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.
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.
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