Park Aerospace Corp. Reports First Quarter Results

Core Viewpoint - Park Aerospace Corp. reported a decline in net sales and earnings for the first quarter of the 2025 fiscal year compared to the previous year, impacted by various special charges and operational challenges [1][4][17]. Financial Performance - Net sales for the first quarter of the 2025 fiscal year were $13,970,000, down from$15,551,000 in the first quarter of 2024 and $16,333,000 in the fourth quarter of 2024 [1][20]. - Net earnings for the first quarter of 2025 were$993,000, compared to $1,854,000 in the first quarter of 2024 and$2,670,000 in the fourth quarter of 2024 [1][16]. - Adjusted EBITDA for the first quarter of 2025 was $2,610,000, a decrease from$3,311,000 in the first quarter of 2024 and $3,201,000 in the fourth quarter of 2024 [5][19]. Special Charges and Adjustments - The company recorded a pre-tax charge of$1,052,000 related to storm damage during the first quarter of 2025 [2][10]. - In the first quarter of 2024, the company had pre-tax activist shareholder defense costs of $570,000 and other special charges totaling$184,000 [2][19]. - Net earnings before special items for the first quarter of 2025 were $1,781,000, down from$2,407,000 in the first quarter of 2024 [16][19]. Earnings Per Share - Basic and diluted earnings per share for the first quarter of 2025 were $0.05, compared to$0.09 in the first quarter of 2024 and $0.13 in the fourth quarter of 2024 [17][19]. - Basic and diluted earnings per share before special items were$0.09 for the first quarter of 2025, down from $0.12 in the first quarter of 2024 [17][19]. Operational Insights - The company develops and manufactures advanced composite materials for the aerospace industry, including film adhesives and lightning strike protection materials [8]. - Park Aerospace's products are utilized in various aircraft types, including military and civilian aircraft, as well as in rocket motors and nozzles [8].