(Source: Business Wire)
Chase Corporation (NYSE Amex: CCF) today reported revenues of $25.1 million for the quarter ended May 31, 2009. This represents a decrease of 26% compared to $33.9 million in the same period last year. Net income of $862,000 represented a decrease of 73% from $3,218,000 in the prior year period. Earnings per diluted share decreased $0.27 to $0.10 in the third quarter of fiscal 2009 compared to $0.37 in fiscal 2008.
For the nine months ended May 31, 2009 revenues decreased $17.6 million or 18% to $79.2 million compared to $96.8 million in the prior year period. Net income was $3,577,000 or $0.41 per diluted share for the year to date period compared to $8,557,000 or $1.00 per diluted share in the comparable period in fiscal 2008.
The first nine months of fiscal 2009 have proven to be extremely challenging. Sales and profits for the quarter and year to date periods remain well below the prior year as many of our product offerings continue to be negatively influenced by the global recession. In recent years, the third fiscal quarter has been one of the Company's strongest. However, the results seen in the current year demonstrate the continued decrease in customer demand and uncertainty that has affected most consumer and industrial businesses over the past year. Comparisons to the Company's prior year record results remain a challenge as current and future expectations are reset given the unprecedented economic downturn.
Management remains focused on strategic acquisition opportunities, new product development, supply chain management, consolidation as well as other cost reduction efforts. The Company continues to have a strong balance sheet, including $5.3 million in cash and net working capital of $25.6 million as of May 31, 2009.
Peter R. Chase, Chairman and Chief Executive Officer commented: "The poor economy and depressed housing and automotive markets continue to affect our results. However, our strong market position and aggressive cost control have strengthened our balance sheet and positioned the Company well for strategic investment in facility and acquisition opportunities. Cash is at an all time high giving us the ability to be a strong buyer, facilitate consolidation, and invest in new product development."
The following table summarizes the Company's financial results for the quarter and nine months ended May 31, 2009 and 2008.
