10-Q Filing

PARK AEROSPACE CORP CIK: 76267 Q2 2017

Filing Information

Form Type	10-Q
Accession Number	`0001437749-17-016933`
Period End Date	20170831
Filing Date	20171006
Fiscal Year	2017
Fiscal Period	Q2
XBRL Instance	pke-20170827.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 62 Income Statement 64 Cash Flow Statement 52 Comprehensive Income 16

Balance Sheet 62 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$285.00K	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$294.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$97.76M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$103.44M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$102.44M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$30.19M	USD	Point-in-time
Marketable securities (Note 3)	`MarketableSecuritiesCurrent`	$202.87M	USD	Point-in-time
Marketable securities (Note 3)	`MarketableSecuritiesCurrent`	$136.15M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $285 and $294, respectively	`AccountsReceivableNetCurrent`	$17.24M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $285 and $294, respectively	`AccountsReceivableNetCurrent`	$21.18M	USD	Point-in-time
Inventories (Note 4)	`InventoryNet`	$11.92M	USD	Point-in-time
Inventories (Note 4)	`InventoryNet`	$11.11M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.20M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.58M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$268.75M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$269.13M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$18.64M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$17.62M	USD	Point-in-time
Goodwill and other intangible assets	`IntangibleAssetsNetIncludingGoodwill`	$9.82M	USD	Point-in-time
Goodwill and other intangible assets	`IntangibleAssetsNetIncludingGoodwill`	$9.82M	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`	$985.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.96M	USD	Point-in-time
Total assets	`Assets`	$308.58M	USD	Point-in-time
Total assets	`Assets`	$308.14M	USD	Point-in-time
Current portion of long-term debt (Note 5)	`LongTermDebtCurrent`	$3.25M	USD	Point-in-time
Current portion of long-term debt (Note 5)	`LongTermDebtCurrent`	$3.50M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$4.18M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$5.44M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$3.42M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$7.06M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$1.89M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$3.02M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$17.65M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$14.12M	USD	Point-in-time
Long-term debt (Note 5)	`LongTermDebtNoncurrent`	$67.00M	USD	Point-in-time
Long-term debt (Note 5)	`LongTermDebtNoncurrent`	$68.50M	USD	Point-in-time
Deferred income taxes (Note 9)	`DeferredTaxLiabilitiesNoncurrent`	$42.09M	USD	Point-in-time
Deferred income taxes (Note 9)	`DeferredTaxLiabilitiesNoncurrent`	$42.09M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$1.04M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$302.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$125.75M	USD	Point-in-time
Total liabilities	`Liabilities`	$127.04M	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`	$2.10M	USD	Point-in-time
Common stock	`CommonStockValue`	$2.10M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$168.07M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$167.61M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$27.11M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$24.98M	USD	Point-in-time
Accumulated other comprehensive earnings	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$1.03M	USD	Point-in-time
Accumulated other comprehensive earnings	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$924.00K	USD	Point-in-time
StockoldersEquityIncludingTreasuryStock	`StockoldersEquityIncludingTreasuryStock`	$197.85M	USD	Point-in-time
StockoldersEquityIncludingTreasuryStock	`StockoldersEquityIncludingTreasuryStock`	$196.07M	USD	Point-in-time
Less treasury stock, at cost	`TreasuryStockValue`	$14.96M	USD	Point-in-time
Less treasury stock, at cost	`TreasuryStockValue`	$15.02M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$181.11M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$182.83M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$308.58M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$308.14M	USD	Point-in-time

Income Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$57.25M	USD	2 Qtrs
Net sales	`SalesRevenueNet`	$29.06M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$29.84M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$60.55M	USD	2 Qtrs
Cost of sales	`CostOfGoodsSold`	$44.53M	USD	2 Qtrs
Cost of sales	`CostOfGoodsSold`	$43.75M	USD	2 Qtrs
Cost of sales	`CostOfGoodsSold`	$22.66M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$21.82M	USD	1 Quarter
Gross profit	`GrossProfit`	$7.23M	USD	1 Quarter
Gross profit	`GrossProfit`	$7.18M	USD	1 Quarter
Gross profit	`GrossProfit`	$13.50M	USD	2 Qtrs
Gross profit	`GrossProfit`	$16.02M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$5.11M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$9.17M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$4.44M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$10.45M	USD	2 Qtrs
Restructuring charges (Note 6)	`RestructuringCharges`	$93.00K	USD	2 Qtrs
Restructuring charges (Note 6)	`RestructuringCharges`	$4.26M	USD	2 Qtrs
Restructuring charges (Note 6)	`RestructuringCharges`	$2.90M	USD	1 Quarter
Restructuring charges (Note 6)	`RestructuringCharges`	$23.00K	USD	1 Quarter
(Loss) Earnings from operations	`OperatingIncomeLoss`	$66.00K	USD	2 Qtrs
(Loss) Earnings from operations	`OperatingIncomeLoss`	$-168.00K	USD	1 Quarter
(Loss) Earnings from operations	`OperatingIncomeLoss`	$2.10M	USD	1 Quarter
(Loss) Earnings from operations	`OperatingIncomeLoss`	$5.48M	USD	2 Qtrs
Interest expense (Note 5)	`InterestExpense`	$667.00K	USD	2 Qtrs
Interest expense (Note 5)	`InterestExpense`	$334.00K	USD	1 Quarter
Interest expense (Note 5)	`InterestExpense`	$603.00K	USD	1 Quarter
Interest expense (Note 5)	`InterestExpense`	$1.11M	USD	2 Qtrs
Interest and other income	`InterestAndOtherIncome`	$747.00K	USD	2 Qtrs
Interest and other income	`InterestAndOtherIncome`	$751.00K	USD	1 Quarter
Interest and other income	`InterestAndOtherIncome`	$369.00K	USD	1 Quarter
Interest and other income	`InterestAndOtherIncome`	$1.50M	USD	2 Qtrs
(Loss) Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$453.00K	USD	2 Qtrs
(Loss) Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$5.56M	USD	2 Qtrs
(Loss) Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-20.00K	USD	1 Quarter
(Loss) Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$2.14M	USD	1 Quarter
Income tax (benefit) provision (Note 9)	`IncomeTaxExpenseBenefit`	$-540.00K	USD	1 Quarter
Income tax (benefit) provision (Note 9)	`IncomeTaxExpenseBenefit`	$-1.46M	USD	2 Qtrs
Income tax (benefit) provision (Note 9)	`IncomeTaxExpenseBenefit`	$630.00K	USD	2 Qtrs
Income tax (benefit) provision (Note 9)	`IncomeTaxExpenseBenefit`	$155.00K	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$1.91M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$4.93M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$520.00K	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$1.98M	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`	$0.03	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`	$0.09	USD	2 Qtrs
Basic weighted average shares (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	20.23M	shares	1 Quarter
Basic weighted average shares (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	20.23M	shares	2 Qtrs
Basic weighted average shares (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	20.24M	shares	2 Qtrs
Basic weighted average shares (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	20.24M	shares	1 Quarter
Diluted earnings per share (in dollars per share)	`EarningsPerShareDiluted`	$0.03	USD	1 Quarter
Diluted earnings per share (in dollars per share)	`EarningsPerShareDiluted`	$0.10	USD	1 Quarter
Diluted earnings per share (in dollars per share)	`EarningsPerShareDiluted`	$0.09	USD	2 Qtrs
Diluted earnings per share (in dollars per share)	`EarningsPerShareDiluted`	$0.24	USD	2 Qtrs
Diluted weighted average shares (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	20.25M	shares	2 Qtrs
Diluted weighted average shares (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	20.23M	shares	1 Quarter
Diluted weighted average shares (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	20.25M	shares	1 Quarter
Diluted weighted average shares (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	20.23M	shares	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
Dividends declared per share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.20	USD	2 Qtrs

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`NetIncomeLoss`	$1.91M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$4.93M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$520.00K	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$1.98M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.65M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.55M	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$475.00K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$704.00K	USD	2 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-992.00K	USD	2 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	-	USD	2 Qtrs
Amortization of bond premium	`AmortizationOfDebtDiscountPremium`	$278.00K	USD	2 Qtrs
Amortization of bond premium	`AmortizationOfDebtDiscountPremium`	$125.00K	USD	2 Qtrs
Non-cash restructuring charges	`RestructuringCosts`	$3.48M	USD	2 Qtrs
Non-cash restructuring charges	`RestructuringCosts`	-	USD	2 Qtrs
Changes in operating assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$5.05M	USD	2 Qtrs
Changes in operating assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$-1.25M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$8.82M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$1.50M	USD	2 Qtrs
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$500.00K	USD	2 Qtrs
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$94.00K	USD	2 Qtrs
Purchases of marketable securities	`PaymentsToAcquireMarketableSecurities`	$141.88M	USD	2 Qtrs
Purchases of marketable securities	`PaymentsToAcquireMarketableSecurities`	$27.10M	USD	2 Qtrs
Proceeds from sales and maturities of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$29.48M	USD	2 Qtrs
Proceeds from sales and maturities of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$74.20M	USD	2 Qtrs
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-68.18M	USD	2 Qtrs
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$2.28M	USD	2 Qtrs
Dividends paid	`PaymentsOfDividends`	$4.05M	USD	2 Qtrs
Dividends paid	`PaymentsOfDividends`	$4.05M	USD	2 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	-	USD	2 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$39.00K	USD	2 Qtrs
Payments of long-term debt	`RepaymentsOfLongTermDebt`	$1.50M	USD	2 Qtrs
Payments of long-term debt	`RepaymentsOfLongTermDebt`	$1.75M	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-5.55M	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-5.76M	USD	2 Qtrs
(Decrease) increase in cash and cash equivalents before effect of exchange rate changes	`CashAndCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-72.43M	USD	2 Qtrs
(Decrease) increase 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	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$185.00K	USD	2 Qtrs
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$129.00K	USD	2 Qtrs
(Decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-72.25M	USD	2 Qtrs
(Decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$5.68M	USD	2 Qtrs
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$97.76M	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`	$102.44M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$30.19M	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`	$103.44M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$102.44M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$30.19M	USD	Point-in-time
Cash paid during the period for income taxes, net of refunds	`IncomeTaxesPaidNet`	$1.76M	USD	2 Qtrs
Cash paid during the period for income taxes, net of refunds	`IncomeTaxesPaidNet`	$1.53M	USD	2 Qtrs
Cash paid during the period for interest	`InterestPaidNet`	$653.00K	USD	2 Qtrs
Cash paid during the period for interest	`InterestPaidNet`	$1.01M	USD	2 Qtrs

Comprehensive Income 16 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`NetIncomeLoss`	$1.91M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$4.93M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$520.00K	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$1.98M	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$72.00K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$41.00K	USD	2 Qtrs
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$26.00K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$5.00K	USD	2 Qtrs
Other comprehensive earnings (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$88.00K	USD	1 Quarter
Other comprehensive earnings (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-102.00K	USD	2 Qtrs
Other comprehensive earnings (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$11.00K	USD	1 Quarter
Other comprehensive earnings (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-74.00K	USD	2 Qtrs
Total comprehensive earnings	`ComprehensiveIncomeNetOfTax`	$1.81M	USD	2 Qtrs
Total comprehensive earnings	`ComprehensiveIncomeNetOfTax`	$4.86M	USD	2 Qtrs
Total comprehensive earnings	`ComprehensiveIncomeNetOfTax`	$1.99M	USD	1 Quarter
Total comprehensive earnings	`ComprehensiveIncomeNetOfTax`	$608.00K	USD	1 Quarter

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