BRIDGEWATER, MA -- Chase Corp. today reported revenues of $25.1 million for May quarter, down 26% year-over-year.

Net income plunged 73% from the prior year to $862,000. 

For the nine months ended May 31, revenues are down 18% to $79.2 million, while net income is down 58% to $3.6 million.

EMS sales fell 26% to $3.9 million during the quarter. Backlogs were $6.9 million as of June 30, compared to $8.8 million a year ago.

"The third fiscal quarter has been one of the company’s strongest. However, the results seen in the current year demonstrate the continued decrease in customer demand and uncertainty that has affected most consumer and industrial businesses over the past year," the company said in a press release.

At quarter's end, the company had a record $5.3 million in cash and net working capital of $25.6 million. "Chase remains focused on strategic acquisition opportunities, new product development, supply chain management, consolidation as well as other cost reduction efforts," the company said.

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