This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Detrex Corporation Reports Profit For The Third Quarter Of 2012

Earnings declined in the third quarter of 2012 compared to the prior year due to the margin impact of lower sales. While the volume decline had a significant impact on gross margin, this was partially offset by improved pricing and mix. The Company’s third quarter 2012 provision for environmental expense of $600,000 ($1.8 million year-to-date) compared to the third quarter 2011 provision of $500,000 ($1.5 million year-to-date) reflect the Company’s practice of replenishing the environmental reserve by an amount at least equal to expected spending. Other income of $192,572 was recorded in the third quarter 2012 for recovery of past legal expenses.

About Detrex Corporation

Founded in 1925, Detrex Corporation through its subsidiary The Elco Corporation is a leading manufacturer of high performance specialty chemicals including additives for industrial petroleum products and high purity hydrochloric acid.

Forward Looking Statements

Statements included in this press release that are not historical in nature are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “1995 Act”). The words “believe,” “expect,” “anticipate,” “estimate,” “guidance,” “target” and similar expressions identify forward-looking statements. The Company cautions readers that forward-looking statements are subject to certain risks and uncertainties, which could cause actual results to differ materially from those projected in the forward-looking statements. Certain risks and uncertainties are identified from time to time in the Company’s reports. Some factors that could cause results to differ materially from those projected in the forward-looking statements include: market conditions, environmental remediation costs, pension expense and funding requirements, liquidation value of assets, and marketability of real estate and the market value and future liquidity of Detrex stock. The Company claims the protection of the safe harbor for forward-looking statements contained in the 1995 Act.
 
Detrex Corporation and Subsidiaries
Condensed Consolidated Statement of Income
(unaudited, in thousands)
     
Three Months Ended Year to date
September 30 September 30
2012 2011 2012 2011
 
Net sales $ 10,102 $ 14,117 $ 33,502 $ 38,312
 
Cost of sales 6,633 9,632 21,984 25,854
Selling, general and administrative expense 2,095 2,122 6,301 5,993
Provision for depreciation and amortization 289 289 861 867
Provision for corporate environmental reserves 600 500 1,800 1,500
Interest (Income) Expense (192 ) (6 ) (188 ) (2 )
Other (Income) Expense, net   (40 )   123     (54 )   383  
Income from continuing operations
before income taxes 717 1,457 2,798 3,717
 
Provision for income taxes   269     629     1,039     1,601  
Net Income from continuing operations 448 828 1,759 2,116
 
Discontinued operations:
Gain (loss) on sale of Subsidiary, net of tax (85 ) 16,459
Income from the operation of Subsidiary, net of income tax 577 1,826
       
Net income $ 363   $ 1,405   $ 18,218   $ 3,942  
 
Basic earnings per common share attributable to Detrex shareholders:
From continuing operations $ 0.27 $ 0.49 $ 1.05 $ 1.26
From discontinued operations   (0.05 )   0.34     9.82     1.09  
Net earnings per share $ 0.22   $ 0.84   $ 10.87   $ 2.35  
 
Fully diluted earnings per common share attributable to Detrex shareholders:
From continuing operations $ 0.26 $ 0.49 $ 1.02 $ 1.25
From discontinued operations   (0.05 )   0.34     9.56     1.08  
Net earnings per share $ 0.21   $ 0.83   $ 10.58   $ 2.33  
 
Shares outstanding,basic 1,676 1,676 1,676 1,676
Shares outstanding,fully diluted 1,721 1,689 1,721 1,689
 
     
Condensed Consolidated Balance Sheet
 
Unaudited Audited
Sept 30 Dec 31
2012 2011
Assets
Current Assets:
Continuing operations $ 23,817 $ 13,063
Assets held for sale - 16,039
Property and equipment, net 10,296 9,773
Other assets:
Continuing operations 3,528 6,706
Assets held for sale   -   8,549
Total assets $ 37,641 $ 54,130
 
Liabilities and stockholders' equity
Current liabilities:
Continuing operations $ 9,321 $ 12,248
Against assets held for sale - 4,797
Non-current liabilities:
Continuing operations 5,056 21,336
Against assets held for sale - 3,825
 
Detrex Corporation shareholders' equity 23,264 9,303
Noncontrolling interest   -   2,621
Total equity   23,264   11,924
Total liabilities and stockholders' equity $ 37,641 $ 54,130
 

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs