(Source: Business Wire)Chase Corporation (NYSE Amex: CCF) today reported revenues of $28.4 million for the quarter ended August 31, 2009. This represents a decrease of 20% compared to $35.7 million in the fourth quarter of last year. Net income of $2.8 million decreased 26% from $3.8 million in the prior year period. Earnings per diluted share of $0.31 in the fourth quarter of fiscal 2009 fell $0.13 short of the $0.44 per share in fiscal 2008.

Revenues for the fiscal year ended August 31, 2009 were $107.6 million which represented a 19% decrease compared to $132.5 million in the prior year. Net income for the fiscal year was $6.4 million or $0.73 per diluted share in fiscal 2009 compared to $12.4 million or $1.43 per diluted share in the prior year.

Peter R. Chase, Chairman and Chief Executive Officer commented, "2009 has been a challenging fiscal year for Chase Corporation, particularly as it followed our best year ever. Beginning with the financial crash in the middle of the first fiscal quarter we had to face continued declines in the U.S. housing market and a rapid plunge in the automotive sector worldwide. Like many companies we have been part of the supply chain to these important industries supplying electronic coatings for circuitry used in cars and in appliances for home use. Chase also produces tapes and sealants for cables that supply power, voice and data to homes, offices and industrial sites.

"Under the circumstances, I am proud of the efforts of all of our employee associates to fight back all year with new efficiencies via continuous improvement plans and new business success through sales, marketing and product development teams. From the top, we have worked to refocus priorities where necessary but continued to support long term consolidation plans, facility and process improvements and R&D for new and improved product offerings. In this vein, we have recently announced the December 2009 closing of the Paterson, NJ plant whose manufacturing will be redistributed to other Chase facilities and we will be starting up a new state of the art coatings plant in Pittsburgh during the same timeframe.

"As described elsewhere in this release our cash position and balance sheet have been very strong despite the decline in volume. We have spoken about this in our quarterly reports and how it would keep us ready to make strategic investments. Early in the first quarter we completed the acquisition of C.I.M. Industries which will bolster our position in construction products. As we have said regularly, our acquisition program has been energized and the process continues -- stay tuned.

"While we can't help but be disappointed in the sales and earnings comparison to 2008, I am encouraged when we put it in the perspective of the current economic climate. New business has been achieved to offset some of the automotive and housing loss and recently we have experienced increased activity in some sectors. I am also pleased to report the cash dividend for which many shareholders have expressed their appreciation.

"As we progress through FY 2010 our key strategy remains in place.