10-Q Filing

PARK AEROSPACE CORP CIK: 76267 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001437749-22-016868`
Period End Date	20220531
Filing Date	20220708
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	pke20220529_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 62 Income Statement 28 Cash Flow Statement 38 Stockholders Equity 6 Comprehensive Income 6

Balance Sheet 62 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$108.00K	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$104.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$12.81M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.33M	USD	Point-in-time
Marketable securities (Note 3)	`MarketableSecuritiesCurrent`	$97.55M	USD	Point-in-time
Marketable securities (Note 3)	`MarketableSecuritiesCurrent`	$102.99M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $108 and $104, respectively	`AccountsReceivableNetCurrent`	$8.34M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $108 and $104, respectively	`AccountsReceivableNetCurrent`	$8.96M	USD	Point-in-time
Inventories (Note 4)	`InventoryNet`	$4.66M	USD	Point-in-time
Inventories (Note 4)	`InventoryNet`	$6.65M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$3.08M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$3.86M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$126.44M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$126.80M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$24.33M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$24.16M	USD	Point-in-time
Operating right-of-use assets (Note 5)	`OperatingLeaseRightOfUseAsset`	$203.00K	USD	Point-in-time
Operating right-of-use assets (Note 5)	`OperatingLeaseRightOfUseAsset`	$190.00K	USD	Point-in-time
Goodwill and other intangible assets	`IntangibleAssetsNetIncludingGoodwill`	$9.79M	USD	Point-in-time
Goodwill and other intangible assets	`IntangibleAssetsNetIncludingGoodwill`	$9.79M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$119.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$122.00K	USD	Point-in-time
Total assets	`Assets`	$160.89M	USD	Point-in-time
Total assets	`Assets`	$161.05M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.18M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.53M	USD	Point-in-time
Operating lease liability (Note 5)	`OperatingLeaseLiabilityCurrent`	$54.00K	USD	Point-in-time
Operating lease liability (Note 5)	`OperatingLeaseLiabilityCurrent`	$53.00K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.33M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.49M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$2.21M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$2.75M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.31M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.29M	USD	Point-in-time
Long-term operating lease liability (Note 5)	`OperatingLeaseLiabilityNoncurrent`	$174.00K	USD	Point-in-time
Long-term operating lease liability (Note 5)	`OperatingLeaseLiabilityNoncurrent`	$163.00K	USD	Point-in-time
Non-current income taxes payable (Note 10)	`AccruedIncomeTaxesNoncurrent`	$12.62M	USD	Point-in-time
Non-current income taxes payable (Note 10)	`AccruedIncomeTaxesNoncurrent`	$12.62M	USD	Point-in-time
Deferred income taxes (Note 10)	`DeferredIncomeTaxLiabilitiesNet`	$1.67M	USD	Point-in-time
Deferred income taxes (Note 10)	`DeferredIncomeTaxLiabilitiesNet`	$1.78M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$4.53M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$4.50M	USD	Point-in-time
Total liabilities	`Liabilities`	$25.25M	USD	Point-in-time
Total liabilities	`Liabilities`	$26.41M	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`	$169.75M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$169.66M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-24.77M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-24.90M	USD	Point-in-time
Accumulated other comprehensive earnings	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-1.97M	USD	Point-in-time
Accumulated other comprehensive earnings	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-2.90M	USD	Point-in-time
Stockholders' Equity, Including Treasury Stock	`StockoldersEquityIncludingTreasuryStock`	$145.03M	USD	Point-in-time
Stockholders' Equity, Including Treasury Stock	`StockoldersEquityIncludingTreasuryStock`	$144.04M	USD	Point-in-time
Less treasury stock, at cost	`TreasuryStockValue`	$9.40M	USD	Point-in-time
Less treasury stock, at cost	`TreasuryStockValue`	$9.40M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$135.63M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$134.65M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$161.05M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$160.89M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$12.78M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$13.59M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$8.12M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$8.69M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.09M	USD	1 Quarter
Gross profit	`GrossProfit`	$5.47M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.63M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.65M	USD	1 Quarter
Restructuring charges (Note 9)	`RestructuringCharges`	-	USD	1 Quarter
Restructuring charges (Note 9)	`RestructuringCharges`	$14.00K	USD	1 Quarter
Earnings from operations	`OperatingIncomeLoss`	$2.46M	USD	1 Quarter
Earnings from operations	`OperatingIncomeLoss`	$3.81M	USD	1 Quarter
Interest and other income	`InterestAndOtherIncome`	$133.00K	USD	1 Quarter
Interest and other income	`InterestAndOtherIncome`	$117.00K	USD	1 Quarter
Earnings from operations before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$2.59M	USD	1 Quarter
Earnings from operations before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$3.93M	USD	1 Quarter
Income tax provision (Note 10)	`IncomeTaxExpenseBenefit`	$1.18M	USD	1 Quarter
Income tax provision (Note 10)	`IncomeTaxExpenseBenefit`	$682.00K	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$2.75M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$1.91M	USD	1 Quarter
Basic earnings per share (in dollars per share)	`EarningsPerShareBasic`	$0.13	USD	1 Quarter
Basic earnings per share (in dollars per share)	`EarningsPerShareBasic`	$0.09	USD	1 Quarter
Basic weighted average shares (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	20.38M	shares	1 Quarter
Basic weighted average shares (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	20.46M	shares	1 Quarter
Diluted earnings per share (in dollars per share)	`EarningsPerShareDiluted`	$0.13	USD	1 Quarter
Diluted earnings per share (in dollars per share)	`EarningsPerShareDiluted`	$0.09	USD	1 Quarter
Diluted weighted average shares (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	20.71M	shares	1 Quarter
Diluted weighted average shares (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	20.50M	shares	1 Quarter

Cash Flow Statement 38 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`NetIncomeLoss`	$2.75M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$1.91M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$216.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$260.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$64.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$85.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$139.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$107.00K	USD	1 Quarter
Amortization of bond premium	`AmortizationOfDebtDiscountPremium`	$294.00K	USD	1 Quarter
Amortization of bond premium	`AmortizationOfDebtDiscountPremium`	$11.00K	USD	1 Quarter
Changes in operating assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$-675.00K	USD	1 Quarter
Changes in operating assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$2.33M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$44.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$4.13M	USD	1 Quarter
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$88.00K	USD	1 Quarter
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.58M	USD	1 Quarter
Purchases of marketable securities	`PaymentsToAcquireMarketableSecurities`	$18.96M	USD	1 Quarter
Purchases of marketable securities	`PaymentsToAcquireMarketableSecurities`	$8.22M	USD	1 Quarter
Proceeds from sales and maturities of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$12.57M	USD	1 Quarter
Proceeds from sales and maturities of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$5.41M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-6.48M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.39M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$2.04M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$2.05M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.05M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.04M	USD	1 Quarter
Decrease in cash and cash equivalents:	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-8.48M	USD	1 Quarter
Decrease in cash and cash equivalents:	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-2.30M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$39.30M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$4.33M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$41.59M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$12.81M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$39.30M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$4.33M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$41.59M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$12.81M	USD	Point-in-time
Cash paid during the period for income taxes, net of refunds	`IncomeTaxesPaidNet`	$-95.00K	USD	1 Quarter
Cash paid during the period for income taxes, net of refunds	`IncomeTaxesPaidNet`	$-5.00K	USD	1 Quarter

Stockholders Equity 6 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$135.63M	USD	Point-in-time
Balance	`StockholdersEquity`	$134.65M	USD	Point-in-time
Net earnings	`NetIncomeLoss`	$2.75M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$1.91M	USD	1 Quarter
Balance	`StockholdersEquity`	$135.63M	USD	Point-in-time
Balance	`StockholdersEquity`	$134.65M	USD	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`NetIncomeLoss`	$2.75M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$1.91M	USD	1 Quarter
Other comprehensive (loss) earnings	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-933.00K	USD	1 Quarter
Other comprehensive (loss) earnings	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$52.00K	USD	1 Quarter
Total comprehensive earnings	`ComprehensiveIncomeNetOfTax`	$977.00K	USD	1 Quarter
Total comprehensive earnings	`ComprehensiveIncomeNetOfTax`	$2.80M	USD	1 Quarter

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