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Park Aerospace(PKE) - 2025 Q1 - Quarterly Results
PKEPark Aerospace(PKE)2024-07-16 20:29

Financial Performance - Net sales for the 2025 fiscal year first quarter were 13,970,000,adecreasefrom13,970,000, a decrease from 15,551,000 in the 2024 fiscal year first quarter and 16,333,000inthe2024fiscalyearfourthquarter[4]−Netearningsforthe2025fiscalyearfirstquarterwere16,333,000 in the 2024 fiscal year fourth quarter[4] - Net earnings for the 2025 fiscal year first quarter were 993,000, compared to 1,854,000inthe2024fiscalyearfirstquarterand1,854,000 in the 2024 fiscal year first quarter and 2,670,000 in the 2024 fiscal year fourth quarter[4] - Adjusted EBITDA for the 2025 fiscal year first quarter was 2,610,000,downfrom2,610,000, down from 3,311,000 in the 2024 fiscal year first quarter and 3,201,000inthe2024fiscalyearfourthquarter[5]−Basicearningspershareforthe2025fiscalyearfirstquarterwere3,201,000 in the 2024 fiscal year fourth quarter[5] - Basic earnings per share for the 2025 fiscal year first quarter were 0.05, down from 0.09inthe2024fiscalyearfirstquarterand0.09 in the 2024 fiscal year first quarter and 0.13 in the 2024 fiscal year fourth quarter[2] - Adjusted EBITDA for Q1 2025 was 2.61million,comparedto2.61 million, compared to 3.31 million in Q1 2024 and 3.20millioninQ42024[19]−BasicanddilutedearningspershareforQ12025were3.20 million in Q4 2024[19] - Basic and diluted earnings per share for Q1 2025 were 0.05, compared to 0.09inQ12024and0.09 in Q1 2024 and 0.13 in Q4 2024[20] - Net sales for Q1 2025 were 13.97million,adecreasefrom13.97 million, a decrease from 15.55 million in Q1 2024 and 16.33millioninQ42024[22]−GrossprofitforQ12025was16.33 million in Q4 2024[22] - Gross profit for Q1 2025 was 4.10 million, representing 29.3% of net sales, compared to 31.1% in Q1 2024 and 27.3% in Q4 2024[22] - Earnings from operations for Q1 2025 were 2.08million,comparedto2.08 million, compared to 2.22 million in Q1 2024 and 2.57millioninQ42024[22]−NetearningsforQ12025were2.57 million in Q4 2024[22] - Net earnings for Q1 2025 were 993,000, or 7.1% of net sales, compared to 1.85million(11.91.85 million (11.9%) in Q1 2024 and 2.67 million (16.3%) in Q4 2024[22] Expenses and Charges - The company recorded a 1,052,000pre−taxchargerelatedtostormdamagetoitsfacilitiesinNewton,Kansasduringthe2025fiscalyear[10]−Inthe2024fiscalyearfirstquarter,thecompanyrecorded1,052,000 pre-tax charge related to storm damage to its facilities in Newton, Kansas during the 2025 fiscal year[10] - In the 2024 fiscal year first quarter, the company recorded 570,000 of pre-tax activist shareholder defense costs and 109,000 for stock option modifications[10] - Selling, General & Administrative Expenses for Q1 2025 were 2.02 million, or 14.4% of net sales, compared to 16.8% in Q1 2024 and 11.5% in Q4 2024[22] - The company incurred a storm damage charge of 1.05millioninQ12025,whichimpactedearningsfromoperations[22]TaxandInterest−Thecompanyrecognizedataxbenefitof1.05 million in Q1 2025, which impacted earnings from operations[22] Tax and Interest - The company recognized a tax benefit of 657,000 in the 2024 fiscal year fourth quarter due to reductions in uncertain tax positions[10] - Interest income for Q1 2025 was 339,000,slightlyhigherthan339,000, slightly higher than 324,000 in Q1 2024 and 329,000inQ42024[22]−IncometaxprovisionforQ12025was329,000 in Q4 2024[22] - Income tax provision for Q1 2025 was 376,000, compared to 688,000inQ12024and688,000 in Q1 2024 and 230,000 in Q4 2024[22] Balance Sheet - Total current assets as of June 2, 2024, were 97,296,000,slightlydownfrom97,296,000, slightly down from 98,845,000 as of March 3, 2024[7] - Total liabilities as of June 2, 2024, were 17,741,000,adecreasefrom17,741,000, a decrease from 19,395,000 as of March 3, 2024[7] - Shareholders' equity as of June 2, 2024, was 111,687,000,comparedto111,687,000, compared to 112,914,000 as of March 3, 2024[7]