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0001104659-10-052802.txt : 20101019
0001104659-10-052802.hdr.sgml : 20101019
20101019163626
ACCESSION NUMBER: 0001104659-10-052802
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 3
CONFORMED PERIOD OF REPORT: 20101014
ITEM INFORMATION: Results of Operations and Financial Condition
ITEM INFORMATION: Financial Statements and Exhibits
FILED AS OF DATE: 20101019
DATE AS OF CHANGE: 20101019
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: CHASE CORP
CENTRAL INDEX KEY: 0000830524
STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC LIGHTING & WIRING EQUIPMENT [3640]
IRS NUMBER: 111797126
STATE OF INCORPORATION: MA
FISCAL YEAR END: 0831
FILING VALUES:
FORM TYPE: 8-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-09852
FILM NUMBER: 101130735
BUSINESS ADDRESS:
STREET 1: 26 SUMMER STREET
CITY: BRIDGEWATER
STATE: MA
ZIP: 02324
BUSINESS PHONE: 5082791789
MAIL ADDRESS:
STREET 1: 26 SUMMER ST
CITY: BRIDGEWATER
STATE: MA
ZIP: 02324
8-K
1
a10-19526_18k.htm
8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT
REPORT PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): October 14, 2010
Commission File Number: 1-9852
CHASE CORPORATION
(Exact name of registrant as specified in its charter)
Massachusetts
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11-1797126
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(State or other jurisdiction of incorporation of
organization)
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(I.R.S. Employer Identification No.)
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26 Summer Street, Bridgewater, Massachusetts 02324
(Address of Principal Executive Offices, Including Zip Code)
(508) 279-1789
(Registrants Telephone Number, Including Area Code)
N/A
(Former name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
o Written communications pursuant to Rule 425
under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12
under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to
Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to
Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Section 2
Financial Information
Item
2.02 - Results of Operations and Financial Condition
On
October 14, 2010, Chase Corporation announced its fourth quarter results
for the fiscal year ended August 31, 2010. A copy of the press release is
furnished as Exhibit 99.1 to this Current Report on Form 8-K.
Section 9
Financial Statements and Exhibits
Item
9.01 Financial Statements and Exhibits
(d) Exhibits
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Exhibit No.
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Description
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99.1
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Press
release issued by Chase Corporation on October 14, 2010 announcing its
fourth quarter of fiscal year 2010 financial results.
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
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Chase
Corporation
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Dated:
October 14, 2010
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By:
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/s/
Kenneth L. Dumas
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Kenneth
L. Dumas
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Chief
Financial Officer and Treasurer
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EXHIBIT INDEX
Exhibit No.
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Description
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99.1
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Press
release issued by Chase Corporation on October 14, 2010 announcing its
fourth quarter of fiscal year 2010 financial results.
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2
EX-99.1
2
a10-19526_1ex99d1.htm
EX-99.1
Exhibit
99.1
NEWS RELEASE
CHASE
CORPORATION ANNOUNCES QUARTER AND FISCAL YEAR RESULTS
NET INCOME PER SHARE: Q4 $0.48;
FISCAL 2010 $1.38
APPROVES
ANNUAL DIVIDEND OF $0.35 PER SHARE
Bridgewater, MA October 14,
2010 Chase Corporation (NYSE Amex: CCF)
today reported consolidated net income for the fourth quarter of fiscal 2010 of
$4.4 million or $0.48 per diluted share compared to $2.8 million or $0.31 per
diluted share in fiscal 2009.
Consolidated net income of $12.5 million or $1.38 per diluted share for
the year ended August 31, 2010 was nearly double the $6.4 million or $0.72
per diluted share in fiscal 2009.
Revenues
were $35.4 million for the quarter ended August 31, 2010. This represents an increase of 45% compared
to $24.4 million in the fourth quarter of last year. Income from continuing operations of $3.8
million, net of taxes, increased 52% from $2.5 million in the prior year
period. Net income from continuing
operations per diluted share of $0.42 in the fourth quarter of fiscal 2010 increased
$0.15 compared to $0.27 per diluted share in fiscal 2009.
Revenues
for the fiscal year ended August 31, 2010 were $118.7 million or an
increase of 30% compared to $91.2 million in the prior year. Income from continuing operations for fiscal
year 2010 was $10.7 million, net of taxes, or $1.18 per diluted share compared
to $5.3 million or $0.60 per diluted share in the prior year.
Peter
R. Chase, Chairman and Chief Executive Officer commented, 2010 has been a rewarding year and our
better than expected fourth quarter has carried us to a very substantial
increase over 2009 results. Continued
recovery in the automotive sector worldwide and protective products used in
domestic infrastructure applications led the charge, while housing
continued to be weak.
Consolidation
plans progressed during the year with the former Paterson, NJ plants products
now produced successfully in Webster, MA and Taylorsville, NC. Development of the property purchased in
Oxford, MA continues and the coatings plant in Pittsburgh, PA is now fully
operational.
On
the acquisition front newly added CIM® had its best year ever while ServiWrap® is continuing its integration in
the U.K. We are planning more activity
with a core business focus.
We
are in the midst of a strategic restructuring which includes new investment in
product development and marketing. Our
goal is to balance growth between internal resources and acquisition.
At
the end of June we sold our EMS business in accordance with our long term
strategy to focus on our core protective materials technologies. It has been our intention to exit this area
when marketable size and scale were achieved and future growth better supported
by ownership focused on contract manufacturing.
I believe this was executed well.
I
am particularly grateful to our entire team for their efforts throughout the
year. As always, our people are the key
to our success.
We
have entered the new quarter with some momentum and while the economy is still
unsettled in many areas we remain optimistic for continued progress.
The following table summarizes the Companys financial results for the
quarter and year ended August 31, 2010 and 2009.
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For the Three Months Ended
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For the Year Ended
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August 31,
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August 31,
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All figures in thousands, except
per share figures
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2010
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2009
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2010
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2009
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Revenues
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$
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35,436
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$
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24,400
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$
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118,743
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$
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91,236
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Costs and Expenses
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Costs of products and services sold
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22,368
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15,707
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74,828
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62,261
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Selling, general and administrative expenses
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7,149
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5,228
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27,151
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20,814
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Loss on impairment of assets
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499
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Operating income
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5,919
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3,465
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16,764
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7,662
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Other income (expense)
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(122
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)
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128
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(308
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)
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441
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Income from continuing operations before income
taxes
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5,797
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3,593
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16,456
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8,103
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Income taxes
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1,948
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1,128
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5,730
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2,788
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Income from continuing operations, net of taxes
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3,849
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2,465
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10,726
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5,315
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Income from discontinued operations, net of taxes
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90
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343
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1,361
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1,070
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Gain on sale of discontinued operations, net of
taxes
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429
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429
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Net Income
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$
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4,368
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$
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2,808
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$
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12,516
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$
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6,385
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Net income available to common shareholders, per
common and common equivalent share:
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Continuing operations
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$
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0.42
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$
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0.27
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$
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1.18
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$
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0.60
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Discontinued operations
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$
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0.06
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$
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0.04
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$
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0.20
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$
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0.12
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Net income per diluted share
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$
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0.48
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$
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0.31
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$
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1.38
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$
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0.72
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Weighted average diluted shares outstanding
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8,905
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8,854
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8,815
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8,694
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The
Company also announced a cash dividend of $0.35 per share, comprised of $0.30
related to earnings from continuing operations and $0.05 related to earnings
from discontinued operations. The
dividend is to shareholders of record on October 31, 2010 payable on December 3,
2010.
While
the CIM and ServiWrap acquisitions had the largest impact on revenue growth,
sales of Electronic Coatings, Custom Products and Pipeline &
Construction also contributed to the increase in revenues over the prior year.
The
Company ended fiscal 2010 with a strong balance sheet, including $17.3 million
in cash. A $10 million unsecured line of
credit, which in June was extended to March 2013, is fully available
at a favorable rate of LIBOR plus 1.50.
Discontinued Operations
On
June 30, 2010 the Company divested its contract manufacturing services
business to MC Assembly in an all cash transaction, structured as a sale of
substantially all of the assets of the Chase EMS business. Proceeds from the sale are being used for
debt reduction and continued investment in the Companys core tapes and
coatings businesses within its specialized manufacturing segment. The Chase EMS business is shown as
discontinued operations in all periods presented.
Contact:
Paula
Myers
Shareholder &
Investor Relations Department
Phone:
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(508)
279-1789 Ext. 219
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E-mail:
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investorrelations@chasecorp.com
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Website:
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www.chasecorp.com
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Chase
Corporation, founded in 1946, is a global manufacturer of tapes, laminates,
sealants and coatings for high reliability applications.
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 Corporations current expectations.
The Private Securities Litigation Reform Act of 1995 provides a safe
harbor for such forward-looking statements.
In order to comply with the terms of the safe harbor, the Company
cautions investors that any forward-looking statements made by the Company are
not guarantees of future performance and that a variety of factors could cause
the Companys actual results and experience to differ materially from the
anticipated results or other expectations expressed in the Companys
forward-looking statements. The risks and uncertainties which may affect the
operations, performance, development and results of the Companys business
include, but are not limited to, the following: uncertainties relating to
economic conditions; uncertainties relating to customer plans and commitments;
the pricing and availability of equipment, materials and inventories;
technological developments; performance issues with suppliers and
subcontractors; economic growth; delays in testing of new products; the Companys ability to successfully
integrate acquired operations; rapid technology changes and the highly
competitive environment in which the Company operates. Readers are cautioned
not to place undue reliance on these forward-looking statements, which speak
only as of the date the statement was made.
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end
-----END PRIVACY-ENHANCED MESSAGE-----