Park Aerospace Corp. Files Q1 2025 10-Q

TL;DR

Park Aerospace Corp. 10-Q filed: Q1 FY25 financials out.

AI Summary

Park Aerospace Corp. filed its 10-Q for the period ending June 2, 2024. The filing details financial performance and operational updates for the first quarter of fiscal year 2025. Key financial figures and business segment information are presented, reflecting the company's ongoing activities in the aerospace sector.

Why It Matters

This filing provides investors with a quarterly update on Park Aerospace Corp.'s financial health and operational performance, crucial for understanding the company's trajectory in the aerospace industry.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the aerospace sector can be subject to cyclical demand and regulatory changes.

Key Numbers

• Q1 2024 — Fiscal Quarter (Reporting period for the 10-Q filing.)
• 2024-06-02 — End of Fiscal Period (The date through which financial information is reported.)
• 2023-03-04 — Prior Year Start Date (Start date for the comparable prior year period.)
• 2023-06-02 — Prior Year End Date (End date for the comparable prior year period.)

Key Players & Entities

• PARK AEROSPACE CORP (company) — Filer
• 0001437749-24-022897 (other) — Accession Number
• 20240602 (date) — Period of Report
• 20240717 (date) — Filing Date
• NY (location) — State of Incorporation
• 11747 (other) — Business Zip Code

FAQ

Key Financial Figures

• $578 — options outstanding at June 2, 2024 was $578, which is expected to be recognized rat

Filing Documents

• pke20240602_10q.htm (10-Q) — 752KB
• ex_697990.htm (EX-31.1) — 13KB
• ex_697989.htm (EX-31.2) — 13KB
• ex_697988.htm (EX-32.1) — 4KB
• ex_697987.htm (EX-32.2) — 4KB
• 0001437749-24-022897.txt ( ) — 3803KB
• pke-20240602.xsd (EX-101.SCH) — 37KB
• pke-20240602_def.xml (EX-101.DEF) — 229KB
• pke-20240602_lab.xml (EX-101.LAB) — 215KB
• pke-20240602_pre.xml (EX-101.PRE) — 258KB
• pke-20240602_cal.xml (EX-101.CAL) — 36KB
• pke20240602_10q_htm.xml (XML) — 464KB

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets June 2, 2024 (Unaudited) and March 3, 2024 3 Consolidated Statements of Operations 13 weeks ended June 2, 2024 and May 28, 2023 (Unaudited) 4 Consolidated Statements of Comprehensive Earnings 13 weeks ended June 2, 2024 and May 28, 2023 (Unaudited) 5 Consolidated Statements of Shareholders' Equity June 2, 2024 and May 28, 2023 (Unaudited) 6 Condensed Consolidated Statements of Cash Flows 13 weeks ended June 2, 2024 and May 28, 2023 (Unaudited) 7 Notes to Condensed Consolidated Financial Statements (Unaudited) 8 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 16 Factors That May Affect Future Results 23 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 23 Item 4.

Controls and Procedures

Controls and Procedures 23 PART II. OTHER INFORMATION: Item 1.

Legal Proceedings

Legal Proceedings 24 Item 1A.

Risk Factors

Risk Factors 24 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 24 Item 3. Defaults Upon Senior Securities 24 Item 4. Mine Safety Disclosures 24 Item 5. Other Information 25 Item 6. Exhibits 25 EXHIBIT INDEX 26

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. PARK AEROSPACE CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands) June 2, 2024 (unaudited) March 3, 2024* ASSETS Current assets Cash and cash equivalents $ 4,081 $ 6,567 Marketable securities (Note 3) 70,337 70,644 Accounts receivable, less allowance for credit losses of $ 132 and $ 128 , respectively 11,386 12,381 Inventories (Note 4) 8,312 6,404 Prepaid expenses and other current assets 3,180 2,849 Total current assets 97,296 98,845 Property, plant and equipment, net 22,185 23,499 Operating right-of-use assets (Note 5) 81 95 Goodwill and other intangible assets 9,783 9,776 Other assets 83 94 Total assets $ 129,428 $ 132,309 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable $ 2,201 $ 3,514 Operating lease liability (Note 5) 17 53 Accrued liabilities 1,513 1,986 Income taxes payable 4,206 4,105 Total current liabilities 7,937 9,658 Long-term operating lease liability (Note 5) 107 82 Non-current income taxes payable (Note 9) 5,259 5,259 Deferred income taxes (Note 9) 3,240 3,222 Other liabilities 1,198 1,174 Total liabilities 17,741 19,395 Commitments and contingencies (Note 12) Shareholders' equity (Note 8) Common stock 2,096 2,096 Additional paid-in capital 170,534 170,445 Accumulated deficit ( 46,913 ) ( 45,374 ) Accumulated other comprehensive loss ( 2,048 ) ( 2,271 ) 123,669 124,896 Less treasury stock, at cost ( 11,982 ) ( 11,982 ) Total shareholders' equity 111,687 112,914 Total liabilities and shareholders' equity $ 129,428 $ 132,309 * The balance sheet at March 3, 2024 has been derived from the audited consolidated financial statements at that date. See Notes to Condensed Consolidated Financial Statements (Unaudited). 3 PARK AEROSPACE CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS O

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