Park Electrochemical's profts slip as sales sag
Park Electrochemical Corp., a Melville-based manufacturer of high-tech materials, said that its second-quarter profits fell 58 percent as global aerospace sales remain sluggish and the company accrued costs from shutting a manufacturing facility in China. Credit: Handout
Park Electrochemical Corp., a Melville maker of telecommunications components, said Wednesday that its fiscal second-quarter sales dropped 13 percent, to $41.3 million.
The company said net income fell 12 percent, to $4.7 million, or 23 cents per share.
Its bottom line was hampered by a $559,000 expense stemming from the closure of facilities in China and Connecticut.
Park Electrochemical’s stock was down 5 percent in early trading, to $24.27 per share.
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