Exhibit 99.1
www.chasecorp.com
ASE:CCF
FOR IMMEDIATE RELEASE
CHASE CORPORATION ANNOUNCES ITS RESULTS FOR THE FIRST QUARTER OF FISCAL YEAR 2005
Bridgewater, MA — January 13, 2005 — Chase Corporation (ASE: CCF) (“the Company”) today reported revenues of $22,399,000 for the three months ended November 30, 2004 compared with $22,288,000 for the same period last year. Net Income for the first quarter was $1,437,000 as compared to last year’s first quarter of $413,000. Diluted earnings per share increased to $0.37 diluted as compared to $0.10 during the prior year period.
During the first quarter of fiscal 2004 the Company recorded a goodwill impairment charge of $579,000 associated with the sale of its Sunburst Electronics Manufacturing Solutions, Inc. subsidiary. Revenue of $2,549,000 and operating profit of $119,000 related to Sunburst were also included in last year’s first quarter results. Additionally, in the first quarter of fiscal 2004, the Company recorded an impairment charge of $500,000 to adjust the recorded value of its investment in its unconsolidated joint venture.
| | For the Three Months Ended November 30, | |
| | 2004 | | 2003 | |
Revenues | | $ | 22,399,000 | | $ | 22,288,000 | |
| | | | | |
Net Income | | 1,437,000 | | 413,000 | |
| | | | | |
Net Income per share: | | | | | |
Basic | | $ | 0.39 | | $ | 0.10 | |
Diluted | | $ | 0.37 | | $ | 0.10 | |
| | | | | |
Weighted average common shares outstanding: | | | | | |
Basic | | 3,721,000 | | 4,047,000 | |
Diluted | | 3,909,000 | | 4,348,000 | |
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.
