Park Electrochemical income up 67.3 percent
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Park Electrochemical Corp. Tuesday posted a 67.3 percent increase in first quarter net income to $8.6 million, or 39 cents per share, reversing a net loss in the fourth quarter.
Melville-based Park, which makes printed circuit materials for the telecommunications and computing markets and composite materials for the aerospace industry, reported first quarter sales of $48.8 million, a 12.3 percent increase from the $43.4 million mark in the year-ago quarter.
After releasing fourth quarter results in May, Park management had cited a noncash charge that pushed earnings into the red, but said that it was seeing brisk sales in emerging markets at the start of the first quarter.
Net income in the year-ago quarter was $5.1 million or 25 cents per share.
A conference call on first quarter earnings was scheduled Tuesday morning.
In midmorning trading, Park shares climbed more than 2 percent to $28.81.