Park Electrochemical Corp. is changing its name after 59 years to reflect the sale of its electronics business and its transition into aerospace manufacturing, chief executive Brian E. Shore said in a conference call.
The company's board has approved the name change to Park Aerospace Corp. and is awaiting ratification by shareholders. Their approval is expected to be announced at their annual meeting Tuesday at Park's Melville headquarters.
"The vote so far is a landslide," Shore said in a conference call with investors and analysts on Thursday.
Shore said the company, a manufacturer of composite materials for jet engines used in unmanned aircraft, rocket nozzles, airliners and business jets, plans to keep its PKE stock symbol "at least for now."
On the call, Shore said the company had received its first purchase order from an unnamed "private space program."
Park, with 112 employees as of March 3, was incorporated under the name Park Name Plate Inc. in March 1954. It changed its name to Park Electrochemical when its stock began trading on public markets in 1960.
The company released its first-quarter earnings Thursday morning. For the quarter ended June 2 Park reported sales of $15 million, compared to $10.4 million in the previous year's period.
Net income was $2.6 million, compared to $3.2 million in the prior fiscal year's quarter. Net income from continuing operations and before special items was $2.9 million, versus $816,000 in the previous year's quarter.
Park shares climbed 0.06 percent to $16.36 in midday trading Friday.
Park sold its printed circuit materials business, including facilities in Singapore, France, Arizona and California, to Tokyo-based AGC Inc. for $145 million in cash on Dec. 4, 2018.