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