Chase Corporation Announces Nine Month and Third Quarter Fiscal 2002 Results.
Chase Corporation (ASE:CCF) today reported revenues of $50,947,000 for the first nine months ended May 31, 2002 compared with $52,029,000 for the same period last year. Net Income for the nine months was $2,634,000 as compared to last year's net income of $4,074,000. Third quarter fiscal 2002 revenues were $18,539,000 with net income of $1,157,000 versus revenues of $17,194,000 and net income of $1,450,000 for the like period last year.
During the past several months our business strategies have been tested. The economic struggle of several companies in industries that we serve has required management to find successful formulas for profitability during this difficult period. While results at Chase this year as compared to last year are not as strong, each quarter during the year we have continued to achieve both revenue and profitability improvement. The Company anticipates continued improvement during our last quarter of fiscal 2002 and solid improvement during fiscal 2003. The Company continues to look for opportunities to improve shareholder value through new products and acquisitions.
CHASE CORPORATION Periods ended May 31 For the nine Months Ended For the Three Months Ended 2002 2001 2002 2001 Revenues $50,947,000 $52,029,000 $18,539,000 $17,194,000 Net Income 2,634,000 4,074,000 1,157,000 1,450,000 Income per share of Common stock: Basic $ 0.65 $ 1.02 $ 0.29 $ 0.36 Fully Diluted $ 0.64 $ 1.00 $ 0.28 $ 0.36 Average Shares Outstanding Basic 4,038,000 3,996,000 4,047,006 4,002,000 Diluted 4,136,000 4,057,000 4,413,000 4,064,000
Certain statements in this press release are forward-looking. These may be identified by the use of forward-looking words or phrases such as "believe"; "expect"; "anticipate"; "should"; "planned"; "estimated" and "potential" among others. These forward-looking statements are based on Chase Corporation's current expectations. The Private Securities Litigation Reform Act of 1995 provides "safe harbor" for such forward-looking statements.
Chase Corporation is a diversified, advanced manufacturing company providing a wide-variety of high quality products and services to the specialty chemical, converting and electronic manufacturing industries. The Company's stock is traded on the American Stock Exchange (ASE:CCF).