(NYSE Amex: CCF)
today reported revenues of $123.0 million for the fiscal year ended August 31, 2011. This represents an increase of 3.6% compared to $118.7 million in fiscal 2010. Income from continuing operations, net of tax, increased 1.9% to $10.93 million or $1.22 per share in fiscal 2011 compared to $10.73 million or $1.21 per share in the prior year.
Revenues for the fourth quarter ended August 31, 2011 were $32.9 million. This represents a decrease of 7.1% compared to $35.4 million in the prior year period. Income from continuing operations, net of tax, decreased 6.0% to $3.62 million or $0.40 per share in the current quarter compared to $3.85 million or $0.43 per share in fiscal 2010.
Peter R. Chase, Chairman and Chief Executive Officer commented: “Our fourth quarter performed as expected which we had forecast to lag the previous year's robust finish. Having said that, we have seen improved results from our industrial materials, especially wire and cable products, while construction materials have fallen short in a very poor market, particularly our private label products.
“We’ve had some challenges in meeting heavy Middle East demand for pipeline products from our UK facility. The issues have been rectified but they resulted in higher costs and decreased production from that facility in our fourth quarter. Process improvements have been implemented in the last six months and are continuing. We are now confident in our ability to produce high quality products to meet market needs.
“Volatile raw material costs have impacted us throughout the year, narrowing margins. Price increases have helped but the uncertainty remains.
“The plant move from Webster to Oxford was completed ahead of schedule and the next phase of consolidation, moving from Randolph, was announced recently and is planned over the next twelve to fifteen months.