Posted: Oct 14, 2013 9:06 AM
Updated: Oct 14, 2013 9:06 AM
HOUSTON (AP) Specialty chemicals maker KMG Chemicals delayed the release of its full fiscal fourth-quarter earnings report and its conference call because of accounting issues connected to a recent acquisition.
KMG was scheduled to report its results Monday but said it now plans to make the full report on Oct. 24.
It disclosed preliminary results, however, saying it expects to report net income of 6 cents per share for the three months ended July 31. It said it earned 28 cents per share excluding one-time items. The company said its revenue grew 20 percent to around $81.1 million.
Shares of KMG Chemicals Inc. slipped 2 cents to $23.74 in morning trading Monday.
In June the company bought OM Group's ultra-pure chemicals business for $63.3 million. KMG said Monday it needs more time to address the complexities and accounting requirements of that deal. KMG said the business had $93.8 million in revenue in 2012 and it expects the acquisition to add to its net income in the current fiscal year.
The company's fiscal fourth quarter ended on July 31.