April 23, 2015
Detrex Corporation Reports Improved Sales and Earnings for
First Quarter of 2015 and Announces a Second Quarter Dividend of
$0.25 Per Share
Southfield, Michigan – April 23, 2015 - Detrex Corporation (OTCQX:DTRX),
today announced 2015 first quarter net income of $712,951, or $0.41
per fully diluted share, compared to 2014 first quarter net income
of $541,945, or $0.31 per fully diluted share. The Company also
announced that it will pay a second quarter dividend of $0.25 per
share on June 24, 2015 to shareholders of record on June 10, 2015.
First quarter 2015 revenues of $10.9 million improved from the
fourth quarter 2014 level of $9.7 million and $10.2 million in the
year ago first quarter. The 7.4% year-over-year revenue improvement
was the result of gains in several product lines and improved sales
of a product that tends to fluctuate in volume from month to month.
Strong revenue growth in the domestic market and portions of Asia
contributed to the sales improvement. Earnings were up for the
quarter driven largely by the increased volume.
President and CEO Tom Mark said “We are pleased that the investments
we have made in Elco’s capabilities over the past few years are
beginning to generate a return in improved sales and earnings. In
the year to come we will continue to emphasize growth while we
evaluate and embrace strategic opportunities to generate shareholder
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.