Chase Posts Fiscal Q1 Revenue Up 7%
WESTWOOD, MA – Chase Corp. reported revenue of $61.4 million for the quarter ended Nov. 30, up 7% year-over-year.
Net income was $10.4 million, an increase of 39% from the prior fiscal first quarter. Adjusted EBITDA increased 26% to $18.4 million.
“Resin Designs, acquired in the current quarter, delivered immediate and meaningful top-line growth, and was accretive to earnings after excluding one-time acquisition-related deal costs and inventory step-up charges incurred in the quarter,” said Adam P. Chase, president and CEO. “While still early, we remain optimistic of the opportunities and growth potential afforded us through this acquisition.
“We were pleased to see organic growth from our Industrial Materials segment, nicely complementing the Resin Designs contribution. Electronic and industrial coatings sales remained buoyant in Mexico as well as Asia, which experienced favorable demand in multiple sectors. This helped to offset a slowdown in certain broadband products that were consistently strong last fiscal year.”
As of Nov. 30, the company’s cash on hand was $49.3 million. The outstanding balance of the firm’s term debt was $41.3 million, and Chase’s $15 million line of credit was fully available.
Chase manufactures protective materials for high-reliability applications.
