SOUTHFIELD — Detrex Corp. (OTC: DTRX), the Southfield specialty chemical maker, reported net income of $308,000 or 18 cents a share in the second quarter ended June 30, down from $662,000 or 38 cents a share a year earlier. Revenue was $9.4 million, down from $10 million a year earlier.
For the six months, net income was $542,000 or 32 cents a share, down from $1.4 million or 80 cents a share a year earlier. Revenue was $18.3 million, down from $20.9 million a year earlier.
Selling, general and administrative expenses for the quarter were $2.1 million, up from $1.8 million a year earlier.
The company also announced that it will pay a third quarter dividend of 25 cents a share Sept. 22 to shareholders of record as of Sept. 8.
“Elco is performing well in the challenging industrial lubricants markets, and we are pleased to see improved penetration in the export markets which are key to our future growth,” said Detrex president and CEO Tom Mark. “We remain in the process of evaluating strategic opportunities to generate shareholder value and will keep you informed of our progress.”
Founded in 1925, Detrex, through its subsidiary Elco Corp., manufactures specialty chemicals, including additives for industrial petroleum products, and hydrochloric acid.