Park Aerospace Corp. Files 2024 10-K

TL;DR

PARK AEROSPACE CORP 2024 10-K FILED. FINANCIALS & OPS DETAILS OUT.

AI Summary

Park Aerospace Corp. filed its 2024 10-K report, detailing its fiscal year ending March 3, 2024. The company, headquartered in Melville, NY, operates in the aircraft part & auxiliary equipment sector. Key financial figures and operational details for the fiscal year are presented in the filing.

Why It Matters

This filing provides investors and analysts with a comprehensive overview of Park Aerospace Corp.'s financial health, operational performance, and strategic positioning for the fiscal year 2024.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not inherently indicate new or elevated risks.

Key Numbers

• 2.76 — Revenue (Represents a key financial metric for the fiscal year.)
• 2.66 — Revenue (Represents a key financial metric for the prior fiscal year.)
• 3.01 — Revenue (Represents a projected or future revenue figure.)

Key Players & Entities

• PARK AEROSPACE CORP (company) — Filer of the 10-K
• Melville, NY (location) — Company headquarters
• March 3, 2024 (date) — Fiscal year end
• AIRCRAFT PART & AUXILIARY EQUIPMENT, NEC [3728] (industry) — Standard Industrial Classification
• ArianeGroup (company) — Mentioned in relation to Accounts Payable and Supplier Concentration Risk
• Huntsman Advanced Materials (company) — Mentioned in relation to Accounts Payable and Supplier Concentration Risk

FAQ

Key Financial Figures

• $31,085,988 — any, and believed by it to be firm, was $31,085,988, compared to $29,035,974 at April 24, 2
• $29,035,974 — o be firm, was $31,085,988, compared to $29,035,974 at April 24, 2023. A major portion of t

Filing Documents

• pke20240225_10k.htm (10-K) — 1640KB
• ex_685332.htm (EX-10.7) — 20KB
• ex_671617.htm (EX-21.1) — 8KB
• ex_671618.htm (EX-23.1) — 3KB
• ex_671619.htm (EX-31.1) — 12KB
• ex_671620.htm (EX-31.2) — 12KB
• ex_671621.htm (EX-32.1) — 4KB
• ex_671622.htm (EX-32.2) — 4KB
• g01.jpg (GRAPHIC) — 39KB
• 0001437749-24-019951.txt ( ) — 8052KB
• pke-20240303.xsd (EX-101.SCH) — 62KB
• pke-20240303_cal.xml (EX-101.CAL) — 63KB
• pke-20240303_def.xml (EX-101.DEF) — 436KB
• pke-20240303_lab.xml (EX-101.LAB) — 389KB
• pke-20240303_pre.xml (EX-101.PRE) — 478KB
• pke20240225_10k_htm.xml (XML) — 1364KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 11 Item 1B. Unresolved Staff Comments 15 Item 1C. Cybersecurity 16 Item 2.

Properties

Properties 16 Item 3.

Legal Proceedings

Legal Proceedings 17 Item 4. Mine Safety Disclosures 17 Executive Officers of the Registrant 17 PART II Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 19 Item 6. [Reserved] 21 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 33 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 34 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 59 Item 9A.

Controls and Procedures

Controls and Procedures 59 Item 9B. Other Information 59 PART III Item 10. Directors, Executive Officers and Corporate Governance 60 Item 11.

Executive Compensation

Executive Compensation 60 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 60 Item 13. Certain Relationships and Related Transactions, and Director Independence 60 Item 14. Principal Accountant Fees and Services 60 PART IV Item 15. Exhibits and Financial Statement Schedule 61 Item 16. Form 10-K Summary 61 FINANCIAL STATEMENT SCHEDULE Schedule II – Valuation and Qualifying Accounts 62 EXHIBIT INDEX 63

SIGNATURES

SIGNATURES 65 3 PART I ITEM 1. BUSINESS. General Park Aerospace Corp. ("Park"), and its subsidiaries (unless the context otherwise requires, Park and its subsidiaries are hereinafter called the "Company"), is an aerospace company which 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 and lightning strike protection materials. 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 core capabilities are in the areas of polymer chemistry formulation and coating technology. The Company's manufacturing and research and development facilities are located in Newton, Kansas. Park was founded in 1954 by Jerry Shore, who was the Company's Chairman of the Board until July 14, 2004. The Company makes available free of charge on its website, www.parkaerospace.com, its annual reports on Form 10-K, quarterly reports on

View Full Filing

View this 10-K filing on SEC EDGAR