10-Q Filing

PARK AEROSPACE CORP CIK: 76267 Q2 2016

Filing Information

Form Type	10-Q
Accession Number	`0001437749-16-039570`
Period End Date	20160831
Filing Date	20161007
Fiscal Year	2016
Fiscal Period	Q2
XBRL Instance	pke-20160828.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 62 Income Statement 64 Cash Flow Statement 56 Comprehensive Income 16

Balance Sheet 62 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$324.00K	USD	Point-in-time
Allowance for doubtful accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$326.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$89.38M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$103.44M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$97.76M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$141.54M	USD	Point-in-time
Marketable securities (Note 3)	`MarketableSecuritiesCurrent`	$136.27M	USD	Point-in-time
Marketable securities (Note 3)	`MarketableSecuritiesCurrent`	$139.67M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $326 and $324, respectively	`AccountsReceivableNetCurrent`	$18.37M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $326 and $324, respectively	`AccountsReceivableNetCurrent`	$22.58M	USD	Point-in-time
Inventories (Note 4)	`InventoryNet`	$11.75M	USD	Point-in-time
Inventories (Note 4)	`InventoryNet`	$10.21M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.29M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.96M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$272.12M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$272.19M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$19.97M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$21.51M	USD	Point-in-time
Goodwill and other intangible assets	`IntangibleAssetsNetIncludingGoodwill`	$9.83M	USD	Point-in-time
Goodwill and other intangible assets	`IntangibleAssetsNetIncludingGoodwill`	$9.83M	USD	Point-in-time
Restricted cash (Note 5)	`RestrictedCashAndCashEquivalentsNoncurrent`	$10.00M	USD	Point-in-time
Restricted cash (Note 5)	`RestrictedCashAndCashEquivalentsNoncurrent`	$10.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.33M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.25M	USD	Point-in-time
Total assets	`Assets`	$313.25M	USD	Point-in-time
Total assets	`Assets`	$314.78M	USD	Point-in-time
Current portion of long-term debt (Note 5)	`LongTermDebtCurrent`	$3.00M	USD	Point-in-time
Current portion of long-term debt (Note 5)	`LongTermDebtCurrent`	$3.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$4.94M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$6.16M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$5.30M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$4.58M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$2.16M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$2.94M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$15.40M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$16.68M	USD	Point-in-time
Long-term debt (Note 5)	`LongTermDebtNoncurrent`	$70.50M	USD	Point-in-time
Long-term debt (Note 5)	`LongTermDebtNoncurrent`	$72.00M	USD	Point-in-time
Deferred income taxes (Note 9)	`DeferredTaxLiabilitiesNoncurrent`	$43.94M	USD	Point-in-time
Deferred income taxes (Note 9)	`DeferredTaxLiabilitiesNoncurrent`	$43.94M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$1.29M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$1.02M	USD	Point-in-time
Total liabilities	`Liabilities`	$133.91M	USD	Point-in-time
Total liabilities	`Liabilities`	$130.87M	USD	Point-in-time
Shareholders' equity (Note 8):	`CommitmentsAndContingencies`	-	USD	Point-in-time
Shareholders' equity (Note 8):	`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`	$166.40M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$167.10M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$26.81M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$25.92M	USD	Point-in-time
Accumulated other comprehensive earnings	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$1.47M	USD	Point-in-time
Accumulated other comprehensive earnings	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$1.40M	USD	Point-in-time
StockoldersEquityIncludingTreasuryStock	`StockoldersEquityIncludingTreasuryStock`	$197.40M	USD	Point-in-time
StockoldersEquityIncludingTreasuryStock	`StockoldersEquityIncludingTreasuryStock`	$195.89M	USD	Point-in-time
Less treasury stock, at cost	`TreasuryStockValue`	$15.02M	USD	Point-in-time
Less treasury stock, at cost	`TreasuryStockValue`	$15.02M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$182.38M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$180.87M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$314.78M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$313.25M	USD	Point-in-time

Income Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$29.06M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$60.55M	USD	2 Qtrs
Net sales	`SalesRevenueNet`	$75.78M	USD	2 Qtrs
Net sales	`SalesRevenueNet`	$37.95M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$54.05M	USD	2 Qtrs
Cost of sales	`CostOfGoodsSold`	$27.59M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$44.53M	USD	2 Qtrs
Cost of sales	`CostOfGoodsSold`	$21.82M	USD	1 Quarter
Gross profit	`GrossProfit`	$16.02M	USD	2 Qtrs
Gross profit	`GrossProfit`	$10.36M	USD	1 Quarter
Gross profit	`GrossProfit`	$21.73M	USD	2 Qtrs
Gross profit	`GrossProfit`	$7.23M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$5.01M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$5.11M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$10.81M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$10.45M	USD	2 Qtrs
Restructuring charges (Note 6)	`RestructuringCharges`	$23.00K	USD	1 Quarter
Restructuring charges (Note 6)	`RestructuringCharges`	$215.00K	USD	2 Qtrs
Restructuring charges (Note 6)	`RestructuringCharges`	$93.00K	USD	2 Qtrs
Restructuring charges (Note 6)	`RestructuringCharges`	$91.00K	USD	1 Quarter
Earnings from operations	`OperatingIncomeLoss`	$5.48M	USD	2 Qtrs
Earnings from operations	`OperatingIncomeLoss`	$5.26M	USD	1 Quarter
Earnings from operations	`OperatingIncomeLoss`	$2.10M	USD	1 Quarter
Earnings from operations	`OperatingIncomeLoss`	$10.70M	USD	2 Qtrs
Interest expense (Note 5)	`InterestExpense`	$356.00K	USD	1 Quarter
Interest expense (Note 5)	`InterestExpense`	$667.00K	USD	2 Qtrs
Interest expense (Note 5)	`InterestExpense`	$725.00K	USD	2 Qtrs
Interest expense (Note 5)	`InterestExpense`	$334.00K	USD	1 Quarter
Interest and other income	`InterestAndOtherIncome`	$582.00K	USD	2 Qtrs
Interest and other income	`InterestAndOtherIncome`	$369.00K	USD	1 Quarter
Interest and other income	`InterestAndOtherIncome`	$317.00K	USD	1 Quarter
Interest and other income	`InterestAndOtherIncome`	$747.00K	USD	2 Qtrs
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$5.56M	USD	2 Qtrs
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$2.14M	USD	1 Quarter
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$5.22M	USD	1 Quarter
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$10.56M	USD	2 Qtrs
Income tax provision (Note 9)	`IncomeTaxExpenseBenefit`	$653.00K	USD	1 Quarter
Income tax provision (Note 9)	`IncomeTaxExpenseBenefit`	$155.00K	USD	1 Quarter
Income tax provision (Note 9)	`IncomeTaxExpenseBenefit`	$1.21M	USD	2 Qtrs
Income tax provision (Note 9)	`IncomeTaxExpenseBenefit`	$630.00K	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$1.98M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$4.57M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$9.35M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$4.93M	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`	$0.10	USD	1 Quarter
Basic earnings per share (in dollars per share)	`EarningsPerShareBasic`	$0.24	USD	2 Qtrs
Basic earnings per share (in dollars per share)	`EarningsPerShareBasic`	$0.46	USD	2 Qtrs
Basic weighted average shares (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	20.44M	shares	2 Qtrs
Basic weighted average shares (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	20.23M	shares	1 Quarter
Basic weighted average shares (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	20.34M	shares	1 Quarter
Basic weighted average shares (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	20.23M	shares	2 Qtrs
Diluted earnings per share (in dollars per share)	`EarningsPerShareDiluted`	$0.10	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`	$0.24	USD	2 Qtrs
Diluted earnings per share (in dollars per share)	`EarningsPerShareDiluted`	$0.23	USD	1 Quarter
Diluted weighted average shares (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	20.45M	shares	2 Qtrs
Diluted weighted average shares (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	20.23M	shares	2 Qtrs
Diluted weighted average shares (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	20.23M	shares	1 Quarter
Diluted weighted average shares (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	20.34M	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`	$0.20	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

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`NetIncomeLoss`	$1.98M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$4.57M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$9.35M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$4.93M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.68M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.65M	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$704.00K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$841.00K	USD	2 Qtrs
Provision for deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	-	USD	2 Qtrs
Provision for deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-10.86M	USD	2 Qtrs
Amortization of bond premium	`AmortizationOfDebtDiscountPremium`	$454.00K	USD	2 Qtrs
Amortization of bond premium	`AmortizationOfDebtDiscountPremium`	$278.00K	USD	2 Qtrs
Changes in operating assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$-1.25M	USD	2 Qtrs
Changes in operating assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$-523.00K	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$1.98M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$8.82M	USD	2 Qtrs
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$226.00K	USD	2 Qtrs
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$94.00K	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`	$27.10M	USD	2 Qtrs
Proceeds from sales and maturities of marketable securities	`ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities`	$29.48M	USD	2 Qtrs
Proceeds from sales and maturities of marketable securities	`ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities`	$39.01M	USD	2 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-8.58M	USD	2 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$2.28M	USD	2 Qtrs
Dividends paid	`PaymentsOfDividends`	$4.10M	USD	2 Qtrs
Dividends paid	`PaymentsOfDividends`	$4.05M	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	`ProceedsFromStockOptionsExercised`	$50.00K	USD	2 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	-	USD	2 Qtrs
Payments of long-term debt	`RepaymentsOfLongTermDebt`	$1.50M	USD	2 Qtrs
Payments of long-term debt	`RepaymentsOfLongTermDebt`	$5.00M	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	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-45.98M	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-5.55M	USD	2 Qtrs
Increase (decrease) in cash and cash equivalents before effect of exchange rate changes	`CashAndCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-52.58M	USD	2 Qtrs
Increase (decrease) in cash and cash equivalents before effect of exchange rate changes	`CashAndCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$5.55M	USD	2 Qtrs
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$129.00K	USD	2 Qtrs
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$422.00K	USD	2 Qtrs
Increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$5.68M	USD	2 Qtrs
Increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-52.16M	USD	2 Qtrs
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$89.38M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$103.44M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$97.76M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$141.54M	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`	$103.44M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$97.76M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$141.54M	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`	$1.76M	USD	2 Qtrs
Cash paid during the period for interest	`InterestPaidNet`	$653.00K	USD	2 Qtrs
Cash paid during the period for interest	`InterestPaidNet`	$410.00K	USD	2 Qtrs

Comprehensive Income 16 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`NetIncomeLoss`	$1.98M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$4.57M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$9.35M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$4.93M	USD	2 Qtrs
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$63.00K	USD	2 Qtrs
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$26.00K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$5.00K	USD	2 Qtrs
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$8.00K	USD	1 Quarter
Other comprehensive earnings (loss)	`OtherComprehensiveIncomeLossNetOfTax`	$11.00K	USD	1 Quarter
Other comprehensive earnings (loss)	`OtherComprehensiveIncomeLossNetOfTax`	$-106.00K	USD	1 Quarter
Other comprehensive earnings (loss)	`OtherComprehensiveIncomeLossNetOfTax`	$-74.00K	USD	2 Qtrs
Other comprehensive earnings (loss)	`OtherComprehensiveIncomeLossNetOfTax`	$18.00K	USD	2 Qtrs
Total comprehensive earnings	`ComprehensiveIncomeNetOfTax`	$4.46M	USD	1 Quarter
Total comprehensive earnings	`ComprehensiveIncomeNetOfTax`	$4.86M	USD	2 Qtrs
Total comprehensive earnings	`ComprehensiveIncomeNetOfTax`	$9.36M	USD	2 Qtrs
Total comprehensive earnings	`ComprehensiveIncomeNetOfTax`	$1.99M	USD	1 Quarter

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