10-Q Filing

PARK AEROSPACE CORP CIK: 76267 Q2 2013

Filing Information

Form Type	10-Q
Accession Number	`0001437749-13-012986`
Period End Date	20130831
Filing Date	20131011
Fiscal Year	2013
Fiscal Period	Q2
XBRL Instance	pke-20130901.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 57 Income Statement 62 Cash Flow Statement 47 Comprehensive Income 18

Balance Sheet 57 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$423.00K	USD	Point-in-time
Allowance for doubtful accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$425.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$129.50M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$128.36M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$186.12M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$109.94M	USD	Point-in-time
Marketable securities (Note 3)	`MarketableSecuritiesCurrent`	$174.19M	USD	Point-in-time
Marketable securities (Note 3)	`MarketableSecuritiesCurrent`	$89.10M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $425 and $423, respectively	`AccountsReceivableNetCurrent`	$25.88M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $425 and $423, respectively	`AccountsReceivableNetCurrent`	$25.53M	USD	Point-in-time
Inventories (Note 4)	`InventoryNet`	$14.30M	USD	Point-in-time
Inventories (Note 4)	`InventoryNet`	$12.92M	USD	Point-in-time
Prepaid expenses and other current assets (Note 9)	`PrepaidExpenseAndOtherAssetsCurrent`	$6.66M	USD	Point-in-time
Prepaid expenses and other current assets (Note 9)	`PrepaidExpenseAndOtherAssetsCurrent`	$8.88M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$320.67M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$332.83M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$30.82M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$32.19M	USD	Point-in-time
Goodwill and other intangible assets	`IntangibleAssetsNetIncludingGoodwill`	$9.85M	USD	Point-in-time
Goodwill and other intangible assets	`IntangibleAssetsNetIncludingGoodwill`	$9.85M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$6.94M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$7.00M	USD	Point-in-time
Total Assets	`Assets`	$380.50M	USD	Point-in-time
Total Assets	`Assets`	$369.66M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$6.49M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$6.39M	USD	Point-in-time
Accrued liabilities (Note 6)	`AccruedLiabilitiesCurrent`	$6.58M	USD	Point-in-time
Accrued liabilities (Note 6)	`AccruedLiabilitiesCurrent`	$6.02M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$4.18M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$4.79M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$16.68M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$17.76M	USD	Point-in-time
Long-term debt (Note 5)	`SecuredLongTermDebt`	$52.00M	USD	Point-in-time
Long-term debt (Note 5)	`SecuredLongTermDebt`	$52.00M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$812.00K	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$761.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$246.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$246.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$69.74M	USD	Point-in-time
Total liabilities	`Liabilities`	$70.77M	USD	Point-in-time
Commitments and contingencies (Note 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock	`CommonStockValue`	$2.08M	USD	Point-in-time
Common stock	`CommonStockValue`	$2.08M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$158.79M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$159.63M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$138.51M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$147.32M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$790.00K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$629.00K	USD	Point-in-time
StockHoldersEquityIncludingTreasuryStock	`StockHoldersEquityIncludingTreasuryStock`	$300.02M	USD	Point-in-time
StockHoldersEquityIncludingTreasuryStock	`StockHoldersEquityIncludingTreasuryStock`	$309.83M	USD	Point-in-time
Less treasury stock, at cost	`TreasuryStockValue`	$94.00K	USD	Point-in-time
Less treasury stock, at cost	`TreasuryStockValue`	$94.00K	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$299.92M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$309.73M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$380.50M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$369.66M	USD	Point-in-time

Income Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$44.50M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$92.48M	USD	2 Qtrs
Net sales	`SalesRevenueNet`	$87.94M	USD	2 Qtrs
Net sales	`SalesRevenueNet`	$46.43M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$61.32M	USD	2 Qtrs
Cost of sales	`CostOfGoodsSold`	$30.88M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$66.30M	USD	2 Qtrs
Cost of sales	`CostOfGoodsSold`	$33.23M	USD	1 Quarter
Gross profit	`GrossProfit`	$13.20M	USD	1 Quarter
Gross profit	`GrossProfit`	$13.62M	USD	1 Quarter
Gross profit	`GrossProfit`	$26.61M	USD	2 Qtrs
Gross profit	`GrossProfit`	$26.18M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$6.59M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$12.60M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$13.65M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$6.04M	USD	1 Quarter
Restructuring charges (Note 6)	`RestructuringCharges`	$319.00K	USD	2 Qtrs
Restructuring charges (Note 6)	`RestructuringCharges`	$119.00K	USD	1 Quarter
Restructuring charges (Note 6)	`RestructuringCharges`	$2.52M	USD	1 Quarter
Restructuring charges (Note 6)	`RestructuringCharges`	$2.54M	USD	2 Qtrs
Earnings from operations	`OperatingIncomeLoss`	$4.08M	USD	1 Quarter
Earnings from operations	`OperatingIncomeLoss`	$9.99M	USD	2 Qtrs
Earnings from operations	`OperatingIncomeLoss`	$13.70M	USD	2 Qtrs
Earnings from operations	`OperatingIncomeLoss`	$7.46M	USD	1 Quarter
Interest expense (Note 5)	`InterestExpense`	$356.00K	USD	2 Qtrs
Interest expense (Note 5)	`InterestExpense`	$185.00K	USD	1 Quarter
Interest and other income	`InterestAndOtherIncome`	$145.00K	USD	2 Qtrs
Interest and other income	`InterestAndOtherIncome`	$377.00K	USD	2 Qtrs
Interest and other income	`InterestAndOtherIncome`	$77.00K	USD	1 Quarter
Interest and other income	`InterestAndOtherIncome`	$179.00K	USD	1 Quarter
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$13.48M	USD	2 Qtrs
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$4.26M	USD	1 Quarter
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$7.35M	USD	1 Quarter
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$10.37M	USD	2 Qtrs
Income tax (benefit) provision (Note 9)	`IncomeTaxExpenseBenefit`	$1.02M	USD	1 Quarter
Income tax (benefit) provision (Note 9)	`IncomeTaxExpenseBenefit`	$511.00K	USD	2 Qtrs
Income tax (benefit) provision (Note 9)	`IncomeTaxExpenseBenefit`	$-692.00K	USD	1 Quarter
Income tax (benefit) provision (Note 9)	`IncomeTaxExpenseBenefit`	$2.19M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$8.18M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$8.04M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$12.97M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$3.25M	USD	1 Quarter
Basic earnings per share (in Dollars per share)	`EarningsPerShareBasic`	$0.16	USD	1 Quarter
Basic earnings per share (in Dollars per share)	`EarningsPerShareBasic`	$0.39	USD	1 Quarter
Basic earnings per share (in Dollars per share)	`EarningsPerShareBasic`	$0.39	USD	2 Qtrs
Basic earnings per share (in Dollars per share)	`EarningsPerShareBasic`	$0.62	USD	2 Qtrs
Basic weighted average shares (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	20.84M	shares	1 Quarter
Basic weighted average shares (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	20.80M	shares	2 Qtrs
Basic weighted average shares (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	20.80M	shares	1 Quarter
Basic weighted average shares (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	20.83M	shares	2 Qtrs
Diluted earnings per share (in Dollars per share)	`EarningsPerShareDiluted`	$0.39	USD	1 Quarter
Diluted earnings per share (in Dollars per share)	`EarningsPerShareDiluted`	$0.16	USD	1 Quarter
Diluted earnings per share (in Dollars per share)	`EarningsPerShareDiluted`	$0.62	USD	2 Qtrs
Diluted earnings per share (in Dollars per share)	`EarningsPerShareDiluted`	$0.39	USD	2 Qtrs
Diluted weighted average shares (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	20.85M	shares	1 Quarter
Diluted weighted average shares (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	20.85M	shares	2 Qtrs
Diluted weighted average shares (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	20.82M	shares	1 Quarter
Diluted weighted average shares (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	20.83M	shares	2 Qtrs
Dividends declared per share (in Dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.20	USD	2 Qtrs
Dividends declared per share (in Dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.10	USD	1 Quarter
Dividends declared per share (in Dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.10	USD	1 Quarter
Dividends declared per share (in Dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.20	USD	2 Qtrs

Cash Flow Statement 47 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`NetIncomeLoss`	$8.18M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$8.04M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$12.97M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$3.25M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.17M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.96M	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$387.00K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$547.00K	USD	2 Qtrs
Amortization of bond premium	`AmortizationOfDebtDiscountPremium`	$680.00K	USD	2 Qtrs
Amortization of bond premium	`AmortizationOfDebtDiscountPremium`	$703.00K	USD	2 Qtrs
Impairment of fixed assets	`AssetImpairmentCharges`	$3.62M	USD	2 Qtrs
Non-cash restructuring	`RestructuringCosts`	$-1.47M	USD	2 Qtrs
Changes in operating assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$3.20M	USD	2 Qtrs
Changes in operating assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$7.28M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$12.96M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$6.31M	USD	2 Qtrs
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$619.00K	USD	2 Qtrs
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$613.00K	USD	2 Qtrs
Purchases of marketable securities	`PaymentsToAcquireMarketableSecurities`	$170.70M	USD	2 Qtrs
Purchases of marketable securities	`PaymentsToAcquireMarketableSecurities`	$113.63M	USD	2 Qtrs
Proceeds from sales and maturities of marketable securities	`ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities`	$85.53M	USD	2 Qtrs
Proceeds from sales and maturities of marketable securities	`ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities`	$110.93M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.32M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-85.78M	USD	2 Qtrs
Dividends paid	`PaymentsOfDividends`	$4.16M	USD	2 Qtrs
Dividends paid	`PaymentsOfDividends`	$4.17M	USD	2 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$159.00K	USD	2 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$297.00K	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-3.87M	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-4.00M	USD	2 Qtrs
Change in cash and cash equivalents before effect of exchange rate changes	`ChangeInCashAndCashEquivalentsBeforeExchangeRateChanges`	$-1.01M	USD	2 Qtrs
Change in cash and cash equivalents before effect of exchange rate changes	`ChangeInCashAndCashEquivalentsBeforeExchangeRateChanges`	$-76.68M	USD	2 Qtrs
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-130.00K	USD	2 Qtrs
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$502.00K	USD	2 Qtrs
Change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.14M	USD	2 Qtrs
Change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-76.18M	USD	2 Qtrs
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$129.50M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$128.36M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$186.12M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$109.94M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$129.50M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$128.36M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$186.12M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$109.94M	USD	Point-in-time
Cash paid during the period for income taxes	`IncomeTaxesPaidNet`	$2.27M	USD	2 Qtrs
Cash paid during the period for income taxes	`IncomeTaxesPaidNet`	$3.11M	USD	2 Qtrs
Cash paid during the period for interest	`InterestPaidNet`	$364.00K	USD	2 Qtrs

Comprehensive Income 18 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`NetIncomeLoss`	$8.18M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$8.04M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$12.97M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$3.25M	USD	1 Quarter
Exchange rate changes	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-135.00K	USD	1 Quarter
Exchange rate changes	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$201.00K	USD	2 Qtrs
Exchange rate changes	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-110.00K	USD	1 Quarter
Exchange rate changes	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$182.00K	USD	2 Qtrs
Less: reclassification adjustment for gains (losses) included in net income	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationBeforeTax`	$1.47M	USD	2 Qtrs
Less: reclassification adjustment for gains (losses) included in net income	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationBeforeTax`	$1.47M	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTax`	$160.00K	USD	2 Qtrs
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTax`	$-205.00K	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTax`	$-1.58M	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTax`	$-1.31M	USD	2 Qtrs
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$1.66M	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$6.87M	USD	2 Qtrs
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$7.84M	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$13.13M	USD	2 Qtrs

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.