BRIDGEWATER, MA – Chase Corp. today reported net income of $3.2 million for its May quarter, up 12% over last year. Revenues fell 2% to $33.9 million from the prior year period.

While noting macro economic problems were weighing on the company, Chase said it would look at targets for potential acquisition.

In a press release, chairman and chief executive Peter R. Chase said, “Through three fiscal quarters we have been battling the decline in the housing market and escalating raw material prices as previously forecast. There seems to be no end in sight for either issue. A conscious decision was taken to focus on cost control, bypass certain low margin sales and continue to develop higher value long-term opportunities. At the same time we are considering qualified acquisition candidates. I am confident our team will finish the year successfully.”

The EMS business reported record revenues of $5.3 million for the quarter, up from $4.9 million in the prior year, on higher demand from existing customers. The May 31 backlog was $8.5 million.

Chases’s specialized manufacturing unit reported revenues of $28.6 million, down $1 million versus a year ago, on lower sales from its Wire & Cable product line, and lower sales of construction products.