10-Q Filing

PARK AEROSPACE CORP CIK: 76267 Q2 2014

Filing Information

Form Type	10-Q
Accession Number	`0001437749-14-018216`
Period End Date	20140831
Filing Date	20141009
Fiscal Year	2014
Fiscal Period	Q2
XBRL Instance	pke-20140831.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 62 Income Statement 64 Cash Flow Statement 46 Comprehensive Income 16

Balance Sheet 62 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$409.00K	USD	Point-in-time
Allowance for doubtful accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$416.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$186.12M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$133.15M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$109.94M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$114.44M	USD	Point-in-time
Marketable securities (Note 3)	`AvailableForSaleSecurities`	$137.21M	USD	Point-in-time
Marketable securities (Note 3)	`AvailableForSaleSecurities`	$170.75M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $409 and $416, respectively	`AccountsReceivableNetCurrent`	$22.87M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $409 and $416, respectively	`AccountsReceivableNetCurrent`	$22.88M	USD	Point-in-time
Inventories (Note 4)	`InventoryNet`	$13.87M	USD	Point-in-time
Inventories (Note 4)	`InventoryNet`	$15.16M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$4.15M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$4.13M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$311.24M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$327.36M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$29.67M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$28.13M	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
Restricted cash (Note 5)	`RestrictedCashAndCashEquivalentsNoncurrent`	$25.00M	USD	Point-in-time
Restricted cash (Note 5)	`RestrictedCashAndCashEquivalentsNoncurrent`	$25.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.32M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.33M	USD	Point-in-time
Total assets	`Assets`	$377.09M	USD	Point-in-time
Total assets	`Assets`	$391.65M	USD	Point-in-time
Current portion of long-term debt (Note 5)	`LongTermDebtCurrent`	$15.00M	USD	Point-in-time
Current portion of long-term debt (Note 5)	`LongTermDebtCurrent`	$10.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$6.11M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$7.92M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$5.14M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$6.40M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$3.00M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$3.36M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$24.24M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$32.68M	USD	Point-in-time
Long-term debt (Note 5)	`LongTermDebtNoncurrent`	$94.00M	USD	Point-in-time
Long-term debt (Note 5)	`LongTermDebtNoncurrent`	$89.00M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$58.12M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$58.12M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$183.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$183.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$179.99M	USD	Point-in-time
Total liabilities	`Liabilities`	$176.55M	USD	Point-in-time
Commitments and contingencies (Note 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock	`CommonStockValue`	$2.09M	USD	Point-in-time
Common stock	`CommonStockValue`	$2.10M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$161.68M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$163.86M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$44.64M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$35.65M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$1.16M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$1.22M	USD	Point-in-time
StockHoldersEquityIncludingTreasuryStock	`StockHoldersEquityIncludingTreasuryStock`	$200.64M	USD	Point-in-time
StockHoldersEquityIncludingTreasuryStock	`StockHoldersEquityIncludingTreasuryStock`	$211.76M	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`	$211.66M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$200.54M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$391.65M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$377.09M	USD	Point-in-time

Income Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$42.35M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$87.94M	USD	2 Qtrs
Net sales	`SalesRevenueNet`	$44.50M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$91.17M	USD	2 Qtrs
Cost of sales	`CostOfGoodsSold`	$61.32M	USD	2 Qtrs
Cost of sales	`CostOfGoodsSold`	$62.07M	USD	2 Qtrs
Cost of sales	`CostOfGoodsSold`	$30.88M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$30.18M	USD	1 Quarter
Gross profit	`GrossProfit`	$12.17M	USD	1 Quarter
Gross profit	`GrossProfit`	$13.62M	USD	1 Quarter
Gross profit	`GrossProfit`	$29.10M	USD	2 Qtrs
Gross profit	`GrossProfit`	$26.61M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$12.85M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$12.60M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$6.04M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$6.25M	USD	1 Quarter
Restructuring charges (Note 6)	`RestructuringCharges`	$319.00K	USD	2 Qtrs
Restructuring charges (Note 6)	`RestructuringCharges`	$350.00K	USD	2 Qtrs
Restructuring charges (Note 6)	`RestructuringCharges`	$119.00K	USD	1 Quarter
Restructuring charges (Note 6)	`RestructuringCharges`	$83.00K	USD	1 Quarter
Earnings from operations	`OperatingIncomeLoss`	$13.70M	USD	2 Qtrs
Earnings from operations	`OperatingIncomeLoss`	$7.46M	USD	1 Quarter
Earnings from operations	`OperatingIncomeLoss`	$5.84M	USD	1 Quarter
Earnings from operations	`OperatingIncomeLoss`	$15.90M	USD	2 Qtrs
Interest expense (Note 5)	`InterestExpense`	$360.00K	USD	1 Quarter
Interest expense (Note 5)	`InterestExpense`	$356.00K	USD	2 Qtrs
Interest expense (Note 5)	`InterestExpense`	$713.00K	USD	2 Qtrs
Interest expense (Note 5)	`InterestExpense`	$185.00K	USD	1 Quarter
Interest income	`InterestAndOtherIncome`	$77.00K	USD	1 Quarter
Interest income	`InterestAndOtherIncome`	$226.00K	USD	1 Quarter
Interest income	`InterestAndOtherIncome`	$145.00K	USD	2 Qtrs
Interest income	`InterestAndOtherIncome`	$373.00K	USD	2 Qtrs
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$15.56M	USD	2 Qtrs
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$7.35M	USD	1 Quarter
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$5.70M	USD	1 Quarter
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$13.48M	USD	2 Qtrs
Income tax provision (benefit) (Note 9)	`IncomeTaxExpenseBenefit`	$2.39M	USD	2 Qtrs
Income tax provision (benefit) (Note 9)	`IncomeTaxExpenseBenefit`	$747.00K	USD	1 Quarter
Income tax provision (benefit) (Note 9)	`IncomeTaxExpenseBenefit`	$-692.00K	USD	1 Quarter
Income tax provision (benefit) (Note 9)	`IncomeTaxExpenseBenefit`	$511.00K	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$8.04M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$4.96M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$13.17M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$12.97M	USD	2 Qtrs
Basic earnings per share (in Dollars per share)	`EarningsPerShareBasic`	$0.39	USD	1 Quarter
Basic earnings per share (in Dollars per share)	`EarningsPerShareBasic`	$0.63	USD	2 Qtrs
Basic earnings per share (in Dollars per share)	`EarningsPerShareBasic`	$0.62	USD	2 Qtrs
Basic earnings per share (in Dollars per share)	`EarningsPerShareBasic`	$0.24	USD	1 Quarter
Basic weighted average shares (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	20.90M	shares	2 Qtrs
Basic weighted average shares (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	20.84M	shares	1 Quarter
Basic weighted average shares (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	20.83M	shares	2 Qtrs
Basic weighted average shares (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	20.93M	shares	1 Quarter
Diluted earnings per share (in Dollars per share)	`EarningsPerShareDiluted`	$0.24	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	1 Quarter
Diluted earnings per share (in Dollars per share)	`EarningsPerShareDiluted`	$0.63	USD	2 Qtrs
Diluted weighted average shares (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	21.03M	shares	1 Quarter
Diluted weighted average shares (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	21.01M	shares	2 Qtrs
Diluted weighted average shares (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	20.85M	shares	2 Qtrs
Diluted weighted average shares (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	20.85M	shares	1 Quarter
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`	$0.20	USD	2 Qtrs
Dividends declared per share (in Dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.10	USD	1 Quarter

Cash Flow Statement 46 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`NetIncomeLoss`	$8.04M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$4.96M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$13.17M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$12.97M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.96M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.76M	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$605.00K	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`	$530.00K	USD	2 Qtrs
Changes in operating assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$-2.08M	USD	2 Qtrs
Changes in operating assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$3.20M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$18.15M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$12.96M	USD	2 Qtrs
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$613.00K	USD	2 Qtrs
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$232.00K	USD	2 Qtrs
Purchases of marketable securities	`PaymentsToAcquireMarketableSecurities`	$170.70M	USD	2 Qtrs
Purchases of marketable securities	`PaymentsToAcquireMarketableSecurities`	$75.98M	USD	2 Qtrs
Proceeds from sales and maturities of marketable securities	`ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities`	$41.94M	USD	2 Qtrs
Proceeds from sales and maturities of marketable securities	`ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities`	$85.53M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-34.27M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-85.78M	USD	2 Qtrs
Dividends paid	`PaymentsOfDividends`	$4.17M	USD	2 Qtrs
Dividends paid	`PaymentsOfDividends`	$4.18M	USD	2 Qtrs
Proceeds from exercise of stock options	`ProceedsFromExerciseOfStockOptionsAndExcessTaxBenefit`	$1.58M	USD	2 Qtrs
Proceeds from exercise of stock options	`ProceedsFromExerciseOfStockOptionsAndExcessTaxBenefit`	$297.00K	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-3.87M	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.60M	USD	2 Qtrs
Change in cash and cash equivalents before effect of exchange rate changes	`CashAndCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-18.72M	USD	2 Qtrs
Change in cash and cash equivalents before effect of exchange rate changes	`CashAndCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-76.68M	USD	2 Qtrs
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$12.00K	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`	$-76.18M	USD	2 Qtrs
Change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-18.71M	USD	2 Qtrs
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$186.12M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$133.15M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$109.94M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$114.44M	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`	$133.15M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$109.94M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$114.44M	USD	Point-in-time
Cash paid during the period for income taxes, net of refunds	`IncomeTaxesPaidNet`	$459.00K	USD	2 Qtrs
Cash paid during the period for income taxes, net of refunds	`IncomeTaxesPaidNet`	$2.27M	USD	2 Qtrs
Cash paid during the period for interest	`InterestPaidNet`	$692.00K	USD	2 Qtrs
Cash paid during the period for interest	`InterestPaidNet`	$364.00K	USD	2 Qtrs

Comprehensive Income 16 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`NetIncomeLoss`	$8.04M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$4.96M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$13.17M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$12.97M	USD	2 Qtrs
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-135.00K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$201.00K	USD	2 Qtrs
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$18.00K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-76.00K	USD	2 Qtrs
Other comprehensive earnings (loss)	`OtherComprehensiveIncomeLossNetOfTax`	$-59.00K	USD	2 Qtrs
Other comprehensive earnings (loss)	`OtherComprehensiveIncomeLossNetOfTax`	$6.00K	USD	1 Quarter
Other comprehensive earnings (loss)	`OtherComprehensiveIncomeLossNetOfTax`	$160.00K	USD	2 Qtrs
Other comprehensive earnings (loss)	`OtherComprehensiveIncomeLossNetOfTax`	$-205.00K	USD	1 Quarter
Total comprehensive earnings	`ComprehensiveIncomeNetOfTax`	$13.13M	USD	2 Qtrs
Total comprehensive earnings	`ComprehensiveIncomeNetOfTax`	$7.84M	USD	1 Quarter
Total comprehensive earnings	`ComprehensiveIncomeNetOfTax`	$4.96M	USD	1 Quarter
Total comprehensive earnings	`ComprehensiveIncomeNetOfTax`	$13.11M	USD	2 Qtrs

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