(NYSE MKT: CCF)
today reported revenues of $35.1 million for the quarter ended May 31, 2012. This represents an increase of 7.7% compared to $32.6 million in the third quarter of last year. Net income of $3.37 million increased $0.40 million or 13.5% from $2.97 million in the prior year period. Earnings per diluted share of $0.37 in the third quarter of fiscal 2012 increased $0.04 from fiscal 2011.
For the nine months ended May 31, 2012 revenues increased $6.5 million or 7.2% to $96.7 million compared to $90.2 million in the prior year period. Net income decreased $0.41 million or 5.6% to $6.90 million or $0.76 per share in the year to date period from $7.31 million or $0.81 per share in fiscal 2011.
Peter R. Chase, Chairman and Chief Executive Officer commented: "We are pleased with the improved results. Both reporting segments contributed with strong business team efforts which overcame some significant expenses in support of M&A and plant operations transition. Consolidation is on schedule with Oxford and Pittsburgh operations completing customer qualifications for locally produced products to replace those currently made in Randolph. The Winnersh, UK plant is increasing its effectiveness with strong support from the U.S. operations team. Our coordinated marketing and R&D programs are progressing toward the goal of a continuing flow of new products and applications.
“In late June we completed the largest acquisition in the Company’s history. NEPTCO’s sales volume brings us to an exciting new level and provides opportunities for integration efficiencies and increased organic growth. We look forward to a strong finish to the year.”
Revenue for the Industrial Materials segment increased in the third quarter over the prior year as greater demand for wire and cable and electronic coatings products drove stronger results. The Construction Materials segment also saw increased revenues primarily due to sales of highway construction products.