Chase Corporation Announces First Quarter Results Revenues of $28.7 Million Earnings Per Share of $0.24
Tuesday, Jan 12, 2010
Chase Corporation (NYSE Amex: CCF) today reported revenues of $28.7 million for the quarter ended November 30, 2009. This represents a decrease of 8% compared to $31.1 million in the first quarter of last year. Net income of $2.12 million decreased 6% from $2.26 million in the prior year period. Earnings per diluted share of $0.24 in the first quarter of fiscal 2010 fell $0.02 short of the $0.26 per share in fiscal 2009.Peter R. Chase, Chairman and Chief Executive Officer commented, “While financial results are down from the first quarter of fiscal 2009 we have seen some signs of improvement in key markets. Last year we had a strong first quarter in the wire and cable area which typically lags the general economy. During that same period we started to see the deterioration in the electronics sector which traditionally is on the leading edge. Overall the prior year first quarter did not reflect the full impact of the global economic downturn.
“Not unexpectedly we have experienced some global rebound in the electronics area as a result of automotive market recovery spurred by government incentive programs and success from new, more environmentally friendly products.
“We are excited about our two new acquisitions and expect significant contributions from them over the balance of our fiscal year and in the future.
“Consolidation efforts continue as production from our Paterson, NJ plant has now moved to other existing facilities, and work continues to ready our Westwood, MA location to absorb the pending closure of our Taunton laboratory and Albany office locations.
“We continue to analyze product line profitability and will focus on maximizing our best opportunities. Going forward we are optimistic that modest economic recovery, coupled with our new product and market development efforts will make for a successful year.”
Source: Chase Corp.
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