Company Overview - Park Aerospace Corp. develops and manufactures advanced composite materials for the global aerospace markets, including film adhesives and lightning strike protection materials [5] - The company's products are utilized in various applications such as jet engines, transport aircraft, military aircraft, UAVs, business jets, and rocket motors [5] - Park Aerospace aims to tackle projects that are considered too difficult or small by others in the industry [5] Financial Results Announcement - Park Aerospace plans to release its financial results for the first quarter of the 2025 fiscal year, which ended on June 2, 2024, after the NYSE closes on July 16, 2024 [1] - A conference call to discuss these results will take place at 5:00 p.m. EDT on the same day, with a dial-in number provided for participants [1] Conference Call Details - A live audio webcast and presentation materials will be available on the company's website at the time of the conference call [2] - For those unable to attend live, a replay of the conference call will be accessible from 8:00 p.m. EDT on July 16, 2024, until 11:59 p.m. EDT on July 23, 2024 [3] - Additional financial or statistical data disclosed during the call will also be available on the company's website [4]

Core Viewpoint - Park Aerospace has transitioned from outperforming the market to underperforming, primarily due to margin erosion and excess capacity issues, which have not been effectively addressed in their communications [1][2][14]. Financial Performance - For FY2023, Park Aerospace reported sales of $54.055 million, a slight increase from $53.578 million in FY2022, but adjusted EBITDA fell to $10.99 million, below the targeted range of $11 million to $11.8 million [3][15]. - The gross profit for FY2023 was $16.534 million, with a gross margin of 29.5%, down from 30.5% in FY2022 [3]. - The company experienced a significant impact from international freight disruptions, resulting in $0.565 million in missed sales during the quarter [3][10]. Market Dynamics - Park Aerospace's reliance on GE programs has made it vulnerable to production ramp-up challenges, particularly with the Airbus A320neo family, which has seen a cut in full-year delivery guidance [16]. - The company has revised its sales expectations downward for both GE and non-GE programs, with total revenues expected to decrease by 5% [5][12]. Operational Challenges - The company is facing inflated costs, including a 25% increase in SG&A expenses due to various factors such as activist shareholder defense costs and higher recruiting fees [10]. - There is a concern regarding the company's ability to utilize its excess capacity effectively, which could lead to increased labor and capacity costs without corresponding revenue [16][18]. Future Outlook - Despite current challenges, the long-term prospects for Park Aerospace remain positive, contingent on easing headwinds and improved production rates [18]. - The company has a net cash position that could support future growth, but clearer indications of overcoming existing challenges are needed to enhance its appeal [18].

NEWTON, Kan., June 10, 2024 (GLOBE NEWSWIRE) -- The Board of Directors of Park Aerospace Corp. (NYSE – PKE) has declared a regular quarterly cash dividend of $0.125 per share payable August 2, 2024 to shareholders of record at the close of business on July 1, 2024. Park has paid 39 consecutive years of uninterrupted regular, quarterly cash dividends, without ever skipping a dividend payment or reducing the amount of the dividend. The Company has paid approximately $594 million in cash dividends, or $28.975 ...

Financial Data and Key Metrics Changes - Sales for Q4 were reported at $16.333 million, with a gross margin of 27.3% and an EBITDA margin under 20% [8][12][30] - For the fiscal year 2024, total sales were $56 million, with a gross margin of 29.5% and an EBITDA margin of 19.6% [13][29] - The company reported $77.2 million in cash and marketable securities at the end of Q4, with zero long-term debt [20][35] Business Line Data and Key Metrics Changes - CTP fabric sales amounted to $474,000, with low margins due to the nature of the product [11] - The company faced challenges in production levels, with Q4 production valued at $15.2 million, which was below sales [30] Market Data and Key Metrics Changes - The aerospace market continues to face supply chain challenges, impacting program ramp-ups and new introductions [40][41] - Airbus has a significant backlog of A320 aircraft, with 7,170 orders, and is currently producing at a rate of about 50 per month [43][62] Company Strategy and Development Direction - The company is focused on long-term growth, with plans for a $20 million factory expansion to support future demand [14][16] - The strategy includes ramping up production capabilities and staffing to prepare for anticipated increases in demand, referred to as the "juggernaut" [16][53] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that Q1 sales would be impacted by storm damage but expects to recover those sales in Q2 [52][91] - The company remains optimistic about future growth, citing strong demand in the aerospace sector despite current challenges [41][53] Other Important Information - The company has paid dividends for 39 consecutive years, totaling $594 million since fiscal year 2005 [35] - Management highlighted the importance of workforce issues as a significant factor in supply chain challenges [56] Q&A Session Summary Question: What is the outlook for the stock price? - Management believes the stock price does not reflect the company's value and expects the market to recognize its true worth as financial results improve [88] Question: Will the storm damage impact future sales? - Management confirmed that all sales lost in Q1 due to storm damage will be recovered in Q2, with no expected loss of business [91] Question: What is the expected revenue from the GE9X engine program? - Management anticipates approximately $1.7 million from the GE9X engine program in calendar year 2024, with potential gaps in production ramp-up [93]

NEWTON, Kan., May 30, 2024 (GLOBE NEWSWIRE) -- Park Aerospace Corp. (NYSE-PKE) reported results for the 2024 fiscal year fourth quarter and full fiscal year ended March 3, 2024. The Company will conduct a conference call to discuss its financial results and other matters at 5:00 p.m. EDT today. A live audio webcast of the event, along with presentation materials, will be available at https://edge.media-server.com/mmc/p/zyr8codr at 5:00 p.m. EDT today. The presentation materials will also be available at app ...

NEWTON, Kan., May 30, 2024 (GLOBE NEWSWIRE) -- Park Aerospace Corp. (NYSE-PKE) reported results for the 2024 fiscal year fourth quarter and full fiscal year ended March 3, 2024. The Company will conduct a conference call to discuss its financial results and other matters at 5:00 p.m. EDT today. A live audio webcast of the event, along with presentation materials, will be available at https://edge.media-server.com/mmc/p/zyr8codr at 5:00 p.m. EDT today. The presentation materials will also be available at app ...

NEWTON, Kan., May 23, 2024 (GLOBE NEWSWIRE) -- Park Aerospace Corp. (NYSE - PKE) announced that it plans to release its financial results for its 2024 fiscal year fourth quarter and for its full fiscal year ended March 3, 2024 after the New York Stock Exchange closes on Thursday, May 30, 2024. The Company will conduct a conference call to discuss such results at 5:00 p.m. EDT on the same day. Forward-looking and other material information may be discussed in this conference call. The conference call dial-in ...

NEWTON, Kan., May 23, 2024 (GLOBE NEWSWIRE) -- Park Aerospace Corp. (NYSE - PKE) announced that it plans to release its financial results for its 2024 fiscal year fourth quarter and for its full fiscal year ended March 3, 2024 after the New York Stock Exchange closes on Thursday, May 30, 2024. The Company will conduct a conference call to discuss such results at 5:00 p.m. EDT on the same day. Forward-looking and other material information may be discussed in this conference call. The conference call dial-in ...

The Company does not expect to lose any business or sales as a result of the storm damage, but an unknown amount of sales will slip from the Company's FY2025 Q1 (which ends June 2, 2024) to the Company's FY2025 Q2. The Company may be able to provide additional information about the amount of sales which will slip from FY2025 Q1 to FY2025 Q2 during the Company's FY2024 Q4 investor call next week. NEWTON, Kan., May 22, 2024 (GLOBE NEWSWIRE) -- Park Aerospace Corp. (NYSE-PKE) reported that, on Sunday, May 19, ...

NEWTON, Kan., May 22, 2024 (GLOBE NEWSWIRE) -- Park Aerospace Corp. (NYSE-PKE) reported that, on Sunday, May 19, at approximately 8:00 pm local time, the Company's Newton, Kansas manufacturing facilities were damaged by a strong storm which transitioned the area. None of the Company's manufacturing lines or equipment were damaged by the storm. Although the building structures are secure, it is likely that the roofs on all three buildings in the Company's Newton, Kansas campus will ultimately need to be repl ...