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Detrex Corporation Reports Earnings for First Quarter of 2014 and Announces a Second Quarter Dividend

  Detrex Corporation Reports Earnings for First Quarter of 2014 and Announces   a Second Quarter Dividend  Business Wire  SOUTHFIELD, Mich. -- April 23, 2014  Detrex Corporation (OTCQX:DTRX), today announced 2014 first quarter net income of $541,945, or $0.31 per fully diluted share, compared to 2013 first quarter net income of $1,038,653, or $0.60 per fully diluted share. The Company also announced that it will pay a second quarter dividend of $0.25 per share on June 24, 2014 to shareholders of record on June 10, 2014.  First quarter 2014 revenues of $10.2 million improved from the fourth quarter 2013 level of $8.5 million, however, the first quarter was still $1.0 million below the year ago first quarter. The 8.8% year over year revenue reduction was largely the result of reduced sales of a product line that tends to fluctuate in volume from month to month. A portion of this reduction was offset by growing sales in China and with a number of products that have been introduced recently. The first quarter 2014 sales represent an improvement over fourth quarter 2013 sales as the result of increased demand in certain segments. Significant investments continued to be made in product development, geographic expansion and strengthening the Company’s capacity and capabilities.  President and CEO Tom Mark said, “We are pleased with the improvement in sales from the fourth quarter of 2013 while our markets continue to be slow in certain areas. The Elco team is making investments to enhance capacity, capability, market position and products that we believe will lead to strong future performance. We will continue to evaluate and embrace strategic opportunities to generate shareholder value and we look forward to keeping you informed of our progress.”  About Detrex Corporation  Founded in 1925, Detrex Corporation through its subsidiary The Elco Corporation is a leading manufacturer of high performance specialty chemicals including additives for industrial petroleum products and high purity hydrochloric acid.  Forward Looking Statements  Statements included in this press release that are not historical in nature are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “1995 Act”). The words “believe,” “expect,” “anticipate,” “estimate,” “guidance,” “target” and similar expressions identify forward-looking statements. The Company cautions readers that forward-looking statements are subject to certain risks and uncertainties, which could cause actual results to differ materially from those projected in the forward-looking statements. Certain risks and uncertainties are identified from time to time in the Company’s reports. Some factors that could cause results to differ materially from those projected in the forward-looking statements include: market conditions, environmental remediation costs, pension expense and funding requirements, liquidation value of assets, and marketability of real estate and the market value and future liquidity of Detrex stock. The Company claims the protection of the safe harbor for forward-looking statements contained in the 1995 Act.  Detrex Corporation and Subsidiaries Condensed Consolidated Statements of Income (unaudited, in thousands)                                                                                                               Three Months Ended                                                    March 31                                                    2014       2013                                                                Net sales                                          $ 10,187   $ 11,167                                                                Cost of sales                                        6,941      7,402 Selling, general and administrative expense          2,019      1,821 Provision for depreciation and amortization          339        299 Provision for corporate environmental reserves       -          - Interest (income) expense, net                       54         (1     ) Other Expense, net                                  13        23      Income from continuing operations before income taxes                                  821        1,623                                                                Provision for income taxes                          279       584                                                                    Net Income                                         $ 542      $ 1,039                                                                  Basic earnings per common share:                   $ 0.32     $ 0.62                                                                Fully diluted earnings per common share:           $ 0.31     $ 0.60                                                                Shares outstanding,basic                             1,676      1,676 Shares outstanding,fully diluted                     1,729      1,717                                                                                                                               Condensed Consolidated Balance Sheets (in thousands)                                                                                                                   Mar 31     Dec 31                                                    2014       2013 Assets                                                                Current Assets                                     $ 16,784   $ 16,777                                                                Property and equipment, net                          9,724      10,009                                                                Other Assets                                         3,457      3,377                                                               Total assets                                       $ 29,965   $ 30,163                                                                 Liabilities and stockholders' equity                                                                Current liabilities                                $ 8,258    $ 8,202                                                                Non-current liabilities:                             7,233      7,610                                                                Detrex Corporation shareholders' equity              14,474     14,351                                                               Total liabilities and stockholders' equity         $ 29,965   $ 30,163   Contact:  Detrex Corporation Thomas E. Mark, (248) 358-5800 FAX: (248) 799-7192  
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