Detrex Corporation Annual Report: Year Ended December 31, 2011

March 27, 2012

Detrex Corporation (OTCQX: DTRX.PK) reported net sales for its year ended December 31, 2011 increased 38.6% to $48.92 million compared to net sales of $35.29 million for the same period in 2010.  Net sales were positively impacted by gains in the export markets from its Elco Corporation subsidiary.  The company sold its Harvel Plastics, Inc. unit for $50.5 million effective January 1, 2012. Harvel Plastics was reported as a discontinued operation and therefore its sales numbers were not included in the net sales number above.  Sales at Harvel Plastics for 2011 were $67.6 million versus $58.4 million in 2010.

Net income from continuing operations for 2011 was up 58.4% to $2.42 million or $1.43 per diluted share compared to net income of $1.53 million or $0.97 per diluted share for 2010.  Net income including discontinued operations increased 105% to $4.28 million or $2.53 per diluted share versus net income including discontinued operations of $2.09 million or $1.31 per diluted share for 2010.

As of December 31, 2011, the balance sheet reflected current assets of $29.1 million, total assets of $54.13 million, current liabilities of $17.05 million and total liabilities of $31.84 million.  During 2011, shareholders’ equity increased 17.4% to $11.92 million.  It should be noted that the sale of Harvel Plastics was not effective until January 1, 2012 and is not fully reflected on the balance sheets.  The company netted after-tax proceeds of approximately $30 million and will report an  after-tax gain of roughly $17 million in January 2012.  The sale of Harvel Plastics also enabled the company to pay down all of its outstanding bank debt.

Detrex Corporation is engaged in the manufacturing of specialty chemicals including additives for industrial petroleum products and high purity hydrochloric acid.

Source: Detrex Corporation


Print Friendly

Previous post:

Next post: