10-Q Filing

PARK AEROSPACE CORP CIK: 76267 Q3 2023

Filing Information

Form Type	10-Q
Accession Number	`0001437749-24-001085`
Period End Date	20231130
Filing Date	20240110
Fiscal Year	2023
Fiscal Period	Q3
XBRL Instance	pke20231126_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 63 Income Statement 52 Cash Flow Statement 46 Stockholders Equity 13 Comprehensive Income 12

Balance Sheet 63 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`	$132.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.24M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.17M	USD	Point-in-time
Marketable securities (Note 3)	`MarketableSecuritiesCurrent`	$101.20M	USD	Point-in-time
Marketable securities (Note 3)	`MarketableSecuritiesCurrent`	$69.82M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $132 and $120, respectively	`AccountsReceivableNetCurrent`	$9.90M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $132 and $120, respectively	`AccountsReceivableNetCurrent`	$9.99M	USD	Point-in-time
Inventories (Note 4)	`InventoryNet`	$7.42M	USD	Point-in-time
Inventories (Note 4)	`InventoryNet`	$6.77M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.46M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.84M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$93.77M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$125.04M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$23.75M	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`	$109.00K	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`	$98.00K	USD	Point-in-time
Total assets	`Assets`	$127.51M	USD	Point-in-time
Total assets	`Assets`	$159.33M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.11M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$4.54M	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`	$1.59M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.35M	USD	Point-in-time
Dividend Payable	`DividendsPayableCurrent`	$20.47M	USD	Point-in-time
Dividend Payable	`DividendsPayableCurrent`	-	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$3.68M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$2.17M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$28.59M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.43M	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`	$94.00K	USD	Point-in-time
Non-current income taxes payable (Note 9)	`AccruedIncomeTaxesNoncurrent`	$5.26M	USD	Point-in-time
Non-current income taxes payable (Note 9)	`AccruedIncomeTaxesNoncurrent`	$10.94M	USD	Point-in-time
Deferred income taxes (Note 9)	`DeferredIncomeTaxLiabilitiesNet`	$1.90M	USD	Point-in-time
Deferred income taxes (Note 9)	`DeferredIncomeTaxLiabilitiesNet`	$2.00M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$1.75M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$1.84M	USD	Point-in-time
Total liabilities	`Liabilities`	$43.40M	USD	Point-in-time
Total liabilities	`Liabilities`	$15.52M	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`	$169.93M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$170.35M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-42.69M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-45.51M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-2.93M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-4.24M	USD	Point-in-time
Stockholders' Equity, Including Treasury Stock	`StockoldersEquityIncludingTreasuryStock`	$124.01M	USD	Point-in-time
Stockholders' Equity, Including Treasury Stock	`StockoldersEquityIncludingTreasuryStock`	$125.09M	USD	Point-in-time
Less treasury stock, at cost	`TreasuryStockValue`	$12.02M	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`	$111.98M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$159.33M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$127.51M	USD	Point-in-time

Income Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`RevenueFromContractWithCustomerIncludingAssessedTax`	$11.64M	USD	1 Quarter
Net earnings	`RevenueFromContractWithCustomerIncludingAssessedTax`	$39.67M	USD	3 Qtrs
Net earnings	`RevenueFromContractWithCustomerIncludingAssessedTax`	$40.52M	USD	3 Qtrs
Net earnings	`RevenueFromContractWithCustomerIncludingAssessedTax`	$13.87M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$9.42M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$27.59M	USD	3 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$27.90M	USD	3 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$8.47M	USD	1 Quarter
Gross profit	`GrossProfit`	$3.17M	USD	1 Quarter
Gross profit	`GrossProfit`	$12.08M	USD	3 Qtrs
Gross profit	`GrossProfit`	$12.62M	USD	3 Qtrs
Gross profit	`GrossProfit`	$4.44M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$4.89M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$6.27M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.52M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.80M	USD	1 Quarter
Earnings from operations	`OperatingIncomeLoss`	$5.81M	USD	3 Qtrs
Earnings from operations	`OperatingIncomeLoss`	$1.36M	USD	1 Quarter
Earnings from operations	`OperatingIncomeLoss`	$2.92M	USD	1 Quarter
Earnings from operations	`OperatingIncomeLoss`	$7.73M	USD	3 Qtrs
Interest and other income	`InterestAndOtherIncome`	$653.00K	USD	3 Qtrs
Interest and other income	`InterestAndOtherIncome`	$299.00K	USD	1 Quarter
Interest and other income	`InterestAndOtherIncome`	$261.00K	USD	1 Quarter
Interest and other income	`InterestAndOtherIncome`	$724.00K	USD	3 Qtrs
Earnings from operations before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$6.53M	USD	3 Qtrs
Earnings from operations before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.63M	USD	1 Quarter
Earnings from operations before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$3.22M	USD	1 Quarter
Earnings from operations before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$8.39M	USD	3 Qtrs
Income tax provision (Note 9)	`IncomeTaxExpenseBenefit`	$423.00K	USD	1 Quarter
Income tax provision (Note 9)	`IncomeTaxExpenseBenefit`	$990.00K	USD	1 Quarter
Income tax provision (Note 9)	`IncomeTaxExpenseBenefit`	$1.73M	USD	3 Qtrs
Income tax provision (Note 9)	`IncomeTaxExpenseBenefit`	$2.36M	USD	3 Qtrs
Less: reclassification adjustment for losses included in net earnings	`NetIncomeLoss`	$6.03M	USD	3 Qtrs
Less: reclassification adjustment for losses included in net earnings	`NetIncomeLoss`	$2.23M	USD	1 Quarter
Less: reclassification adjustment for losses included in net earnings	`NetIncomeLoss`	$4.80M	USD	3 Qtrs
Less: reclassification adjustment for losses included in net earnings	`NetIncomeLoss`	$1.20M	USD	1 Quarter
Basic earnings per share (in dollars per share)	`EarningsPerShareBasic`	$0.29	USD	3 Qtrs
Basic earnings per share (in dollars per share)	`EarningsPerShareBasic`	$0.06	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`	$0.24	USD	3 Qtrs
Basic weighted average shares (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	20.32M	shares	3 Qtrs
Basic weighted average shares (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	20.25M	shares	1 Quarter
Basic weighted average shares (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	20.47M	shares	1 Quarter
Basic weighted average shares (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	20.46M	shares	3 Qtrs
Diluted earnings per share (in dollars per share)	`EarningsPerShareDiluted`	$0.24	USD	3 Qtrs
Diluted earnings per share (in dollars per share)	`EarningsPerShareDiluted`	$0.06	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`	20.36M	shares	1 Quarter
Diluted weighted average shares (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	20.51M	shares	3 Qtrs
Diluted weighted average shares (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	20.41M	shares	3 Qtrs
Diluted weighted average shares (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	20.51M	shares	1 Quarter

Cash Flow Statement 46 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`IncomeLossFromContinuingOperations`	$6.03M	USD	3 Qtrs
Net earnings	`IncomeLossFromContinuingOperations`	$4.80M	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$826.00K	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$984.00K	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$425.00K	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$274.00K	USD	3 Qtrs
(Recovery of) provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	-	USD	3 Qtrs
(Recovery of) provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$12.00K	USD	3 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-97.00K	USD	3 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$265.00K	USD	3 Qtrs
Amortization of bond premium	`AmortizationOfDebtDiscountPremium`	$125.00K	USD	3 Qtrs
Amortization of bond premium	`AmortizationOfDebtDiscountPremium`	$255.00K	USD	3 Qtrs
Loss (gain) on sale of marketable securities	`MarketableSecuritiesGainLoss`	-	USD	3 Qtrs
Loss (gain) on sale of marketable securities	`MarketableSecuritiesGainLoss`	$-184.00K	USD	3 Qtrs
Changes in operating assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$5.38M	USD	3 Qtrs
Changes in operating assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$7.45M	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-886.00K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.13M	USD	3 Qtrs
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$749.00K	USD	3 Qtrs
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$481.00K	USD	3 Qtrs
Purchases of marketable securities	`PaymentsToAcquireMarketableSecurities`	$6.70M	USD	3 Qtrs
Purchases of marketable securities	`PaymentsToAcquireMarketableSecurities`	$39.78M	USD	3 Qtrs
Proceeds from sales and maturities of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$38.97M	USD	3 Qtrs
Proceeds from sales and maturities of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$36.20M	USD	3 Qtrs
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.33M	USD	3 Qtrs
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$31.78M	USD	3 Qtrs
Dividends paid	`PaymentsOfDividendsCommonStock`	$6.14M	USD	3 Qtrs
Dividends paid	`PaymentsOfDividendsCommonStock`	$28.09M	USD	3 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$12.00K	USD	3 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$139.00K	USD	3 Qtrs
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	-	USD	3 Qtrs
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$2.88M	USD	3 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-30.96M	USD	3 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-6.00M	USD	3 Qtrs
Increase (decrease) in cash and cash equivalents:	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-64.00K	USD	3 Qtrs
Increase (decrease) in cash and cash equivalents:	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-8.20M	USD	3 Qtrs
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$4.17M	USD	Point-in-time
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`	$4.24M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$4.17M	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`	$4.24M	USD	Point-in-time
Cash paid during the period for income taxes, net of refunds	`IncomeTaxesPaidNet`	$5.90M	USD	3 Qtrs
Cash paid during the period for income taxes, net of refunds	`IncomeTaxesPaidNet`	$3.18M	USD	3 Qtrs

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$115.93M	USD	Point-in-time
Balance	`StockholdersEquity`	$111.98M	USD	Point-in-time
Net earnings	`NetIncomeLoss`	$6.03M	USD	3 Qtrs
Net earnings	`NetIncomeLoss`	$2.23M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$4.80M	USD	3 Qtrs
Net earnings	`NetIncomeLoss`	$1.20M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$6.03M	USD	3 Qtrs
Net earnings	`NetIncomeLoss`	$2.23M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$4.80M	USD	3 Qtrs
Net earnings	`NetIncomeLoss`	$1.20M	USD	1 Quarter
Balance, August 27, 2023	`StockholdersEquity`	$115.93M	USD	Point-in-time
Balance, August 27, 2023	`StockholdersEquity`	$111.98M	USD	Point-in-time
Stock options exercised (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	875.00	shares	3 Qtrs

Comprehensive Income 12 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`NetIncomeLoss`	$6.03M	USD	3 Qtrs
Net earnings	`NetIncomeLoss`	$2.23M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$4.80M	USD	3 Qtrs
Net earnings	`NetIncomeLoss`	$1.20M	USD	1 Quarter
Other comprehensive earnings (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$1.31M	USD	3 Qtrs
Other comprehensive earnings (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-718.00K	USD	1 Quarter
Other comprehensive earnings (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-2.32M	USD	3 Qtrs
Other comprehensive earnings (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$490.00K	USD	1 Quarter
Total comprehensive earnings	`ComprehensiveIncomeNetOfTax`	$1.69M	USD	1 Quarter
Total comprehensive earnings	`ComprehensiveIncomeNetOfTax`	$3.71M	USD	3 Qtrs
Total comprehensive earnings	`ComprehensiveIncomeNetOfTax`	$6.12M	USD	3 Qtrs
Total comprehensive earnings	`ComprehensiveIncomeNetOfTax`	$1.51M	USD	1 Quarter

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