WESTWOOD, MA – Chase reported fiscal third quarter revenue down 9% year-over-year to $72.1 million.

For the quarter ended May 31, net income decreased 37% to $8.5 million, compared to the same period last year. Operating income was down 28% to $12.3 million.

For the industrial materials segment, which includes conformal coating developer Humiseal, fiscal third quarter revenue was $59.7 million, a decrease of 8.7% year-over-year.

“Continued headwinds from trade disputes and uncertainty impacted our results,” said Adam P. Chase, president and CEO. “We are proud of our employees for their efforts in helping the company manage the challenges presented without losing focus on growth opportunities. We manage the business for the long-term and are committed to delivering value to our customers, while facing short-term volatility in trading conditions. Third quarter revenue compared unfavorably to the prior year, with both operating segments reporting sales decreases. From a gross margin prospective, the industrial materials segment was
affected by a comparatively unfavorable sales mix and continued elevated raw material costs, which it was able to partially temper with price increases passed on to the market.

“Our balance sheet remains strong. As of May 31, 2019, the company’s cash on hand was $30.64 million, and our $150 million revolving credit facility was fully available.”

For the nine months ended May 31, total revenue was up 2% to $211.5 million. Net income was down 29% to $22.6 million, and operating income was down 22% to $32.5 million.

During the nine-month period, the industrial materials segment saw revenue of $177.1 million, up 3.8%.

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