Park Electrochemical Corp. (PKE) has reported a 52.75 percent plunge in profit for the quarter ended May 28, 2017. The company has earned $1.39 million, or $0.12 a share in the quarter, compared with $2.95 million, or $0.15 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $2.48 million, or $0.07 a share compared with $2.99 million or $0.15 a share, a year ago.

Revenue during the quarter dropped 12.93 percent to $27.42 million from $31.49 million in the previous year period. Gross margin for the quarter contracted 485 basis points over the previous year period to 23.06 percent. Total expenses were 99.15 percent of quarterly revenues, up from 89.27 percent for the same period last year. That has resulted in a contraction of 988 basis points in operating margin to 0.85 percent.

Operating income for the quarter was $0.23 million, compared with $3.38 million in the previous year period.

However, the adjusted operating income for the quarter stood at $1.97 million compared to $3.45 million in the prior year period. At the same time, adjusted operating margin contracted 377 basis points in the quarter to 7.19 percent from 10.96 percent in the last year period.