Park Electrochemical Corp. (NYSE:PKE) Q3 2019 Earnings Conference Call Transcript

Jan 03, 2019 • 11:00 am ET


Park Electrochemical Corp. (NYSE:PKE) Q3 2019 Earnings Conference Call Transcript


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Good morning. My name is Crystal, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Park Electrochemical Corp Third Quarter Fiscal Year '19 Earnings Release Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks there will be a question-and-answer session. (Operator Instructions) Thank you.

At this time, I will turn today's call over to Mr. Brian Shore, Chairman and Chief Executive Officer. Mr. Shore, you may begin your conference.

Brian Shore

Thank you very much, operator. Good morning everybody. Happy New Year. This is Brian, of course. I have with me Matt Farabaugh, our CFO. And we're going to do today since we do have a lot of things to cover in terms of our introductory remarks is Matt suggested maybe he skip reading through a supplementary financial information. However, that was posted on our website this morning. So I think you definitely want to refer to that information because some things that are in the news release but also some information not in the news release. So we're just going to go ahead. I'll get started with some commentary.

Like I said, we do have number of things to cover. So we want to get moving and we're done, we'll get to our questions of course. So, okay, so again look up the -- supplement, financial information on our website. You'll find it there. Also, I wanted to mention something important which is that Park is presenting at the Needham Growth Conference which is I think our date is the 16th, January 16th and our time is 12:50. That's a webcast. It's an FDA event as you call it. So everybody's welcome. And we will be updating the presentation that we did a year ago on January 4th of last year, we did a presentation when we announced our third quarter results. And in that presentation was a lot of information including a forecast, including the forecast through fiscal 2022. We'll be updating that forecast with the presentation that we do at the Needham Conference through this time going up through fiscal '23. So we'll add another year. So I think you will definitely want to check in.

We're thinking about updating the forecast in the presentation for this call, but we decided we would not do that. We'll wait for the Needham Conference which is just two weeks down the road like I said on the 16th. Okay, let's get started here. So let's review some of this actually happened since the end of the quarter in December. Most of it actually did. We sold our Electronics Business to AGC Inc of Tokyo, Japan on December 4 as you know for $145 million. This was announced of course. So we won't dwell on it, I would just add from my perspective a very good result for Park, for Park shareholders; for AGC; for the former Park Electronics business employees and for the customers