(NYSE MKT: CCF)
today reported revenues of $53.4 million for the quarter ended November 30, 2012. This represents an increase of $21.3 million or 66% compared to $32.1 million in the first quarter of last fiscal year. The first fiscal 2013 quarter included revenues of $19.0 million from the Company’s NEPTCO acquisition (of which $3.4 million related to the NEPTCO Joint Venture) which was acquired in June 2012. Net income attributable to Chase Corporation of $3.54 million increased $1.21 million or 52% from $2.33 million in the prior year period. Earnings per diluted share of $0.39 in the first quarter of fiscal 2013 represented an increase of $0.13 compared to $0.26 per share in fiscal 2012. Included in the current quarter results are charges totaling $0.92 million relating to the step up in fair value of inventory and defined benefit plan settlement costs.
Peter R. Chase, Chairman and Chief Executive Officer commented: “Our first quarter performed as expected on both top and bottom lines. This is, of course, a significant improvement from the previous year driven by growth in electronic coatings, PaperTyger, a C.I.M. project and the contributions from NEPTCO, Inc., our June 2012 acquisition.
Strategic focus has been consistent with emphasis on a) plant consolidation and investment in manufacturing process, b) organization restructure, c) coordinated marketing and product development and d) M&A efforts.
At the end of November the transfer of production from Randolph to Oxford and Pittsburgh was completed. The careful planning and detailed execution paid off in a successful transition. This follows the previous moves from Webster and Paterson to Oxford and Taylorsville. All affected production lines went through a thorough re-engineering as part of the project. We are now seeing the results in improved efficiency, higher quality and a better ability to meet increasing safety and environmental requirements.