Chase Corp (CCF, Financial) filed Quarterly Report for the period ended 2012-11-30.
Chase Corporation has a market cap of $170.4 million; its shares were traded at around $18.74 with a P/E ratio of 14.3 and P/S ratio of 1.1. The dividend yield of Chase Corporation stocks is 2.2%. Chase Corporation had an annual average earning growth of 6.7% over the past 10 years.
Revenues from our Construction Materials segment increased $906,000 or 7% to $13,550,000 in the current quarter compared to $12,644,000 in the same period last year. The higher sales from our Construction Materials segment in the current quarter was primarily due to increased sales of $1,391,000 of our coating and lining systems (CIM Industries). This increase was partially offset by decreased sales of $465,000 in pipeline products produced at our UK facility due to lower demand.
Cost of products and services sold in our Industrial Materials segment was $27,677,000 for the first three months of fiscal 2013 compared to $12,708,000 for the same period in the prior year. As a percentage of revenues, cost of products and services sold in the Industrial Materials segment increased primarily due to the inclusion of the recently acquired NEPTCO operations in this segment (from June 2012). This includes the production costs of the NEPTCO JV which has higher cost of products sold as a percentage of revenues. Additionally, this segment was impacted by incremental cost of products sold of $564,000 due to the sale of inventory which had a stepped up valuation as part of the NEPTCO acquisition.
Selling, general and administrative expenses increased $3,547,000 or 51% to $10,539,000 in the quarter ended November 30, 2012 compared to $6,992,000 in the same period in fiscal 2012. As a percentage of revenues, selling, general and administrative expenses decreased to 20% in the first quarter of fiscal 2013 compared to 22% in the prior year period. The percentage decrease is attributable to our continued emphasis on controlling costs and leveraging fixed overhead.
Net income attributable to Chase Corporation increased $1,213,000 or 52% to $3,540,000 in the quarter ended November 30, 2012 compared to $2,327,000 in the same quarter of the prior year. The increase in net income in the current quarter is primarily due to the inclusion of NEPTCO for the three month period, as well as favorable product sales mix as discussed previously. These favorable items were partially offset by expenses of $564,000 in inventory fair value step up related to the NEPTCO acquisition, and the acceleration of defined benefit plan settlement costs of $352,000 resulting from the timing of lump sum distributions to participants.
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Chase Corporation has a market cap of $170.4 million; its shares were traded at around $18.74 with a P/E ratio of 14.3 and P/S ratio of 1.1. The dividend yield of Chase Corporation stocks is 2.2%. Chase Corporation had an annual average earning growth of 6.7% over the past 10 years.
Highlight of Business Operations:
Total revenues increased $21,270,000 or 66% to $53,400,000 for the quarter ended November 30, 2012 compared to $32,130,000 in the same quarter of the prior year. Revenues in our Industrial Materials segment increased $20,364,000 or 105% to $39,850,000 for the quarter ended November 30, 2012 compared to $19,486,000 in the same quarter of the prior year. The increase in revenues from our Industrial Materials segment in the current quarter was primarily due to the following: (a) increased sales of $19,036,000 from NEPTCO products, which we acquired in June 2012; (b) increased sales of $1,317,000 from our electronic coatings products; and (c) increased sales of $1,048,000 from laminated durable paper products. These increases were partially offset by decreased sales of $768,000 from our traditional wire & cable products as we begin to integrate the manufacturing of some of these similar Chase products in with the NEPTCO facilities and production processes.Revenues from our Construction Materials segment increased $906,000 or 7% to $13,550,000 in the current quarter compared to $12,644,000 in the same period last year. The higher sales from our Construction Materials segment in the current quarter was primarily due to increased sales of $1,391,000 of our coating and lining systems (CIM Industries). This increase was partially offset by decreased sales of $465,000 in pipeline products produced at our UK facility due to lower demand.
Cost of products and services sold in our Industrial Materials segment was $27,677,000 for the first three months of fiscal 2013 compared to $12,708,000 for the same period in the prior year. As a percentage of revenues, cost of products and services sold in the Industrial Materials segment increased primarily due to the inclusion of the recently acquired NEPTCO operations in this segment (from June 2012). This includes the production costs of the NEPTCO JV which has higher cost of products sold as a percentage of revenues. Additionally, this segment was impacted by incremental cost of products sold of $564,000 due to the sale of inventory which had a stepped up valuation as part of the NEPTCO acquisition.
Selling, general and administrative expenses increased $3,547,000 or 51% to $10,539,000 in the quarter ended November 30, 2012 compared to $6,992,000 in the same period in fiscal 2012. As a percentage of revenues, selling, general and administrative expenses decreased to 20% in the first quarter of fiscal 2013 compared to 22% in the prior year period. The percentage decrease is attributable to our continued emphasis on controlling costs and leveraging fixed overhead.
Net income attributable to Chase Corporation increased $1,213,000 or 52% to $3,540,000 in the quarter ended November 30, 2012 compared to $2,327,000 in the same quarter of the prior year. The increase in net income in the current quarter is primarily due to the inclusion of NEPTCO for the three month period, as well as favorable product sales mix as discussed previously. These favorable items were partially offset by expenses of $564,000 in inventory fair value step up related to the NEPTCO acquisition, and the acceleration of defined benefit plan settlement costs of $352,000 resulting from the timing of lump sum distributions to participants.
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