|By Business Wire||
|January 8, 2014 04:17 PM EST||
Chase Corporation (NYSE MKT: CCF) today reported revenues of
$54.2 million for the quarter ended November 30, 2013. This represents an increase of $0.8 million compared to $53.4 million in the same quarter of last fiscal year. Net income attributable to Chase Corporation of $8.78 million in the current quarter increased $5.24 million from $3.54 million in the prior year period. Earnings per diluted share of $0.95 in the first quarter of fiscal 2014 represented an increase of $0.56 compared to $0.39 per share in fiscal 2013. Included in the fiscal 2014 quarter results was a gain, net of tax, totaling $3.71 million or $0.40 per share, relating to the sale of the Company’s Insulfab product line in October 2013. Included in the prior year quarter results are charges totaling $0.92 million relating to the step up in fair value of inventory related to the NEPTCO acquisition and defined benefit plan settlement costs.
Peter R. Chase, Chairman and Chief Executive Officer, commented, “We had a good start to the 2014 fiscal year with the first quarter activity. Revenues were up slightly from the same period last year but the sales mix favored higher margin product lines. Much of this is the result of our sustained strategic efforts to develop new products, employ creative channel development tactics to increase market share, continue to consolidate our facilities and functions and closely monitor expenses throughout the organization.
“Industrial materials revenues were up nearly $2 million with electronic coatings, power cable products, electronic materials and pulling and detection showing good growth. Specialty materials, fiber optic products and communications cable tapes were down.
“Construction materials continued to demonstrate the project-related fluctuations that are common in many of its product areas. Overall, this segment was down by $1 million. As expected, C.I.M. products were down in comparison to fiscal 2013, mainly because of large export shipments in the prior year that were not repeated. Pipeline products were up.
“This first quarter also contains full participation from NEPTCO in both years. The integration is on schedule to produce more savings this fiscal year as we take further advantage of the product and organizational synergies. The ERP system implementation is on track in various stages at all of our U.S. operations. This is a significant effort which we are accomplishing with our internal staff. I appreciate the dedication of those putting in so much time to make this successful.
“The most significant event during the quarter was the sale of the Insulfab product line. This was the culmination of discussions with a strategic industry player and resulted in a win-win deal recognizing the successful Chase next generation product approvals. As we announced earlier we will continue to give technical and operational support to this business for some time in the future.
“As we mentioned in our annual report letter, we are committed to doing a better job in the merger and acquisition area. The M&A market environment is currently very competitive which makes this a more difficult objective; however, we plan to commit more internal assets to the program.
“I am optimistic looking ahead. We are doing so many things to improve our performance in terms of cost, quality, safety and health, and new product development. With a solid management team and a consistent strategy the results will come.”
The following table summarizes the Company’s financial results for the three months ended November 30, 2013 and 2012.
|For the Three Months Ended|
|All figures in thousands, except per share figures||2013||2012|
|Costs and Expenses|
|Costs of products and services sold||35,478||37,271|
|Selling, general and administrative expenses||10,439||10,539|
|Gain on sale of product line||5,706||-|
|Other expense, net||(408||)||(293||)|
|Income before income taxes||13,564||5,297|
|Net (income) loss attributable to non-controlling interest||(42||)||63|
|Net income attributable to Chase Corporation||$||8,775||$||3,540|
|Net income per diluted share||$||0.95||$||0.39|
|Weighted average diluted shares outstanding||9,123||8,928|
|Reconciliation of net income to EBITDA and adjusted EBITDA|
Net income attributable to Chase Corporation
|Gain on sale of product line||(5,706||)||-|
Cost of sale of inventory step up
|Defined benefit plan settlement costs||-||352|
As of November 30, 2013, the Company’s working capital was $73.3 million, including cash on hand of $36.9 million and a current ratio of 2.9. The outstanding balance of the Company’s term debt is $63.0 million. The Company’s $15.0 million line of credit is fully available.
Chase Corporation, founded in 1946, is a leading manufacturer of protective materials for high reliability applications throughout the world.
The Company has used non-GAAP financial measures in this press release. EBITDA and Adjusted EBITDA are non-GAAP financial measures. The Company believes that EBITDA and Adjusted EBITDA are useful performance measures as they are used by its executive management team and board of directors to measure operating performance, to allocate resources to enhance the financial performance of its business, to evaluate the effectiveness of its business strategies and to communicate with its board of directors and investors concerning its financial performance. Non-GAAP financial measures should be considered in addition to, and not as an alternative for, the Company’s reported results prepared in accordance with GAAP.
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 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 Company's actual results and experience to differ materially from the anticipated results or other expectations expressed in the Company's forward-looking statements. The risks and uncertainties which may affect the operations, performance, development and results of the Company's 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 Company’s ability to successfully integrate acquired operations; the effectiveness of cost-reduction plans; 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.
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Tintri VM-aware storage is the simplest for virtualized applications and cloud. Organizations including GE, Toyota, United Healthcare, NASA and 6 of the Fortune 15 have said “No to LUNs.” With Tintri they mana...
Sep. 30, 2016 01:15 AM EDT Reads: 2,955
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
Sep. 30, 2016 12:45 AM EDT Reads: 2,974
Fifty billion connected devices and still no winning protocols standards. HTTP, WebSockets, MQTT, and CoAP seem to be leading in the IoT protocol race at the moment but many more protocols are getting introduced on a regular basis. Each protocol has its pros and cons depending on the nature of the communications. Does there really need to be only one protocol to rule them all? Of course not. In his session at @ThingsExpo, Chris Matthieu, co-founder and CTO of Octoblu, walk you through how Oct...
Sep. 30, 2016 12:00 AM EDT Reads: 2,372
IoT is fundamentally transforming the auto industry, turning the vehicle into a hub for connected services, including safety, infotainment and usage-based insurance. Auto manufacturers – and businesses across all verticals – have built an entire ecosystem around the Connected Car, creating new customer touch points and revenue streams. In his session at @ThingsExpo, Macario Namie, Head of IoT Strategy at Cisco Jasper, will share real-world examples of how IoT transforms the car from a static p...
Sep. 30, 2016 12:00 AM EDT Reads: 1,674
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
Sep. 29, 2016 11:30 PM EDT Reads: 1,207
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Sep. 29, 2016 10:30 PM EDT Reads: 4,053
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes ho...
Sep. 29, 2016 10:15 PM EDT Reads: 2,796
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, will discuss the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports. The session will include a working demo and a technical d...
Sep. 29, 2016 10:00 PM EDT Reads: 1,812
Kubernetes is a new and revolutionary open-sourced system for managing containers across multiple hosts in a cluster. Ansible is a simple IT automation tool for just about any requirement for reproducible environments. In his session at @DevOpsSummit at 18th Cloud Expo, Patrick Galbraith, a principal engineer at HPE, discussed how to build a fully functional Kubernetes cluster on a number of virtual machines or bare-metal hosts. Also included will be a brief demonstration of running a Galera M...
Sep. 29, 2016 09:45 PM EDT Reads: 3,138
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
Sep. 29, 2016 08:45 PM EDT Reads: 2,221
Developing software for the Internet of Things (IoT) comes with its own set of challenges. Security, privacy, and unified standards are a few key issues. In addition, each IoT product is comprised of (at least) three separate application components: the software embedded in the device, the back-end service, and the mobile application for the end user’s controls. Each component is developed by a different team, using different technologies and practices, and deployed to a different stack/target –...
Sep. 29, 2016 08:45 PM EDT Reads: 1,551
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
Sep. 29, 2016 06:15 PM EDT Reads: 3,712
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of So...
Sep. 29, 2016 06:00 PM EDT Reads: 1,545
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management solutions, helping companies worldwide activate their data to drive more value and business insight and to transform moder...
Sep. 29, 2016 05:15 PM EDT Reads: 2,861
SYS-CON Events announced today that eCube Systems, a leading provider of middleware modernization, integration, and management solutions, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. eCube Systems offers a family of middleware evolution products and services that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
Sep. 29, 2016 05:15 PM EDT Reads: 1,585