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Chase Corporation Announces Record Quarter

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
 
Revenues $ 39,626   $ 25,089   $ 99,746   $ 79,162
 
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
 
Operating income 6,822 1,371 12,957 5,364
 
Other income (expense)   (1 )   (2 )   (185 )   313
 
Income before income taxes 6,821 1,369 12,772 5,677
 
Income taxes   2,421     507     4,624     2,100
 
Net income $ 4,400   $ 862   $ 8,148   $ 3,577
 
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
 

Chase Specialized Manufacturing

Revenues from this segment were $33.3 million in the current quarter compared to $21.2 million in the prior year period. Nearly all product lines experienced year over year revenue growth with the largest impact due to the CIM and Serviwrap acquisitions as well as continued increased sales of Electronic Coatings, Custom Products and Construction.

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