Park Electrochemical Corp., a Melville-based maker of materials for printed circuits and aerospace composites, Thursday reported a 1 percent decline in year-over-year net sales for the third quarter to $34.3 million, but a sharp rise in net income due in part to cost-cutting measures.
Net income for the quarter ended Nov. 30 climbed 73 percent to $4.2 million, or 21 cents per diluted share, compared with the year-ago period when net income was $2.4 million and diluted earnings per share were 12 cents.
The company recorded pretax restructuring charges of $158,000 related to the closure in fiscal year 2013 of the Park’s Nelco Technology Ltd. facility in Zhuhai, China and the closure in fiscal year 2009 of its New England Laminates Co., Inc. facility located in upstate Newburgh.
Shares of Park gained 2.3 percent to close Thursday at $14.66.
In a conference call, chief financial officer P. Matthew Farabaugh said that sales to electronics companies accounted for 74 percent of revenue while aerospace made up 26 percent.
CEO Brian Shore said Park also is doing work on the James Webb Space Telescope. The infrared telescope is scheduled for launch by NASA and an international consortium in 2018.