Park Aerospace Corp. (NYSE-PKE) reported results for the 2024
fiscal year third quarter ended November 26, 2023. The Company will
conduct a conference call to discuss its financial results and
other matters at 5:00 p.m. EST today. A live audio webcast of the
event, along with presentation materials, will be available at
https://edge.media-server.com/mmc/p/on4ziexw at 5:00 p.m. EST
today. The presentation materials will also be available at
approximately 4:15 p.m. EST today at
https://parkaerospace.com/shareholders/investor-conference-calls/
and on the Company’s website at www.parkaerospace.com under
“Investor Conference Calls” on the “Shareholders” page.
Park reported net sales of $11,639,000 for the
2024 fiscal year third quarter ended November 26, 2023 compared to
$13,867,000 for the 2023 fiscal year third quarter ended November
27, 2022 and $12,481,000 for the 2024 fiscal year second quarter
ended August 27, 2023. Park’s net sales for the nine months ended
November 26, 2023 were $39,671,000 compared to $40,525,000 for the
nine months ended November 27, 2022. Net earnings for the 2024
fiscal year third quarter were $1,203,000 compared to $2,230,000
for the 2023 fiscal year third quarter and $1,746,000 for the 2024
fiscal year second quarter. Net earnings were $4,803,000 for the
current year’s first nine months compared to $6,025,000 for last
year’s first nine months.
Net earnings before special items for the 2024
fiscal year third quarter were $1,203,000 compared to $2,383,000
for the 2023 fiscal year third quarter and $1,746,000 for the 2024
fiscal year second quarter. Net earnings before special items for
the nine months ended November 26, 2023 were $5,356,000 compared to
$6,178,000 for last fiscal year’s first nine months.
Adjusted EBITDA for the 2024 fiscal year third
quarter was $1,808,000 compared to $3,321,000 for the 2023 fiscal
year third quarter and $2,669,000 for the 2024 fiscal year second
quarter. Adjusted EBITDA for the current year’s first nine months
was $7,788,000 compared to $8,834,000 for last year’s first nine
months.
During the 2024 fiscal year’s first nine months,
the Company recorded $570,000 of pre-tax activist shareholder
defense costs, $65,000 of pre-tax losses on sales of investments to
fund the $1.00 per share special dividend paid on April 6, 2023 to
shareholders of record on March 9, 2023 and a $109,000 pre-tax
charge for the modification of previously granted stock options in
connection with the special dividend in the 2024 fiscal year second
quarter. During the prior year, the Company recorded $153,000 of
additional tax expense for tax deductions becoming unavailable
related to stock options expiring unexercised in the 2023 fiscal
year third quarter and first nine months.
Park reported basic and diluted earnings per
share of $0.06 for the 2024 fiscal year third quarter compared to
$0.11 for the 2023 fiscal year third quarter and $0.09 for the 2024
fiscal year second quarter. Basic and diluted earnings per share
before special items were $0.06 for the 2024 fiscal year third
quarter compared to $0.12 for the 2023 fiscal year third quarter
and $0.09 for the 2024 fiscal year second quarter.
Park reported basic and diluted earnings per
share of $0.24 for the 2024 fiscal year’s first nine months
compared to $0.29 for the 2023 fiscal year’s first nine months.
Basic and diluted earnings per share before special items were
$0.26 for the 2024 fiscal year’s first nine months compared to
$0.30 for the 2023 fiscal year’s first nine months.
The Company will conduct a conference call to
discuss its financial results at 5:00 p.m. EST today.
Forward-looking and other material information may be discussed in
this conference call. The conference call dial-in number is (877)
407-3982 in the United States and Canada, and (201) 493-6780 in
other countries. The required passcode for attendance by phone is
13743214.
For those unable to listen to the call live, a
conference call replay will be available from approximately 8:00
p.m. EST today through 11:59 p.m. EST on Tuesday, January 16, 2024.
The conference call replay will be available at
https://edge.media-server.com/mmc/p/on4ziexw and on the Company’s
website at www.parkaerospace.com under “Investor Conference Calls”
on the “Shareholders” page. It can also be accessed by dialing
(844) 512-2921 in the United States and Canada, and (412) 317-6671
in other countries. The required passcode for accessing the replay
by phone is 13743214.
Any additional material financial or statistical
data disclosed in the conference call, including the investor
presentation, will also be available at the time of the conference
call on the Company's web site
at https://parkaerospace.com/shareholders/investor-conference-calls/.
Park believes that an evaluation of its ongoing
operations would be difficult if the disclosure of its operating
results were limited to accounting principles generally accepted in
the United States of America (“GAAP”) financial measures, which
include special items, such as activist shareholder defense costs,
losses on sales of investments and charges for modification of
previously granted stock options. Accordingly, in addition to
disclosing its operating results determined in accordance with
GAAP, Park discloses non-GAAP measures, including Adjusted EBITDA,
and operating results that exclude special items in order to assist
its shareholders and other readers in assessing the Company’s
operating performance, since the Company’s on-going, normal
business operations do not include such special items. The detailed
operating information presented below includes a reconciliation of
the non-GAAP operating results before special items to earnings
determined in accordance with GAAP and a reconciliation of GAAP
pre-tax earnings to Adjusted EBITDA. Such non-GAAP financial
measures are provided to supplement the results provided in
accordance with GAAP.
Park Aerospace Corp. develops and manufactures
solution and hot-melt advanced composite materials used to produce
composite structures for the global aerospace markets. Park’s
advanced composite materials include film adhesives
(Aeroadhere®) and lightning strike protection
materials (Electroglide®). Park offers an array of
composite materials specifically designed for hand lay-up or
automated fiber placement (AFP) manufacturing applications. Park’s
advanced composite materials are used to produce primary and
secondary structures for jet engines, large and regional transport
aircraft, military aircraft, Unmanned Aerial Vehicles (UAVs
commonly referred to as “drones”), business jets, general aviation
aircraft and rotary wing aircraft. Park also offers specialty
ablative materials for rocket motors and nozzles and specially
designed materials for radome applications. As a complement to
Park’s advanced composite materials offering, Park designs and
fabricates composite parts, structures and assemblies and low
volume tooling for the aerospace industry. Target markets for
Park’s composite parts and structures (which include Park’s
proprietary composite SigmaStrut™ and AlphaStrut™ product lines)
are, among others, prototype and development aircraft, special
mission aircraft, spares for legacy military and civilian aircraft
and exotic spacecraft. Park’s objective is to do what others are
either unwilling or unable to do. When nobody else wants to do it
because it is too difficult, too small or too annoying, sign us
up.
Additional corporate information is available on
the Company’s web site at
www.parkaerospace.com
Performance table, including non-GAAP
information (in thousands, except per share amounts
–unaudited):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13 Weeks Ended |
|
39 Weeks Ended |
|
|
|
|
|
|
|
|
November 26,2023 |
|
|
November 27,2022 |
|
|
August 27,2023 |
|
November 26,2023 |
|
|
November 27,2022 |
Sales |
$ |
11,639 |
|
|
$ |
13,867 |
|
|
|
$ |
12,481 |
|
$ |
39,671 |
|
|
|
$ |
40,525 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings before Special Items1 |
$ |
1,203 |
|
|
$ |
2,383 |
|
|
|
$ |
1,746 |
|
$ |
5,356 |
|
|
|
$ |
6,178 |
|
Special Items, Net of Tax: |
|
|
|
|
|
|
|
|
|
|
|
|
Activist Shareholder Defense Costs |
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
(424 |
) |
|
|
|
- |
|
Stock Option Modification |
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
(81 |
) |
|
|
|
- |
|
Loss on Sale of Marketable Securities |
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
(48 |
) |
|
|
|
- |
|
Tax Impact of Cancelled Stock Options |
|
- |
|
|
|
(153 |
) |
|
|
|
- |
|
|
- |
|
|
|
|
(153 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings |
$ |
1,203 |
|
|
$ |
2,230 |
|
|
|
$ |
1,746 |
|
$ |
4,803 |
|
|
|
$ |
6,025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings per Share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings before Special Items1 |
$ |
0.06 |
|
|
$ |
0.12 |
|
|
|
$ |
0.09 |
|
$ |
0.26 |
|
|
|
$ |
0.30 |
|
Special Items: |
|
|
|
|
|
|
|
|
|
|
|
|
Activist Shareholder Defense Costs |
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
(0.02 |
) |
|
|
|
- |
|
Stock Option Modification |
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
- |
|
|
|
|
- |
|
Loss on Sale of Marketable Securities |
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
- |
|
|
|
|
- |
|
Tax Impact of Cancelled Stock Options |
|
- |
|
|
|
(0.01 |
) |
|
|
|
- |
|
|
- |
|
|
|
|
(0.01 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings per Share |
$ |
0.06 |
|
|
$ |
0.11 |
|
|
|
$ |
0.09 |
|
$ |
0.24 |
|
|
|
$ |
0.29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings before Special Items1 |
$ |
0.06 |
|
|
$ |
0.12 |
|
|
|
$ |
0.09 |
|
$ |
0.26 |
|
|
|
$ |
0.30 |
|
Special Items: |
|
|
|
|
|
|
|
|
|
|
|
|
Activist Shareholder Defense Costs |
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
(0.02 |
) |
|
|
|
- |
|
Stock Option Modification |
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
- |
|
|
|
|
- |
|
Loss on Sale of Marketable Securities |
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
- |
|
|
|
|
- |
|
Tax Impact of Cancelled Stock Options |
|
- |
|
|
|
(0.01 |
) |
|
|
|
- |
|
|
- |
|
|
|
|
(0.01 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings per Share |
$ |
0.06 |
|
|
$ |
0.11 |
|
|
|
$ |
0.09 |
|
$ |
0.24 |
|
|
|
$ |
0.29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Shares Outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
20,250 |
|
|
|
20,471 |
|
|
|
|
20,256 |
|
|
20,323 |
|
|
|
|
20,463 |
|
Diluted |
|
20,355 |
|
|
|
20,510 |
|
|
|
|
20,338 |
|
|
20,406 |
|
|
|
|
20,506 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Refer to
"Reconciliation of non-GAAP financial measures" below for
information regarding Special Items. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparative balance sheets (in
thousands):
|
|
|
|
|
November 26, 2023 |
|
February 26, 2023 |
Assets |
(unaudited) |
|
|
Current Assets |
|
|
|
Cash and Marketable Securities |
$ |
73,989 |
|
$ |
105,440 |
Accounts Receivable, Net |
|
9,897 |
|
|
9,989 |
Inventories |
|
7,421 |
|
|
6,768 |
Prepaid Expenses and Other Current Assets |
|
2,463 |
|
|
2,844 |
Total Current Assets |
|
93,770 |
|
|
125,041 |
|
|
|
|
Fixed Assets, Net |
|
23,747 |
|
|
24,251 |
Operating Right-of-use Assets |
|
109 |
|
|
150 |
Other Assets |
|
9,881 |
|
|
9,891 |
Total Assets |
$ |
127,507 |
|
$ |
159,333 |
|
|
|
|
Liabilities and Shareholders' Equity |
|
|
|
Current Liabilities |
|
|
|
Accounts Payable |
$ |
1,110 |
|
$ |
4,545 |
Accrued Liabilities |
|
1,587 |
|
|
1,346 |
Dividend Payable |
|
- |
|
|
20,471 |
Operating Lease Liability |
|
53 |
|
|
53 |
Income Taxes Payable |
|
3,679 |
|
|
2,171 |
Total Current Liabilities |
|
6,429 |
|
|
28,586 |
|
|
|
|
Long-term Operating Lease Liability |
|
94 |
|
|
129 |
Non-current Income Taxes Payable |
|
5,259 |
|
|
10,938 |
Deferred Income Taxes |
|
1,897 |
|
|
1,995 |
Other Liabilities |
|
1,843 |
|
|
1,751 |
Total Liabilities |
|
15,522 |
|
|
43,399 |
|
|
|
|
Shareholders’ Equity |
|
111,985 |
|
|
115,934 |
|
|
|
|
Total Liabilities and Shareholders' Equity |
$ |
127,507 |
|
$ |
159,333 |
|
|
|
|
Additional information |
|
|
|
Equity per Share |
$ |
5.53 |
|
$ |
5.66 |
|
|
|
|
Comparative statements of operations (in
thousands – unaudited):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13 Weeks Ended |
|
|
39 Weeks Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
November 26,2023 |
|
|
November 27,2022 |
|
|
August 27,2023 |
|
|
November 26,2023 |
|
|
November 27,2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
$ |
11,639 |
|
|
|
$ |
13,867 |
|
|
|
$ |
12,481 |
|
|
|
$ |
39,671 |
|
|
|
$ |
40,525 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Sales |
|
8,470 |
|
|
|
|
9,423 |
|
|
|
|
8,402 |
|
|
|
|
27,590 |
|
|
|
|
27,903 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit |
|
3,169 |
|
|
|
|
4,444 |
|
|
|
|
4,079 |
|
|
|
|
12,081 |
|
|
|
|
12,622 |
|
% of net sales |
|
27.2 |
% |
|
|
|
32.0 |
% |
|
|
|
32.7 |
% |
|
|
|
30.5 |
% |
|
|
|
31.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, General & Administrative Expenses |
|
1,804 |
|
|
|
|
1,523 |
|
|
|
|
1,853 |
|
|
|
|
6,272 |
|
|
|
|
4,888 |
|
% of net sales |
|
15.5 |
% |
|
|
|
11.0 |
% |
|
|
|
14.8 |
% |
|
|
|
15.8 |
% |
|
|
|
12.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from Operations |
|
1,365 |
|
|
|
|
2,921 |
|
|
|
|
2,226 |
|
|
|
|
5,809 |
|
|
|
|
7,734 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and Other Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income |
|
261 |
|
|
|
|
299 |
|
|
|
|
139 |
|
|
|
|
724 |
|
|
|
|
653 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from Operations before Income Taxes |
|
1,626 |
|
|
|
|
3,220 |
|
|
|
|
2,365 |
|
|
|
|
6,533 |
|
|
|
|
8,387 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Provision |
|
423 |
|
|
|
|
990 |
|
|
|
|
619 |
|
|
|
|
1,730 |
|
|
|
|
2,362 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings |
$ |
1,203 |
|
|
|
$ |
2,230 |
|
|
|
$ |
1,746 |
|
|
|
$ |
4,803 |
|
|
|
$ |
6,025 |
|
% of net sales |
|
10.3 |
% |
|
|
|
16.1 |
% |
|
|
|
14.0 |
% |
|
|
|
12.1 |
% |
|
|
|
14.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of non-GAAP financial measures
(in thousands – unaudited):
|
|
|
|
|
|
|
|
|
13 Weeks EndedNovember 26, 2023 |
|
|
13 Weeks EndedNovember 27, 2022 |
|
|
13 Weeks Ended August 27, 2023 |
|
GAAP |
|
Special Items |
|
Before Special Items |
|
|
GAAP |
|
Special Items |
|
Before Special Items |
|
|
GAAP |
|
Special Items |
|
Before SpecialItems |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, General & Administrative Expenses |
$ |
1,804 |
|
|
$ |
- |
|
|
$ |
1,804 |
|
|
|
$ |
1,523 |
|
|
$ |
- |
|
|
$ |
1,523 |
|
|
|
$ |
1,853 |
|
|
$ |
- |
|
$ |
1,853 |
|
% of net sales |
|
15.5 |
% |
|
|
|
|
15.5 |
% |
|
|
|
11.0 |
% |
|
|
|
|
11.0 |
% |
|
|
|
14.8 |
% |
|
|
|
|
14.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from Operations |
|
1,365 |
|
|
|
- |
|
|
|
1,365 |
|
|
|
|
2,921 |
|
|
|
- |
|
|
|
2,921 |
|
|
|
|
2,226 |
|
|
|
- |
|
|
2,226 |
|
% of net sales |
|
11.7 |
% |
|
|
|
|
11.7 |
% |
|
|
|
21.1 |
% |
|
|
|
|
21.1 |
% |
|
|
|
17.8 |
% |
|
|
|
|
17.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income |
|
261 |
|
|
|
- |
|
|
|
261 |
|
|
|
|
299 |
|
|
|
- |
|
|
|
299 |
|
|
|
|
139 |
|
|
|
- |
|
|
139 |
|
% of net sales |
|
2.2 |
% |
|
|
|
|
2.2 |
% |
|
|
|
2.2 |
% |
|
|
|
|
2.2 |
% |
|
|
|
1.1 |
% |
|
|
|
|
1.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before Income Taxes |
|
1,626 |
|
|
|
- |
|
|
|
1,626 |
|
|
|
|
3,220 |
|
|
|
- |
|
|
|
3,220 |
|
|
|
|
2,365 |
|
|
|
- |
|
|
2,365 |
|
% of net sales |
|
14.0 |
% |
|
|
|
|
14.0 |
% |
|
|
|
23.2 |
% |
|
|
|
|
23.2 |
% |
|
|
|
18.9 |
% |
|
|
|
|
18.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Provision |
|
423 |
|
|
|
- |
|
|
|
423 |
|
|
|
|
990 |
|
|
|
(153 |
) |
|
|
837 |
|
|
|
|
619 |
|
|
|
- |
|
|
619 |
|
Effective Tax Rate |
|
26.0 |
% |
|
|
|
|
26.0 |
% |
|
|
|
30.7 |
% |
|
|
|
|
26.0 |
% |
|
|
|
26.2 |
% |
|
|
|
|
26.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings |
|
1,203 |
|
|
|
- |
|
|
|
1,203 |
|
|
|
|
2,230 |
|
|
|
153 |
|
|
|
2,383 |
|
|
|
|
1,746 |
|
|
|
- |
|
|
1,746 |
|
% of net sales |
|
10.3 |
% |
|
|
|
|
10.3 |
% |
|
|
|
16.1 |
% |
|
|
|
|
17.2 |
% |
|
|
|
14.0 |
% |
|
|
|
|
14.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings Before Special Items |
|
|
|
|
1,203 |
|
|
|
|
|
|
|
|
2,383 |
|
|
|
|
|
|
|
|
1,746 |
|
Addback non-cash expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Provision |
|
|
|
|
|
423 |
|
|
|
|
|
|
|
|
837 |
|
|
|
|
|
|
|
|
619 |
|
Interest Income |
|
|
|
|
|
(261 |
) |
|
|
|
|
|
|
|
(299 |
) |
|
|
|
|
|
|
|
(139 |
) |
Depreciation |
|
|
|
|
|
340 |
|
|
|
|
|
|
|
|
305 |
|
|
|
|
|
|
|
|
339 |
|
Stock Option Expense |
|
|
|
|
|
103 |
|
|
|
|
|
|
|
|
95 |
|
|
|
|
|
|
|
|
104 |
|
Adjusted EBITDA |
|
|
|
|
|
1,808 |
|
|
|
|
|
|
|
|
3,321 |
|
|
|
|
|
|
|
|
2,669 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of non-GAAP financial measures -
continued (in thousands – unaudited):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39 Weeks Ended November 26, 2023 |
|
|
39 Weeks Ended November 27, 2022 |
|
GAAP |
|
Special Items |
|
Before Special Items |
|
|
GAAP |
|
Special Items |
|
Before Special Items |
Selling, General & Administrative Expenses |
$ |
6,272 |
|
|
$ |
(679 |
) |
|
$ |
5,593 |
|
|
|
$ |
4,888 |
|
|
$ |
- |
|
|
$ |
4,888 |
|
% of net sales |
|
15.8 |
% |
|
|
|
|
14.1 |
% |
|
|
|
12.1 |
% |
|
|
|
|
12.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from Operations |
|
5,809 |
|
|
|
679 |
|
|
|
6,488 |
|
|
|
|
7,734 |
|
|
|
- |
|
|
|
7,734 |
|
% of net sales |
|
14.6 |
% |
|
|
|
|
16.4 |
% |
|
|
|
19.1 |
% |
|
|
|
|
19.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income |
|
724 |
|
|
|
65 |
|
|
|
789 |
|
|
|
|
653 |
|
|
|
- |
|
|
|
653 |
|
% of net sales |
|
1.8 |
% |
|
|
|
|
2.0 |
% |
|
|
|
1.6 |
% |
|
|
|
|
1.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before Income Taxes |
|
6,533 |
|
|
|
744 |
|
|
|
7,277 |
|
|
|
|
8,387 |
|
|
|
- |
|
|
|
8,387 |
|
% of net sales |
|
16.5 |
% |
|
|
|
|
18.3 |
% |
|
|
|
20.7 |
% |
|
|
|
|
20.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Provision |
|
1,730 |
|
|
|
191 |
|
|
|
1,921 |
|
|
|
|
2,362 |
|
|
|
(153 |
) |
|
|
2,209 |
|
Effective Tax Rate |
|
26.5 |
% |
|
|
|
|
26.4 |
% |
|
|
|
28.2 |
% |
|
|
|
|
26.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings |
|
4,803 |
|
|
|
553 |
|
|
|
5,356 |
|
|
|
|
6,025 |
|
|
|
153 |
|
|
|
6,178 |
|
% of net sales |
|
12.1 |
% |
|
|
|
|
13.5 |
% |
|
|
|
14.9 |
% |
|
|
|
|
15.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings Before Special Items |
|
|
|
|
5,356 |
|
|
|
|
|
|
|
|
6,178 |
|
Addback non-cash expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Provision |
|
|
|
|
|
1,921 |
|
|
|
|
|
|
|
|
2,209 |
|
Interest Income |
|
|
|
|
|
(789 |
) |
|
|
|
|
|
|
|
(653 |
) |
Depreciation |
|
|
|
|
|
984 |
|
|
|
|
|
|
|
|
826 |
|
Stock Option Expense |
|
|
|
|
|
316 |
|
|
|
|
|
|
|
|
274 |
|
Adjusted EBITDA |
|
|
|
|
|
7,788 |
|
|
|
|
|
|
|
|
8,834 |
|
Contact: Donna D’Amico-Annitto |
486 North Oliver Road, Bldg. Z |
|
Newton, Kansas 67114 |
|
(316) 283-6500 |
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