Park Electrochemical Corp. (PKE) has reported 45.85 percent plunge in profit for the quarter ended Feb. 26, 2017. The company has earned $2.48 million, or $0.12 a share in the quarter, compared with $4.57 million, or $0.23 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $2.55 million, or $0.13 a share compared with $4.86 million or $0.24 a share, a year ago. Revenue during the quarter dropped 22.81 percent to $27.60 million from $35.76 million in the previous year period. Gross margin for the quarter contracted 324 basis points over the previous year period to 26.76 percent. Total expenses were 90.61 percent of quarterly revenues, up from 84.82 percent for the same period last year. That has resulted in a contraction of 579 basis points in operating margin to 9.39 percent.
Operating income for the quarter was $2.59 million, compared with $5.43 million in the previous year period.
However, the adjusted operating income for the quarter stood at $2.70 million compared to $5.59 million in the prior year period. At the same time, adjusted operating margin contracted 586 basis points in the quarter to 9.78 percent from 15.63 percent in the last year period.
Working capital remains stableWorking capital of Park Electrochemical Corp. remained stable for the quarter at $255.51 million, when compared with the previous year period. Current ratio was at 19.76 as on Feb. 26, 2017, up from 16.32 on Feb. 28, 2016.
Debt comes down marginally
Park Electrochemical Corp. has recorded a decline in total debt over the last one year. It stood at $72 million as on Feb. 26, 2017, down 4 percent or $3 million from $75 million on Feb. 28, 2016. Total debt was 23.33 percent of total assets as on Feb. 26, 2017, compared with 23.83 percent on Feb. 28, 2016. Debt to equity ratio was at 0.39 as on Feb. 26, 2017, down from 0.41 as on Feb. 28, 2016. Interest coverage ratio deteriorated to 6.14 for the quarter from 9.41 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
