PARK AEROSPACE CORP
For the period ended Mar 3, 2024. Filed Jun 11, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Jun 11, 2024
PKE$24.69+5.6%Stored close · as of Nov 9, 2026
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Item 16. FORM 10-K SUMMARY
Not Applicable
SCHEDULE II–** VALUATION AND QUALIFYING ACCOUNTS**
| Column C | ||||||||
|---|---|---|---|---|---|---|---|---|
| Column A · Column B · Additions · Column D · Column E | ||||||||
| Description · Balance at Beginning of Period · Costs and Expenses · Other · Reductions · Balance at End of Period | ||||||||
| DEFERRED INCOME TAX ASSET VALUATION ALLOWANCE: | ||||||||
| 53 weeks ended March 3, 2024 | $2,938,000 | $ | - | $ | - | $ | - | $2,938,000 |
| 52 weeks ended February 26, 2023 | $3,587,000 | $ | - | $ | - | $(649,000) | $2,938,000 | |
| 52 weeks ended February 27, 2022 | $3,587,000 | $ | - | $ | - | $ | - | $3,587,000 |
| Column D | |||||||
|---|---|---|---|---|---|---|---|
| Column A · Column B · Column C · Other · Column E | |||||||
| Description · Balance at Beginning of Period · Charged to Cost and Expenses · Accounts Written Off (A) · Translation Adjustment · Balance at End of Period | |||||||
| ALLOWANCE FOR DOUBTFUL ACCOUNTS: | |||||||
| 53 weeks ended March 3, 2024 | $120,000 | $16,000 | $(8,000) | $ | - | $128,000 | |
| 52 weeks ended February 26, 2023 | $104,000 | $16,000 | $ | - | $ | - | $120,000 |
| 52 weeks ended February 27, 2022 | $89,000 | $15,000 | $ | - | $ | - | $104,000 |
| (A) | Uncollectible amounts, net of recoveries |
|---|
EXHIBIT INDEX
| Exhibit Numbers | Description |
| 3.1 | Restated Certificate of Incorporation, dated March 28, 1989, filed with the Secretary of State of the State of New York on April 10, 1989, as amended by Certificate of Amendment of the Certificate of Incorporation, increasing the number of authorized shares of Common stock from 15,000,000 to 30,000,000 shares, dated July 12, 1995, filed with the Secretary of State of the State of New York on July 17, 1995, and by Certificate of Amendment of the Certificate of Incorporation, amending certain provisions relating to the rights, preferences and limitations of the shares of a series of Preferred Stock, dated August 7, 1995, filed with the Secretary of State of the State of New York on August 16, 1995 (Reference is made to Exhibit 3.01 of the Company's Annual Report on Form 10-K for the fiscal year ended March 3, 2002, Commission File No. 1-4415, which is incorporated herein by reference.) |
| 3.2 | Certificate of Amendment of the Certificate of Incorporation, increasing the number of authorized shares of Common Stock from 30,000,000 to 60,000,000 shares, dated October 10, 2000, filed with the Secretary of State of the State of New York on October 11, 2000 (Reference is made to Exhibit 3.02 of the Company’s Annual Report on Form 10-K for the fiscal year ended March 2, 2003, Commission File No. 1-4415, which is incorporated herein by reference.) |
| 3.3 | Certificate of Amendment of the Certificate of Incorporation, changing the name of the Company from “Park Electrochemical Corp.” to “Park Aerospace Corp.” filed with the New York Department of State on July 16, 2019 (Reference is made to Exhibit 3.1 of the Company’s Current Report on Form 8-K dated July 22, 2019 Commission File No. 1-4415, which is incorporated herein by reference.) |
| 3.4 | By-Laws, amended and restated as of July 16, 2019 (Reference is made to Exhibit 3.2 of the Company’s Current Report on Form 8-K dated July 22, 2019 Commission File No. 1-4415, which is incorporated herein by reference.) |
| 10.3 | Forms of Incentive Stock Option Contract for employees, Non-Qualified Stock Option Contract for employees and Non-Qualified Stock Option Contract for directors under the 2002 Stock Option Plan of the Company (Reference is made to Exhibit 10.10 of the Company’s Annual Report on Form 10-K for the fiscal year ended February 27, 2005, Commission File No.1-4415, which is incorporated herein by reference.) |
| 10.4 | 2018 Stock Option Plan of the Company (Reference is made to Exhibit 99.1 of the Company’s Current Report on Form 8-K dated July 30, 2018, Commission File No. 1-4415, which is incorporated herein by reference. This exhibit is a management contract or compensatory plan or arrangement.) |
| Exhibit Numbers | Description |
| 10.5 | Forms of Incentive Stock Option Contract for employees, Non-Qualified Stock Option Contract for employees and Non-Qualified Stock Option Contract for directors under the 2018 Stock Option Plan of the Company (Reference is made to Exhibit 10.1 and 10.2 of the Company’s Current Report on Form 8-K dated April 30, 2019, Commission File No. 1-4415, which is incorporated herein by reference.) |
| 10.6 | Cooperation Agreement, dated as of April 20, 2023, by and among Park Aerospace Corp., Huffman Prairie Holdings, LLC and other signatories thereto (Reference is made to Exhibit 10.1 of the Company’s Current Report on Form 8-K dated April 20, 2023, Commission File No. 1-4415, which is incorporated herein by reference.) |
| 10.7 | Park Aerospace Corp. Clawback Policy |
| 14.1 | Code of Ethics for Chief Executive Officer and Senior Financial Officers adopted on May 6, 2004 (Reference is made to Exhibit 14.1 of the Company’s Annual Report on Form 10-K for the fiscal year ended February 29, 2004, Commission File No. 1-4415, which is incorporated herein by reference.) |
| 21.1 | Subsidiaries of the Company |
| 23.1 | Consent of Independent Registered Public Accounting Firm |
| 31.1 | Certification of principal executive officer pursuant to Exchange Act Rule 13a-14(a) or 15d-14(a) |
| 31.2 | Certification of principal financial officer pursuant to Exchange Act Rule 13a-14(a) or 15d-14(a) |
| 32.1 | Certification of principal executive officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes–Oxley Act of 2002 |
| 32.2 | Certification of principal financial officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
| 99.1 | Insider trading policies and procedures pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934 (Reference is made to Exhibit 99.1 of the Company's Annual Report on Form 10-K for the fiscal year ended February 26, 2023, Commission File No. 1-4415, which is incorporated herein by reference.) |
| 101 | The following materials from the Company’s Annual Report on Form 10-K for the year ended March 3, 2024, formatted in XBRL (Inline eXtensible Business Reporting Language): (i) Consolidated Balance Sheets at March 3, 2024 and February 26, 2023, (ii) Consolidated Statements of Operations for the years ended March 3, 2024, February 26, 2023, and February 27, 2022, (iii) Consolidated Statements of Comprehensive Earnings for the years ended March 3, 2024, February 26, 2023, and February 27, 2022, (iv) Consolidated Statements of Shareholders’ Equity for the years ended March 3, 2024, February 26, 2023, and February 27, 2022 and (v) Consolidated Statements of Cash Flows for the years ended March 3, 2024, February 26, 2023, and February 27, 2022.*+ |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
| * Filed electronically herewith. | |
| + Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Section 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections. |
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Date: June 11, 2024 | PARK AEROSPACE CORP. | |
|---|---|---|
| By: | /s/ Brian E. Shore | |
| Brian E. Shore, Chief Executive Officer | ||
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| Signature | Title | Date |
|---|---|---|
| /s/ Brian E. Shore Brian E. Shore | Chairman of the Board, Chief Executive Officer and Director (principal executive officer) | June 11, 2024 |
| /s/ P. Matthew Farabaugh P. Matthew Farabaugh | Senior Vice President and Chief Financial Officer (principal financial officer and principal accounting officer) | June 11, 2024 |
| /s/ Dale Blanchfield Dale Blanchfield | Director | June 11, 2024 |
| /s/ Shane Connor Shane Connor | Director | June 11, 2024 |
| /s/ Emily J. Groehl Emily J. Groehl | Director | June 11, 2024 |
| /s/ Yvonne Julian Yvonne Julian | Director | June 11, 2024 |
| /s/ Carl W. Smith Carl W. Smith | Director | June 11, 2024 |
| /s/ D. Bradley Thress D. Bradley Thress | Director | June 11, 2024 |
| /s/ Steven T. Warshaw Steven T. Warshaw | Director | June 11, 2024 |
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