SOUTHFIELD — The Southfield chemical maker Detrex Corp. (OTC: DTRX) reported net income of $513,891 or 30 cents a share in the third quarter, up from a loss of $31,381 or 2 cents a share a year earlier. Revenue was $9.7 million, down from $11.2 million a year earlier.
For the year to date, net income was $1.9 million or $1.13 a share, up from $727,564 or 44 cents a share in the first nine month sof 2014. Revenue was $30.6 million, down from $31.1 million a year earlier.
The 2014 third quarter results included an environmental charge of $660,000, or 39 cents a share, after tax. The 2014 year to date results include that charge, as well as a charge to discontinued operations of $304,139 to settle a dispute with the buyer of the Harvel Plastics Inc. business.
The company also announced that it will pay a 25 cent per share quarterly dividend on Dec. 16 to shareholders of record as of Dec. 3.
The company said the lower revenues were due to weak demand for industrial lubricant additives, as well as the stronger U.S. dollar negatively affecting export sales. The company said its margin improvement was largely due to product mix, lower costs for certain raw materials and lower manufacturing expense.
“We were able to positively navigate a challenging third quarter, and we continue to invest in the business to generate domestic and global growth as we actively pursue strategic opportunities to generate shareholder value,” said president and CEO Thomas E. Mark.
Founded in 1925, Detrex and its subsidiary Elco Corp. manufacture high performance specialty chemicals including additives for industrial petroleum products and high purity hydrochloric acid.
Selling, general and adminstrative expenses were $1.7 million for the quarter, down from $1.8 million a year earlier.
More at http://www.detrex.com/.