(NYSE Amex: CCF)
today reported revenues of $26.3 million for the quarter ended February 28, 2011. This represents an increase of 2% compared to $25.8 million in the second fiscal quarter of last year. Income from continuing operations, net of tax, increased 19% to $1.42 million or $0.16 per share in the current quarter compared to $1.19 million or $0.13 per share in fiscal 2010. Net income was $1.63 million or $0.18 per share in the prior year period due to income from discontinued operations.
For the six months ended February 28, 2011 revenues increased $7.5 million or 15% to $57.5 million compared to $50.0 million in the prior year period. Income from continuing operations, net of tax, increased $1.3 million or 43% to $4.3 million or $0.48 per share in the year to date period from $3.0 million or $0.34 per share in fiscal 2010. Net income was $3.7 million or $0.42 per share in the comparable period in fiscal 2010 due to income from discontinued operations.
Peter R. Chase, Chairman and Chief Executive Officer commented: "Our results this quarter are complicated by the effect of discontinued operations (due to the sale of Chase EMS) in the 2010 results. When comparing "apples to apples" we are moderately ahead of fiscal 2010, and our current year plan, despite lost production in the U.K. due to disruptive weather conditions.
“Consolidation efforts are progressing in Oxford, MA and our former Paterson, NJ location has been leased out on a long term basis. We are beefing up our technical development staff to support key market growth plans, and our merger and acquisition program has been restructured, utilizing investment banking support. Our goal is to add larger, more growth-oriented businesses.
“We will face some challenges for the remainder of the year, with rising materials prices, and less certain supply and demand due to unrest in the Middle East and the natural disasters in Japan. Despite these obstacles I have confidence that our team will achieve our goals for the year.”