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RenaissanceRe Announces Redemption of 5.375% Series E Preference Shares

PEMBROKE, Bermuda–(BUSINESS WIRE)–
RenaissanceRe Holdings Ltd. (NYSE:RNR) (the “Company” or “RenaissanceRe”) announced today that it has decided to call all 11,000,000 of its outstanding 5.375% Series E Preference Shares (NYSE: RNRPRE; CUSIP: G7498P 119) (the “Series E Preference Shares”) for mandatory redemption on August 11, 2021. The redemption price will be $25.00 per Series E Preference Share, plus accrued and unpaid dividends to August 10, 2021. The Company will use a portion of the proceeds of its previously announced offering of depositary shares, each representing a 1/1,000th interest in a 4.20% Series G Preference Share, which closed July 12, 2021, to redeem the Series E Preference Shares.

All of the outstanding Series E Preference Shares will be called for redemption. On and after the redemption date, the Series E Preference Shares so redeemed will no longer be deemed to be outstanding, dividends on such Series E Preference Shares will cease to accrue, and all rights of the holders of such Series E Preference Shares will cease, except for the right to receive the redemption price, without interest thereon, upon surrender of such Series E Preference Shares.

The notice of redemption has been mailed to registered holders of the Series E Preference Shares today. Requests for additional copies of the notice of redemption and the related materials should be directed to the redemption agent, Computershare Trust Company, N.A., at 150 Royall Street, Canton, MA 02021.

About RenaissanceRe

RenaissanceRe is a global provider of reinsurance and insurance that specializes in matching well-structured risks with efficient sources of capital. The Company provides property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. Established in 1993, the Company has offices in Bermuda, Australia, Ireland, Singapore, Switzerland, the United Kingdom and the United States.

Cautionary Statement Regarding Forward-Looking Statements

Any forward-looking statements made in this Press Release reflect RenaissanceRe’s current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are subject to numerous factors that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements, including the following: the uncertainty of the continuing and future impact of the COVID-19 pandemic, including measures taken in response thereto and the effect of legislative, regulatory and judicial influences on the Company’s financial performance and the Company’s ability to conduct its business; the frequency and severity of catastrophic and other events the Company covers; the effectiveness of the Company’s claims and claim expense reserving process; the effect of climate change on the Company’s business, including the trend towards increasingly frequent and severe climate events; the Company’s ability to maintain its financial strength ratings; the effect of emerging claims and coverage issues; collection on claimed retrocessional coverage, and new retrocessional reinsurance being available on acceptable terms and providing the coverage that the Company intended to obtain; the highly competitive nature of the Company’s industry, resulting in consolidation of competitors, customers and insurance and reinsurance brokers, and the Company’s reliance on a small and decreasing number of brokers for the preponderance of its revenue; the Company’s exposure to credit loss from counterparties in the normal course of business; the effect of continued challenging economic conditions throughout the world; the performance of the Company’s investment portfolio and financial market volatility; a contention by the U.S. Internal Revenue Service that Renaissance Reinsurance Ltd. or any of the Company’s other Bermuda subsidiaries is subject to taxation in the U.S.; the effects of U.S. tax reform legislation, Organisation for Economic Co-operation and Development or European Union (“EU”) measures and possible future tax reform legislation and regulations, including changes to the tax treatment of the Company’s shareholders or investors in its joint ventures or other entities the Company manages; the effect of cybersecurity risks, including technology breaches or failure, on the Company’s business; the Company’s ability to successfully implement its business strategies and initiatives, and the success of any of the Company’s strategic investments or acquisitions, including its ability to manage its operations as its product and geographical diversity increases; the Company’s ability to retain its key senior officers and to attract or retain the executives and employees necessary to manage its business; the Company’s ability to effectively manage capital on behalf of investors in joint ventures or other entities it manages; foreign currency exchange rate fluctuations; soft reinsurance underwriting market conditions; changes in the method for determining the London Inter-bank Offered Rate (“LIBOR”) and the replacement of LIBOR; losses the Company could face from terrorism, political unrest or war; the Company’s ability to determine any impairments taken on its investments; the effects of inflation; the ability of the Company’s ceding companies and delegated authority counterparties to accurately assess the risks they underwrite; the effect of operational risks, including system or human failures; the Company’s ability to raise capital if necessary; the Company’s ability to comply with covenants in its debt agreements; changes to the accounting rules and regulatory systems applicable to the Company’s business, including changes in Bermuda laws or regulations or as a result of increased global regulation of the insurance and reinsurance industries; the Company’s dependence on the ability of its operating subsidiaries to declare and pay dividends; aspects of the Company’s corporate structure that may discourage third-party takeovers and other transactions; difficulties investors may have in serving process or enforcing judgments against the Company in the U.S.; the cyclical nature of the reinsurance and insurance industries; adverse legislative developments that reduce the size of the private markets the Company serves or impede their future growth and other political, regulatory or industry initiatives adversely impacting the Company; the Company’s ability to comply with applicable sanctions and foreign corrupt practices laws; international restrictions on the writing of reinsurance by foreign companies and government intervention in the natural catastrophe market; the Company’s need to make many estimates and judgments in the preparation of its financial statements; the effect of the exit by the United Kingdom from the EU; and other factors affecting future results disclosed in RenaissanceRe’s filings with the Securities and Exchange Commission, including its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and prospectus supplement dated July 7, 2021.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210712005795/en/

Investor Contact:

RenaissanceRe Holdings Ltd.

Keith McCue

Senior Vice President, Finance & Investor Relations

441-239-4830

Media Contacts:

RenaissanceRe Holdings Ltd.

Keil Gunther

Senior Vice President, Head of Global Marketing & Client Communication

441-239-4932

Kekst CNC

Dawn Dover

212-521-4800

KEYWORDS: Bermuda Caribbean

INDUSTRY KEYWORDS: Professional Services Insurance Finance

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First Trust Energy Income and Growth Fund Declares its Quarterly Distribution of $0.30 Per Share

WHEATON, Ill.–(BUSINESS WIRE)–
First Trust Energy Income and Growth Fund (the “Fund”) (NYSE American: FEN) has declared the Fund’s regularly scheduled quarterly distribution of $0.30 per share. The distribution will be payable on July 30, 2021, to shareholders of record as of July 23, 2021. The ex-dividend date is expected to be July 22, 2021. The quarterly distribution information for the Fund appears below.

First Trust Energy Income and Growth Fund (FEN):
Distribution per share:	$0.30
Distribution Rate based on the July 9, 2021 NAV of $14.91:	8.05%
Distribution Rate based on the July 9, 2021 closing market price of $14.85:	8.08%

It is anticipated that, due to the tax treatment of cash distributions made by the publicly-traded master limited partnerships (“MLPs”) in which the Fund invests, a portion of distributions the Fund makes to Common Shareholders may consist of a tax-deferred return of capital. The final determination of the source and tax status of all distributions paid in 2021 will be made after the end of 2021 and will be provided on Form 1099-DIV.

The Fund is a non-diversified, closed-end management investment company that seeks a high level of after-tax total return with an emphasis on current distributions paid to shareholders. The Fund focuses on investing in MLPs and related public entities in the energy sector which the Fund’s investment sub-advisor believes offer opportunities for income and growth. The Fund is treated as a regular corporation, or a “C” corporation, for United States federal income tax purposes and, as a result, is subject to corporate income tax to the extent the Fund recognizes taxable income.

First Trust Advisors L.P. (“FTA”) is a federally registered investment advisor and serves as the Fund’s investment advisor. FTA and its affiliate First Trust Portfolios L.P. (“FTP”), a FINRA registered broker-dealer, are privately-held companies that provide a variety of investment services. FTA has collective assets under management or supervision of approximately $205 billion as of June 30, 2021 through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and separate managed accounts. FTA is the supervisor of the First Trust unit investment trusts, while FTP is the sponsor. FTP is also a distributor of mutual fund shares and exchange-traded fund creation units. FTA and FTP are based in Wheaton, Illinois.

Energy Income Partners, LLC (“EIP”) serves as the Fund’s investment sub-advisor and provides advisory services to a number of investment companies and partnerships for the purpose of investing in MLPs and other energy infrastructure securities. EIP is one of the early investment advisors specializing in this area. As of June 30, 2021, EIP managed or supervised approximately $4.5 billion in client assets.

Past performance is no assurance of future results. Investment return and market value of an investment in the Fund will fluctuate. Shares, when sold, may be worth more or less than their original cost. There can be no assurance that the Fund’s investment objectives will be achieved. The Fund may not be appropriate for all investors.

Principal Risk Factors: The Fund is subject to risks, including the fact that it is a non-diversified closed-end management investment company.

Securities held by a fund, as well as shares of a fund itself, are subject to market fluctuations caused by factors such as general economic conditions, political events, regulatory or market developments, changes in interest rates and perceived trends in securities prices. Shares of a fund could decline in value or underperform other investments as a result of the risk of loss associated with these market fluctuations. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events could have a significant negative impact on a fund and its investments. Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. The outbreak of the respiratory disease designated as COVID-19 in December 2019 has caused significant volatility and declines in global financial markets, which have caused losses for investors. While the development of vaccines has slowed the spread of the virus and allowed for the resumption of “reasonably” normal business activity in the United States, many countries continue to impose lockdown measures in an attempt to slow the spread. Additionally, there is no guarantee that vaccines will be effective against emerging variants of the disease.

Because the Fund is concentrated in securities issued by energy companies, energy sector MLPs and MLP-related entities, it will be more susceptible to adverse economic or regulatory occurrences affecting those industries, including high interest costs, high leverage costs, the effects of economic slowdown, surplus capacity, increased competition, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors.

The Fund’s use of derivatives may result in losses greater than if they had not been used, may require the fund to sell or purchase portfolio securities at inopportune times, may limit the amount of appreciation the Fund can realize on an investment, or may cause the fund to hold a security that it might otherwise sell.

Investment in non-U.S. securities is subject to the risk of currency fluctuations and to economic and political risks associated with such foreign countries.

Use of leverage can result in additional risk and cost, and can magnify the effect of any losses.

The risks of investing in the fund are spelled out in the shareholder report and other regulatory filings.

The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.

The Fund’s daily closing NYSE American price and net asset value per share as well as other information can be found at https://www.ftportfolios.com or by calling 1-800-988-5891.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210712005794/en/

Press Inquiries Jane Doyle 630-765-8775

Analyst Inquiries Jeff Margolin 630-915-6784

Broker Inquiries Sales Team 866-848-9727

KEYWORDS: United States North America Illinois

INDUSTRY KEYWORDS: Professional Services Finance

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KKR Real Estate Finance Trust Inc. to Announce Second Quarter 2021 Results

NEW YORK–(BUSINESS WIRE)–
KKR Real Estate Finance Trust Inc. (“KREF”) (NYSE: KREF) announced today that it plans to release its financial results for the second quarter 2021 on Monday, July 26, 2021, after the closing of trading on the New York Stock Exchange.

A conference call to discuss KREF’s financial results will be held on Tuesday, July 27, 2021 at 9:00 a.m. ET. The conference call may be accessed by dialing (844) 784-1730 (U.S. callers) or +1 (412) 380-7410 (non-U.S. callers); a pass code is not required. Additionally, the conference call will be broadcast live over the Internet and may be accessed through the Investor Relations section of KREF’s website at http://www.kkrreit.com/investor-relations/events-and-presentations. A slide presentation containing supplemental information may also be accessed through this website in advance of the call.

A replay of the live broadcast will be available on KREF’s website or by dialing (877) 344-7529 (U.S. callers) or +1 (412) 317-0088 (non-U.S. callers), pass code 10157426, beginning approximately two hours after the broadcast.

About KKR Real Estate Finance Trust Inc.

KREF is a real estate finance company that focuses primarily on originating and acquiring senior loans secured by commercial real estate properties. KREF is externally managed and advised by an affiliate of KKR & Co. Inc. For additional information about KREF, please visit its website at www.kkrreit.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210712005791/en/

MEDIA CONTACT:

Cara Major or Miles Radcliffe-Trenner

(212) 750-8300

[email protected]

INVESTOR RELATIONS CONTACT:

Jack Switala

(212) 763-9048

[email protected]

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Professional Services Commercial Building & Real Estate Finance Construction & Property REIT Banking

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Chase Corporation Announces Fiscal Third Quarter 2021 Results

Revenue of $79.6 Million, Earnings Per Diluted Share of $1.50

Revenue Gains Achieved for All Segments

Progress Made on Relocation of Newark, CA Facility, Consolidation of Woburn, MA Announced

WESTWOOD, Mass.–(BUSINESS WIRE)–
Chase Corporation (NYSE American: CCF), a global specialty chemicals company that is a leading manufacturer of protective materials for high-reliability applications across diverse market sectors, today announced financial results for the quarter ended May 31, 2021, the third quarter of its fiscal year 2021.

Fiscal Third Quarter Key Highlights

• Total Revenue of $79.6 million, up 23% compared to $64.9 million in the prior year.
• Gross Margin of 42%, compared to 39% in the prior year.
• Net Income of $14.3 million, up 44% compared to $9.9 million in the prior year.
• Adjusted EBITDA of $22.4 million, up 40% compared to $16.0 million in the prior year.
• Free Cash Flow of $15.9 million, up 6% compared to $15.0 million in the prior year.
• Ended fiscal third quarter of 2021 with a cash balance of $102.9 million.
• Progress made on consolidation of Newark, CA facility, consolidation of Woburn, MA announced.

“The recovering demand across our segments and our third quarter performance are testaments to the resiliency of our business, the loyalty of our customers, and our ability to execute on our strategic growth drivers,” said Adam P. Chase, President and Chief Executive Officer of Chase Corporation. “The Adhesives, Sealants and Additives segment led the Company’s top-line improvement in the third quarter, with significant momentum in international markets, as well as the successful integrations of the recent acquisitions of ABchimie and the operations of Emerging Technologies, Inc (“ETi”). The Industrial Tapes and Corrosion Protection and Waterproofing segments also achieved a recovery in demand over the COVID-19 impacted prior year, with domestic waterproofing project work leading the Corrosion Protection and Waterproofing rebound.”

Mr. Chase added, “We made additional progress in our efforts to streamline our operations, optimize our footprint and drive greater efficiency within our portfolio during the third quarter. We advanced on the previously announced movement of our Newark, CA production plant to our Hickory, NC facility. Additionally, we announced that our adhesives systems production facility in Woburn, MA will be consolidating into our existing O’Hara Township, PA location. We believe these consolidation initiatives will allow us to more effectively meet customer requirements.”

Mr. Chase continued, “Over the last nine months, the Company has labored tirelessly to keep our employees and our communities safe, while continuing to work to exceed the expectations of our customers in this difficult time. We made significant strides in improving our operational efficiencies and expanding margins, and believe we are well-positioned to drive top- and bottom-line growth through organic and inorganic opportunities in the coming quarters. Our business model and suite of products allows us to serve high growth trends including 5G, electric vehicles, and Internet of Things (IoT) technologies, while consistently reviewing and refining our current portfolio of companies, end markets and segments to achieve optimal operational and cost efficiencies.”

“As we move forward into the fourth quarter, we continue to face global raw material inflationary pressures and supply chain challenges. Chase continues to meet its customers’ increasing demand by leveraging our global network, partnering with customers and suppliers and driving further efficiencies throughout our production and logistics processes. While we look to drive cost savings, we will also continue to institute customer price adjustments as needed across all affected product lines to protect gross margins.”

Fiscal Third Quarter Financial Highlights

• Total Revenue grew 23% to $79.6 million, compared to Q3 FY20.
• Gross Margin of 42%, compared to 39% in Q3 FY20, due in part to sales mix and operational efficiencies, including site consolidation.
• Selling, General and Administrative expenses increased 18% to $14.0 million from the year-ago period.
• Effective Income Tax Rate of 19.5%, compared to 20.9% in the year-ago period.
• Net Income for the fiscal third quarter of 2021 was $14.3 million, or $1.50 per diluted share, compared to a Net Income of $9.9 million, or $1.04 per diluted share, for the fiscal third quarter of 2020.
• Adjusted EBITDA for the fiscal third quarter of 2021 was $22.4 million, compared to Adjusted EBITDA of $16.0 million in the prior-year quarter. The reconciliation of Net Income to Adjusted EBITDA is included at the end of this news release.
• Free Cash Flow in the fiscal third quarter of 2021 was $15.9 million, compared to Free Cash Flow of $15.0 million in the prior-year quarter.

“We are encouraged to see each of our operating segments achieve top-line expansion year-over-year, as our recent acquisitions, ABchimie and ETi, helped drive our performance for the third quarter as well as establish a strong footing for future growth in the coming quarters. We are pleased with the synergy these acquisitions have had amongst our product portfolio, further attesting to our ability to drive operational efficiencies and inorganic growth,” said Michael J. Bourque, Treasurer and Chief Financial Officer of Chase Corporation. “We finished the quarter with no debt, an overall cash balance of $102.9 million, and have full access to our $150 million credit facility to invest in growth, as needed. To further support growth initiatives and maintain financial flexibility, we plan to enter into a new facility prior to our current facility’s December 2021 maturity date.”

Adhesives, Sealants and Additives

		For the Three Months Ended May 31,						For the Nine Months Ended May 31,
		2021			2020			2021			2020
Revenue		$	33,861		$	22,922		$	95,507		$	73,184
Cost of products and services sold			18,850			13,044			52,461			41,831
Gross Margin		$	15,011		$	9,878		$	43,046		$	31,353
Gross Margin %			44%			43%			45%			43%

Revenue in the Company’s Adhesives, Sealants and Additives segment increased $10.9 million or 48% in the third fiscal quarter, with $7.2 million from organic revenue growth. The revenue expansion was largely driven by growth in Asian and European markets, as well as inorganic growth provided by the acquired operations of ABchimie, as sales within the electronic and industrial coatings product line increased. The functional additives product line also experienced both organic and inorganic volume growth over the period, with the acquired operations of ETi supporting the product line.

Industrial Tapes

		For the Three Months Ended May 31,						For the Nine Months Ended May 31,
		2021			2020			2021			2020
Revenue		$	32,249		$	31,752		$	87,085		$	91,931
Cost of products and services sold			20,043			21,118			55,853			62,640
Gross Margin		$	12,206		$	10,634		$	31,232		$	29,291
Gross Margin %			38%			33%			36%			32%

Revenue in the Industrial Tapes segment increased $497,000 or 2% in the third fiscal quarter. In the period, the specialty products, pulling and detection and cable materials product lines each had sales slightly ahead of the prior year’s COVID-19 impacted quarter. In the trailing nine-month period ended May 31, 2021, the Industrial Tapes segment, driven by residual COVID-19 effects on cable materials as well as top-line decreases in specialty products and pulling and detection product lines, underperformed compared to the prior year. The electronic materials product line, which sells nearly exclusively to Asian markets, reported a decline in the third fiscal quarter. However, electronic materials sales remain above the previous year on a year-to-date basis.

Corrosion Protection and Waterproofing

		For the Three Months Ended May 31,						For the Nine Months Ended May 31,
		2021			2020			2021			2020
Revenue		$	13,483		$	10,197		$	32,624		$	32,140
Cost of products and services sold			7,419			5,527			18,518			17,667
Gross Margin		$	6,064		$	4,670		$	14,106		$	14,473
Gross Margin %			45%			46%			43%			45%

Revenue from the Corrosion Protection and Waterproofing segment increased $3.3 million or 32% compared to the year-ago period. The segment’s growth was primarily driven by the coating and lining systems and building envelope product lines, which were favorable in both the year-over-year and year-to-date periods, as well as recovery and growth achieved following winter weather events which took place in Houston, TX during the second quarter. The pipeline coatings product line performed favorable for the quarter, however, trailed on a year-to-date basis. Bridge and highway product line sales were unfavorable in both the quarter and year-to-date period.

About Chase Corporation

Chase Corporation, a global specialty chemicals company that was founded in 1946, is a leading manufacturer of protective materials for high-reliability applications throughout the world. More information can be found on our website https://chasecorp.com/

Use of Non-GAAP Financial Measures

The Company has used non-GAAP financial measures in this press release. Adjusted net income, Adjusted diluted EPS, EBITDA, Adjusted EBITDA and Free cash flow are non-GAAP financial measures. The Company believes that Adjusted net income, Adjusted diluted EPS, EBITDA, Adjusted EBITDA and Free cash flow are useful performance measures as they are used by its executive management team to measure operating performance, to allocate resources to enhance the financial performance of its business, to evaluate the effectiveness of its business strategies and to communicate with its board of directors and investors concerning its financial performance. The Company believes Adjusted net income, Adjusted diluted EPS, EBITDA, Adjusted EBITDA and Free cash flow are commonly used by financial analysts and others in the industries in which the Company operates, and thus provide useful information to investors. However, Chase’s calculation of Adjusted net income, Adjusted diluted EPS, EBITDA, Adjusted EBITDA and Free cash flow may not be comparable to similarly-titled measures published by others. Non-GAAP financial measures should be considered in addition to, and not as an alternative to, the Company’s reported results prepared in accordance with GAAP. This press release provides reconciliations from the most directly comparable financial measure presented in accordance with U.S. GAAP to each non-GAAP financial measure.

Cautionary Note Concerning Forward-Looking Statements

Certain statements in this press release are forward-looking. These may be identified by the use of forward-looking words or phrases including, but not limited to “believe,” “expect,” “anticipate,” “should,” “planned,” “estimated” and “potential.” These forward-looking statements are based on Chase Corporation’s current expectations. The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for such forward-looking statements. To comply with the terms of the safe harbor, the Company cautions investors that any forward-looking statements made by the Company are not guarantees of future performance and that a variety of factors could cause the Company’s actual results and experience to differ materially from the anticipated results or other expectations expressed in the Company’s forward-looking statements. The risks and uncertainties which may affect the operations, performance, development and results of the Company’s business include, but are not limited to, the following: uncertainties relating to economic conditions; uncertainties relating to customer plans and commitments; the pricing and availability of equipment, materials and inventories; technological developments; performance issues with suppliers and subcontractors; economic growth; delays in testing of new products; the Company’s ability to successfully integrate acquired operations; the effectiveness of cost-reduction plans; rapid technology changes; the highly competitive environment in which the Company operates; expectations relating to the renewal of its credit facility; as well as expected impact of the coronavirus disease (COVID-19) pandemic on the Company’s businesses. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made.

The following table summarizes the Company’s unaudited financial results for the three and nine months ended May 31, 2021 and 2020.

		For the Three Months Ended May 31,								For the Nine Months Ended May 31,
All figures in thousands, except per share figures		2021				2020				2021				2020
Revenue		$	79,593			$	64,871			$	215,216			$	197,255
Costs and Expenses
Cost of products and services sold			46,312				39,689				126,832				122,138
Selling, general and administrative expenses			13,969				11,795				38,560				37,025
Research and product development costs			957				958				3,034				3,045
Operations optimization costs			22				268				120				977
Acquisition-related costs			—				20				128				153
Gain on sale of real estate			—				(760	)			—				(760	)
Loss (gain) on contingent consideration			262				—				995				—
Operating income			18,071				12,901				45,547				34,677
Interest expense			(68	)			(67	)			(204	)			(178	)
Other income (expense)			(260	)			(307	)			(758	)			(1,096	)
Income before income taxes			17,743				12,527				44,585				33,403
Income taxes			3,454				2,619				10,288				8,254
Net income		$	14,289			$	9,908			$	34,297			$	25,149
Net income per diluted share		$	1.50			$	1.04			$	3.61			$	2.64
Weighted average diluted shares outstanding			9,435				9,429				9,424				9,436
Reconciliation of net income to EBITDA and adjusted EBITDA
Net income		$	14,289			$	9,908			$	34,297			$	25,149
Interest expense			68				67				204				178
Income taxes			3,454				2,619				10,288				8,254
Depreciation expense			973				948				2,925				2,989
Amortization expense			3,376				2,898				9,566				8,724
EBITDA		$	22,160			$	16,440			$	57,280			$	45,294
Loss (gain) on contingent consideration			262				—				995				—
Operations optimization costs			22				268				120				977
Acquisition-related costs			—				20				128				153
Gain on sale of real estate			—				(760	)			—				(760	)
Pension settlement costs			—				75				—				75
Adjusted EBITDA		$	22,444			$	16,043			$	58,523			$	45,739

		For the Three Months Ended May 31,								For the Nine Months Ended May 31,
		2021				2020				2021				2020
Reconciliation of net income to adjusted net income
Net income		$	14,289			$	9,908			$	34,297			$	25,149
Excess tax benefit related to ASU No. 2016-09			(15	)			(148	)			(161	)			(148	)
Loss (gain) on contingent consideration			262				—				995				—
Operations optimization costs			22				268				120				977
Acquisition-related costs			—				20				128				153
Gain on sale of real estate			—				(760	)			—				(760	)
Pension settlement costs			—				75				—				75
Income taxes *			(60	)			83				(261	)			(93	)
Adjusted net income		$	14,498			$	9,446			$	35,118			$	25,353
Adjusted net income per diluted share (Adjusted diluted EPS)		$	1.53			$	1.00			$	3.70			$	2.67

* For the three and nine months ended May 31, 2021 and 2020, represents the aggregate tax effect assuming a 21% tax rate for the items impacting pre-tax income, which is our effective U.S. statutory Federal tax rate for fiscal 2021 and 2020.

		For the Three Months Ended May 31,								For the Nine Months Ended May 31,
		2021				2020				2021				2020
Reconciliation of cash provided by operating activities to free cash flow
Net cash provided by operating activities		$	16,614			$	15,204			$	43,000			$	42,665
Purchases of property, plant and equipment			(689	)			(217	)			(1,749	)			(1,044	)
Free cash flow		$	15,925			$	14,987			$	41,251			$	41,621

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20210712005788/en/

Investor & Media Contact:

Michael Cummings or Jackie Marcus

Alpha IR Group

Phone: (617) 982-0475

E-mail: [email protected]

or

Shareholder & Investor Relations Department

Phone: (781) 332-0700

E-mail: [email protected]

Website: www.chasecorp.com

KEYWORDS: United States North America Massachusetts

INDUSTRY KEYWORDS: Electronic Design Automation Semiconductor Chemicals/Plastics Technology Manufacturing Other Manufacturing Hardware

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