EX-99.1 2 a04-7822_1ex99d1.htm EX-99.1

Exhibit 99.1

 

Chase Corporation
26 Summer Street, Bridgewater, MA 02324
TEL: (508) 279-1789 – FAX: (508) 697-6419
www.chasecorp.com
Amex: CCF

 

FOR IMMEDIATE RELEASE

 

CHASE CORPORATION ANNOUNCES HIGHER REVENUES AND EARNINGS
FOR THE NINE MONTHS AND THIRD QUARTER OF FISCAL 2004.
REVENUES AND INCOME BEFORE NON-RECURRING CHARGES
FOR THE NINE MONTHS HAVE INCREASED 21% AND 15%

 

Bridgewater, MA – July 13, 2004 – Chase Corporation (ASE:CCF) today reported revenues of $64,366,000 for the nine months ended May 31, 2004 compared with $53,401,000 for the same period last year.  Net income for the fiscal year to date was $2,891,000 or $0.72 per diluted share compared to $3,408,000 or $0.82 per diluted share in the prior year period.  Income before loss on minority interest and impairment of goodwill was $3,999,000 or $0.99 per diluted share for the nine months ended May 31, 2004 compared to $3,478,000 or $0.84 per diluted share in the prior year period.  Third quarter fiscal 2004 revenues were $22,201,000 with net income of $1,374,000 versus revenues of $19,502,000 and net income of $1,243,000 for the like period last year.

 

The goodwill impairment charge of $579,000 was a result of the Company’s December 2003 sale of its Sunburst Electronics Manufacturing Solutions, Inc. subsidiary (“Sunburst”) (See December 12, 2003 press release).  Additionally, the Company had determined that the fair value of its unconsolidated joint venture was less than the book value, thus requiring an impairment charge of $500,000 in the first quarter of fiscal 2004.  These non-recurring impairment charges had no impact on operating cash flow and will not impact fiscal 2004 dividends, which will be based on income before loss on minority interest and impairment of goodwill.

 

 

 

For the Nine Months Ended
May 31

 

For the Three Months Ended
May 31

 

 

 

2004

 

2003

 

2004

 

2003

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

64,366,000

 

$

53,401,000

 

$

22,201,000

 

$

19,502,000

 

Income before loss on minority interest and impairment of goodwill:

 

$

3,999,000

 

$

3,478,000

 

$

1,378,000

 

$

1,238,000

 

 

 

 

 

 

 

 

 

 

 

Income (loss) on minority interest and impairment of goodwill:

 

$

(1,108,000

)

$

(70,000

)

$

(4,000

)

$

5,000

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

2,891,000

 

$

3,408,000

 

$

1,374,000

 

$

1,243,000

 

 

 

 

 

 

 

 

 

 

 

Income before income (loss) on minority interest and impairment of goodwill per share:

 

 

 

 

 

 

 

 

 

Basic

 

$

1.05

 

$

0.86

 

$

0.37

 

$

0.31

 

Diluted

 

$

0.99

 

$

0.84

 

$

0.35

 

$

0.30

 

Net Income per share:

 

 

 

 

 

 

 

 

 

Basic

 

$

0.76

 

$

0.84

 

$

0.37

 

$

0.31

 

Diluted

 

$

0.72

 

$

0.82

 

$

0.35

 

$

0.30

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

Basic

 

3,796,000

 

4,047,000

 

3,679,000

 

4,047,000

 

Diluted

 

4,022,000

 

4,159,000

 

3,895,000

 

4,159,000

 

 

 

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).

 

For further information contact Paula Myers – Shareholder and Investor Relations Department (508) 279-1789 Ext. 219.

 

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