10-Q Filing

PARK AEROSPACE CORP CIK: 76267 Q2 2022

Filing Information

Form Type	10-Q
Accession Number	`0001437749-22-023813`
Period End Date	20220831
Filing Date	20221007
Fiscal Year	2022
Fiscal Period	Q2
XBRL Instance	pke20220828_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 60 Income Statement 56 Cash Flow Statement 42 Stockholders Equity 17 Comprehensive Income 12

Balance Sheet 60 line items

Line Item	Tag	Value	Unit	Period
Accounts Receivable, Allowance for Credit Loss, Current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$222.00K	USD	Point-in-time
Accounts Receivable, Allowance for Credit Loss, Current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$104.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$12.81M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.84M	USD	Point-in-time
Marketable securities (Note 3)	`MarketableSecuritiesCurrent`	$98.63M	USD	Point-in-time
Marketable securities (Note 3)	`MarketableSecuritiesCurrent`	$97.55M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $222 and $104, respectively	`AccountsReceivableNetCurrent`	$9.95M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $222 and $104, respectively	`AccountsReceivableNetCurrent`	$8.34M	USD	Point-in-time
Inventories (Note 4)	`InventoryNet`	$7.85M	USD	Point-in-time
Inventories (Note 4)	`InventoryNet`	$4.66M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$3.08M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$3.97M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$126.44M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$124.23M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$24.33M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$24.46M	USD	Point-in-time
Operating right-of-use assets (Note 5)	`OperatingLeaseRightOfUseAsset`	$177.00K	USD	Point-in-time
Operating right-of-use assets (Note 5)	`OperatingLeaseRightOfUseAsset`	$203.00K	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`	$116.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$122.00K	USD	Point-in-time
Total assets	`Assets`	$158.77M	USD	Point-in-time
Total assets	`Assets`	$160.89M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.80M	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`	$1.49M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.07M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$2.21M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$3.22M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.29M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.14M	USD	Point-in-time
Long-term operating lease liability (Note 5)	`OperatingLeaseLiabilityNoncurrent`	$152.00K	USD	Point-in-time
Long-term operating lease liability (Note 5)	`OperatingLeaseLiabilityNoncurrent`	$174.00K	USD	Point-in-time
Non-current income taxes payable (Note 10)	`AccruedIncomeTaxesNoncurrent`	$10.94M	USD	Point-in-time
Non-current income taxes payable (Note 10)	`AccruedIncomeTaxesNoncurrent`	$12.62M	USD	Point-in-time
Deferred income taxes (Note 10)	`DeferredIncomeTaxLiabilitiesNet`	$2.04M	USD	Point-in-time
Deferred income taxes (Note 10)	`DeferredIncomeTaxLiabilitiesNet`	$1.67M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$4.45M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$4.50M	USD	Point-in-time
Total liabilities	`Liabilities`	$24.72M	USD	Point-in-time
Total liabilities	`Liabilities`	$25.25M	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`	$169.74M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$169.66M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-25.06M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-24.77M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-3.56M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-1.97M	USD	Point-in-time
Stockholders' Equity, Including Treasury Stock	`StockoldersEquityIncludingTreasuryStock`	$145.03M	USD	Point-in-time
Stockholders' Equity, Including Treasury Stock	`StockoldersEquityIncludingTreasuryStock`	$143.21M	USD	Point-in-time
Less treasury stock, at cost	`TreasuryStockValue`	$9.16M	USD	Point-in-time
Less treasury stock, at cost	`TreasuryStockValue`	$9.40M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$134.05M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$135.63M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$160.89M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$158.77M	USD	Point-in-time

Income Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$13.62M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$27.21M	USD	2 Qtrs
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$26.66M	USD	2 Qtrs
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$13.88M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$9.79M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$18.48M	USD	2 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$9.21M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$17.33M	USD	2 Qtrs
Gross profit	`GrossProfit`	$9.88M	USD	2 Qtrs
Gross profit	`GrossProfit`	$4.09M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.41M	USD	1 Quarter
Gross profit	`GrossProfit`	$8.18M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$3.37M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$3.14M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.73M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.49M	USD	1 Quarter
Restructuring charges (Note 9)	`RestructuringCharges`	$184.00K	USD	2 Qtrs
Restructuring charges (Note 9)	`RestructuringCharges`	-	USD	2 Qtrs
Restructuring charges (Note 9)	`RestructuringCharges`	-	USD	1 Quarter
Restructuring charges (Note 9)	`RestructuringCharges`	$170.00K	USD	1 Quarter
Earnings from operations	`OperatingIncomeLoss`	$6.56M	USD	2 Qtrs
Earnings from operations	`OperatingIncomeLoss`	$4.81M	USD	2 Qtrs
Earnings from operations	`OperatingIncomeLoss`	$2.35M	USD	1 Quarter
Earnings from operations	`OperatingIncomeLoss`	$2.75M	USD	1 Quarter
Interest and other income	`InterestAndOtherIncome`	$354.00K	USD	2 Qtrs
Interest and other income	`InterestAndOtherIncome`	$89.00K	USD	1 Quarter
Interest and other income	`InterestAndOtherIncome`	$221.00K	USD	1 Quarter
Interest and other income	`InterestAndOtherIncome`	$206.00K	USD	2 Qtrs
Earnings from operations before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$2.58M	USD	1 Quarter
Earnings from operations before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$6.77M	USD	2 Qtrs
Earnings from operations before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$2.84M	USD	1 Quarter
Earnings from operations before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$5.17M	USD	2 Qtrs
Income tax provision (Note 10)	`IncomeTaxExpenseBenefit`	$2.00M	USD	2 Qtrs
Income tax provision (Note 10)	`IncomeTaxExpenseBenefit`	$690.00K	USD	1 Quarter
Income tax provision (Note 10)	`IncomeTaxExpenseBenefit`	$1.37M	USD	2 Qtrs
Income tax provision (Note 10)	`IncomeTaxExpenseBenefit`	$820.00K	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$4.77M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$3.79M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$2.02M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$1.89M	USD	1 Quarter
Basic earnings per share (in dollars per share)	`EarningsPerShareBasic`	$0.19	USD	2 Qtrs
Basic earnings per share (in dollars per share)	`EarningsPerShareBasic`	$0.09	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`	$0.23	USD	2 Qtrs
Basic weighted average shares (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	20.46M	shares	1 Quarter
Basic weighted average shares (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	20.39M	shares	2 Qtrs
Basic weighted average shares (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	20.46M	shares	2 Qtrs
Basic weighted average shares (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	20.40M	shares	1 Quarter
Diluted earnings per share (in dollars per share)	`EarningsPerShareDiluted`	$0.19	USD	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`	$0.23	USD	2 Qtrs
Diluted earnings per share (in dollars per share)	`EarningsPerShareDiluted`	$0.09	USD	1 Quarter
Diluted weighted average shares (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	20.60M	shares	2 Qtrs
Diluted weighted average shares (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	20.48M	shares	1 Quarter
Diluted weighted average shares (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	20.50M	shares	1 Quarter
Diluted weighted average shares (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	20.50M	shares	2 Qtrs

Cash Flow Statement 42 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`NetIncomeLoss`	$4.77M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$3.79M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$2.02M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$1.89M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$451.00K	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$521.00K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$138.00K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$179.00K	USD	2 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$368.00K	USD	2 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$390.00K	USD	2 Qtrs
Amortization of bond premium	`AmortizationOfDebtDiscountPremium`	$-5.00K	USD	2 Qtrs
Amortization of bond premium	`AmortizationOfDebtDiscountPremium`	$515.00K	USD	2 Qtrs
Changes in operating assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$6.56M	USD	2 Qtrs
Changes in operating assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$3.29M	USD	2 Qtrs
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.98M	USD	2 Qtrs
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.70M	USD	2 Qtrs
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.53M	USD	2 Qtrs
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$644.00K	USD	2 Qtrs
Purchases of marketable securities	`PaymentsToAcquireMarketableSecurities`	$30.89M	USD	2 Qtrs
Purchases of marketable securities	`PaymentsToAcquireMarketableSecurities`	$27.14M	USD	2 Qtrs
Proceeds from sales and maturities of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$24.47M	USD	2 Qtrs
Proceeds from sales and maturities of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$12.17M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-21.25M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.32M	USD	2 Qtrs
Dividends paid	`PaymentsOfDividendsCommonStock`	$4.08M	USD	2 Qtrs
Dividends paid	`PaymentsOfDividendsCommonStock`	$4.09M	USD	2 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$458.00K	USD	2 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$139.00K	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-3.62M	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-3.95M	USD	2 Qtrs
Decrease in cash and cash equivalents:	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-8.97M	USD	2 Qtrs
Decrease in cash and cash equivalents:	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-21.89M	USD	2 Qtrs
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$3.84M	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`	$19.70M	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`	$3.84M	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`	$19.70M	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`	$1.73M	USD	2 Qtrs
Cash paid during the period for income taxes, net of refunds	`IncomeTaxesPaidNet`	$3.05M	USD	2 Qtrs

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Common Stock, Dividends, Per Share, Declared (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.10	USD	1 Quarter
Common Stock, Dividends, Per Share, Declared (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.10	USD	1 Quarter
Common Stock, Dividends, Per Share, Declared (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.10	USD	1 Quarter
Common Stock, Dividends, Per Share, Declared (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.10	USD	1 Quarter
Balance	`StockholdersEquity`	$134.05M	USD	Point-in-time
Balance	`StockholdersEquity`	$135.63M	USD	Point-in-time
Net earnings	`NetIncomeLoss`	$4.77M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$3.79M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$2.02M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$1.89M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$4.77M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$3.79M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$2.02M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$1.89M	USD	1 Quarter
Stock options exercised (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	13,000.00	shares	2 Qtrs
Balance	`StockholdersEquity`	$134.05M	USD	Point-in-time
Balance	`StockholdersEquity`	$135.63M	USD	Point-in-time

Comprehensive Income 12 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`NetIncomeLoss`	$4.77M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$3.79M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$2.02M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$1.89M	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-1.60M	USD	2 Qtrs
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-61.00K	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-667.00K	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-9.00K	USD	2 Qtrs
Total comprehensive earnings	`ComprehensiveIncomeNetOfTax`	$2.19M	USD	2 Qtrs
Total comprehensive earnings	`ComprehensiveIncomeNetOfTax`	$1.22M	USD	1 Quarter
Total comprehensive earnings	`ComprehensiveIncomeNetOfTax`	$4.76M	USD	2 Qtrs
Total comprehensive earnings	`ComprehensiveIncomeNetOfTax`	$1.96M	USD	1 Quarter

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