(NYSE MKT: CCF)
today reported revenues of $57.6 million for the quarter ended May 31, 2014. This represents an increase of $1.9 million or 3.4% compared to $55.7 million in the same quarter of last fiscal year. Net income attributable to Chase Corporation of $6.3 million in the current quarter increased $1.2 million or 23.5% from $5.1 million in the prior year period. Earnings per diluted share of $0.68 in the third quarter of fiscal 2014 represented an increase of $0.12 compared to $0.56 per share in fiscal 2013. Adjusted EBITDA in the current quarter increased $1.7 million or 15.6% to $12.6 million compared to $10.9 million in the second quarter of last year.
For the nine months ended May 31, 2014, revenues increased $5.5 million or 3.5% to $163.0 million, compared to $157.5 million in the prior year. Net income attributable to Chase Corporation increased $8.3 million to $19.6 million or $2.11 per share in the year to date period from $11.3 million or $1.24 per share in the same period in fiscal 2013. Included in the fiscal 2014 year to date results was a gain, net of tax, totaling $3.7 million or $0.40 per share, relating to the sale of the Company’s Insulfab product line in October 2013. Included in the fiscal 2013 year to date results are charges, net of tax, totaling $1.2 million relating to the step up in fair value of inventory, and defined benefit plan settlement costs. Adjusted EBITDA in the current year to date period increased $5.0 million or 17.7% to $33.2 million compared to $28.2 million in the first nine months of fiscal 2013.
Peter R. Chase, Chairman and Chief Executive Officer, commented, “We were able to continue to improve profitability significantly in the third fiscal quarter compared to the previous year along with modest revenue growth. A strong focus on consolidation and reduction of overlapping expenses in manufacturing, selling and administration continues to produce positive results.