Chase Corporation Announces Second Quarter Results
Chase Corporation (NYSE Amex: CCF) today reported revenues of $31.4 million for the quarter ended February 28, 2010. This represents a record for the Company’s second fiscal quarter and an increase of 37% compared to $23.0 million in the second quarter of last year. Net income of $1,626,000 increased $1,172,000 or 258% from $454,000 in the prior year period. Earnings per diluted share of $0.18 in the second quarter of fiscal 2010 increased $0.13 from $0.05 per share in fiscal 2009.
For the six months ended February 28, 2010 revenues increased $6.0 million or 11% to $60.1 million compared to $54.1 million in the prior year period. Net income was $3,749,000 or $0.42 per diluted share for the year to date period compared to $2,714,000 or $0.31 per diluted share in the comparable period in fiscal 2009.
Peter R. Chase, Chairman and Chief Executive Officer commented, “We are very pleased with the improvement in results. As we said after the first quarter, there is excitement about our latest acquisitions and the opportunities they bring, now and in the future. In addition, the electronics market has continued to rebound adding to both materials and assembly revenue.
“The new Westwood, MA operations center is now open allowing improved collaboration among all functional areas of management. The Taunton, MA and the Albany, NY facilities both closed on schedule as leases expired.“Looking ahead we are cautiously optimistic for the remainder of the year. Our efforts to retain talented staff, control costs and hold market share during the recession are paying dividends as we begin to see recovery. Our acquisition program remains a priority and we are well-positioned to finance growth. As we enter the spring season, increased demand for our infrastructure products is expected and should help drive further improvement during the balance of the fiscal year.”
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