Detrex Corporation Quarterly Report: First Quarter Ended March 31, 2012

April 19, 2012

Detrex Corporation (OTCPink: DTRX.PK) reported net sales from continuing operations for its first quarter ended March 31, 2012 increased 6.5% to $12.27 million, compared to net sales from continuing operations of $11.52 million for the first quarter of the prior year.  The increase resulted primarily from improved demand of the company’s domestic lubricant additives.

Net income from continuing operations for the first quarter of 2012 was up 15.8% to $726 thousand or $0.42 per diluted share, versus net income from continuing operations of $627 thousand or $0.39 per diluted share for the first quarter of 2011.  Net income for the first quarter of 2012 was $17.67 million or $10.34 which included $16.95 million from the sale of the company’s Harvel Plastics subsidiary.  Net income from operations for the first quarter of 2012 benefited from better margins due to higher volumes and the elimination of interest expense as a result of the sale of Harvel Plastics.

As of March 31, 2012, the balance sheet reflected current assets of $27.41 million, total assets of $43.56 million, current liabilities of $13.79 million and total liabilities of $20.02 million.  During the first quarter of 2012, shareholders’ equity increased 97.5% to $23.55 million.

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

Source: Detrex Corporation


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