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Cascade Corp. Swings To Loss In Q1

The Associated Press

PORTLAND, Ore. (AP) — Cascade Corp. posted a loss for its fiscal first quarter due to weak demand and expenses tied to the closure of a manufacturing facility.

The Portland, Ore.-based manufacturer said it lost $12.1 million, or $1.12 per share, for the quarter ended April 30. That's down from a profit of $11 million, or $1.01 per share, in the same quarter of last year. The most recent results include $4.8 million of restructuring costs, primarily as a result of the close of a manufacturing facility in France.

Total sales fell 49 percent to $76.3 million for the first quarter.

Analysts surveyed by Thomson Reuters expected the company to earn 13 cents per share on revenue of $87.6 million for the quarter. Analyst expectations typically exclude one-time items.

Shares of Cascade Corp. fell $2.57, or nearly 9 percent, to $27.50 in after-hours trading Thursday following the news.