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Chase Corporation Announces Fiscal 2013 Results

Stocks in this article: CCF

Chase Corporation (NYSE MKT: CCF) today reported revenues of $58.6 million for the quarter ended August 31, 2013. This represents an increase of $6.4 million or 12% compared to $52.2 million in the same quarter of last fiscal year. The current quarter included revenues of $20.3 million relating to the Company’s NEPTCO subsidiary (of which $2.5 million related to the NEPTCO joint venture). This compares to NEPTCO related revenues of $14.8 million (of which $2.6 million related to the joint venture) in the fourth quarter of last fiscal year, which included NEPTCO results from its June 27, 2012 acquisition date. Net income attributable to Chase Corporation of $5.90 million in the current quarter increased $3.46 million or 142% from $2.44 million in the prior year period. Earnings per diluted share of $0.64 in the fourth quarter of fiscal 2013 represented an increase of $0.37 compared to $0.27 per share in fiscal 2012. Included in the fiscal 2012 quarter results were charges, net of tax, totaling $2.25 million relating to the step up in fair value of inventory, acquisition and defined benefit plan settlement costs.

For the fiscal year ended August 31, 2013, revenues increased $67.2 million or 45% to $216.1 million, compared to $148.9 million in the prior year. Revenues of $78.3 and $14.8 million were attributable to NEPTCO for fiscal 2013 and 2012, respectively. Net income attributable to Chase Corporation increased $7.87 million or 84% to $17.21 million or $1.87 per share in the current fiscal year from $9.34 million or $1.03 per share in fiscal 2012. Included in the fiscal year 2013 and 2012 results are charges, net of tax, totaling $1.24 million and $3.21 million, respectively, relating to the step up in fair value of inventory, acquisition and defined benefit plan settlement costs.

The Company also announced a cash dividend of $0.45 per share. The dividend is to shareholders of record on November 5, 2013 and payable on December 4, 2013.

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