MELVILLE, N.Y., March 10, 2016 (GLOBE NEWSWIRE) -- Park Electrochemical Corp. (NYSE:PKE) announced that it has purchased a total of 718,588 shares of its Common Stock at a total purchase price of $14,753,356, an average purchase price per share of $20.53, since January 9, 2015 pursuant to the Company’s Board of Director’ January 8, 2015 authorization to purchase up to 1,250,000 shares of Common Stock, leaving 531,412 shares available for purchase pursuant to that authorization.
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 1,000,000 additional shares of its Common Stock. This authorization is in addition to the unused January 8, 2015 Board of Directors’ authorization to purchase shares of the Company’s Common Stock. As a result, the Company is now authorized to purchase up to a total of 1,531,412 shares of its Common Stock, representing approximately 7.6% of the Company’s 20,236,471 total outstanding shares as of the close of business on March 9, 2016.
Purchases by the Company pursuant to these Board of Directors’ authorizations 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 $16.30 per share and a total of approximately $335 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.
Park Electrochemical Corp. is a global advanced materials company which develops and manufactures high-technology digital and RF/microwave printed circuit materials principally for the telecommunications and internet infrastructure and high-end computing markets and advanced composite materials, parts and assemblies and low volume tooling for the aerospace markets. Park’s core capabilities are in the areas of polymer chemistry formulation and coating technology. The Company’s manufacturing facilities are located in Singapore, France, Kansas, Arizona and California. The Company also maintains R&D facilities in Arizona, Kansas and Singapore. Additional corporate information is available on the Company’s web site at www.parkelectro.com
Contact: Martina Bar Kochva 48 South Service Road Melville, NY 11747 (631) 465-3600
Source:Park Electrochemical Corp.