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KMG Reports Third Quarter 2018 Financial Results

FORT WORTH, Texas, June 11, 2018 (GLOBE NEWSWIRE) -- KMG (NYSE:KMG), a global provider of specialty chemicals and performance materials, today announced financial results for the fiscal 2018 third quarter ended April 30, 2018.

2018 Third Quarter Financial Highlights

  • Sales increased 45% from the third quarter of last year to a record $118.6 million.
  • GAAP diluted earnings per share doubled to $0.98 from $0.49 per diluted share in the third quarter of fiscal 2017.
  • Adjusted diluted earnings per share1 was a record $1.10 compared to $0.53 per share reported in the third quarter of last year.
  • GAAP net income increased to $15.6 million, compared to $6.1 million in the third quarter of last year.
  • Adjusted EBITDA2 was a record $31.5 million, up 125% from $14.0 million in the third quarter of fiscal 2017.
  • Operating cash flow increased to a record $21.5 million, compared to $7.9 million in the third quarter of fiscal 2017.

“KMG achieved outstanding third quarter results, driven by strong organic growth in both our electronic chemicals and performance materials segments, as well as a significant contribution from the acquisition of Flowchem,” said Chris Fraser, KMG chairman and CEO. “Consolidated sales grew 45% year-over-year and 4% sequentially to $118.6 million, setting another quarterly record for KMG. Adjusted EBITDA and adjusted diluted earnings per share also reached record levels, reflecting product volume growth and continued efficiency improvements across our global operations.”

Mr. Fraser continued, “Third quarter sales in our electronic chemicals segment increased 10% year-over-year to a record $74.7 million, benefiting from product volume growth in each of our major geographic regions. Despite higher freight costs, segment operating income grew 28% year-over-year to $10.9 million, aided by increased product volume, operating efficiencies and a favorable product mix.  

“Our performance materials segment also generated record results, with third quarter sales increasing 10% on a sequential basis and more than tripling year-over-year to $44 million. Supported by our global capabilities and innovative technology, our pipeline performance business generated strong growth, with favorable energy market dynamics contributing to increased demand for our products and solutions that optimize pipeline throughput and maximize performance and safety. We also experienced continued growth in our wood treating chemicals business, which provides products essential to preserve North America’s expansive wood-based utility pole infrastructure. Overall, performance materials segment operating income grew to $16 million, a new quarterly record for this segment.”      

Mr. Fraser concluded, “Considering our strong financial performance through the first nine months of fiscal 2018, as well as our expectations for continued growth in the fourth quarter of our fiscal year, we are increasing our fiscal 2018 sales forecast to $455-465 million, from $445-455 million previously, and increasing our fiscal 2018 adjusted EBITDA guidance to $118-120 million, from $114-118 million.”

Consolidated results

Third quarter
Dollars in thousands, except EPS
Fiscal 2018   Fiscal 2017
  As Reported Adjusted As Reported Adjusted
  (GAAP) (non-GAAP)3 (GAAP) (non-GAAP)4
Net sales $118,647   $118,647   $81,616   $81,616  
Operating income   23,953     27,230     9,367       10,001  
Operating margin   20.2 %   23.0 %     11.5 %     12.3 %
Net income   15,645     17,459      6,067     6,479  
Diluted earnings per share $0.98   $1.10   $ 0.49   $0.53  


Nine months ended April 30
Dollars in thousands, except EPS
Fiscal 2018 YTD   Fiscal 2017 YTD
  As Reported Adjusted As Reported Adjusted
  (GAAP) (non-GAAP)5 (GAAP) (non-GAAP)6
Net sales $343,162   $343,162   $237,182   $237,182  
Operating income   65,763     75,749     27,087      28,671   
Operating margin   19.2 %   22.1 %   11.4 %     12.1 %
Net income   46,832     45,205     18,293     19,323   
Diluted earnings per share $3.16   $3.05   $  1.50   $  1.58  

Business segment results

Electronic Chemicals Third Quarter Third Quarter   Nine Months Nine Months
Dollars in thousands Fiscal 2018 Fiscal 2017 Fiscal 2018 Fiscal 2017
  As Reported As Reported As Reported As Reported
  (GAAP) (GAAP) (GAAP) (GAAP)
Net sales $74,669   $68,141   $222,401   $204,829  
Operating income   10,889       8,509       34,877       26,153  
Operating margin   14.6 %     12.5 %     15.7 %     12.8 %

For the third fiscal quarter, the Electronic Chemicals segment reported:

  • Sales of $74.7 million, up 10% from the third quarter of fiscal 2017. The gain in sales reflected product volume growth in all geographic regions and a more favorable product mix.  
  • Operating income of $10.9 million, up 28% from $8.5 million in the same period of fiscal 2017. Operating income increased due to product volume growth, operational efficiencies and product mix. Operating margin improved to 14.6% compared to 12.5% in the prior-year period.
  • Adjusted EBITDA7 of $13.7 million, up 19.7% from $11.5 million last year.

Performance Materials
The Performance Materials segment consists of the pipeline performance business and the wood treating chemicals business.

Performance Materials Third Quarter Third Quarter   Nine Months Nine Months
Dollars in thousands Fiscal 2018 Fiscal 2017 Fiscal 2018 Fiscal 2017
  As Reported As Reported As Reported As Reported
  (GAAP) (GAAP) (GAAP) (GAAP)
Net sales $43,978   $13,475   $120,761   $32,353  
Operating income     16,041       4,224       40,435       10,927  
Operating margin     36.5 %     31.4 %     33.5 %     33.8 %

For the third fiscal quarter, the Performance Materials segment reported:

  • Sales of $44.0 million versus $13.5 million in the same period a year ago. Sales growth reflected the contribution from Flowchem, as well as product volume growth in both industrial lubricants and wood treating chemicals.
  • Operating income of $16.0 million compared to $4.2 million last year. The increase in operating income reflected the contribution from Flowchem, as well as product volume growth in both industrial lubricants and wood treating chemicals. Segment operating margins were 36.5%, compared to 31.4% in the third quarter of 2017, due to the contribution from Flowchem, as well as product volume growth in both industrial lubricants and wood treating chemicals.
  • Adjusted EBITDA8 of $20.2 million versus $4.8 million last year.

Fiscal 2018 Outlook

  • Sales: We increase our fiscal 2018 consolidated net sales forecast to $455-465 million, from our prior guidance of $445-455 million.
  • Adjusted EBITDA: We increase our adjusted EBITDA forecast to $118-120 million, from our prior guidance of $114-118 million, reflecting stronger growth expectations in both our electronic chemicals and performance materials segments. Our revised fiscal 2018 adjusted EBITDA forecast includes approximately $8.0 million in stock-based compensation expense, unchanged from our prior estimate.
  • Depreciation and Amortization: Depreciation and amortization expense is forecast to be approximately $30 million.
  • Capital Expenditures: Capital expenditures are forecast to be approximately $25 million, down from our prior estimate of approximately $29 million.

With respect to the Company’s full year guidance of Adjusted EBITDA, the Company is not able to provide a reconciliation of these fiscal 2018 non-GAAP financial measures to the most comparable GAAP measure without unreasonable efforts; certain items that are included have not yet occurred and cannot be reasonably predicted, and, accordingly, the probable significance of such items cannot be determined at this time. The most comparable GAAP measure and reconciling information that is unavailable, or not reasonably predictable, would include restructuring and realignment charges and acquisition and integration-related expenses.

Conference call
Date: Monday June 11, 2018
Time: 5:00 p.m. ET
Dial in: 844-316-8066 or 703-736-7353
Conference ID: 1685029

The conference call will be webcast live via the “Investors” section of the Company’s website at http://kmgchemicals.com.

If you are unable to listen live, the conference call will be archived on the KMG website. A telephone replay of the call will also be available for one week, starting at 8:00 p.m. ET on June 11, 2018. To access the call, dial 855-859-2056 (domestic) or 404-537-3406 (international) using conference ID 1685029.

About KMG
KMG Chemicals, Inc., through its subsidiaries, produces and distributes specialty chemicals and performance materials for the semiconductor, industrial wood preservation and pipeline and energy markets. For more information, visit the Company's website at http://kmgchemicals.com.

The information in this news release includes certain forward-looking statements that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements as to the future performance of the company. Although the company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, successful performance of internal plans, product development acceptance, the impact of competitive services and pricing and general economic risks and uncertainties.

1 Non-U.S. GAAP measure. See Table 2 for reconciliation.    

2 Non-U.S. GAAP measure. See Tables 1 and 1A for reconciliation.

3 Non-U.S. GAAP measure. See Tables 2 and 2A for reconciliation.

4 Non-U.S. GAAP measure. See Tables 2 and 2A for reconciliation.

5 Non-U.S. GAAP measure. See Tables 2 and 2A for reconciliation.

6 Non-U.S. GAAP measure. See Tables 2 and 2A for reconciliation.

7 Non-U.S. GAAP measure. See Tables 1 and 1A for reconciliation.

8 Non-U.S. GAAP measure. See Tables 1 and 1A for reconciliation.


 
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(In thousands, except for per share amounts)
 
  Three Months Ended   Nine Months Ended
  April 30,   April 30,
    2018       2017       2018       2017  
Net sales   $118,647     $81,616     $343,162     $237,182  
Cost of sales   68,156       49,106       196,936       143,787  
  Gross profit   50,491       32,510       146,226       93,395  
               
Distribution expenses   9,070       9,457       27,192       28,329  
Selling, general and administrative expenses   13,601       13,008       41,939       36,241  
Amortization of intangible assets   3,867       608       11,263       1,668  
Restructuring charges         70       69       70  
  Operating income   23,953       9,367       65,763       27,087  
Other (expense) income              
  Interest expense, net   (4,153 )       (301 )     (17,333 )     (650 )
  Loss on the extinguishment of debt   (277 )           (6,368 )      
  Derivative fair value gain   1,365             5,238        
  Other, net   (200 )       144       (977 )       88  
  Total other (expense) income, net   (3,265 )     (157 )     (19,440 )     (562 )
               
Income before income taxes   20,688       9,210       46,323       26,525  
  Provision for income taxes   (5,043 )     (3,143 )     509       (8,232 )
Net income $15,645     $6,067     $46,832     $18,293  
Earnings per share:              
  Net income per common share basic $1.01     $0.51     $3.24     $1.54  
  Net income per common share diluted $0.98     $0.49     $3.16     $1.50  
               
Weighted average shares outstanding:              
  Basic   15,505       11,888       14,439       11,884  
  Diluted   15,905       12,303       14,814       12,236  


 
KMG CHEMICALS, INC. AND SUBSIDIARIES
 CONDENSED CONSOLIDATED BALANCE SHEETS
 (In thousands, except for share and per share amounts)
 
  April 30, July 31,
    2018     2017  
  (Unaudited)  
Assets    
Current assets    
Cash and cash equivalents $21,818   $20,708  
Accounts receivable    
Trade, net of allowances of $235 at April 30, 2018 and $263 at July 31, 2017   59,422      

51,168
 
Other   7,176     6,168  
Inventories, net   54,087     46,482  
Prepaid expenses and other   4,305     8,617  
Total current assets   146,808     133,143  
     
Property, plant and equipment, net   114,640     105,435  
Goodwill   227,797     224,391  
Intangible assets, net   303,318     320,401  
Other assets, net   12,744     9,061  
Total assets $805,307   $792,431  
     
Liabilities & stockholders’ equity    
Current liabilities    
Accounts payable $37,907   $29,570  
Accrued liabilities   10,884     12,456  
Employee incentive accrual   5,574     7,713  
Current portion of long-term debt       3,167  
Total current liabilities   54,365     52,906  
     
Long-term debt   323,550     523,102  
Deferred tax liabilities   23,243     37,944  
Other long-term liabilities   5,446     4,763  
Total liabilities   406,604     618,715  
     
Commitments and contingencies    
     
Stockholders’ equity    
Preferred stock, $.01 par value, 10,000,000 shares authorized, none issued        
Common stock, $.01 par value, 40,000,000 shares authorized, 15,505,350 shares issued and outstanding at April 30, 2018 and 11,889,649 shares issued and outstanding at July 31, 2017    

 

155
     

 

119
 
Additional paid-in capital   220,094     42,535  
Accumulated other comprehensive loss   (7,864 )   (9,712 )
Retained earnings   186,318     140,774  
Total stockholders’ equity   398,703     173,716  
Total liabilities and stockholders’ equity $805,307   $792,431  


 
KMG CHEMICALS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(In thousands)
 
    Nine Months Ended  
    April 30,  
    2018     2017  
Cash flows from operating activities                
Net income   $46,832     $18,293  
Adjustments to reconcile net income to net cash provided by operating activities                
Depreciation and amortization     22,359       10,864  
Loss on extinguishment of debt     6,368        
Stock-based compensation expense     5,687       4,280  
Amortization of debt discounts and financing costs included in interest expense     1,124       125  
Debt repricing transaction costs     607        
Deferred income tax benefit     (9,097 )     (1,189 )
Derivative fair value gain     (5,238 )      
Other     (65 )     (935 )
Changes in operating assets and liabilities                
Accounts receivable — trade     (7,664 )     (3,172 )
Accounts receivable — other     (50 )     2,253  
Inventories     (7,238 )     606  
Other current and noncurrent assets     (715 )     (1,062 )
Accounts payable     8,194       (1,282 )
Accrued liabilities and other     (3,349 )     (1,444 )
Net cash provided by operating activities     57,755       27,337  
                 
Cash flows from investing activities                
Additions to property, plant and equipment     (15,527 )     (8,586 )
Purchase of Sealweld, net of cash acquired     (585 )     (16,584 )
Other investing activities     (577 )      
Proceeds − insurance claim           1,247  
Net cash used in investing activities     (16,689 )     (23,923 )
                 
Cash flows from financing activities                
Proceeds from sale of common stock, net of issuance costs     175,669        
Borrowings under credit facility           17,000  
Payments under credit facility           (18,800 )
Principal payments on borrowings on term loan     (210,000 )      
Debt repricing transaction costs     (607 )      
Payment of dividends     (1,288 )     (1,066 )
Cash payments related to tax withholdings from stock-based awards     (3,729 )     (277 )
Net cash used in financing activities     (39,955 )     (3,143 )
                 
Effect of exchange rate changes on cash     (1 )     398  
Net increase in cash, cash equivalents and restricted cash     1,110       669  
                 
Cash, cash equivalents and restricted cash at beginning of period     20,708       13,428  
Cash, cash equivalents and restricted cash at end of period   $21,818     $14,097  

Reconciliation of GAAP financial measures to non-GAAP financial measures
KMG provides non-GAAP financial information to complement reported GAAP results. KMG believes that analysis of our financial performance would be enhanced by an understanding of the factors underlying that performance and our judgments about the likelihood that particular factors will repeat. We define adjusted EBITDA as earnings from operations before interest, taxes, depreciation, amortization, acquisition and integration expenses, restructuring and realignment charges and other relevant items.

KMG intends to continue to provide certain non-GAAP financial information and the appropriate reconciliation to GAAP in its financial results. As required by SEC rules, the tables below present a reconciliation of our presented non-GAAP measures to the most directly comparable GAAP measures. These non-GAAP measures should be viewed as a supplement to, and not a substitute for, U.S. GAAP measures of performance.

Table 1
RECONCILIATION OF CONSOLIDATED GAAP NET INCOME TO CONSOLIDATED ADJUSTED EBITDA

 

(in thousands)
Third Quarter
Fiscal 2018
Third Quarter
Fiscal 2017
Consolidated GAAP net income $15,645   $  6,067
Add back:    
Interest expense, net   4,153     301
Income taxes    5,043     3,143
Depreciation & amortization   7,664     3,817
Loss on the extinguishment of debt   277    
Derivative fair value gain   (1,365 )  
Debt repricing transaction costs   5    
Acquisition & integration expenses   48     562
Corporate relocation expense       2
Restructuring charges, excluding accelerated depreciation       70
Consolidated adjusted EBITDA $31,470   $13,962
 


 

(in thousands)
Nine Months Ended
April 30, 2018
Nine Months Ended
April 30, 2017
Consolidated GAAP net income $46,832   $18,293
Add back:    
Interest expense, net   17,333     650
Income taxes   (509 )   8,232
Depreciation & amortization   22,359     10,864
Loss on the extinguishment of debt   6,368    
Derivative fair value gain   (5,238 )  
Debt repricing transaction costs   607    
Acquisition & integration expenses   578     1,145
Corporate relocation expense       369
Restructuring charges, excluding accelerated depreciation   69     70
Consolidated adjusted EBITDA $88,399   $39,623
 

Table 1A
RECONCILIATION OF OPERATING INCOME TO ADJUSTED EBITDA
Note that we do not allocate certain financial statement line items below operating income to our segments; as such, the reconciliations below only reflect the reconciliation of our operating income by segment to our non-GAAP measures.

Third Quarter Fiscal 2018 Electronic Performance     
(in thousands) Chemicals Materials Corporate Total
Operating Income (Loss) $10,889   $16,041   ($2,977 ) $23,953  
Other income (expense)   (33 )   (96 )   (71 )   (200 )
Depreciation and amortization   2,864     4,250     550     7,664  
Acquisition & integration expenses       28     20     48  
Debt repricing costs           5     5  
Restructuring charges                
Adjusted EBITDA   13,720     20,223     (2,473 )   31,470  
Corporate allocation   3,034     1,964     (4,999 )    
Adjusted EBITDA excl. corporate allocation $16,754   $22,188   ($7,472 ) $31,470  
         


Nine Months Ended April 30, 2018 Electronic Performance     
(in thousands) Chemicals Materials Corporate Total
Operating Income (Loss) $34,877   $40,435   ($9,549 ) $65,763  
Other income (expense)   (616 )   (41 )   (320 )   (977 )
Depreciation and amortization   8,418     12,418     1,523     22,359  
Acquisition & integration expenses       125     453     578  
Debt repricing transaction costs           607     607  
Restructuring charges   69             69  
Adjusted EBITDA   42,748     52,937     (7,286 )   88,399  
Corporate allocation   9,103     5,893     (14,997 )    
Adjusted EBITDA excl. corporate allocation $51,851   $58,831   ($22,283 ) $88,399  
 


Third Quarter Fiscal 2017 Electronic Performance    
(in thousands) Chemicals Materials Corporate Total
Operating Income (Loss) $8,509 $4,224 ($3,366 ) $9,367
Other income (expense)   99   33   12     144
Depreciation and amortization   2,857   549   411     3,817
Acquisition & integration expenses       562     562
Restructuring charges       70     70
Corporate relocation expense       2     2
Adjusted EBITDA   11,465   4,806   (2,309 )   13,962
Corporate allocation   3,329   842   (4,171 )  
Adjusted EBITDA excl. corporate allocation $14,794 $5,648 ($6,480 ) $13,962
         


Nine Months Ended April 30, 2017 Electronic Performance     
(in thousands) Chemicals Materials Corporate Total
Operating Income (Loss) $26,153   $10,927 ($9,993 ) $27,087
Other income (expense)   (88 )   66   110     88
Depreciation and amortization   8,502     1,121   1,241     10,864
Acquisition & integration expenses         1,145     1,145
Restructuring charges         70     70
Corporate relocation expense         369     369
Adjusted EBITDA   34,567     12,114   (7,058 )   39,623
Corporate allocation   9,987     2,527   (12,514 )  
Adjusted EBITDA excl. corporate allocation $44,554   $14,641 ($19,572 ) $39,623

Table 2
RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME AND ADJUSTED DILUTED EARNINGS PER SHARE
(in thousands)

  Three Months Ended
  April 30,
    2018       2017  
Net income $15,645     $6,067  
Items impacting pre-tax income:      
Impact of the Tax Cuts and Jobs Act          
Acquisition & integration expenses   48       562  
Corporate relocation expense         2  
Restructuring charges         70  
Derivative fair value gain   (1,365 )      
Amortization of Flowchem intangible assets   3,224        
Loss on the extinguishment of debt   277        
Debt repricing transaction costs   5        
Amortization of debt discounts and financing costs   296        
Income taxes *   (671 )     (222 )
Adjusted net income ** $17,459     $6,479  
Adjusted diluted earnings per share ** $  1.10     $0.53  
Weighted average diluted shares outstanding     15,905       12,303  
 


 

 
  Nine Months Ended  
  April 30,  
    2018       2017  
Net income $46,832     $18,293  
Items impacting pre-tax income:        
Impact of the Tax Cuts and Jobs Act   (11,005 )      
Acquisition & integration expenses   578         1,145  
Corporate relocation expense           369  
Restructuring charges   69         70  
Derivative fair value gain   (5,238 )      
Amortization of Flowchem intangible assets   9,339        
Loss on the extinguishment of debt   6,368        
Debt repricing transaction costs   607        
Amortization of debt discounts and financing costs   1,124        
Income taxes *   (3,469 )       (554)  
Adjusted net income ** $45,205     $19,323  
Adjusted diluted earnings per share ** $3.05     $ 1.58  
Weighted average diluted shares outstanding   14,814      12,236  
 

* For the three and nine months ended April 30, 2018, represents the aggregate tax-effect assuming a 27% tax rate of the items impacting pre-tax income, which is our estimated U.S. statutory federal tax rate for fiscal year 2018 following the Tax Act in December 2017. For the three and nine months ended April 30, 2017, represents the aggregate tax-effect assuming a 35% tax rate of items impacting pre-tax income.
** Adjusted net income and adjusted diluted earnings per share for the first quarter of fiscal 2018, which are included in the nine months ended April 30, 2018, have been adjusted to reflect the assumed 27% tax rate for fiscal year 2018.
 

Table 2A
RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES

Third Quarter Fiscal 2018 KMG Chemicals, Inc.
Dollars in thousands, except EPS  
    Operating   Net   Diluted Earnings
Income   Margin   Income   Per Share
GAAP measure $23,953   20.2 %   $15,645     $0.98  
Amortization of Flowchem intangible assets   3,224   2.7 %     2,354       0.15  
Acquisition & integration expenses   48   0.1 %     35       0.01  
Debt repricing transaction costs   5   0.0 %     4       0.00  
Derivative fair value gain           (996 )     (0.06 )
Amortization of debt discounts and financing costs           216       0.01  
Loss on the extinguishment of debt           202       0.01  
Non-GAAP measure $27,230   23.0 %   $17,459     $1.10  


Nine Months Ended April 30, 2018 KMG Chemicals, Inc.
Dollars in thousands, except EPS  
    Operating   Net   Diluted Earnings
Income   Margin   Income   Per Share
GAAP measure $65,763   19.2 %   $46,832     $3.16  
Amortization of Flowchem intangible assets   9,339   2.7 %     6,817       0.46  
Acquisition & integration expenses   578   0.2 %     422       0.03  
Restructuring charges   69   0.0 %     50       0.00  
Impact of the Tax Cuts and Jobs Act           (11,005 )     (0.74 )
Loss on the extinguishment of debt           4,649       0.31  
Derivative fair value gain           (3,824 )     (0.26 )
Amortization of debt discounts and financing costs           821       0.06  
Debt repricing transaction costs           443       0.03  
Non-GAAP measure $75,749   22.1 %   $45,205     $3.05  


Third Quarter Fiscal 2017 KMG Chemicals, Inc.
Dollars in thousands, except EPS  
    Operating   Net   Diluted Earnings
Income   Margin   Income   Per Share
GAAP measure $ 9,367   11.5 %   $6,067   $0.49
Acquisition & integration expenses     562   0.7 %     365     0.03
Restructuring & realignment charges   70   0.1 %     46   0.01
Corporate relocation expense     2   0.0 %     1     0.00
Non-GAAP measure $10,001   12.3 %   $6,479   $0.53


Nine Months Ended April 30, 2017 KMG Chemicals, Inc.
Dollars in thousands, except EPS  
    Operating   Net   Diluted Earnings
Income   Margin   Income   Per Share
GAAP measure $ 27,087   11.4 %   $18,293   $1.50
Acquisition & integration expenses   1,145   0.5 %     744   0.06
Restructuring & realignment charges   70   0.0 %     46   0.00
Corporate relocation expense   369   0.2 %     240   0.02
Non-GAAP measure $ 28,671   12.1 %   $19,323   $1.58


 

KMG Investor Relations
Eric Glover, 817-761-6006
eglover@kmgchemicals.com

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