Park Electrochemical's Second-Quarter Earnings Fall

Park Electrochemical Corp. (Melville, NY) reported a drop in sales and earnings for its fiscal quarter ended August 26. Net earnings were $3.2 million, down 57% from the second quarter 2011. Adjusted earnings, before income taxes and special items, were 28 cts/share—up from analyst estimates of 27 cts/share, according to Thompson Reuters (New York). Adjusted earnings include a pre-tax charge of $2.5 million because of the planned closure of its Nelco technology facility at Zhuhai, China and $1.5 million due to a lawsuit settlement. Net sales fell 8%...

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