MELVILLE, NY -- Park Electrochemical's net income more than doubled for its fiscal third quarter ended Nov. 29, the company said today.
Net sales were down 1% year-over-year to $34.3 million, the printed circuit laminates maker added.
Net earnings before special items were $4.21 million, versus $2.43 million last year. The company took pretax restructuring charges of $158,000 related to the fiscal 2013 closure of its Nelco Technology (Zhuhai FTZ) facility in China and the fiscal 2009 closure of its New England Laminates facility in Newburgh, NY.
Park took $636,000 in pretax restructuring charges In last year’s third quarter.
Net earnings after taxes and one-time charges for the quarter were $4.11 million, up from $2.03 million a year ago.
Year-to-date sales are down 12.6% to $110.1 million.