Park Aerospace Corp. Reports First Quarter Results

Financial Performance - Park Aerospace Corp. reported net sales of $13,970,000 for the first quarter of the 2025 fiscal year, a decrease from $15,551,000 in the same quarter of the 2024 fiscal year and $16,333,000 in the fourth quarter of the 2024 fiscal year [1] - Net earnings for the first quarter of the 2025 fiscal year were $993,000, down from $1,854,000 in the first quarter of the 2024 fiscal year and $2,670,000 in the fourth quarter of the 2024 fiscal year [1] - Basic and diluted earnings per share were $0.05 for the first quarter of the 2025 fiscal year, compared to $0.09 for the first quarter of the 2024 fiscal year and $0.13 for the fourth quarter of the 2024 fiscal year [2] Adjusted Earnings - Net earnings before special items for the first quarter of the 2025 fiscal year were $1,781,000, compared to $2,407,000 for the first quarter of the 2024 fiscal year and $2,308,000 for the fourth quarter of the 2024 fiscal year [8] - Adjusted EBITDA for the first quarter of the 2025 fiscal year was $2,610,000, down from $3,311,000 in the first quarter of the 2024 fiscal year and $3,201,000 in the fourth quarter of the 2024 fiscal year [21] Special Items - The company recorded a pre-tax charge of $1,052,000 related to storm damage during the first quarter of the 2025 fiscal year [15] - In the first quarter of the 2024 fiscal year, the company recorded $570,000 in pre-tax activist shareholder defense costs, $65,000 in losses on sales of investments, and $109,000 for the modification of previously granted stock options [15] Operational Insights - The gross profit margin for the first quarter of the 2025 fiscal year was 29.3%, compared to 31.1% in the first quarter of the 2024 fiscal year and 27.3% in the fourth quarter of the 2024 fiscal year [27] - Selling, general, and administrative expenses were $2,017,000, representing 14.4% of net sales for the first quarter of the 2025 fiscal year, compared to 16.8% in the first quarter of the 2024 fiscal year [27] Company Overview - Park Aerospace Corp. develops and manufactures advanced composite materials for the global aerospace markets, including film adhesives and lightning strike protection materials [23] - The company's products are used in various applications, including jet engines, military aircraft, and space vehicles, with a focus on challenging projects that others may avoid [23]