Park Electrochemical reports higher earnings on lower Q2 sales
Park Electrochemical Corp. (NYSE: PKE), a maker of circuit board materials, reported before the opening that second-quarter sales fell to $60.5 million, in line with Wall Street expectations but 9% below $66.5 million a year earlier. Net income during the three months ended Aug. 26 fell 27% to $9.1 million, or $0.45 a share, above views of $0.39 per share and compared with $12.5 million, or $0.62 per share, in the year-ago period.
Additionally, the Melville, N.Y.-based firm said that during the second quarter of 2006, it recognized a $3.5 million tax benefit connected to deferred tax assets and a $1.3 million tax benefit related to elimination of reserves no longer required.
Second-quarter gross profit increased to $16.4 million, from $16 million in 2006.
In today’s trading, PKE shares rose 7.22%, or $2.22, to $32.96. Over the last 52 weeks, shares have ranged from $24.72 to $33.99.
