(NYSE MKT: CCF)
today reported revenues of $55.7 million for the quarter ended May 31, 2013. This represents an increase of $20.6 million or 59% compared to $35.1 million in the same quarter of last fiscal year. The current quarter included revenues of $20.8 million from the Company’s June 2012 NEPTCO acquisition (of which $2.9 million related to the NEPTCO Joint Venture). Net income attributable to Chase Corporation of $5.13 million in the current quarter increased $1.76 million or 52% from $3.37 million in the prior year period. Earnings per diluted share of $0.56 in the third quarter of fiscal 2013 represented an increase of $0.19 compared to $0.37 per share in fiscal 2012. Included in the fiscal 2012 quarter results were charges totaling $1.0 million related to acquisition and defined benefit plan settlement costs.
For the nine months ended May 31, 2013, revenues increased $60.8 million or 63% to $157.5 million, compared to $96.7 million in the prior year period. The fiscal 2013 year to date period includes revenues of $58.0 million from the Company’s NEPTCO acquisition (of which $9.3 million related to the NEPTCO Joint Venture). Net income attributable to Chase Corporation increased $4.42 million or 64% to $11.32 million or $1.24 per share in the year to date period from $6.90 million or $0.76 per share in the same period in fiscal 2012. Included in the fiscal 2013 and 2012 year to date periods are charges totaling $1.79 million and $1.11 million, respectively, relating to the step up in fair value of inventory, acquisition and defined benefit plan settlement costs.
Peter R. Chase, Chairman and Chief Executive Officer, commented “Our third quarter performed well, as expected, with the continued progress of the NEPTCO acquisition integration. We are pleased with the contributions from this business and our familiarity with products and markets is making for a successful combination. The first steps have also been successfully completed to expand NEPTCO’s ERP system across all of Chase Corporation. While this is a lengthy project it is expected to save substantially compared to the costs of integrating a completely new system which was previously planned by the Company, prior to the NEPTCO acquisition.