$PKE
PARK AEROSPACE CORP

2024 Q1 Form 10-Q Financial Statement

#000143774924001085 Filed on January 10, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4
Revenue $16.33M $11.64M
YoY Change 20.72% -16.07%
Cost Of Revenue $11.88M $8.470M
YoY Change 22.74% -10.11%
Gross Profit $4.453M $3.169M
YoY Change 15.63% -28.69%
Gross Profit Margin 27.26% 27.23%
Selling, General & Admin $1.882M $1.804M
YoY Change 15.39% 18.45%
% of Gross Profit 42.26% 56.93%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $418.0K $340.0K
YoY Change 34.84% 11.48%
% of Gross Profit 9.39% 10.73%
Operating Expenses $1.882M $1.804M
YoY Change 15.39% 18.45%
Operating Profit $2.571M $1.365M
YoY Change 15.81% -53.27%
Interest Expense $329.0K $261.0K
YoY Change -22.59% -12.71%
% of Operating Profit 12.8% 19.12%
Other Income/Expense, Net
YoY Change
Pretax Income $2.900M $1.626M
YoY Change 9.64% -49.5%
Income Tax $230.0K $423.0K
% Of Pretax Income 7.93% 26.01%
Net Earnings $2.670M $1.203M
YoY Change -43.26% -46.05%
Net Earnings / Revenue 16.35% 10.34%
Basic Earnings Per Share $0.06
Diluted Earnings Per Share $0.13 $0.06
COMMON SHARES
Basic Shares Outstanding 20.25M 20.25M
Diluted Shares Outstanding 20.36M

Balance Sheet

Concept 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $77.21M $73.99M
YoY Change -26.77% -28.38%
Cash & Equivalents $6.567M $4.173M
Short-Term Investments $70.64M $69.82M
Other Short-Term Assets $2.849M $2.463M
YoY Change 0.18% -42.24%
Inventory $6.404M $7.421M
Prepaid Expenses
Receivables $12.38M $9.897M
Other Receivables $0.00 $0.00
Total Short-Term Assets $98.85M $93.77M
YoY Change -20.95% -23.95%
LONG-TERM ASSETS
Property, Plant & Equipment $23.50M $23.75M
YoY Change -3.1% -2.1%
Goodwill
YoY Change
Intangibles $0.00
YoY Change -100.0%
Long-Term Investments
YoY Change
Other Assets $94.00K $98.00K
YoY Change -12.96% -12.5%
Total Long-Term Assets $33.46M $33.74M
YoY Change -2.41% -1.7%
TOTAL ASSETS
Total Short-Term Assets $98.85M $93.77M
Total Long-Term Assets $33.46M $33.74M
Total Assets $132.3M $127.5M
YoY Change -16.96% -19.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.514M $1.110M
YoY Change -22.68% -53.07%
Accrued Expenses $1.986M $1.587M
YoY Change 47.55% 24.96%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $9.658M $6.429M
YoY Change -66.21% 1.28%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.174M $1.843M
YoY Change -32.95% -60.37%
Total Long-Term Liabilities $1.174M $1.843M
YoY Change -32.95% -60.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.658M $6.429M
Total Long-Term Liabilities $1.174M $1.843M
Total Liabilities $19.40M $15.52M
YoY Change -55.31% -35.36%
SHAREHOLDERS EQUITY
Retained Earnings -$45.37M -$45.51M
YoY Change 6.28% 82.92%
Common Stock $2.096M $2.096M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $11.98M $12.02M
YoY Change 30.87% 31.3%
Treasury Stock Shares
Shareholders Equity $112.9M $112.0M
YoY Change
Total Liabilities & Shareholders Equity $132.3M $127.5M
YoY Change -16.96% -19.11%

Cashflow Statement

Concept 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income $2.670M $1.203M
YoY Change -43.26% -46.05%
Depreciation, Depletion And Amortization $418.0K $340.0K
YoY Change 34.84% 11.48%
Cash From Operating Activities $5.294M $1.759M
YoY Change 21.51% -54.16%
INVESTING ACTIVITIES
Capital Expenditures $164.0K $107.0K
YoY Change -44.97% -201.9%
Acquisitions
YoY Change
Other Investing Activities -$231.0K -$2.322M
YoY Change -90.31% 154.88%
Cash From Investing Activities -$395.0K -$2.429M
YoY Change -85.28% 139.07%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.505M -2.520M
YoY Change 22.37% 23.11%
NET CHANGE
Cash From Operating Activities 5.294M 1.759M
Cash From Investing Activities -395.0K -2.429M
Cash From Financing Activities -2.505M -2.520M
Net Change In Cash 2.394M -3.190M
YoY Change -741.82% -512.14%
FREE CASH FLOW
Cash From Operating Activities $5.294M $1.759M
Capital Expenditures $164.0K $107.0K
Free Cash Flow $5.130M $1.652M
YoY Change 26.39% -58.09%

Facts In Submission

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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
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CY2023Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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CY2022Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20323000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20463000
CY2023Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2022Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
39000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
83000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
43000
CY2023Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2022Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20510000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20406000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20506000
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EarningsPerShareBasic
0.06
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EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.24
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EarningsPerShareDiluted
0.11
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.24
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.29
CY2022Q2 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
1500000
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
221099
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0
CY2023Q4 us-gaap Income Tax Expense Benefit
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423000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1730000 usd
CY2023Q4 pke Income Tax Expense Benefit Discrete Amount
IncomeTaxExpenseBenefitDiscreteAmount
25000 usd
pke Income Tax Expense Benefit Discrete Amount
IncomeTaxExpenseBenefitDiscreteAmount
78000 usd
CY2022Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
990000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2362000 usd
CY2022Q4 pke Income Tax Expense Benefit Discrete Amount
IncomeTaxExpenseBenefitDiscreteAmount
58000 usd
pke Income Tax Expense Benefit Discrete Amount
IncomeTaxExpenseBenefitDiscreteAmount
133000 usd
CY2023Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.26 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.265 pure
CY2022Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.307 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.282 pure
CY2023Q4 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2022Q4 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
us-gaap Undistributed Earnings
UndistributedEarnings
25000000 usd
CY2023Q4 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
11639000 usd
CY2022Q4 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
13867000 usd
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
39671000 usd
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
40525000 usd
us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>11. 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:c925">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:c926">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 <span style="-sec-ix-hidden:c927">two</span> 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:c928">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>
pke Percentage Of Legal Defense And Remediation Costs Associated With Sites Reimbursed By Insurance Carriers
PercentageOfLegalDefenseAndRemediationCostsAssociatedWithSitesReimbursedByInsuranceCarriers
1 pure

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