LI aerospace firm reports sharp drop in profit

Park Electrochemical Corp., a Melville-based maker of printed circuit materials and aerospace components on Tuesday reported drops in sales and profits, with its earnings affected, in part, by one-time costs associated with the shuttering of a Connecticut subsidiary.

Park had earnings of $3.1 million on sales of $43.6 million for the quarter ended Feb. 26, compared to earnings of $8.2 million on sales of $51.2 million in the same quarter last year. Diluted earnings fell to 15 cents a share, compared to the prior-year quarter's 40 cents.

The company on Tuesday also issued its annual report for the year ended Feb. 26. It reported earning $23.4 million on sales of $193.2 million, down from the previous year's $32.6 million on sales of $211.6 million.

Park Electrochemical, with specialties in polymer and coating technology, develops and makes high-performance composite parts and assemblies for aerospace customers. It also makes digital and radio frequency/microwave printed circuit materials, mostly for telecommunications, Internet infrastructure and high-end computing markets.

Its factories are in Singapore, China, France, Kansas, Arizona and California, with research and design offices in Arizona and Singapore.

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