The Company’s balance sheet remains strong with cash on hand of $16.9 million and a current ratio of 2.5. The Company’s $10 million line of credit is fully available while the balance of its unsecured term debt is $15.2 million.The following table summarizes the Company’s financial results for the quarters ended November 30, 2010 and 2009.
|For the Three Months Ended|
|All figures in thousands, except per share figures||2010||2009|
|Costs and Expenses|
|Costs of products and services sold||20,060||15,040|
|Selling, general and administrative expenses||6,588||6,359|
|Other income (expense)||23||49|
|Income from continuing operations before income taxes||4,642||2,914|
|Income from continuing operations, net of taxes||2,925||1,849|
|Income from discontinued operations, net of taxes of $181||-||274|
|Net income available to common shareholders, per common and common equivalent share:|
|Net income per diluted share||$||0.32||$||0.24|
|Weighted average diluted shares outstanding||8,978||8,780|
|The sum of individual share amounts may not equal due to rounding|
Certain statements in this press release are forward-looking. These may be identified by the use of forward-looking words or phrases such as “believe”; “expect”; “anticipate”; “should”; “planned”; “estimated” and “potential” among others. These forward-looking statements are based on Chase Corporation’s current expectations. The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for such forward-looking statements. In order to comply with the terms of the "safe harbor," the Company cautions investors that any forward-looking statements made by the Company are not guarantees of future performance and that a variety of factors could cause the Company's actual results and experience to differ materially from the anticipated results or other expectations expressed in the Company's forward-looking statements. The risks and uncertainties which may affect the operations, performance, development and results of the Company's business include, but are not limited to, the following: uncertainties relating to economic conditions; uncertainties relating to customer plans and commitments; the pricing and availability of equipment, materials and inventories; technological developments; performance issues with suppliers and subcontractors; economic growth; delays in testing of new products; the Company’s ability to successfully integrate acquired operations; rapid technology changes and the highly competitive environment in which the Company operates. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made.