BRIDGEWATER, MA -- Chase Corp., a supplier of conformal coatings and EMS services, today reported net income of $2.3 million for its November quarter, down 35% from last year. Revenues dropped 10% to $31.1 million.

In a press release, chairman and chief executive Peter R. Chase said, “The first quarter was certainly a disappointment but not a surprise. The severe decline in housing, automotive and electronics is taking a toll on our revenues. In addition, the strike at Boeing forced a halt to shipments during the three months.”

Coatings, including the Humiseal brand, saw revenues drop 9.8% to $26.7 million in the current quarter from the prior year. EMS operations saw revenues decrease 14% to $4.36 million. Backlogs for Chase EMS as of Nov. 30, were 7.3 million, down $1.2 million sequentially.

At quarter's end, Chase had cash and cash equivalents of $4.3 million and no outstanding bank debt.

2009 revenues "will likely be down all year" in comparison to fiscal 2008, Chase said. However, the company did not rule out making acquisitions.

“Our financial position remains strong and we are prepared to invest in appropriate acquisition opportunities to offset short term recessionary declines and to provide long-term growth," Chase said.

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