Chase Corporation (NYSE MKT: CCF) today reported revenues of
$55.7 million for the quarter ended May 31, 2013. This represents
an increase of $20.6 million or 59% compared to $35.1 million in
the same quarter of last fiscal year. The current quarter included
revenues of $20.8 million from the Company’s June 2012 NEPTCO
acquisition (of which $2.9 million related to the NEPTCO Joint
Venture). Net income attributable to Chase Corporation of $5.13
million in the current quarter increased $1.76 million or 52% from
$3.37 million in the prior year period. Earnings per diluted share
of $0.56 in the third quarter of fiscal 2013 represented an
increase of $0.19 compared to $0.37 per share in fiscal 2012.
Included in the fiscal 2012 quarter results were charges totaling
$1.0 million related to acquisition and defined benefit plan
settlement costs.
For the nine months ended May 31, 2013, revenues increased $60.8
million or 63% to $157.5 million, compared to $96.7 million in the
prior year period. The fiscal 2013 year to date period includes
revenues of $58.0 million from the Company’s NEPTCO acquisition (of
which $9.3 million related to the NEPTCO Joint Venture). Net income
attributable to Chase Corporation increased $4.42 million or 64% to
$11.32 million or $1.24 per share in the year to date period from
$6.90 million or $0.76 per share in the same period in fiscal 2012.
Included in the fiscal 2013 and 2012 year to date periods are
charges totaling $1.79 million and $1.11 million, respectively,
relating to the step up in fair value of inventory, acquisition and
defined benefit plan settlement costs.
Peter R. Chase, Chairman and Chief Executive Officer, commented
“Our third quarter performed well, as expected, with the continued
progress of the NEPTCO acquisition integration. We are pleased with
the contributions from this business and our familiarity with
products and markets is making for a successful combination. The
first steps have also been successfully completed to expand
NEPTCO’s ERP system across all of Chase Corporation. While this is
a lengthy project it is expected to save substantially compared to
the costs of integrating a completely new system which was
previously planned by the Company, prior to the NEPTCO
acquisition.
“In other areas of the business industrial materials has
continued to improve with Paper Tyger and electronic coatings the
biggest gainers and wire and cable products strong as well.
Construction materials have been lagging due to delays in starting
some international projects which will now begin in the current
quarter. A successful domestic construction season is also
underway.
“Consolidation efforts continue with some reduced costs
recognized in the quarter with more to come. Our capital spending
has moderated a little as consolidation steps are completed. We now
have newly-built or renovated manufacturing facilities in four
locations. Plans are also in place to further reduce SG&A
costs. R&D spending on new products remains a priority with
some results in early stage testing and evaluation. Our balance
sheet remains very strong with healthy cash and working capital
positions.
“Looking forward to the finish of fiscal 2013 and beyond we will
continue to make changes in our business structure to build for
long term success. This may consist of exiting certain product
areas as well as developing and acquiring new businesses. We expect
a solid fourth quarter to complete a successful fiscal year for the
corporation. Our strategy remains focused on generating sustainable
annual growth of sales and profit both organically through
stepped-up marketing and product development as well as via
strategic acquisitions.”
The following table summarizes the Company’s financial results
for the three and nine months ended May 31, 2013 and 2012.
For the Three Months Ended
For the Nine Months Ended
May
31,
May
31,
All figures in thousands, except per share figures
2013
2012
2013
2012
Revenues $ 55,732 $ 35,139 $ 157,505 $
96,689 Costs and Expenses Costs of products and services
sold 36,833 22,210 107,571 65,231 Selling, general and
administrative expenses 10,784 7,603
32,241 21,108 Operating income 8,115
5,326 17,693 10,350 Other income (expense) (314 )
(297 ) (707 ) 100 Income before income
taxes 7,801 5,029 16,986 10,450 Income taxes 2,730
1,656 5,945 3,553
Net income $ 5,071 $ 3,373 $ 11,041 $ 6,897 Addback net loss
attributable to non-controlling interest 63 -
277 - Net income attributable to
Chase Corporation $ 5,134 $ 3,373 $ 11,318 $ 6,897 Net
income per diluted share $ 0.56 $ 0.37 $ 1.24
$ 0.76 Weighted average diluted shares outstanding
8,967 8,798 8,950 8,783
Reconciliation to EBITDA and adjusted EBITDA Net income
attributable to Chase Corporation $ 5,134 $ 3,373 $ 11,318 $ 6,897
Interest expense 312 31 989 103 Income taxes 2,765 1,656 6,095
3,553 Depreciation expense 1,477 690 4,418 2,083 Amortization
expense 1,188 566 3,598
1,703 EBITDA $ 10,876 $ 6,316 $ 26,418 $ 14,339
Acquisition related costs
- 600 - 700 Cost of sale of inventory step up - - 564 - Defined
benefit plan settlement costs - 413
1,223 413 Adjusted EBITDA $ 10,876
$ 7,329 $ 28,205 $ 15,452
As of May 31, 2013, the Company’s working capital was $62.8
million, including cash on hand of $19.0 million. The outstanding
balance of the Company’s unsecured term debt is $65.8 million. The
Company’s $15 million line of credit is fully available.
Chase Corporation, founded in 1946, is a leading manufacturer of
protective materials for high reliability applications throughout
the world.
The Company has used non-GAAP financial measures in this press
release. Adjusted EBITDA is a non-GAAP financial measure. The
Company believes that Adjusted EBITDA is a useful performance
measure as it is used by its executive management team and board of
directors to measure operating performance, to allocate resources
to enhance the financial performance of its business, to evaluate
the effectiveness of its business strategies and to communicate
with its board of directors and investors concerning its financial
performance. Non-GAAP financial measures should be considered in
addition to, and not as an alternative for, the Company’s reported
results prepared in accordance with GAAP.
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; the effectiveness of cost-reduction
plans; 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.
Crescent Cap Fin Group Com USD0.001 (NYSE:CCFG)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Crescent Cap Fin Group Com USD0.001 (NYSE:CCFG)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024