Park Aerospace Corp. Reports Net Sales of $10,372,000 for 2021 Fiscal Year Third Quarter

January 11 (2021

Park Aerospace Corp. that develops and manufactures solution and hot-melt advanced composite materials used to produce composite structures for the global aerospace markets reported results for the 2021 fiscal year third quarter ended November 29, 2020. As previously reported, Park completed the sale of its Electronics Business to AGC Inc. on December 4, 2018. Therefore, current 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 $10,372,000 for the 2021 fiscal year third quarter ended November 29, 2020 compared to $15,847,000 for the 2020 fiscal year third quarter ended December 1, 2019 and $9,250,000 for the 2021 fiscal year second quarter ended August 30, 2020. Park’s net sales from continuing operations for the nine months ended November 29, 2020 were $31,835,000 compared to $44,520,000 for the nine months ended December 1, 2019. Net earnings from continuing operations for the 2021 fiscal year third quarter were $1,037,000 compared to $2,806,000 for the 2020 fiscal year third quarter and $1,151,000 for the 2021 fiscal year second quarter. Net earnings from continuing operations were $4,160,000 for the current year’s first nine months compared to $7,572,000 for last year’s first nine months.

Park believes that an evaluation of its ongoing operations would be difficult if the disclosure of its operating results were limited to accounting principles generally accepted in the United States of America (“GAAP”) financial measures, which include special items, such as a one-time tax charge and EBITDA. Accordingly, in addition to disclosing its operating results determined in accordance with GAAP, Park discloses non-GAAP measures, including EBITDA, and operating results that exclude special items in order to assist its shareholders and other readers in assessing the Company’s operating performance, since the Company’s on-going, normal business operations do not include such special items. The detailed operating information presented below includes a reconciliation of the non-GAAP operating results before special items to earnings determined in accordance with GAAP and a reconciliation of GAAP pre-tax earnings to EBITDA. Such non-GAAP financial measures are provided to supplement the results provided in accordance with GAAP.

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