Chase Corp (CCF, Financial) filed Quarterly Report for the period ended 2012-05-31.
Chase Corporation has a market cap of $120.3 million; its shares were traded at around $15.15 with a P/E ratio of 11.9 and P/S ratio of 1. The dividend yield of Chase Corporation stocks is 2.6%. Chase Corporation had an annual average earning growth of 9.1% over the past 10 years.
Revenues in our Industrial Materials segment increased $1,718,000 and $3,988,000 in the current quarter and year to date periods, respectively, compared to the prior year periods. The increase in revenues from our Industrial Materials segment compared to the prior year periods is primarily due to the following for the current quarter and year to date periods, respectively: (a) increased sales of $746,000 and $4,235,000 from our wire & cable product line as we continue to benefit from strong demand in the power cable and communication cable markets; and (b) increased sales of $684,000 and $944,000 from our laminated durable paper products. We also experienced increased sales of $1,099,000 in the current quarter from our electronic coatings products. These increases were partially offset by decreased sales in the aerospace
Cost of products and services sold in our Industrial Materials segment was $13,395,000 and $38,789,000 in the current quarter and year to date periods compared to $12,800,000 and $35,489,000 in the comparable periods in the prior year. As a percentage of revenues, cost of products and services sold in the Industrial Materials segment decreased in the third quarter primarily due to increased sales of higher margin products as well as our ability to leverage fixed overhead costs on a higher revenue base. For the year to date period, the cost of products and services sold as a percentage of revenues increased due to the following items: (a) moving expenses of $324,000 related to our plant transition from Webster to Oxford and Camberley to Winnersh; (b) accrued transition costs of $400,000 related to our move from our Randolph plant; and (c) certain supplier inconsistencies that resulted in excess waste and incremental expenses of $345,000 related to the utilization of specialized testing facilities for analyzing incoming raw materials for proper specifications. Due to the increasing number of capital expenditure projects associated with our long-term plant consolidation plans and the increased internal time and effort spent on these projects, we recently developed a labor and material tracking process to review our internal project costs. This review resulted in the capitalization of $388,000 in the current quarter of costs that were expensed in the first six months of fiscal 2012. We will continue to review, track and monitor internal project costs for potential capitalization in future periods.
Selling, general and administrative expenses increased $394,000 or 5% to $7,603,000 for the quarter ended May 31, 2012 compared to $7,209,000 in the prior year quarter. As a percentage of revenues, selling, general and administrative expenses remained relatively flat at 22% in the current fiscal quarter compared to the same period in fiscal 2011. Selling, general and administrative expenses increased $647,000 or 3% to $21,108,000 in the fiscal year to date period compared to $20,461,000 in the same period in fiscal 2011. In fiscal 2012 year to date, selling, general and administrative expenses as a percentage of revenues decreased to 22% compared to 23% in the same period in fiscal 2011. The dollar increase in the current quarter and year to date periods over the prior year periods is primarily attributable to incremental expenses of $700,000 related to our acquisition of NEPTCO and $413,000 in pension related settlement costs which accelerated expense in our qualified defined benefit plan due to the timing of lump sum distributions made from the plan in the current quarter. These increases were partially offset by our continued emphasis on controlling costs and leveraging fixed overhead.
Consolidated net income increased $407,000 or 14% to $3,373,000 in the quarter ended May 31, 2012 compared to $2,966,000 in the prior year quarter. The increase in net income in the current quarter is primarily a result of additional revenue as discussed previously. Consolidated net income decreased $414,000 or 6% to $6,897,000 for the fiscal year to date period compared to $7,311,000 in the same period in fiscal 2011. The decrease in consolidated net income compared to the prior year is due to the factors discussed previously including (a) $700,000 in expenses related to our acquisition of NEPTCO; (b) increased plant transition and moving expenses of $724,000; (c) accelerated pension settlement charges of $413,000 resulting from the timing of lump sum distributions; and (d) unfavorable product mix experienced earlier in the current fiscal year.
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Chase Corporation has a market cap of $120.3 million; its shares were traded at around $15.15 with a P/E ratio of 11.9 and P/S ratio of 1. The dividend yield of Chase Corporation stocks is 2.6%. Chase Corporation had an annual average earning growth of 9.1% over the past 10 years.
Highlight of Business Operations:
Total revenues increased $2,513,000 or 8% to $35,139,000 for the quarter ended May 31, 2012 compared to $32,626,000 in the same quarter of the prior year. Total revenues increased $6,535,000 or 7% to $96,689,000 in the fiscal year to date period compared to $90,154,000 in the same period in fiscal 2011.Revenues in our Industrial Materials segment increased $1,718,000 and $3,988,000 in the current quarter and year to date periods, respectively, compared to the prior year periods. The increase in revenues from our Industrial Materials segment compared to the prior year periods is primarily due to the following for the current quarter and year to date periods, respectively: (a) increased sales of $746,000 and $4,235,000 from our wire & cable product line as we continue to benefit from strong demand in the power cable and communication cable markets; and (b) increased sales of $684,000 and $944,000 from our laminated durable paper products. We also experienced increased sales of $1,099,000 in the current quarter from our electronic coatings products. These increases were partially offset by decreased sales in the aerospace
Cost of products and services sold in our Industrial Materials segment was $13,395,000 and $38,789,000 in the current quarter and year to date periods compared to $12,800,000 and $35,489,000 in the comparable periods in the prior year. As a percentage of revenues, cost of products and services sold in the Industrial Materials segment decreased in the third quarter primarily due to increased sales of higher margin products as well as our ability to leverage fixed overhead costs on a higher revenue base. For the year to date period, the cost of products and services sold as a percentage of revenues increased due to the following items: (a) moving expenses of $324,000 related to our plant transition from Webster to Oxford and Camberley to Winnersh; (b) accrued transition costs of $400,000 related to our move from our Randolph plant; and (c) certain supplier inconsistencies that resulted in excess waste and incremental expenses of $345,000 related to the utilization of specialized testing facilities for analyzing incoming raw materials for proper specifications. Due to the increasing number of capital expenditure projects associated with our long-term plant consolidation plans and the increased internal time and effort spent on these projects, we recently developed a labor and material tracking process to review our internal project costs. This review resulted in the capitalization of $388,000 in the current quarter of costs that were expensed in the first six months of fiscal 2012. We will continue to review, track and monitor internal project costs for potential capitalization in future periods.
Selling, general and administrative expenses increased $394,000 or 5% to $7,603,000 for the quarter ended May 31, 2012 compared to $7,209,000 in the prior year quarter. As a percentage of revenues, selling, general and administrative expenses remained relatively flat at 22% in the current fiscal quarter compared to the same period in fiscal 2011. Selling, general and administrative expenses increased $647,000 or 3% to $21,108,000 in the fiscal year to date period compared to $20,461,000 in the same period in fiscal 2011. In fiscal 2012 year to date, selling, general and administrative expenses as a percentage of revenues decreased to 22% compared to 23% in the same period in fiscal 2011. The dollar increase in the current quarter and year to date periods over the prior year periods is primarily attributable to incremental expenses of $700,000 related to our acquisition of NEPTCO and $413,000 in pension related settlement costs which accelerated expense in our qualified defined benefit plan due to the timing of lump sum distributions made from the plan in the current quarter. These increases were partially offset by our continued emphasis on controlling costs and leveraging fixed overhead.
Consolidated net income increased $407,000 or 14% to $3,373,000 in the quarter ended May 31, 2012 compared to $2,966,000 in the prior year quarter. The increase in net income in the current quarter is primarily a result of additional revenue as discussed previously. Consolidated net income decreased $414,000 or 6% to $6,897,000 for the fiscal year to date period compared to $7,311,000 in the same period in fiscal 2011. The decrease in consolidated net income compared to the prior year is due to the factors discussed previously including (a) $700,000 in expenses related to our acquisition of NEPTCO; (b) increased plant transition and moving expenses of $724,000; (c) accelerated pension settlement charges of $413,000 resulting from the timing of lump sum distributions; and (d) unfavorable product mix experienced earlier in the current fiscal year.
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