Park Electrochemical Corp. reports gain in net sales
Park Electrochemical Corp. of Melville on Tuesday, Oct. 3, 2017, reported a gain in net sales for the second quarter, but a sharp decline in net income related to restructuring charges. Credit: Newsday / J. Conrad Williams, Jr.
Park Electrochemical Corp., a Melville-based maker of composite materials and structures and assemblies for the aerospace industry, Tuesday reported a gain in net sales for the second quarter, but a sharp decline in net income related to restructuring charges.
Park shares gained 1.7 percent to close at $19.17 on Tuesday.
In a release before the stock market open, Park posted net sales of $29.8 million for the second quarter ended Aug. 27, a 2.7 percent increase compared to the 2016 quarter.
Net income was $520,000, or 3 cents per share, versus $2 million, or 10 cents per share, in the year-earlier period.
The company attributed the decline to pretax restructuring charges of $2.9 million, primarily related to the consolidation of its Nelco Products Inc. electronics unit in Fullerton, California, and its Neltec Inc. electronics unit in Tempe, Arizona. The company also took a charge connected to the closure of its New England Laminates Co., Inc. facility in upstate Newburgh, during the 2009 fiscal year.
Ken Schachter covers corporate news, including technology and aerospace, and other business topics for Newsday. He has also worked at The Miami Herald and The Jerusalem Post.
Visiting Christmasland in Deer Park ... LI Works: Model trains ... Get the latest news and more great videos at NewsdayTV
Visiting Christmasland in Deer Park ... LI Works: Model trains ... Get the latest news and more great videos at NewsdayTV
