10-Q Filing

PARK AEROSPACE CORP CIK: 76267 Q2 2015

Filing Information

Form Type	10-Q
Accession Number	`0001437749-15-018238`
Period End Date	20150831
Filing Date	20151009
Fiscal Year	2015
Fiscal Period	Q2
XBRL Instance	pke-20150830.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 64 Cash Flow Statement 56 Comprehensive Income 16

Balance Sheet 64 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$400.00K	USD	Point-in-time
Allowance for doubtful accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$396.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$141.54M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$133.15M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$89.38M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$114.44M	USD	Point-in-time
Marketable securities (Note 3)	`AvailableForSaleSecurities`	$130.59M	USD	Point-in-time
Marketable securities (Note 3)	`AvailableForSaleSecurities`	$140.08M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $400 and $396, respectively	`AccountsReceivableNetCurrent`	$21.92M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $400 and $396, respectively	`AccountsReceivableNetCurrent`	$21.43M	USD	Point-in-time
Inventories (Note 4)	`InventoryNet`	$14.44M	USD	Point-in-time
Inventories (Note 4)	`InventoryNet`	$14.05M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$5.26M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$5.47M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$270.91M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$313.26M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$23.03M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$26.54M	USD	Point-in-time
Goodwill and other intangible assets	`IntangibleAssetsNetIncludingGoodwill`	$9.84M	USD	Point-in-time
Goodwill and other intangible assets	`IntangibleAssetsNetIncludingGoodwill`	$9.84M	USD	Point-in-time
Restricted cash (Note 5)	`RestrictedCashAndCashEquivalentsNoncurrent`	$25.00M	USD	Point-in-time
Restricted cash (Note 5)	`RestrictedCashAndCashEquivalentsNoncurrent`	-	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.05M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.37M	USD	Point-in-time
Total assets	`Assets`	$350.68M	USD	Point-in-time
Total assets	`Assets`	$330.15M	USD	Point-in-time
Current portion of long-term debt (Note 5)	`LongTermDebtCurrent`	$10.00M	USD	Point-in-time
Current portion of long-term debt (Note 5)	`LongTermDebtCurrent`	$12.50M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$6.88M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$8.31M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$4.77M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$5.28M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$4.14M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$3.29M	USD	Point-in-time
Current deferred income taxes	`DeferredTaxLiabilitiesCurrent`	$3.93M	USD	Point-in-time
Current deferred income taxes	`DeferredTaxLiabilitiesCurrent`	$65.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$29.72M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$29.45M	USD	Point-in-time
Long-term debt (Note 5)	`LongTermDebtNoncurrent`	$76.50M	USD	Point-in-time
Long-term debt (Note 5)	`LongTermDebtNoncurrent`	$84.00M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$54.16M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$47.16M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$1.20M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$1.20M	USD	Point-in-time
Total liabilities	`Liabilities`	$154.32M	USD	Point-in-time
Total liabilities	`Liabilities`	$169.08M	USD	Point-in-time
Commitments and contingencies (Note 12)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 12)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock	`CommonStockValue`	$2.10M	USD	Point-in-time
Common stock	`CommonStockValue`	$2.10M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$164.82M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$165.71M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$16.05M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$21.29M	USD	Point-in-time
Accumulated other comprehensive earnings	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$1.49M	USD	Point-in-time
Accumulated other comprehensive earnings	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$1.47M	USD	Point-in-time
Stockholders' equity	`StockoldersEquityIncludingTreasuryStock`	$190.58M	USD	Point-in-time
Stockholders' equity	`StockoldersEquityIncludingTreasuryStock`	$184.43M	USD	Point-in-time
Less treasury stock, at cost	`TreasuryStockValue`	$2.83M	USD	Point-in-time
Less treasury stock, at cost	`TreasuryStockValue`	$14.76M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$181.60M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$175.82M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$330.15M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$350.68M	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`	$91.17M	USD	2 Qtrs
Net sales	`SalesRevenueNet`	$75.78M	USD	2 Qtrs
Net sales	`SalesRevenueNet`	$37.95M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$62.07M	USD	2 Qtrs
Cost of sales	`CostOfGoodsSold`	$30.18M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$27.59M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$54.05M	USD	2 Qtrs
Gross profit	`GrossProfit`	$29.10M	USD	2 Qtrs
Gross profit	`GrossProfit`	$10.36M	USD	1 Quarter
Gross profit	`GrossProfit`	$21.73M	USD	2 Qtrs
Gross profit	`GrossProfit`	$12.17M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$5.01M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$12.85M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$10.81M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$6.25M	USD	1 Quarter
Restructuring charges (Note 7)	`RestructuringCharges`	$215.00K	USD	2 Qtrs
Restructuring charges (Note 7)	`RestructuringCharges`	$83.00K	USD	1 Quarter
Restructuring charges (Note 7)	`RestructuringCharges`	$91.00K	USD	1 Quarter
Restructuring charges (Note 7)	`RestructuringCharges`	$350.00K	USD	2 Qtrs
Earnings from operations	`OperatingIncomeLoss`	$5.26M	USD	1 Quarter
Earnings from operations	`OperatingIncomeLoss`	$5.84M	USD	1 Quarter
Earnings from operations	`OperatingIncomeLoss`	$15.90M	USD	2 Qtrs
Earnings from operations	`OperatingIncomeLoss`	$10.70M	USD	2 Qtrs
Interest expense (Note 5)	`InterestExpense`	$360.00K	USD	1 Quarter
Interest expense (Note 5)	`InterestExpense`	$725.00K	USD	2 Qtrs
Interest expense (Note 5)	`InterestExpense`	$356.00K	USD	1 Quarter
Interest expense (Note 5)	`InterestExpense`	$713.00K	USD	2 Qtrs
Interest and other income	`InterestAndOtherIncome`	$582.00K	USD	2 Qtrs
Interest and other income	`InterestAndOtherIncome`	$373.00K	USD	2 Qtrs
Interest and other income	`InterestAndOtherIncome`	$317.00K	USD	1 Quarter
Interest and other income	`InterestAndOtherIncome`	$226.00K	USD	1 Quarter
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$5.70M	USD	1 Quarter
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$10.56M	USD	2 Qtrs
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$5.22M	USD	1 Quarter
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$15.56M	USD	2 Qtrs
Income tax provision (Note 10)	`IncomeTaxExpenseBenefit`	$653.00K	USD	1 Quarter
Income tax provision (Note 10)	`IncomeTaxExpenseBenefit`	$2.39M	USD	2 Qtrs
Income tax provision (Note 10)	`IncomeTaxExpenseBenefit`	$1.21M	USD	2 Qtrs
Income tax provision (Note 10)	`IncomeTaxExpenseBenefit`	$747.00K	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$9.35M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$4.57M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$13.17M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$4.96M	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`	$0.23	USD	1 Quarter
Basic earnings per share (in dollars per share)	`EarningsPerShareBasic`	$0.24	USD	1 Quarter
Basic earnings per share (in dollars per share)	`EarningsPerShareBasic`	$0.46	USD	2 Qtrs
Weighted average common shares outstanding for basic EPS (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	20.93M	shares	1 Quarter
Weighted average common shares outstanding for basic EPS (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	20.34M	shares	1 Quarter
Weighted average common shares outstanding for basic EPS (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	20.44M	shares	2 Qtrs
Weighted average common shares outstanding for basic EPS (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	20.90M	shares	2 Qtrs
Diluted earnings per share (in dollars per share)	`EarningsPerShareDiluted`	$0.24	USD	1 Quarter
Diluted earnings per share (in dollars per share)	`EarningsPerShareDiluted`	$0.46	USD	2 Qtrs
Diluted earnings per share (in dollars per share)	`EarningsPerShareDiluted`	$0.23	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`	20.45M	shares	2 Qtrs
Diluted weighted average shares (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	20.34M	shares	1 Quarter
Diluted weighted average shares (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	21.01M	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`	$0.20	USD	2 Qtrs
Dividends declared per share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.10	USD	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`NetIncomeLoss`	$9.35M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$4.57M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$13.17M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$4.96M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.68M	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`	$841.00K	USD	2 Qtrs
Provision for deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-10.86M	USD	2 Qtrs
Provision for deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	-	USD	2 Qtrs
Amortization of bond premium	`AmortizationOfDebtDiscountPremium`	$530.00K	USD	2 Qtrs
Amortization of bond premium	`AmortizationOfDebtDiscountPremium`	$454.00K	USD	2 Qtrs
Changes in operating assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$-523.00K	USD	2 Qtrs
Changes in operating assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$-2.08M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$18.15M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.98M	USD	2 Qtrs
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$226.00K	USD	2 Qtrs
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$232.00K	USD	2 Qtrs
Proceeds from sales of property, plant and eqipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$2.03M	USD	2 Qtrs
Proceeds from sales of property, plant and eqipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	-	USD	2 Qtrs
Purchases of marketable securities	`PaymentsToAcquireMarketableSecurities`	$49.39M	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`	$39.01M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-34.27M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-8.58M	USD	2 Qtrs
Dividends paid	`PaymentsOfDividends`	$4.18M	USD	2 Qtrs
Dividends paid	`PaymentsOfDividends`	$4.10M	USD	2 Qtrs
Restricted cash (Note 5)	`IncreaseDecreaseInRestrictedCash`	-	USD	2 Qtrs
Restricted cash (Note 5)	`IncreaseDecreaseInRestrictedCash`	$25.00M	USD	2 Qtrs
Proceeds from exercise of stock options	`ProceedsFromExerciseOfStockOptionsAndExcessTaxBenefit`	$50.00K	USD	2 Qtrs
Proceeds from exercise of stock options	`ProceedsFromExerciseOfStockOptionsAndExcessTaxBenefit`	$1.58M	USD	2 Qtrs
Payments of long-term debt	`RepaymentsOfLongTermDebt`	$5.00M	USD	2 Qtrs
Payments of long-term debt	`RepaymentsOfLongTermDebt`	-	USD	2 Qtrs
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	-	USD	2 Qtrs
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$11.93M	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.60M	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-45.98M	USD	2 Qtrs
Decrease in cash and cash equivalents before effect of exchange rate changes	`CashAndCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-52.58M	USD	2 Qtrs
Decrease in cash and cash equivalents before effect of exchange rate changes	`CashAndCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-18.72M	USD	2 Qtrs
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$422.00K	USD	2 Qtrs
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$12.00K	USD	2 Qtrs
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-18.71M	USD	2 Qtrs
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-52.16M	USD	2 Qtrs
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$141.54M	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`	$89.38M	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`	$141.54M	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`	$89.38M	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`	$12.86M	USD	2 Qtrs
Cash paid during the period for income taxes, net of refunds	`IncomeTaxesPaidNet`	$459.00K	USD	2 Qtrs
Cash paid during the period for interest	`InterestPaidNet`	$410.00K	USD	2 Qtrs
Cash paid during the period for interest	`InterestPaidNet`	$692.00K	USD	2 Qtrs

Comprehensive Income 16 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`NetIncomeLoss`	$9.35M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$4.57M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$13.17M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$4.96M	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$63.00K	USD	2 Qtrs
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-76.00K	USD	2 Qtrs
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$8.00K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$18.00K	USD	1 Quarter
Other comprehensive (loss) earnings	`OtherComprehensiveIncomeLossNetOfTax`	$18.00K	USD	2 Qtrs
Other comprehensive (loss) earnings	`OtherComprehensiveIncomeLossNetOfTax`	$-59.00K	USD	2 Qtrs
Other comprehensive (loss) earnings	`OtherComprehensiveIncomeLossNetOfTax`	$-106.00K	USD	1 Quarter
Other comprehensive (loss) earnings	`OtherComprehensiveIncomeLossNetOfTax`	$6.00K	USD	1 Quarter
Total comprehensive earnings	`ComprehensiveIncomeNetOfTax`	$4.46M	USD	1 Quarter
Total comprehensive earnings	`ComprehensiveIncomeNetOfTax`	$9.36M	USD	2 Qtrs
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.