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Cascade Posts A Loss For Its Fiscal 4Q

The Associated Press

PORTLAND, Ore. (AP) — Cascade Corp., which makes forklift attachments, hydraulic cylinders and other loading gear, Thursday posted a loss for its fiscal fourth-quarter on a sharp decline in revenue.

For the quarter ended Jan. 31, Cascade reported a loss of $30.5 million, or $2.82 per share, against net income of $8.8 million, or 74 cents last year. The latest results reflect a $46.4 million asset impairment charge.

Excluding the charge, the company reported adjusted earnings of $1.1 million, or 10 cents per share, in the quarter.

Analysts polled by Thomson Reuters, on average, predicted a profit of 30 cents per share on sales of $108 million.

Sales fell just over 30 percent to $95.1 million from $136.2 million last year.

North American sales fell 28 percent to $48.2 million, while Europe sales dropped 35 percent to $28.1 million and China sales fell 47 percent to $5.7 million. Asia Pacific sales fell 15 percent to $13.1 million.

Cascade has taken several steps as a result of the financial crisis including: reducing its global work force by 20 percent, trimming 10 percent of executive salaries, instituting a hiring freeze and more.

For the year, the company's profit fell 98 percent to $1.3 million from $60.1 million, while revenue slipped 4 percent to $534.2 million from $558.1 million.

Shares of Cascade fell 17 cents to $19.80 in after-hours trading, following a regular session gain of $1.40, or 7.5 percent, to $19.96.