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Cascade Shares Slip After 4th-quarter Loss

WASHINGTON (AP) ¿ Shares of Cascade Corp. slipped Friday after the maker of forklift attachments, hydraulic cylinders and other loading gear reported a fiscal fourth-quarter loss.

In afternoon trading, Cascade shares lost 56 cents, or 2.8 percent, to $19.40. They earlier traded as low as $18.14. The company's stock has traded between $12.81 and $53.76 over the last 52 weeks.

Cascade on Thursday recorded a quarterly loss of $30.5 million, or $2.82 per share, compared with net income of $8.8 million, or 74 cents per share, in the same period last year. The latest quarter's results reflect a $46.4 million asset impairment charge.

Rodman & Renshaw analyst Joe Giamichael reduced his fiscal 2010 revenue estimate to $404 million from $448.8 million, and his earnings estimate to $1.27 per share from $1.55 per share.

The analyst also lowered his share price target to $25 from $40 due to weak year-over-year results and the weak macro environment.

However, he told clients Cascade continues to provide a compelling investment opportunity for longer-term investors because of its share of the global market place and strong customer relationships.

Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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