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PCB | June 29, 2006

Park reports stronger sales

Park Electrochemical Corp. reported sales of $62,838,000 for its 2007 fiscal year first quarter ended May 28, 2006 ($55,676,000). Park recorded an after-tax charge of $1,059,000 for employment termination benefits related to the reduction in workforce at its Neltec Europe SAS subsidiary in Mirebeau, France.

Park reported net earnings of $8,894,000 for the first quarter ended May 28, 2006 compared to net earnings before special items of $6,387,000 for last fiscal year's first quarter ended May 29, 2005. (The Company recorded an after-tax charge of $1,059,000 for employment termination benefits related to the reduction in workforce at its Neltec Europe SAS subsidiary in Mirebeau, France during the first quarter ended May 29, 2005.) Net earnings were $8,894,000 for the quarter ended May 28, 2006 compared to net earnings of $5,328,000 for last year's first quarter. Park's basic and diluted earnings per share were $.44 for the first quarter ended May 28, 2006 compared to basic and diluted earnings per share before special items of $.32 for last year's first quarter. Basic and diluted earnings per share were $.44 for the quarter ended May 28, 2006 compared to basic and diluted earnings per share of $.27 for last year's first quarter. The effective tax rate for the first quarter ended May 28, 2006 was 23.0% compared to a rate of 10.0% before special items for last year's first quarter. Brian Shore, Park's President and CEO, said, "The markets for our Advanced Materials product lines, including our Nelco® digital and RF/microwave printed circuit materials product lines and our NelcoteTM advanced composite product line, continued to be relatively healthy during our first quarter. We are moving forward with numerous projects to enhance our Advanced Materials business, including the establishment of a new facility in Singapore to produce advanced composite materials for the aerospace industry, the upgrading of our Advanced Materials R&D capabilities and the installation of PTFE lamination capabilities in Singapore. We have completed our new factory in Zhuhai, China, and are in the process of testing the factory's new equipment."
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