Park Electrochemical Corp., a Melville maker of composites and other materials used in printed circuits and aerospace, Wednesday reported sharply lower year-over-year sales and profits for the first quarter ended May 28, driven in part by restructuring costs.
Net sales fell 12.9 percent to $27.4 million, compared to the prior year’s first quarter, while net income slid 52.7 percent to $1.4 million, or 7 cents per diluted share.
Pre-tax restructuring charges totaling $1.4 million affected its financial performance, the company said.
In the first quarter, Park recorded charges related to the consolidation of its Nelco Products Inc. electronics business unit in Fullerton, California, with its Neltec Inc. facility in Tempe, Arizona, and the closure in fiscal year 2009 of its New England Laminates Co., Inc. facility in Newburgh. The company also had a one-time litigation expense of $375,000.
Park has manufacturing and research facilities in Kansas, Singapore, France, Arizona and California.
Shares of Park gained 11 cents, or 0.6 percent, to close at $18.77 Wednesday. Shares have risen about 26 percent over the last 12 months.