Profits fall 32 percent at Park Electrochemical

Park Electrochemical Corp. said Monday that its fiscal first-quarter profit tumbled 32 percent as sales fell 11 percent.

The Melville company, which provides components for telecommunications and network equipment, said its net income fell to $4.9 million, or 24 cents per share, down from $7.2 million, or 35 cents per share, a year ago.

The earnings matched the estimates of three analysts polled by FactSet.

For the quarter ended May 27, revenue fell to $46 million from $51.8 million a year ago.

The company's cost of sales fell 7.7 percent to $33.1 million, while selling, general and administrative expenses dropped 6.5 percent to $7.1 million.