KMG’s Profits Fall Despite Strong Sales Growth

KMG Chemicals reported net income of $2.4 million in its fiscal second quarter ended January 21, down 40% from the same period last year. Sales rose 44%, to $64.9 million, due mainly to the inclusion of General Chemical’s electronic chemicals unit, which KMG acquired last spring. KMG’s electronic chemicals business reported a 57% increase in sales, to $36 million, due to the acquisition, but income from operations fell 48%, to $1.3 million, due to raw material cost increases and higher operating costs. Certain costs are expected to be eliminated...

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