Chase Corp (CCF, Financial) filed Quarterly Report for the period ended 2009-05-31.
CHASE CORP. manufactures insulating and semi-conducting electrical cable tape wrappings cable filling compounds anti-corrosion mastics reinforced rubber and asphalt tapes and bridge deck corrosion barrier membranes. Co.'s principal products are protective coatings and tape products that are sold in national and international markets. Chase Corp has a market cap of $116.6 million; its shares were traded at around $11.89 with a P/E ratio of 12.2 and P/S ratio of 0.8. The dividend yield of Chase Corp stocks is 2.5%. Chase Corp had an annual average earning growth of 16.6% over the past 5 years.
Cost of products and services sold decreased $5,285,000 or 23% to $17,637,000 for the quarter ended May 31, 2009 compared to $22,922,000 in the prior year quarter. Cost of products and services sold decreased $8,759,000 or 13% to $56,836,000 in the fiscal year to date period compared to $65,595,000 in the same period in fiscal 2008.
Cost of products and services sold in the Companys Specialized Manufacturing segment were $14,437,000 and $46,554,000 in the current quarter and year to date periods compared to $18,611,000 and $53,853,000 in the comparable periods in the prior year. Cost of products and services sold in the Companys Electronic Manufacturing Services segment were $3,200,000 and $10,282,000 in the current quarter and year to date periods compared to $4,311,000 and $11,742,000 in the comparable periods in the prior year.
Interest expense decreased $32,000 or 91% to $3,000 for the quarter ended May 31, 2009 compared to $35,000 in the prior year quarter. Interest expense decreased $168,000 or 93% to $13,000 for the fiscal year to date period ended May 31, 2009 compared to $181,000 in the same period in fiscal 2008. The decrease in interest expense in both the current quarter and year to date period is a direct result of a reduction in the Companys overall debt balances through principal payments from operating cash flow and an overall decrease in interest rates.
Other income decreased $115,000 or 99% to $1,000 for the quarter ended May 31, 2009 compared to $116,000 in the prior year quarter. Other income decreased $64,000 or 16% to $326,000 for the fiscal year to date period ended May 31, 2009 compared to $390,000 in the same period in fiscal 2008. Other income includes bank interest earned by the Companys Humiseal Europe division and monthly rental income of $14,875 on real property (building and land) owned by the Company and leased to Sunburst Electronic Manufacturing Solutions, Inc. (subsequently sold in June 2009 as discussed previously).
Net income decreased $2,356,000 or 73% to $862,000 in the quarter ended May 31, 2009 compared to $3,218,000 in the prior year quarter. Net income decreased $4,980,000 or 58% to $3,577,000 for the fiscal year to date period ended May 31, 2009 compared to $8,557,000 in the same period in fiscal 2008. The decrease in net income in both the current quarter and year to date periods compared to the prior year periods is a direct result of decreased revenue across the Companys core product lines as discussed previously.
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CHASE CORP. manufactures insulating and semi-conducting electrical cable tape wrappings cable filling compounds anti-corrosion mastics reinforced rubber and asphalt tapes and bridge deck corrosion barrier membranes. Co.'s principal products are protective coatings and tape products that are sold in national and international markets. Chase Corp has a market cap of $116.6 million; its shares were traded at around $11.89 with a P/E ratio of 12.2 and P/S ratio of 0.8. The dividend yield of Chase Corp stocks is 2.5%. Chase Corp had an annual average earning growth of 16.6% over the past 5 years.
Highlight of Business Operations:
Revenues from the Companys Specialized Manufacturing segment decreased $7,431,000 and $15,556,000, in the current quarter and year to date periods, respectively. The decrease in revenues as compared to the prior year periods is primarily due to the following for the current quarter and year to date periods, respectively: (a) decreased sales of $1,924,000 and $4,468,000 in the Electronic Coatings product lines due to decreased demand in the electronic and automotive markets; (b) decreased sales of $2,829,000 and $4,388,000 in the Wire & Cable market primarily due to decreased demand in the energy and communications markets; (c) decreased sales of $1,487,000 and $3,922,000 in the Pipeline and Construction product lines; (d) decreased sales of $428,000 and $1,686,000 in the Transportation product line; and (e) decreased sales of $376,000 and $1,334,000 in the Digital & Print Media product line. The decreases in revenues above were partially offset by increased year to date sales of $1,095,000 from Chase Protective Coatings Ltd., which was formed by the Company in September 2007.Cost of products and services sold decreased $5,285,000 or 23% to $17,637,000 for the quarter ended May 31, 2009 compared to $22,922,000 in the prior year quarter. Cost of products and services sold decreased $8,759,000 or 13% to $56,836,000 in the fiscal year to date period compared to $65,595,000 in the same period in fiscal 2008.
Cost of products and services sold in the Companys Specialized Manufacturing segment were $14,437,000 and $46,554,000 in the current quarter and year to date periods compared to $18,611,000 and $53,853,000 in the comparable periods in the prior year. Cost of products and services sold in the Companys Electronic Manufacturing Services segment were $3,200,000 and $10,282,000 in the current quarter and year to date periods compared to $4,311,000 and $11,742,000 in the comparable periods in the prior year.
Interest expense decreased $32,000 or 91% to $3,000 for the quarter ended May 31, 2009 compared to $35,000 in the prior year quarter. Interest expense decreased $168,000 or 93% to $13,000 for the fiscal year to date period ended May 31, 2009 compared to $181,000 in the same period in fiscal 2008. The decrease in interest expense in both the current quarter and year to date period is a direct result of a reduction in the Companys overall debt balances through principal payments from operating cash flow and an overall decrease in interest rates.
Other income decreased $115,000 or 99% to $1,000 for the quarter ended May 31, 2009 compared to $116,000 in the prior year quarter. Other income decreased $64,000 or 16% to $326,000 for the fiscal year to date period ended May 31, 2009 compared to $390,000 in the same period in fiscal 2008. Other income includes bank interest earned by the Companys Humiseal Europe division and monthly rental income of $14,875 on real property (building and land) owned by the Company and leased to Sunburst Electronic Manufacturing Solutions, Inc. (subsequently sold in June 2009 as discussed previously).
Net income decreased $2,356,000 or 73% to $862,000 in the quarter ended May 31, 2009 compared to $3,218,000 in the prior year quarter. Net income decreased $4,980,000 or 58% to $3,577,000 for the fiscal year to date period ended May 31, 2009 compared to $8,557,000 in the same period in fiscal 2008. The decrease in net income in both the current quarter and year to date periods compared to the prior year periods is a direct result of decreased revenue across the Companys core product lines as discussed previously.
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