10-Q Filing

PARK AEROSPACE CORP CIK: 76267 Q1 2024

Filing Information

Form Type	10-Q
Accession Number	`0001437749-23-019555`
Period End Date	20230531
Filing Date	20230707
Fiscal Year	2024
Fiscal Period	Q1
XBRL Instance	pke20230528_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 62 Income Statement 26 Cash Flow Statement 42 Stockholders Equity 10 Comprehensive Income 6

Balance Sheet 62 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$120.00K	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$124.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.24M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.84M	USD	Point-in-time
Marketable securities (Note 3)	`MarketableSecuritiesCurrent`	$101.20M	USD	Point-in-time
Marketable securities (Note 3)	`MarketableSecuritiesCurrent`	$75.27M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $124 and $120, respectively	`AccountsReceivableNetCurrent`	$11.60M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $124 and $120, respectively	`AccountsReceivableNetCurrent`	$9.99M	USD	Point-in-time
Inventories (Note 4)	`InventoryNet`	$7.91M	USD	Point-in-time
Inventories (Note 4)	`InventoryNet`	$6.77M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.84M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.69M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$103.31M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$125.04M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$24.11M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$24.25M	USD	Point-in-time
Operating right-of-use assets (Note 5)	`OperatingLeaseRightOfUseAsset`	$150.00K	USD	Point-in-time
Operating right-of-use assets (Note 5)	`OperatingLeaseRightOfUseAsset`	$136.00K	USD	Point-in-time
Goodwill and other intangible assets	`IntangibleAssetsNetIncludingGoodwill`	$9.78M	USD	Point-in-time
Goodwill and other intangible assets	`IntangibleAssetsNetIncludingGoodwill`	$9.78M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$108.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$105.00K	USD	Point-in-time
Total assets	`Assets`	$137.44M	USD	Point-in-time
Total assets	`Assets`	$159.33M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$4.54M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.86M	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`	$1.98M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.35M	USD	Point-in-time
Dividend Payable	`DividendsPayableCurrent`	-	USD	Point-in-time
Dividend Payable	`DividendsPayableCurrent`	$20.47M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$2.17M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$3.90M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$9.80M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$28.59M	USD	Point-in-time
Long-term operating lease liability (Note 5)	`OperatingLeaseLiabilityNoncurrent`	$129.00K	USD	Point-in-time
Long-term operating lease liability (Note 5)	`OperatingLeaseLiabilityNoncurrent`	$118.00K	USD	Point-in-time
Non-current income taxes payable (Note 9)	`AccruedIncomeTaxesNoncurrent`	$9.26M	USD	Point-in-time
Non-current income taxes payable (Note 9)	`AccruedIncomeTaxesNoncurrent`	$10.94M	USD	Point-in-time
Deferred income taxes (Note 9)	`DeferredIncomeTaxLiabilitiesNet`	$2.00M	USD	Point-in-time
Deferred income taxes (Note 9)	`DeferredIncomeTaxLiabilitiesNet`	$2.00M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$1.78M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$1.75M	USD	Point-in-time
Total liabilities	`Liabilities`	$43.40M	USD	Point-in-time
Total liabilities	`Liabilities`	$22.95M	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`	$169.93M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$170.15M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-42.69M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-43.40M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-4.24M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-3.53M	USD	Point-in-time
Stockholders' Equity, Including Treasury Stock	`StockoldersEquityIncludingTreasuryStock`	$125.32M	USD	Point-in-time
Stockholders' Equity, Including Treasury Stock	`StockoldersEquityIncludingTreasuryStock`	$125.09M	USD	Point-in-time
Less treasury stock, at cost	`TreasuryStockValue`	$9.16M	USD	Point-in-time
Less treasury stock, at cost	`TreasuryStockValue`	$10.82M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$114.49M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$115.93M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$159.33M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$137.44M	USD	Point-in-time

Income Statement 26 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$15.55M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$12.78M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$10.72M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$8.69M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.83M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.09M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.62M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.63M	USD	1 Quarter
Earnings from operations	`OperatingIncomeLoss`	$2.22M	USD	1 Quarter
Earnings from operations	`OperatingIncomeLoss`	$2.46M	USD	1 Quarter
Interest and other income	`InterestAndOtherIncome`	$133.00K	USD	1 Quarter
Interest and other income	`InterestAndOtherIncome`	$324.00K	USD	1 Quarter
Earnings from operations before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$2.59M	USD	1 Quarter
Earnings from operations before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$2.54M	USD	1 Quarter
Income tax provision (Note 9)	`IncomeTaxExpenseBenefit`	$682.00K	USD	1 Quarter
Income tax provision (Note 9)	`IncomeTaxExpenseBenefit`	$688.00K	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$1.91M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$1.85M	USD	1 Quarter
Basic earnings per share (in dollars per share)	`EarningsPerShareBasic`	$0.09	USD	1 Quarter
Basic earnings per share (in dollars per share)	`EarningsPerShareBasic`	$0.09	USD	1 Quarter
Basic weighted average shares (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	20.46M	shares	1 Quarter
Basic weighted average shares (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	20.46M	shares	1 Quarter
Diluted earnings per share (in dollars per share)	`EarningsPerShareDiluted`	$0.09	USD	1 Quarter
Diluted earnings per share (in dollars per share)	`EarningsPerShareDiluted`	$0.09	USD	1 Quarter
Diluted weighted average shares (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	20.53M	shares	1 Quarter
Diluted weighted average shares (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	20.50M	shares	1 Quarter

Cash Flow Statement 42 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`IncomeLossFromContinuingOperations`	$1.85M	USD	1 Quarter
Net earnings	`IncomeLossFromContinuingOperations`	$1.91M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$260.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$305.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$85.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$218.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$2.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$107.00K	USD	1 Quarter
Amortization of bond premium	`AmortizationOfDebtDiscountPremium`	$11.00K	USD	1 Quarter
Amortization of bond premium	`AmortizationOfDebtDiscountPremium`	$237.00K	USD	1 Quarter
Loss (gain) on sale of marketable securities	`MarketableSecuritiesGainLoss`	$-65.00K	USD	1 Quarter
Loss (gain) on sale of marketable securities	`MarketableSecuritiesGainLoss`	-	USD	1 Quarter
Changes in operating assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$2.33M	USD	1 Quarter
Changes in operating assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$2.56M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$44.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$117.00K	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$88.00K	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$167.00K	USD	1 Quarter
Purchases of marketable securities	`PaymentsToAcquireMarketableSecurities`	-	USD	1 Quarter
Purchases of marketable securities	`PaymentsToAcquireMarketableSecurities`	$18.96M	USD	1 Quarter
Proceeds from sales and maturities of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$26.35M	USD	1 Quarter
Proceeds from sales and maturities of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$12.57M	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-6.48M	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$26.18M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$2.05M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$23.03M	USD	1 Quarter
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$1.67M	USD	1 Quarter
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	-	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-24.70M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.05M	USD	1 Quarter
Increase (decrease) in cash and cash equivalents:	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-8.48M	USD	1 Quarter
Increase (decrease) in cash and cash equivalents:	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$1.60M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$4.24M	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`	$5.84M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$4.33M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$4.24M	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`	$5.84M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$4.33M	USD	Point-in-time
Cash paid during the period for income taxes, net of refunds	`IncomeTaxesPaidNet`	$-5.00K	USD	1 Quarter
Cash paid during the period for income taxes, net of refunds	`IncomeTaxesPaidNet`	$608.00K	USD	1 Quarter

Stockholders Equity 10 line items

Line Item	Tag	Value	Unit	Period
Cash dividends, per share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.10	USD	1 Quarter
Cash dividends, per share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.12	USD	1 Quarter
Balance	`StockholdersEquity`	$114.49M	USD	Point-in-time
Balance	`StockholdersEquity`	$115.93M	USD	Point-in-time
Net earnings	`NetIncomeLoss`	$1.91M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$1.85M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$1.91M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$1.85M	USD	1 Quarter
Balance	`StockholdersEquity`	$114.49M	USD	Point-in-time
Balance	`StockholdersEquity`	$115.93M	USD	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`NetIncomeLoss`	$1.91M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$1.85M	USD	1 Quarter
Other comprehensive earnings (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$716.00K	USD	1 Quarter
Other comprehensive earnings (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-933.00K	USD	1 Quarter
Total comprehensive earnings	`ComprehensiveIncomeNetOfTax`	$2.57M	USD	1 Quarter
Total comprehensive earnings	`ComprehensiveIncomeNetOfTax`	$977.00K	USD	1 Quarter

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