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Business

Park Electrochemical first-quarter sales drop on restructuring costs

Park Electrochemical Corp., a maker of printed circuit materials and composite materials for aerospace markets, on Tuesday posted a 22.5 percent year-over-year decline in first-quarter net sales to $37.8 million.

Net income also tumbled to $4.9 million, or 24 cents per diluted share, versus $8.6 million, or 41 cents per diluted share, in the year-ago quarter.

The Melville company said that pretax restructuring charges related to the closure of facilities in Zhuhai, China, and upstate Newburgh, weighed on the latest net income numbers.

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