Park Aerospace : Third Quarter Investor Conference Call-Presentation and Supplementary Financial Information
January 07, 2021 at 09:10 am EST
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FY2021 Q3 Investor Conference Call
January 7, 2021
Forward Looking Disclaimer
This presentation contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give current expectations or forecasts of future events or our future financial or operating performance, and include Park's expectations regarding revenues, EBITDA, EBIT, and growth opportunities and projected pro forma financial information for Park's business. The forward-looking statements contained in this presentation are based on management's good-faith belief and reasonable judgment based on current information, and these statements are qualified by important risks and uncertainties, many of which are beyond our control, that could cause our actual results to differ materially from those forecasted or indicated by such forward-looking statements.
Factors that could cause actual events or results to differ materially from Park's expectations or forecasts are set forth under the caption "Factors That May Affect Future Results" in Item 1 and in Item 1A "Risk Factors" of the Company's Annual Report on Form 10-K for the fiscal year ended March 1, 2020, and in subsequent reports filed with or furnished to the Securities and Exchange Commission. Except as may be required by any applicable laws, the Company assumes no obligation to update such forward- looking statements, which are made as of the date hereof or an earlier date specified herein, whether as a result of new information, future developments, or otherwise.
010721 Slide 2
Quarterly Results for FY2019, FY2020
and FY2021 Q1, Q2 and Q3
(In Thousands)*
FY19 Q1
FY19 Q2
FY19 Q3
FY19 Q4**
FY20 Q1
FY20 Q2
FY20 Q3
FY20 Q4
FY21 Q1
FY21 Q2
FY21 Q3
Sales
$10,393
$11,211
$12,853
$16,659
$14,950
$13,723
$15,847
$15,494
$12,213
$9,250
$10,372
Gross Profit
$2,852
$3,145
$4,284
$5,903
$4,804
$3,813
$5,022
$5,034
$3,674
$2,638
$2,553
Gross Margin
27.4%
28.1%
33.3%
35.4%
32.1%
27.8%
31.7%
32.5%
30.1%
28.6%
24.6%
EBITDA
$1,385
$1,663
$2,948
$4,251***
$3,372
$2,406
$3,622
$3,612***
$2,364
$1,418
$1,380
What we said about FY2021 Q3 during our October 8, 2020 FY2021 Q2 Investor Call:
Sales estimate: $10.0 Million-ish
EBITDA estimate: $1.0 Million-ish
Certain factors affecting FY2021 Q3 (and Q4) Sales and Margins
*From Continuing Operations **14 Week Quarter
***Before Special Items
010721 Slide 3
FY2021 Q3 Top Five Customers
(in Alphabetical Order)
AAE Aerospace Aerojet Rocketdyne GKN plc
Kratos Defense and Security Solutions
Middle River Aerostructure Systems (MRAS)* and its subcontractors
PAC-3 Missile System
Kratos XQ-58 Valkyrie
*MRAS is a subsidiary of ST Engineering Aerospace
Boeing 747-8
Sikorsky SH-60 Seahawk
010721 Slide 4
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Park Aerospace Corporation published this content on 07 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 January 2021 14:09:07 UTC
Park Aerospace Corp. is an aerospace company. The Company develops and manufactures solutions and hot-melt advanced composite materials used to produce composite structures for the global aerospace markets. Its advanced composite materials include film adhesives and lightning strike protection materials. It offers an array of composite materials specifically designed for hand lay-up or automated fiber placement (AFP) manufacturing applications. Its advanced composite materials are used to produce primary and secondary structures for jet engines, large and regional transport aircraft, military aircraft, Unmanned Aerial Vehicles, business jets, general aviation aircraft and rotary wing aircraft. The Company is a distributor of RAYCARB C2B NG, which is used to produce ablative composite materials for critical rocketry and missile systems. The Company also offers specialty ablative materials for rocket motors and nozzles and specially designed materials for radome applications.