“Realizing long-term cost reduction through facility consolidation remains an important strategic initiative. Expenses for the move of Webster operations to the new Oxford facility were incurred during the quarter. That phase of the plan has been completed and the building in Webster has now been sold. Over the next year the Randolph operations will be transferred to Oxford.“While the business environment around us remains uncertain, our plans for consolidation, new product development and organic market growth are both solid and dynamic.” The table summarizes the Company’s financial results for the quarters ended November 30, 2011 and 2010.
|For the Three Months Ended|
|All figures in thousands, except per share figures||2011||2010|
|Costs and Expenses|
|Costs of products and services sold||21,999||20,060|
|Selling, general and administrative expenses||6,992||6,588|
|Income before income taxes||3,580||4,642|
|Net income available to common shareholders, per common and common equivalent share:||$||0.26||0.33|
|Weighted average diluted shares outstanding||8,761||8,754|
As of November 30, 2011, the Company’s working capital was $34.3 million, including cash on hand of $12.8 million. The Company’s $10 million line of credit is fully available, while the balance of its unsecured term debt is $10.8 million.Chase Corporation, founded in 1946, is a leading manufacturer of protective materials for high reliability applications throughout the world. 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.