Park reports Q4 and fiscal year

Park Electrochemical Corp. (NYSE: PKE) reported sales from continuing operations of $55,289,000 for the fourth quarter ended February 29, 2004 compared to sales from continuing operations of $45,096,000 for the fourth quarter of last year. Park's sales from continuing operations for the fiscal year ended February 29, 2004 were $194,236,000 compared to last fiscal year's sales from continuing operations of $195,578,000. (As reported on February 4, 2004, Park discontinued the financial support of its Dielektra GmbH subsidiary in Germany. Accordingly, the Company is treating Dielektra as a discontinued operation.)
 
Park reported a net profit from continuing operations before special items of $4,124,000 for the fourth quarter ended February 29, 2004, compared to a net profit from continuing operations before special items of $505,000 for last year's fourth quarter. For the fiscal year ended February 29, 2004, Park reported a net profit from continuing operations before special items of $7,031,000 compared to a net profit from continuing operations before special items of $3,589,000 for the prior fiscal year. Park reported net earnings from continuing operations of $7,748,000 for the quarter ended February 29, 2004 compared to net losses from continuing operations of $44,127,000 for the quarter ended March 2, 2003. The net loss was $15,424,000 for the quarter ended February 29, 2004 compared to a net loss of $46,406,000 for the prior year's fourth quarter. Net earnings from continuing operations were $29,909,000 for the year ended February 29, 2004 compared to a net loss from continuing operations of $43,864,000 for the year ended March 2, 2003. The net loss was $3,852,000 for the year ended February 29, 2004 compared to a net loss of $50,759,000 for the prior year.

Park's diluted earnings per share from continuing operations before special items were $.20 for the fourth quarter ended February 29, 2004 compared to diluted earnings per share of $.03 for last year's fourth quarter. Diluted earnings per share from continuing operations before special items were $.35 for the fiscal year ended February 29, 2004 compared to $.18 for the prior fiscal year. Diluted earnings per share from continuing operations were $.38 for the quarter ended February 29, 2004 compared to a loss per share from continuing operations of $2.24 for the quarter ended March 2, 2003. The loss per share was $.76 for the quarter ended February 29, 2004 compared to a loss per share of $2.36 for the prior year's fourth quarter. Diluted earnings per share from continuing operations were $1.50 for the year ended February 29, 2004 compared to a loss per share from continuing operations of $2.23 for the year ended March 2, 2003. The loss per share was $.19 for the year ended February 29, 2004 compared to a loss per share of $2.58 for the prior year.

Brian Shore, Park's President and CEO, said, "Although the global markets for our electronic materials products have clearly improved from the industry depression which began a little over three years ago, there still are some mixed signals about the near-term prospects for our industry. Notwithstanding these mixed short-term signals, it is clear to us that the future for our business is in Asia and in technology! As a result, our focus as a company is toward continuing to expand and grow our business presence in Asia and toward upgrading, enhancing and driving our technology. As always, our resources and our efforts are dedicated toward building the long-term fundamental value of the company rather than toward achieving short-term and transitory objectives."