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Park Aerospace Corp. Releases Third Quarter Results January 17 2022

2022 Lucintel Composites Market Insights, January 17, 2022

Park Aerospace Corp. reported results for the 2022 fiscal year third quarter ended November 28, 2021. As previously reported, Park completed the sale of its Electronics Business to AGC Inc. on December 4, 2018. Therefore, costs relating to the Electronics Business are reported as discontinued operations. Continuing operations discussed below refer to Park’s Aerospace Business unless otherwise indicated.

Park reported net sales of $13,864,000 for the 2022 fiscal year third quarter ended November 28, 2021 compared to $10,372,000 for the 2021 fiscal year third quarter ended November 29, 2020 and $13,618,000 for the 2022 fiscal year second quarter ended August 29, 2021. Park’s net sales from continuing operations for the nine months ended November 28, 2021 were $41,076,000 compared to $31,835,000 for the nine months ended November 29, 2020.

Net earnings from continuing operations for the 2022 fiscal year third quarter were $1,741,000 compared to $1,037,000 for the 2021 fiscal year third quarter and $2,022,000 for the 2022 fiscal year second quarter. Net earnings from continuing operations were $6,508,000 for the current year’s first nine months compared to $4,160,000 for last year’s first nine months.

Net earnings from continuing operations before special items for the 2022 fiscal year third quarter were $1,754,000 compared to $1,037,000 for the 2021 fiscal year third quarter and $2,192,000 for the 2022 fiscal year second quarter. Net earnings from continuing operations before special items for the nine months ended November 28, 2021 were $6,705,000 compared to $4,160,000 for last fiscal year’s first nine months.

Adjusted EBITDA from continuing operations for the 2022 fiscal year third quarter was $2,670,000 compared to $1,380,000 for the 2021 fiscal year third quarter and $3,232,000 for the 2022 fiscal year second quarter. Adjusted EBITDA from continuing operations for the current year’s first nine months was $10,006,000 compared to $5,162,000 for last year’s first nine months. The Company recorded pretax restructuring charges of $13,000 in the 2022 fiscal year third quarter and $170,000 in the 2022 fiscal year second quarter.

Park reported basic earnings per share from continuing operations of $0.09 and diluted earnings per share from continuing operations of $0.08 for the 2022 fiscal year third quarter compared to basic and diluted earnings per share from continuing operations of $0.05 for the 2021 fiscal year third quarter and $0.10 for the 2022 fiscal year second quarter.