Columbus McKinnon records 27.9% sales decline
Columbus McKinnon Corporation said its net sales for the third quarter of fiscal 2010 were $119.0 million, down $46.1 million, or 27.9%, from the same period in the prior year.
Sales improved over the trailing second quarter even though the third quarter has historically been the weakest quarter for the company.
“Orders improved sequentially from their low in July until the anticipated slower holiday season, supporting our confidence in a modestly stronger industrial and commercial marketplace for fiscal 2011," said Timothy T. Tevens, president and CEO. "We had exceptionally strong sales in Europe through the quarter, which has been recovering sooner than the U.S. markets. We are also encouraged with our progress in China and the team that we have built there to penetrate that market.”
The net loss for the third quarter of fiscal 2010 was $2.3 million, or 12 cents per diluted share, compared with net income of $3.8 million, or 20 cents per diluted share, for the same period last year. Restructuring charges of $3.6 million, associated with the previously announced consolidation of the company’s North American hoist and rigging manufacturing operations, were recorded during the third quarter of fiscal 2010.
INDUSTRIAL SUPPLY MAGAZINE
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