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Park Electrochemical sees dip in quarterly profit, sales

Park Electrochemical Corp., a Melville-based manufacturer of high-tech

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

Melville-based Park Electrochemical Corp., which expressed worries this winter about getting enough raw materials from disaster-stricken Japan, reported Monday that its sales and profits lagged for the quarter ending May 29.

Park on Monday reported sales of $51.8 million for its 2012 fiscal year first quarter, compared to sales of $59 million for the year-ago quarter. The company reported net earnings of $7.24 million for the 2012 first quarter, compared to $9.87 million for the first quarter of last year.

Park, which makes a variety of electronic parts, said in mid-March that it sources a "significant amount" of raw materials from Japan and was preparing for the possibility that the tsunami, earthquake and nuclear disasters there would affect its suppliers.

A maker of composite materials for aircraft and electronic systems, it has factories in Singapore, China, France, New York, Connecticut, Kansas, Arizona, California and Washington. It also makes high-tech digital and radio frequency and microwave printed circuit materials products.

Founded in 1954, Park, with a market capitalization of $605 million, had $34.7 million net profit on $210.8 million in revenue for its most recent fiscal year. Park has a price-to-earnings ratio of $17.43 and earnings per share of $1.68 during the preceding12 months. 

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