10-Q Filing

PARK AEROSPACE CORP CIK: 76267 Q2 2023

Filing Information

Form Type	10-Q
Accession Number	`0001437749-23-027819`
Period End Date	20230831
Filing Date	20231006
Fiscal Year	2023
Fiscal Period	Q2
XBRL Instance	pke20230827_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 63 Income Statement 52 Cash Flow Statement 46 Stockholders Equity 17 Comprehensive Income 12

Balance Sheet 63 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$128.00K	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$120.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.24M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.36M	USD	Point-in-time
Marketable securities (Note 3)	`MarketableSecuritiesCurrent`	$101.20M	USD	Point-in-time
Marketable securities (Note 3)	`MarketableSecuritiesCurrent`	$66.85M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $128 and $120, respectively	`AccountsReceivableNetCurrent`	$9.37M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $128 and $120, respectively	`AccountsReceivableNetCurrent`	$9.99M	USD	Point-in-time
Inventories (Note 4)	`InventoryNet`	$8.46M	USD	Point-in-time
Inventories (Note 4)	`InventoryNet`	$6.77M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.59M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.84M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$94.63M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$125.04M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$24.25M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$23.98M	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`	$123.00K	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`	$101.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$108.00K	USD	Point-in-time
Total assets	`Assets`	$128.62M	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`	$1.53M	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`	$1.17M	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`	$4.03M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$28.59M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.79M	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`	$106.00K	USD	Point-in-time
Non-current income taxes payable (Note 9)	`AccruedIncomeTaxesNoncurrent`	$10.94M	USD	Point-in-time
Non-current income taxes payable (Note 9)	`AccruedIncomeTaxesNoncurrent`	$5.26M	USD	Point-in-time
Deferred income taxes (Note 9)	`DeferredIncomeTaxLiabilitiesNet`	$2.00M	USD	Point-in-time
Deferred income taxes (Note 9)	`DeferredIncomeTaxLiabilitiesNet`	$1.94M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$1.75M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$1.81M	USD	Point-in-time
Total liabilities	`Liabilities`	$43.40M	USD	Point-in-time
Total liabilities	`Liabilities`	$15.91M	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`	$170.25M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$169.93M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-42.69M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-44.18M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-3.42M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-4.24M	USD	Point-in-time
Stockholders' Equity, Including Treasury Stock	`StockoldersEquityIncludingTreasuryStock`	$124.75M	USD	Point-in-time
Stockholders' Equity, Including Treasury Stock	`StockoldersEquityIncludingTreasuryStock`	$125.09M	USD	Point-in-time
Less treasury stock, at cost	`TreasuryStockValue`	$12.04M	USD	Point-in-time
Less treasury stock, at cost	`TreasuryStockValue`	$9.16M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$115.93M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$112.71M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$128.62M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$159.33M	USD	Point-in-time

Income Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$13.88M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$26.66M	USD	2 Qtrs
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$28.03M	USD	2 Qtrs
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$12.48M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$18.48M	USD	2 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$8.40M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$9.79M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$19.12M	USD	2 Qtrs
Gross profit	`GrossProfit`	$4.09M	USD	1 Quarter
Gross profit	`GrossProfit`	$8.91M	USD	2 Qtrs
Gross profit	`GrossProfit`	$4.08M	USD	1 Quarter
Gross profit	`GrossProfit`	$8.18M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.73M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.85M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$4.47M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$3.37M	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`	$2.23M	USD	1 Quarter
Earnings from operations	`OperatingIncomeLoss`	$4.44M	USD	2 Qtrs
Interest and other income	`InterestAndOtherIncome`	$221.00K	USD	1 Quarter
Interest and other income	`InterestAndOtherIncome`	$463.00K	USD	2 Qtrs
Interest and other income	`InterestAndOtherIncome`	$139.00K	USD	1 Quarter
Interest and other income	`InterestAndOtherIncome`	$354.00K	USD	2 Qtrs
Earnings from operations before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$2.37M	USD	1 Quarter
Earnings from operations before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$2.58M	USD	1 Quarter
Earnings from operations before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$4.91M	USD	2 Qtrs
Earnings from operations before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$5.17M	USD	2 Qtrs
Income tax provision (Note 9)	`IncomeTaxExpenseBenefit`	$690.00K	USD	1 Quarter
Income tax provision (Note 9)	`IncomeTaxExpenseBenefit`	$1.37M	USD	2 Qtrs
Income tax provision (Note 9)	`IncomeTaxExpenseBenefit`	$619.00K	USD	1 Quarter
Income tax provision (Note 9)	`IncomeTaxExpenseBenefit`	$1.31M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$1.75M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$3.60M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$1.89M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$3.79M	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`	$0.09	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`	$0.18	USD	2 Qtrs
Basic weighted average shares (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	20.46M	shares	1 Quarter
Basic weighted average shares (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	20.26M	shares	1 Quarter
Basic weighted average shares (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	20.46M	shares	2 Qtrs
Basic weighted average shares (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	20.36M	shares	2 Qtrs
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 earnings per share (in dollars per share)	`EarningsPerShareDiluted`	$0.19	USD	2 Qtrs
Diluted earnings per share (in dollars per share)	`EarningsPerShareDiluted`	$0.18	USD	2 Qtrs
Diluted weighted average shares (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	20.50M	shares	1 Quarter
Diluted weighted average shares (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	20.34M	shares	1 Quarter
Diluted weighted average shares (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	20.50M	shares	2 Qtrs
Diluted weighted average shares (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	20.43M	shares	2 Qtrs

Cash Flow Statement 46 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`IncomeLossFromContinuingOperations`	$3.79M	USD	2 Qtrs
Net earnings	`IncomeLossFromContinuingOperations`	$3.60M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$644.00K	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$521.00K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$322.00K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$179.00K	USD	2 Qtrs
(Recovery of) provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	-	USD	2 Qtrs
(Recovery of) provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$8.00K	USD	2 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$368.00K	USD	2 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-52.00K	USD	2 Qtrs
Amortization of bond premium	`AmortizationOfDebtDiscountPremium`	$408.00K	USD	2 Qtrs
Amortization of bond premium	`AmortizationOfDebtDiscountPremium`	$-5.00K	USD	2 Qtrs
Loss (gain) on sale of marketable securities	`MarketableSecuritiesGainLoss`	-	USD	2 Qtrs
Loss (gain) on sale of marketable securities	`MarketableSecuritiesGainLoss`	$-184.00K	USD	2 Qtrs
Changes in operating assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$6.56M	USD	2 Qtrs
Changes in operating assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$7.76M	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.65M	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.70M	USD	2 Qtrs
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$374.00K	USD	2 Qtrs
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$644.00K	USD	2 Qtrs
Purchases of marketable securities	`PaymentsToAcquireMarketableSecurities`	$3.33M	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`	$37.91M	USD	2 Qtrs
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$34.21M	USD	2 Qtrs
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.32M	USD	2 Qtrs
Dividends paid	`PaymentsOfDividendsCommonStock`	$4.09M	USD	2 Qtrs
Dividends paid	`PaymentsOfDividendsCommonStock`	$25.56M	USD	2 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	-	USD	2 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$139.00K	USD	2 Qtrs
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$2.88M	USD	2 Qtrs
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	-	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-3.95M	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-28.44M	USD	2 Qtrs
Increase (decrease) in cash and cash equivalents:	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-8.97M	USD	2 Qtrs
Increase (decrease) in cash and cash equivalents:	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$3.13M	USD	2 Qtrs
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$12.81M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$7.36M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$4.24M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$3.84M	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`	$7.36M	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`	$3.84M	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`	$5.11M	USD	2 Qtrs

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Cash dividends, per share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.12	USD	1 Quarter
Cash dividends, per share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.10	USD	1 Quarter
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`	$115.93M	USD	Point-in-time
Balance	`StockholdersEquity`	$112.71M	USD	Point-in-time
Net earnings	`NetIncomeLoss`	$1.75M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$3.60M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$1.89M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$3.79M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$1.75M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$3.60M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$1.89M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$3.79M	USD	2 Qtrs
Balance, August 27, 2023	`StockholdersEquity`	$115.93M	USD	Point-in-time
Balance, August 27, 2023	`StockholdersEquity`	$112.71M	USD	Point-in-time
Stock options exercised (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	0.00	shares	2 Qtrs

Comprehensive Income 12 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`NetIncomeLoss`	$1.75M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$3.60M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$1.89M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$3.79M	USD	2 Qtrs
Other comprehensive earnings (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-1.60M	USD	2 Qtrs
Other comprehensive earnings (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$110.00K	USD	1 Quarter
Other comprehensive earnings (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-667.00K	USD	1 Quarter
Other comprehensive earnings (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$826.00K	USD	2 Qtrs
Total comprehensive earnings	`ComprehensiveIncomeNetOfTax`	$4.43M	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`	$1.86M	USD	1 Quarter

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