Chase Corporation (NYSE Amex: CCF) today reported financial results for its best quarter ever. Revenues of $39.6 million for the third fiscal quarter ended May 31, 2010 represented an increase of $14.5 million or 58% compared to $25.1 million in the third quarter of last year. Net income of $4.4 million increased $3.5 million or 389% from $0.9 million in the prior year period. Earnings per diluted share of $0.48 in the third quarter of fiscal 2010 increased $0.38 from $0.10 per share in fiscal 2009.
For the nine months ended May 31, 2010 revenues increased $20.5 million or 26% to $99.7 million compared to $79.2 million in the prior year period. Net income was $8.1 million or $0.90 per diluted share for the year to date period compared to $3.6 million or $0.40 per diluted share in the comparable period in fiscal 2009.
Peter R. Chase, Chairman and Chief Executive Officer commented, “Electronic coatings sales to all global markets led the charge during the quarter with Chase EMS also posting substantial gains. Our two recent acquisitions, C.I.M. and Serviwrap were also strong contributors. We continue to seek appropriate candidates for our M&A program while at the same time we are increasing investment in market and product development.
“I would like to thank all Chase Corporation employees for their efforts in achieving these results. Our people are the key to our success. Their contributions and the recovery in several key markets have positioned us for a solid finish to the fiscal year with annual revenues and profits expected to be significantly ahead of 2009.”The following table summarizes the Company’s financial results for the quarter and nine months ended May 31, 2010 and 2009.
|For the Three Months Ended||For the Nine Months Ended|
|May 31,||May 31,|
|All figures in thousands, except per share figures||2010||2009||2010||2009|
|Costs and Expenses|
|Costs of products and services sold||25,132||17,637||65,536||56,836|
|Selling, general and administrative expenses||7,672||5,582||21,253||16,463|
|Loss on impairment of assets||-||499||-||499|
|Other income (expense)||(1||)||(2||)||(185||)||313|
|Income before income taxes||6,821||1,369||12,772||5,677|
|Net income per diluted share||$||0.48||$||0.10||$||0.90||$||0.40|
|Weighted average diluted shares outstanding||8,883||8,834||8,793||8,680|