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10-Q Filing

PARK AEROSPACE CORP CIK: 76267 Q3 2022
Filing Information
Form Type 10-Q
Accession Number 0001437749-23-000600
Period End Date 20221130
Filing Date 20230106
Fiscal Year 2022
Fiscal Period Q3
XBRL Instance pke20221127_10q_htm.xml
Balance Sheet 62 line items
Line Item Tag Value Unit Period
Accounts Receivable, Allowance for Credit Loss, Current AllowanceForDoubtfulAccountsReceivableCurrent $104.00K USD Point-in-time
Accounts Receivable, Allowance for Credit Loss, Current AllowanceForDoubtfulAccountsReceivableCurrent $116.00K USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $12.81M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $4.61M USD Point-in-time
Marketable securities (Note 3) MarketableSecuritiesCurrent $97.55M USD Point-in-time
Marketable securities (Note 3) MarketableSecuritiesCurrent $98.69M USD Point-in-time
Accounts receivable, less allowance for doubtful accounts of $116 and $104, respectively AccountsReceivableNetCurrent $8.92M USD Point-in-time
Accounts receivable, less allowance for doubtful accounts of $116 and $104, respectively AccountsReceivableNetCurrent $8.34M USD Point-in-time
Inventories (Note 4) InventoryNet $6.82M USD Point-in-time
Inventories (Note 4) InventoryNet $4.66M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $4.26M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $3.08M USD Point-in-time
Total current assets AssetsCurrent $123.31M USD Point-in-time
Total current assets AssetsCurrent $126.44M USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $24.33M USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $24.26M USD Point-in-time
Operating right-of-use assets (Note 5) OperatingLeaseRightOfUseAsset $163.00K 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 $122.00K USD Point-in-time
Other assets OtherAssetsNoncurrent $112.00K USD Point-in-time
Total assets Assets $157.63M USD Point-in-time
Total assets Assets $160.89M USD Point-in-time
Accounts payable AccountsPayableCurrent $2.37M USD Point-in-time
Accounts payable AccountsPayableCurrent $2.53M USD Point-in-time
Operating lease liability (Note 5) OperatingLeaseLiabilityCurrent $53.00K 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 $1.27M USD Point-in-time
Income taxes payable AccruedIncomeTaxesCurrent $2.66M USD Point-in-time
Income taxes payable AccruedIncomeTaxesCurrent $2.21M USD Point-in-time
Total current liabilities LiabilitiesCurrent $6.35M USD Point-in-time
Total current liabilities LiabilitiesCurrent $6.29M USD Point-in-time
Long-term operating lease liability (Note 5) OperatingLeaseLiabilityNoncurrent $141.00K 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 $1.67M USD Point-in-time
Deferred income taxes (Note 10) DeferredIncomeTaxLiabilitiesNet $1.94M USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $4.65M USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $4.50M USD Point-in-time
Total liabilities Liabilities $24.01M USD Point-in-time
Total liabilities Liabilities $25.25M USD Point-in-time
Commitments and contingencies CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies 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 $169.66M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $169.84M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-24.88M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-24.77M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-1.97M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-4.28M USD Point-in-time
Stockholders' Equity, Including Treasury Stock StockoldersEquityIncludingTreasuryStock $145.03M USD Point-in-time
Stockholders' Equity, Including Treasury Stock StockoldersEquityIncludingTreasuryStock $142.77M 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 $135.63M USD Point-in-time
Total shareholders' equity StockholdersEquity $133.61M USD Point-in-time
Total liabilities and shareholders' equity LiabilitiesAndStockholdersEquity $160.89M USD Point-in-time
Total liabilities and shareholders' equity LiabilitiesAndStockholdersEquity $157.63M USD Point-in-time
Income Statement 56 line items
Line Item Tag Value Unit Period
Net sales RevenueFromContractWithCustomerIncludingAssessedTax $13.87M USD 1 Quarter
Net sales RevenueFromContractWithCustomerIncludingAssessedTax $40.52M USD 3 Qtrs
Net sales RevenueFromContractWithCustomerIncludingAssessedTax $13.86M USD 1 Quarter
Net sales RevenueFromContractWithCustomerIncludingAssessedTax $41.08M USD 3 Qtrs
Cost of sales CostOfGoodsAndServicesSold $27.90M USD 3 Qtrs
Cost of sales CostOfGoodsAndServicesSold $27.36M USD 3 Qtrs
Cost of sales CostOfGoodsAndServicesSold $10.03M USD 1 Quarter
Cost of sales CostOfGoodsAndServicesSold $9.42M USD 1 Quarter
Gross profit GrossProfit $12.62M USD 3 Qtrs
Gross profit GrossProfit $13.72M USD 3 Qtrs
Gross profit GrossProfit $4.44M USD 1 Quarter
Gross profit GrossProfit $3.84M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $4.73M USD 3 Qtrs
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $1.59M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $4.89M USD 3 Qtrs
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $1.52M USD 1 Quarter
Restructuring charges (Note 9) RestructuringCharges - USD 1 Quarter
Restructuring charges (Note 9) RestructuringCharges $197.00K USD 3 Qtrs
Restructuring charges (Note 9) RestructuringCharges $13.00K USD 1 Quarter
Restructuring charges (Note 9) RestructuringCharges - USD 3 Qtrs
Earnings from operations OperatingIncomeLoss $8.79M USD 3 Qtrs
Earnings from operations OperatingIncomeLoss $2.92M USD 1 Quarter
Earnings from operations OperatingIncomeLoss $2.23M USD 1 Quarter
Earnings from operations OperatingIncomeLoss $7.73M USD 3 Qtrs
Interest and other income InterestAndOtherIncome $299.00K USD 1 Quarter
Interest and other income InterestAndOtherIncome $653.00K USD 3 Qtrs
Interest and other income InterestAndOtherIncome $80.00K USD 1 Quarter
Interest and other income InterestAndOtherIncome $286.00K USD 3 Qtrs
Earnings from operations before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $8.39M USD 3 Qtrs
Earnings from operations before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $2.31M USD 1 Quarter
Earnings from operations before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $3.22M USD 1 Quarter
Earnings from operations before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $9.08M USD 3 Qtrs
Income tax provision (Note 10) IncomeTaxExpenseBenefit $569.00K USD 1 Quarter
Income tax provision (Note 10) IncomeTaxExpenseBenefit $2.57M USD 3 Qtrs
Income tax provision (Note 10) IncomeTaxExpenseBenefit $2.36M USD 3 Qtrs
Income tax provision (Note 10) IncomeTaxExpenseBenefit $990.00K USD 1 Quarter
Net earnings NetIncomeLoss $6.51M USD 3 Qtrs
Net earnings NetIncomeLoss $2.23M USD 1 Quarter
Net earnings NetIncomeLoss $1.74M USD 1 Quarter
Net earnings NetIncomeLoss $6.03M USD 3 Qtrs
Basic earnings per share (in dollars per share) EarningsPerShareBasic $0.29 USD 3 Qtrs
Basic earnings per share (in dollars per share) EarningsPerShareBasic $0.09 USD 1 Quarter
Basic earnings per share (in dollars per share) EarningsPerShareBasic $0.11 USD 1 Quarter
Basic earnings per share (in dollars per share) EarningsPerShareBasic $0.32 USD 3 Qtrs
Basic weighted average shares (in shares) WeightedAverageNumberOfSharesOutstandingBasic 20.45M shares 1 Quarter
Basic weighted average shares (in shares) WeightedAverageNumberOfSharesOutstandingBasic 20.46M shares 3 Qtrs
Basic weighted average shares (in shares) WeightedAverageNumberOfSharesOutstandingBasic 20.47M shares 1 Quarter
Basic weighted average shares (in shares) WeightedAverageNumberOfSharesOutstandingBasic 20.41M shares 3 Qtrs
Diluted earnings per share (in dollars per share) EarningsPerShareDiluted $0.32 USD 3 Qtrs
Diluted earnings per share (in dollars per share) EarningsPerShareDiluted $0.08 USD 1 Quarter
Diluted earnings per share (in dollars per share) EarningsPerShareDiluted $0.29 USD 3 Qtrs
Diluted earnings per share (in dollars per share) EarningsPerShareDiluted $0.11 USD 1 Quarter
Diluted weighted average shares (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 20.51M shares 1 Quarter
Diluted weighted average shares (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 20.51M shares 3 Qtrs
Diluted weighted average shares (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 20.50M shares 1 Quarter
Diluted weighted average shares (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 20.57M shares 3 Qtrs
Cash Flow Statement 46 line items
Line Item Tag Value Unit Period
Net earnings NetIncomeLoss $6.51M USD 3 Qtrs
Net earnings NetIncomeLoss $2.23M USD 1 Quarter
Net earnings NetIncomeLoss $1.74M USD 1 Quarter
Net earnings NetIncomeLoss $6.03M USD 3 Qtrs
Depreciation and amortization DepreciationDepletionAndAmortization $826.00K USD 3 Qtrs
Depreciation and amortization DepreciationDepletionAndAmortization $805.00K USD 3 Qtrs
Stock-based compensation ShareBasedCompensation $211.00K USD 3 Qtrs
Stock-based compensation ShareBasedCompensation $274.00K USD 3 Qtrs
Deferred income taxes DeferredIncomeTaxExpenseBenefit $265.00K USD 3 Qtrs
Deferred income taxes DeferredIncomeTaxExpenseBenefit $405.00K USD 3 Qtrs
Amortization of bond premium AmortizationOfDebtDiscountPremium $718.00K USD 3 Qtrs
Amortization of bond premium AmortizationOfDebtDiscountPremium $125.00K USD 3 Qtrs
Loss on sale of fixed assets GainLossOnDispositionOfAssets $-27.00K USD 3 Qtrs
Loss on sale of fixed assets GainLossOnDispositionOfAssets - USD 3 Qtrs
Changes in operating assets and liabilities IncreaseDecreaseInOperatingCapital $5.42M USD 3 Qtrs
Changes in operating assets and liabilities IncreaseDecreaseInOperatingCapital $5.38M USD 3 Qtrs
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $3.26M USD 3 Qtrs
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $2.13M USD 3 Qtrs
Purchase of property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $749.00K USD 3 Qtrs
Purchase of property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $3.59M USD 3 Qtrs
Proceeds from sales of property, plant and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $14.00K USD 3 Qtrs
Proceeds from sales of property, plant and equipment ProceedsFromSaleOfPropertyPlantAndEquipment - USD 3 Qtrs
Purchases of marketable securities PaymentsToAcquireMarketableSecurities $39.78M USD 3 Qtrs
Purchases of marketable securities PaymentsToAcquireMarketableSecurities $41.47M USD 3 Qtrs
Proceeds from sales and maturities of marketable securities ProceedsFromSaleAndMaturityOfMarketableSecurities $19.54M USD 3 Qtrs
Proceeds from sales and maturities of marketable securities ProceedsFromSaleAndMaturityOfMarketableSecurities $36.20M USD 3 Qtrs
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-25.50M USD 3 Qtrs
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-4.33M USD 3 Qtrs
Dividends paid PaymentsOfDividendsCommonStock $6.14M USD 3 Qtrs
Dividends paid PaymentsOfDividendsCommonStock $6.12M USD 3 Qtrs
Proceeds from exercise of stock options ProceedsFromStockOptionsExercised $739.00K USD 3 Qtrs
Proceeds from exercise of stock options ProceedsFromStockOptionsExercised $139.00K USD 3 Qtrs
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-5.39M USD 3 Qtrs
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-6.00M USD 3 Qtrs
Decrease in cash and cash equivalents: CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-8.20M USD 3 Qtrs
Decrease in cash and cash equivalents: CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-27.64M USD 3 Qtrs
Cash and cash equivalents, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $4.61M USD Point-in-time
Cash and cash equivalents, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $12.81M 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 $13.96M USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $4.61M USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $12.81M 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 $13.96M USD Point-in-time
Cash paid during the period for income taxes, net of refunds IncomeTaxesPaidNet $3.18M USD 3 Qtrs
Cash paid during the period for income taxes, net of refunds IncomeTaxesPaidNet $3.73M USD 3 Qtrs
Stockholders Equity 20 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
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, February 27, 2022 StockholdersEquity $135.63M USD Point-in-time
Balance, February 27, 2022 StockholdersEquity $133.61M USD Point-in-time
Net earnings NetIncomeLoss $6.51M USD 3 Qtrs
Net earnings NetIncomeLoss $2.23M USD 1 Quarter
Net earnings NetIncomeLoss $1.74M USD 1 Quarter
Net earnings NetIncomeLoss $6.03M USD 3 Qtrs
Unrealized holding gains arising during the period OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax - USD 1 Quarter
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue - USD 1 Quarter
Cash dividends ($0.10 per share) DividendsCash - USD 1 Quarter
Cash dividends ($0.10 per share) DividendsCash - USD 1 Quarter
Stock options exercised (in shares) StockIssuedDuringPeriodSharesStockOptionsExercised 13,000.00 shares 3 Qtrs
Stock options exercised (in shares) StockIssuedDuringPeriodSharesStockOptionsExercised 13,000.00 shares 3 Qtrs
Balance, May 29, 2022 StockholdersEquity $135.63M USD Point-in-time
Balance, May 29, 2022 StockholdersEquity $133.61M USD Point-in-time
Comprehensive Income 13 line items
Line Item Tag Value Unit Period
Net earnings NetIncomeLoss $6.51M USD 3 Qtrs
Net earnings NetIncomeLoss $2.23M USD 1 Quarter
Net earnings NetIncomeLoss $1.74M USD 1 Quarter
Net earnings NetIncomeLoss $6.03M USD 3 Qtrs
Unrealized holding gains arising during the period OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax - USD 1 Quarter
Other comprehensive loss OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-718.00K USD 1 Quarter
Other comprehensive loss OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-494.00K USD 3 Qtrs
Other comprehensive loss OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-2.32M USD 3 Qtrs
Other comprehensive loss OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-485.00K USD 1 Quarter
Total comprehensive earnings ComprehensiveIncomeNetOfTax $6.01M USD 3 Qtrs
Total comprehensive earnings ComprehensiveIncomeNetOfTax $1.51M USD 1 Quarter
Total comprehensive earnings ComprehensiveIncomeNetOfTax $3.71M USD 3 Qtrs
Total comprehensive earnings ComprehensiveIncomeNetOfTax $1.26M USD 1 Quarter

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

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