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Park Electrochemical (PKE) Misses Q3 EPS by 8c; Approves 1.25M Common Buyback

January 8, 2015 6:33 AM EST

Park Electrochemical (NYSE: PKE) reported Q3 EPS of $0.12, $0.08 worse than the analyst estimate of $0.20. Revenue for the quarter came in at $34.7 million versus the consensus estimate of $41.3 million.

The Company also announced that its Board of Directors has authorized the Company’s purchase, on the open market and in privately negotiated transactions, of up to 1,250,000 shares of its Common Stock, representing approximately 6% of the Company’s 20,945,634 total outstanding shares as of the close of business on January 7, 2015. This authorization supersedes the unused prior Board of Directors’ authorizations to purchase shares of the Company’s Common Stock. Purchases by the Company pursuant to this Board of Directors’ authorization may occur immediately and from time to time in the future. Shares purchased by the Company will be retained as treasury stock and will be available for use under the Company’s stock option plan and for other corporate purposes. Any such share purchases by the Company would be in addition to the Company’s prior returns of capital to its shareholders in the form of regular and special cash dividends of $14.30 per share and a total of approximately $294 million since the 2005 fiscal year and any regular or special cash dividends which may be paid by the Company in the future. The Company has paid a regular cash dividend every quarter since 1985.

For earnings history and earnings-related data on Park Electrochemical (PKE) click here.



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