CSW Industrials, Inc. reported unaudited consolidated earnings results for the first quarter ended June 30, 2016. For the quarter, the company's revenues, net were $84,107,000 compared to $88,909,000 a year ago. Lower sales in the quarter were primarily attributable to decreased volume in Coatings, Sealants and Adhesives and Specialty Chemicals business segments, specifically within the rail and energy end markets. This was partially offset by higher volumes in HVAC and architecturally-specified building products end markets and incremental revenue from acquisitions completed in the past 12 months. Operating income was $7,410,000 compared to $14,288,000 a year ago. Income before income taxes was $7,200,000 compared to $13,556,000 a year ago. Net income was $4,096,000 compared to $8,650,000 a year ago. Diluted net earnings per common share was $0.26 compared to $0.55 a year ago. Net cash provided by operating activities was $3,851,000 compared to $10,176,000 a year ago. Capital expenditures was $2,772,000 compared to $1,873,000 a year ago. Adjusted operating income was $12,396,000 compared to $16,537,000 a year ago. Adjusted net income was $8,027,000 compared to $10,105,000 a year ago. Adjusted earnings per diluted common share was $0.51 compared to $0.65 a year ago. Net debt at quarter end was $49.6 million.

The company also announced impairment of assets of $1,082,000 for the first quarter ended June 30, 2016.

The company expects the full year of fiscal 2017 tax rate to be between 36% and 37% and capital investment of between $1 million to $1.25 million.
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