10-Q Filing

PARK AEROSPACE CORP CIK: 76267 Q3 2015

Filing Information

Form Type	10-Q
Accession Number	`0001437749-16-023352`
Period End Date	20151130
Filing Date	20160108
Fiscal Year	2015
Fiscal Period	Q3
XBRL Instance	pke-20151129.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 64 Cash Flow Statement 58 Comprehensive Income 16

Balance Sheet 64 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$396.00K	USD	Point-in-time
Allowance for doubtful accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$365.00K	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`	$150.26M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$76.73M	USD	Point-in-time
Marketable securities (Note 3)	`AvailableForSaleSecurities`	$130.59M	USD	Point-in-time
Marketable securities (Note 3)	`AvailableForSaleSecurities`	$152.91M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $365 and $396, respectively	`AccountsReceivableNetCurrent`	$20.09M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $365 and $396, respectively	`AccountsReceivableNetCurrent`	$21.43M	USD	Point-in-time
Inventories (Note 4)	`InventoryNet`	$14.44M	USD	Point-in-time
Inventories (Note 4)	`InventoryNet`	$12.64M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$5.26M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$5.18M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$313.26M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$267.55M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$22.26M	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`	$1.27M	USD	Point-in-time
Total assets	`Assets`	$325.92M	USD	Point-in-time
Total assets	`Assets`	$350.68M	USD	Point-in-time
Current portion of long-term debt (Note 5)	`LongTermDebtCurrent`	$13.75M	USD	Point-in-time
Current portion of long-term debt (Note 5)	`LongTermDebtCurrent`	$10.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$6.88M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$5.60M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$4.88M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$4.77M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$2.32M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$4.14M	USD	Point-in-time
Current deferred income taxes	`DeferredTaxLiabilitiesCurrent`	$362.00K	USD	Point-in-time
Current deferred income taxes	`DeferredTaxLiabilitiesCurrent`	$3.93M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$26.91M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$29.72M	USD	Point-in-time
Long-term debt (Note 5)	`LongTermDebtNoncurrent`	$84.00M	USD	Point-in-time
Long-term debt (Note 5)	`LongTermDebtNoncurrent`	$72.75M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$47.05M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$54.16M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$1.20M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$1.09M	USD	Point-in-time
Total liabilities	`Liabilities`	$147.81M	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`	$166.06M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$23.37M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$16.05M	USD	Point-in-time
Accumulated other comprehensive earnings	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$1.34M	USD	Point-in-time
Accumulated other comprehensive earnings	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$1.47M	USD	Point-in-time
Stockholders' equity	`StockoldersEquityIncludingTreasuryStock`	$192.87M	USD	Point-in-time
Stockholders' equity	`StockoldersEquityIncludingTreasuryStock`	$184.43M	USD	Point-in-time
Less treasury stock, at cost	`TreasuryStockValue`	$14.76M	USD	Point-in-time
Less treasury stock, at cost	`TreasuryStockValue`	$2.83M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$178.12M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$181.60M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$350.68M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$325.92M	USD	Point-in-time

Income Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$34.68M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$34.32M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$110.10M	USD	3 Qtrs
Net sales	`SalesRevenueNet`	$125.84M	USD	3 Qtrs
Cost of sales	`CostOfGoodsSold`	$78.07M	USD	3 Qtrs
Cost of sales	`CostOfGoodsSold`	$88.15M	USD	3 Qtrs
Cost of sales	`CostOfGoodsSold`	$24.03M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$26.08M	USD	1 Quarter
Gross profit	`GrossProfit`	$8.60M	USD	1 Quarter
Gross profit	`GrossProfit`	$37.70M	USD	3 Qtrs
Gross profit	`GrossProfit`	$10.30M	USD	1 Quarter
Gross profit	`GrossProfit`	$32.02M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$16.07M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$5.26M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$5.75M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$18.60M	USD	3 Qtrs
Restructuring charges (Note 7)	`RestructuringCharges`	$986.00K	USD	3 Qtrs
Restructuring charges (Note 7)	`RestructuringCharges`	$636.00K	USD	1 Quarter
Restructuring charges (Note 7)	`RestructuringCharges`	$158.00K	USD	1 Quarter
Restructuring charges (Note 7)	`RestructuringCharges`	$373.00K	USD	3 Qtrs
Earnings from operations	`OperatingIncomeLoss`	$2.21M	USD	1 Quarter
Earnings from operations	`OperatingIncomeLoss`	$15.58M	USD	3 Qtrs
Earnings from operations	`OperatingIncomeLoss`	$4.88M	USD	1 Quarter
Earnings from operations	`OperatingIncomeLoss`	$18.11M	USD	3 Qtrs
Interest expense (Note 5)	`InterestExpense`	$355.00K	USD	1 Quarter
Interest expense (Note 5)	`InterestExpense`	$1.07M	USD	3 Qtrs
Interest expense (Note 5)	`InterestExpense`	$361.00K	USD	1 Quarter
Interest expense (Note 5)	`InterestExpense`	$1.08M	USD	3 Qtrs
Interest and other income	`InterestAndOtherIncome`	$595.00K	USD	3 Qtrs
Interest and other income	`InterestAndOtherIncome`	$809.00K	USD	3 Qtrs
Interest and other income	`InterestAndOtherIncome`	$227.00K	USD	1 Quarter
Interest and other income	`InterestAndOtherIncome`	$222.00K	USD	1 Quarter
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$15.31M	USD	3 Qtrs
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$2.07M	USD	1 Quarter
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$4.75M	USD	1 Quarter
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$17.63M	USD	3 Qtrs
Income tax provision (Note 10)	`IncomeTaxExpenseBenefit`	$38.00K	USD	1 Quarter
Income tax provision (Note 10)	`IncomeTaxExpenseBenefit`	$638.00K	USD	1 Quarter
Income tax provision (Note 10)	`IncomeTaxExpenseBenefit`	$1.85M	USD	3 Qtrs
Income tax provision (Note 10)	`IncomeTaxExpenseBenefit`	$2.43M	USD	3 Qtrs
Net earnings	`NetIncomeLoss`	$4.11M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$13.46M	USD	3 Qtrs
Net earnings	`NetIncomeLoss`	$15.20M	USD	3 Qtrs
Net earnings	`NetIncomeLoss`	$2.03M	USD	1 Quarter
Basic earnings per share (in dollars per share)	`EarningsPerShareBasic`	$0.20	USD	1 Quarter
Basic earnings per share (in dollars per share)	`EarningsPerShareBasic`	$0.10	USD	1 Quarter
Basic earnings per share (in dollars per share)	`EarningsPerShareBasic`	$0.66	USD	3 Qtrs
Basic earnings per share (in dollars per share)	`EarningsPerShareBasic`	$0.73	USD	3 Qtrs
Weighted average common shares outstanding for basic EPS (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	20.25M	shares	1 Quarter
Weighted average common shares outstanding for basic EPS (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	20.38M	shares	3 Qtrs
Weighted average common shares outstanding for basic EPS (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	20.95M	shares	1 Quarter
Weighted average common shares outstanding for basic EPS (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	20.92M	shares	3 Qtrs
Diluted earnings per share (in dollars per share)	`EarningsPerShareDiluted`	$0.66	USD	3 Qtrs
Diluted earnings per share (in dollars per share)	`EarningsPerShareDiluted`	$0.72	USD	3 Qtrs
Diluted earnings per share (in dollars per share)	`EarningsPerShareDiluted`	$0.20	USD	1 Quarter
Diluted earnings per share (in dollars per share)	`EarningsPerShareDiluted`	$0.10	USD	1 Quarter
Diluted weighted average shares (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	20.25M	shares	1 Quarter
Diluted weighted average shares (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	21.00M	shares	3 Qtrs
Diluted weighted average shares (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	20.99M	shares	1 Quarter
Diluted weighted average shares (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	20.39M	shares	3 Qtrs
Dividends declared per share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.30	USD	3 Qtrs
Dividends declared per share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.30	USD	3 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

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`NetIncomeLoss`	$4.11M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$13.46M	USD	3 Qtrs
Net earnings	`NetIncomeLoss`	$15.20M	USD	3 Qtrs
Net earnings	`NetIncomeLoss`	$2.03M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.65M	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.52M	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$912.00K	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$1.19M	USD	3 Qtrs
Provision for deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-1.90M	USD	3 Qtrs
Provision for deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-10.67M	USD	3 Qtrs
Amortization of bond premium	`AmortizationOfDebtDiscountPremium`	$738.00K	USD	3 Qtrs
Amortization of bond premium	`AmortizationOfDebtDiscountPremium`	$658.00K	USD	3 Qtrs
Changes in operating assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$449.00K	USD	3 Qtrs
Changes in operating assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$-3.44M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$20.96M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$6.79M	USD	3 Qtrs
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$381.00K	USD	3 Qtrs
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$320.00K	USD	3 Qtrs
Proceeds from sales of property, plant and eqipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$2.03M	USD	3 Qtrs
Proceeds from sales of property, plant and eqipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	-	USD	3 Qtrs
Purchases of marketable securities	`PaymentsToAcquireMarketableSecurities`	$75.98M	USD	3 Qtrs
Purchases of marketable securities	`PaymentsToAcquireMarketableSecurities`	$92.89M	USD	3 Qtrs
Proceeds from sales and maturities of marketable securities	`ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities`	$77.62M	USD	3 Qtrs
Proceeds from sales and maturities of marketable securities	`ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities`	$69.25M	USD	3 Qtrs
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-21.94M	USD	3 Qtrs
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$1.26M	USD	3 Qtrs
Dividends paid	`PaymentsOfDividends`	$6.13M	USD	3 Qtrs
Dividends paid	`PaymentsOfDividends`	$6.27M	USD	3 Qtrs
Restricted cash (Note 5)	`IncreaseDecreaseInRestrictedCash`	-	USD	3 Qtrs
Restricted cash (Note 5)	`IncreaseDecreaseInRestrictedCash`	$25.00M	USD	3 Qtrs
Proceeds from exercise of stock options	`ProceedsFromExerciseOfStockOptionsAndExcessTaxBenefit`	$50.00K	USD	3 Qtrs
Proceeds from exercise of stock options	`ProceedsFromExerciseOfStockOptionsAndExcessTaxBenefit`	$1.61M	USD	3 Qtrs
Payments of long-term debt	`RepaymentsOfLongTermDebt`	$7.50M	USD	3 Qtrs
Payments of long-term debt	`RepaymentsOfLongTermDebt`	-	USD	3 Qtrs
Tax benefits from stock-based compensation	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$38.00K	USD	3 Qtrs
Tax benefits from stock-based compensation	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	-	USD	3 Qtrs
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$172.00K	USD	3 Qtrs
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$11.93M	USD	3 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-4.80M	USD	3 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-50.50M	USD	3 Qtrs
(Decrease) increase in cash and cash equivalents before effect of exchange rate changes	`CashAndCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-65.66M	USD	3 Qtrs
(Decrease) increase in cash and cash equivalents before effect of exchange rate changes	`CashAndCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$17.42M	USD	3 Qtrs
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-315.00K	USD	3 Qtrs
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$852.00K	USD	3 Qtrs
(Decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-64.80M	USD	3 Qtrs
(Decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$17.11M	USD	3 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`	$150.26M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$76.73M	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`	$150.26M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$76.73M	USD	Point-in-time
Cash paid during the period for income taxes	`IncomeTaxesPaidNet`	$3.78M	USD	3 Qtrs
Cash paid during the period for income taxes	`IncomeTaxesPaidNet`	$14.26M	USD	3 Qtrs
Cash paid during the period for interest	`InterestPaidNet`	$924.00K	USD	3 Qtrs
Cash paid during the period for interest	`InterestPaidNet`	$823.00K	USD	3 Qtrs

Comprehensive Income 16 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`NetIncomeLoss`	$4.11M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$13.46M	USD	3 Qtrs
Net earnings	`NetIncomeLoss`	$15.20M	USD	3 Qtrs
Net earnings	`NetIncomeLoss`	$2.03M	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-77.00K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$91.00K	USD	3 Qtrs
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$28.00K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-153.00K	USD	3 Qtrs
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTax`	$-3.00K	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTax`	$-126.00K	USD	3 Qtrs
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTax`	$-60.00K	USD	3 Qtrs
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTax`	$-144.00K	USD	1 Quarter
Total comprehensive earnings	`ComprehensiveIncomeNetOfTax`	$15.14M	USD	3 Qtrs
Total comprehensive earnings	`ComprehensiveIncomeNetOfTax`	$2.03M	USD	1 Quarter
Total comprehensive earnings	`ComprehensiveIncomeNetOfTax`	$3.96M	USD	1 Quarter
Total comprehensive earnings	`ComprehensiveIncomeNetOfTax`	$13.33M	USD	3 Qtrs

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