Park Aerospace Corp. Files Q2 FY25 10-Q
Ticker: PKE · Form: 10-Q · Filed: Oct 16, 2024 · CIK: 76267
| Field | Detail |
|---|---|
| Company | Park Aerospace Corp (PKE) |
| Form Type | 10-Q |
| Filed Date | Oct 16, 2024 |
| Risk Level | low |
| Pages | 15 |
| Reading Time | 18 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, quarterly-report, aerospace
TL;DR
Park Aerospace Corp. 10-Q filed. Q2 FY25 results out.
AI Summary
Park Aerospace Corp. filed its 10-Q for the period ending September 1, 2024. The company, formerly known as Park Electrochemical Corp, reported its financial results for the second quarter of fiscal year 2025. The filing details its business operations in aircraft parts and auxiliary equipment.
Why It Matters
This filing provides investors with an update on Park Aerospace Corp.'s financial performance and operational status for the second quarter of fiscal year 2025.
Risk Assessment
Risk Level: low — This is a routine quarterly filing providing financial updates and does not indicate any immediate or significant risks.
Key Players & Entities
- PARK AEROSPACE CORP (company) — Filer
- Park Electrochemical Corp (company) — Former company name
- 20240901 (date) — Reporting period end date
- 20241016 (date) — Filing date
FAQ
What is the reporting period for this 10-Q filing?
The Conformed Period of Report is 20240901, indicating the period ending September 1, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on 20241016.
What is the company's Standard Industrial Classification (SIC) code?
The SIC code is 3728, for Aircraft Part & Auxiliary Equipment, NEC.
What was the company's former name?
The company's former name was PARK ELECTROCHEMICAL CORP.
In which state was Park Aerospace Corp. incorporated?
Park Aerospace Corp. was incorporated in NY (New York).
Filing Stats: 4,619 words · 18 min read · ~15 pages · Grade level 13.5 · Accepted 2024-10-16 13:10:52
Filing Documents
- pke20240901_10q.htm (10-Q) — 956KB
- ex_731829.htm (EX-10.1) — 73KB
- ex_729359.htm (EX-31.1) — 12KB
- ex_729360.htm (EX-31.2) — 13KB
- ex_729361.htm (EX-32.1) — 4KB
- ex_729362.htm (EX-32.2) — 4KB
- 0001437749-24-031340.txt ( ) — 4352KB
- pke-20240901.xsd (EX-101.SCH) — 37KB
- pke-20240901_def.xml (EX-101.DEF) — 243KB
- pke-20240901_lab.xml (EX-101.LAB) — 229KB
- pke-20240901_pre.xml (EX-101.PRE) — 270KB
- pke-20240901_cal.xml (EX-101.CAL) — 37KB
- pke20240901_10q_htm.xml (XML) — 557KB
Financial Statements
Financial Statements Condensed Consolidated Balance Sheets September 1, 2024 (Unaudited) and March 3, 2024 4 Consolidated Statements of Operations 13 weeks and 26 weeks ended September 1, 2024 and August 27, 2023 (Unaudited) 5 Consolidated Statements of Comprehensive Earnings 13 weeks and 26 weeks ended September 1, 2024 and August 27, 2023 (Unaudited) 6 Consolidated Statements of Shareholders' Equity September 1, 2024 and August 27, 2023 (Unaudited) 7 Condensed Consolidated Statements of Cash Flows 26 weeks ended September 1, 2024 and August 27, 2023 (Unaudited) 8 Notes to Condensed Consolidated Financial Statements (Unaudited) 9 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 18 Factors That May Affect Future Results 25 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 25 Item 4.
Controls and Procedures
Controls and Procedures 25 PART II. OTHER INFORMATION: Item 1.
Legal Proceedings
Legal Proceedings 26 Item 1A.
Risk Factors
Risk Factors 26 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 26 Item 3. Defaults Upon Senior Securities 26 Item 4. Mine Safety Disclosures 26 Item 5. Other Information 26 Item 6. Exhibits 27 EXHIBIT INDEX 28
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements. PARK AEROSPACE CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands) September 1, 2024 (unaudited) March 3, 2024* ASSETS Current assets Cash and cash equivalents $ 8,153 $ 6,567 Marketable securities (Note 3) 63,831 70,644 Accounts receivable, less allowance for credit losses of $ 136 and $ 128 , respectively 10,914 12,381 Inventories (Note 4) 7,630 6,404 Prepaid expenses and other current assets 2,499 2,849 Total current assets 93,027 98,845 Property, plant and equipment, net 21,891 23,499 Operating right-of-use assets (Note 5) 334 95 Goodwill and other intangible assets 9,776 9,776 Other assets 87 94 Total assets $ 125,115 $ 132,309 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable $ 3,700 $ 3,514 Operating lease liability (Note 5) 40 53 Accrued liabilities 1,348 1,986 Income taxes payable 5,121 4,105 Total current liabilities 10,209 9,658 Long-term operating lease liability (Note 5) 339 82 Non-current income taxes payable (Note 9) - 5,259 Deferred income taxes (Note 9) 3,087 3,222 Other liabilities 1,222 1,174 Total liabilities 14,857 19,395 Commitments and contingencies (Note 12) Shareholders' equity (Note 8) Common stock 2,096 2,096 Additional paid-in capital 170,626 170,445 Accumulated deficit ( 47,379 ) ( 45,374 ) Accumulated other comprehensive loss ( 1,250 ) ( 2,271 ) 124,093 124,896 Less treasury stock, at cost ( 13,835 ) ( 11,982 ) Total shareholders' equity 110,258 112,914 Total liabilities and shareholders' equity $ 125,115 $ 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). 4 PARK AEROSPACE CORP. AND SUBSIDIARIES CONSOLIDATED STATEM