Park Electrochemical Corp. (NYSE:PKE) Q4 2020 Earnings Conference Call - Final Transcript

May 14, 2020 • 11:00 am ET

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Park Electrochemical Corp. (NYSE:PKE) Q4 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good morning. My name is Chris, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Park Aerospace Corp. Fourth quarter FY '20 earnings release conference call and investor presentation. [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.

Executive
Brian Shore

Thank you, operator. Good morning, everybody. This is your CEO, Brian. I have with me Matt Farabaugh, our CFO, of course. Welcome to our fourth quarter conference call. As you probably know, there's a presentation that we're going to go through today. It's posted on our website. And you really want to get a hold of that presentation, get it up on your screens, so the call will be much more meaningful that way as we walk through it. Also, there's some supplemental financial information that's attached to the presentation as appendix I. So what we're going to do today is cover our fourth quarter numbers. We'll talk about the pandemic and the economic crisis and the impact on the aerospace business from our perspective. We'll talk about the impact on Park and our perspective on it. And then we'll also talk about what's going on at Park. I just want to warn you that this is a pretty long presentation. There's a lot to cover, we think. And sorry, I think it's going to be an hour, but it could be close to an hour, so just be prepared. At the end of our presentation, of course, we'll take any questions that you might have.

So I think that covers the preliminaries. Why don't we just dive right into it because, like I say, we have a lot to cover today. So the Slide 2 is our forward-looking disclaimer information. We're not going to read it or discuss it. But if you have any questions about it, you let us know. Slide 3, so right into our Q4 results. So let's just talk about it. The sales for Q4 were $15.494 million, you can see that in the right-hand column. And what we said in our Q3 conference call on January 9 was that sales would come in between $15 million and $16 million. So we came in right in the middle of that range. And during that same conference call, we said our EBITDA estimate was $3.1 million to $3.6 million. We came in $3.612 million, so a little tiny, tiny bit above the top of the range for Q4. So let's just go back and talk about Q4 for a second. But first, I just want to remind you about our philosophy about these forecasts. So a lot of companies, we know the agents' process, where they put out numbers that they expect to beat. And to us, it's kind of a silly thing. When we give you numbers, we're telling you this is what we think is going to happen.