Revenues Increase 29% to $31.3 Million
Earnings Per Share of $0.32
Company Website:
http://www.chasecorp.com
BRIDGEWATER, Mass. -- (Business Wire)
Chase
Corporation(NYSE Amex: CCF) today reported revenues of $31.3
million for the quarter ended November 30, 2010. This represents an
increase of 29% compared to $24.3 million in the first fiscal quarter of
last year. Net income of $2.93 million increased 38% from $2.12 million
in the prior year period. Net income in the prior year includes $274
thousand from discontinued operations. Earnings per diluted share of
$0.32 in the first quarter of fiscal 2011 increased $0.08 from $0.24 per
share in fiscal 2010. Prior year earnings per share includes $0.03 from
discontinued operations.
Peter R. Chase, Chairman and Chief Executive Officer commented: "We had
a robust first quarter and did exceptionally well in comparison to the
same period in the previous year, when certain market segments were
still suffering from the economic downturn. As fiscal 2010 progressed
our business made a strong recovery reaching new levels of success. With
that in mind our outlook for the balance of 2011 is positive, but growth
rates should be more modest compared to what we have seen in recent
quarters. Plans for reinvestment, consolidation, increased product
development and additional acquisitions remain active as we execute ourlong-term growth strategy."
Revenue and profit in the first quarter of fiscal 2011 benefitted from
the acquisitions completed in fiscal 2010. Increased sales from CIM
(acquired in September 2009) and the impact of sales from ServiWrap
(acquired in December 2009) accounted for $2.7 million of the increase.
Additionally, Wire & Cable, Construction & Pipeline and Electronic
Coatings product lines all saw revenue growth compared to the first
fiscal quarter in the prior year.
Net income increased in the current quarter, despite, gross profit being
negatively impacted by increased raw material costs as well unfavorable
product mix compared to the prior year.
The Company’s balance sheet remains strong with cash on hand of $16.9
million and a current ratio of 2.5. The Company’s $10 million line of
credit is fully available while the balance of its unsecured term debt
is $15.2 million.
The following table summarizes the Company’s financial results for the
quarters ended November 30, 2010 and 2009.
|
|
| |
|
| For the Three Months Ended |
| | | | | November 30, |
| All figures in thousands, except per share figures | | | 2010 |
|
| 2009 |
| | | | | | | |
|
|
Revenues
| | |
$
|
31,267
| | |
$
|
24,264
|
| | | | | | | |
|
|
Costs and Expenses
| | | | | | |
|
Costs of products and services sold
| | | |
20,060
| | | |
15,040
|
|
Selling, general and administrative expenses
| | |
|
6,588
| | |
|
6,359
|
| | | | | | | |
|
|
Operating income
| | | |
4,619
| | | |
2,865
|
| | | | | | | |
|
|
Other income (expense)
| | |
|
23
| | |
|
49
|
| | | | | | | |
|
|
Income from continuing operations before income taxes
| | | |
4,642
| | | |
2,914
|
| | | | | | | |
|
|
Income taxes
| | |
|
1,717
| | |
|
1,065
|
| | | | | | | |
|
|
Income from continuing operations, net of taxes
| | | |
2,925
| | | |
1,849
|
| | | | | | | |
|
|
Income from discontinued operations, net of taxes of $181
| | |
|
-
| | |
|
274
|
| | | | | | | |
|
|
Net income
| | |
$
|
2,925
| | |
$
|
2,123
|
| | | | | | | |
|
Net income available to common shareholders, per common
and
common equivalent share:
| | | | | | |
|
Continuing operations
| | |
$
|
0.32
| | |
$
|
0.20
|
|
Discontinued operations
| | |
|
-
| | |
$
|
0.03
|
|
Net income per diluted share
| | |
$
|
0.32
| | |
$
|
0.24
|
| | | | | | | |
|
|
Weighted average diluted shares outstanding
| | |
|
8,978
| | |
|
8,780
|
| | | | | | | |
|
|
The sum of individual share amounts may not equal due to rounding
| | | | | | |
Chase Corporation, founded in 1946, is a global manufacturer of tapes,
laminates, sealants and coatings for high reliability applications.
Certain statements in this press release are forward-looking. These may
be identified by the use of forward-looking words or phrases such as
“believe”; “expect”; “anticipate”; “should”; “planned”; “estimated” and
“potential” among others. These forward-looking statements are based on
Chase Corporation’s current expectations. The Private Securities
Litigation Reform Act of 1995 provides a “safe harbor” for such
forward-looking statements. In order to comply with the terms of the
"safe harbor," the Company cautions investors that any forward-looking
statements made by the Company are not guarantees of future performance
and that a variety of factors could cause the Company's actual results
and experience to differ materially from the anticipated results or
other expectations expressed in the Company's forward-looking
statements. The risks and uncertainties which may affect the operations,
performance, development and results of the Company's business include,
but are not limited to, the following: uncertainties relating to
economic conditions; uncertainties relating to customer plans and
commitments; the pricing and availability of equipment, materials and
inventories; technological developments; performance issues with
suppliers and subcontractors; economic growth; delays in testing of new
products; the Company’s ability to successfully integrate acquired
operations; rapid technology changes and the highly competitive
environment in which the Company operates. Readers are cautioned not to
place undue reliance on these forward-looking statements, which speak
only as of the date the statement was made.
Contacts:
Chase Corporation
Paula Myers, 508-279-1789 Ext. 219
Shareholder
& Investor Relations Department
investorrelations@chasecorp.com
www.chasecorp.com
Source: Chase Corporation
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