158.8M $161.1M
YoY Change -2.54% -2.29% -2.69%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2022 Q2
OPERATING ACTIVITIES
Net Income $2.230M $1.885M $1.910M
YoY Change 28.09% -6.78% -30.42%
Depreciation, Depletion And Amortization $305.0K $261.0K $260.0K
YoY Change -13.84% 11.06% 20.37%
Cash From Operating Activities $3.837M -$1.747M $44.00K
YoY Change 1270.36% 50.99% -98.94%
INVESTING ACTIVITIES
Capital Expenditures -$105.0K -$556.0K $88.00K
YoY Change -90.03% -41.84% -94.42%
Acquisitions
YoY Change
Other Investing Activities -$911.0K $3.713M -$6.388M
YoY Change -71.54% -123.35% 127.01%
Cash From Investing Activities -$1.016M $3.157M -$6.476M
YoY Change -76.12% -118.72% 47.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.047M -1.907M -$2.046M
YoY Change 15.85% 20.62% 0.39%
NET CHANGE
Cash From Operating Activities 3.837M -1.747M $44.00K
Cash From Investing Activities -1.016M 3.157M -$6.476M
Cash From Financing Activities -2.047M -1.907M -$2.046M
Net Change In Cash 774.0K -497.0K -$8.478M
YoY Change -113.48% -97.46% 269.25%
FREE CASH FLOW
Cash From Operating Activities $3.837M -$1.747M $44.00K
Capital Expenditures -$105.0K -$556.0K $88.00K
Free Cash Flow $3.942M -$1.191M -$44.00K
YoY Change 195.72% 492.54% -101.72%

Facts In Submission

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dei Security Exchange Name
SecurityExchangeName
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dei Entity Filer Category
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dei Entity Registrant Name
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PARK AEROSPACE CORP
dei Entity Incorporation State Country Code
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dei Entity Tax Identification Number
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dei Security12b Title
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>12. CONTINGENCIES</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><i><span style="text-decoration: underline; ">Litigation</span></i></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The Company is subject to a small number of immaterial 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 liquidity, capital resources, business, consolidated results of operations or financial position of the Company.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><i><span style="text-decoration: underline; ">Environmental Contingencies</span></i><i> </i></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The Company and certain of its subsidiaries have been named by the Environmental Protection Agency (the “EPA”) or a comparable state agency under the Comprehensive Environmental Response, Compensation and Liability Act (the “Superfund Act”) or similar state law as potentially responsible parties in connection with alleged releases of hazardous substances at three sites.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">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.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The insurance carriers which 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 three sites have in the past reimbursed the Company and its subsidiaries for 100% of their legal defense and remediation costs associated with<span style="-sec-ix-hidden:c808"> two</span> of these sites.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The Company does <span style="-sec-ix-hidden:c809">not</span> 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 two sites for which certain subsidiaries of the Company have been named as potentially responsible parties. Pursuant to such general liability insurance coverage, <span style="-sec-ix-hidden:c810">three</span> insurance carriers reimburse the Company and its subsidiaries for 100% of the legal defense and remediation costs associated with the two sites.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;text-indent:9pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">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’s results of operations, cash flows or financial position.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
CY2022Q2 pke Percentage Of Legal Defense And Remediation Costs Associated With Sites Reimbursed By Insurance Carriers
PercentageOfLegalDefenseAndRemediationCostsAssociatedWithSitesReimbursedByInsuranceCarriers
1 pure

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