This press release contains a correction to the weighted average diluted shares outstanding amount which caused the diluted earnings per share amount to change, due to rounding, from $0.95 in the release that was previously distributed on January 8, 2014 to the corrected amount of $0.94. There were no other changes.
The corrected release reads:
CHASE CORPORATION ANNOUNCES FIRST QUARTER RESULTS
REVENUES OF $54.2 MILLION
EARNINGS PER SHARE OF $0.94
(NYSE MKT: CCF)
today reported revenues of $54.2 million for the quarter ended November 30, 2013. This represents an increase of $0.8 million compared to $53.4 million in the same quarter of last fiscal year. Net income attributable to Chase Corporation of $8.78 million in the current quarter increased $5.24 million from $3.54 million in the prior year period. Earnings per diluted share of $0.94 in the first quarter of fiscal 2014 represented an increase of $0.55 compared to $0.39 per share in fiscal 2013. Included in the fiscal 2014 quarter results was a gain, net of tax, totaling $3.71 million or $0.40 per share, relating to the sale of the Company’s Insulfab product line in October 2013. Included in the prior year quarter results are charges totaling $0.92 million relating to the step up in fair value of inventory related to the NEPTCO acquisition and defined benefit plan settlement costs.
Peter R. Chase, Chairman and Chief Executive Officer, commented, “We had a good start to the 2014 fiscal year with the first quarter activity. Revenues were up slightly from the same period last year but the sales mix favored higher margin product lines. Much of this is the result of our sustained strategic efforts to develop new products, employ creative channel development tactics to increase market share, continue to consolidate our facilities and functions and closely monitor expenses throughout the organization.