Park Aerospace(PKE)2024-07-16 20:29Financial Performance - Net sales for the 2025 fiscal year first quarter were $13,970,000, a decrease from $15,551,000 in the 2024 fiscal year first quarter and $16,333,000 in the 2024 fiscal year fourth quarter[4] - Net earnings for the 2025 fiscal year first quarter were $993,000, compared to $1,854,000 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, down from $3,311,000 in the 2024 fiscal year first quarter and $3,201,000 in the 2024 fiscal year fourth quarter[5] - Basic earnings per share for the 2025 fiscal year first quarter were $0.05, down from $0.09 in the 2024 fiscal year first quarter and $0.13 in the 2024 fiscal year fourth quarter[2] - Adjusted EBITDA for Q1 2025 was $2.61 million, compared to $3.31 million in Q1 2024 and $3.20 million in Q4 2024[19] - Basic and diluted earnings per share for Q1 2025 were $0.05, compared to $0.09 in Q1 2024 and $0.13 in Q4 2024[20] - Net sales for Q1 2025 were $13.97 million, a decrease from $15.55 million in Q1 2024 and $16.33 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 $2.08 million, compared to $2.22 million in Q1 2024 and $2.57 million in Q4 2024[22] - Net earnings for Q1 2025 were $993,000, or 7.1% of net sales, compared to $1.85 million (11.9%) in Q1 2024 and $2.67 million (16.3%) in Q4 2024[22] Expenses and Charges - The company recorded a $1,052,000 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 $1.05 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, slightly higher than $324,000 in Q1 2024 and $329,000 in Q4 2024[22] - Income tax provision for Q1 2025 was $376,000, compared to $688,000 in Q1 2024 and $230,000 in Q4 2024[22] Balance Sheet - Total current assets as of June 2, 2024, were $97,296,000, slightly down from $98,845,000 as of March 3, 2024[7] - Total liabilities as of June 2, 2024, were $17,741,000, a decrease from $19,395,000 as of March 3, 2024[7] - Shareholders' equity as of June 2, 2024, was $111,687,000, compared to $112,914,000 as of March 3, 2024[7]