This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

PMFG, Inc. (Parent Of Peerless Mfg. Co.) Reports Fourth Quarter And Fiscal Year 2010 Financial Results

DALLAS, Sept. 13, 2010 (GLOBE NEWSWIRE) -- PMFG, Inc. (the "Company") (Nasdaq:PMFG) today reported financial results for the fourth quarter and fiscal year ended June 30, 2010.

Fourth Quarter Fiscal Year 2010 Compared to Fourth Quarter Fiscal Year 2009

Revenues were $28.7 million, a decrease of $8.9 million, or 23.7%, compared to revenues of $37.6 million.

Gross profit was $10.7 million, or 37.3% of revenues, a decrease of $2.6 million, compared to $13.3 million, or 35.3% of revenues.

Operating expenses were $9.1 million, an increase of $0.1 million, compared to $9.0 million.

Operating income was $1.7 million, or 5.9% of revenues, a decrease of $2.6 million, compared to $4.3 million, or 11.5% of revenues.

Other income (expense) was ($3.6) million, consisting of a ($2.0) million loss on the fair value adjustment to embedded derivative liabilities, ($0.9) million net interest expense, ($0.5) million foreign exchange loss and ($0.2) million other expense, compared to ($1.1) million, consisting of ($1.4) million net interest expense and ($0.1) million foreign exchange loss and $0.4 million other income.

Income tax benefit was $0.1 million on ($2.0) million of pre-tax loss, compared to income tax expense of ($0.6) million on $3.2 million of pre-tax earnings.

Net loss attributable to PMFG, Inc. common stockholders was ($2.3) million, or ($0.15) per diluted share, a decrease of $4.9 million, or $0.35 per diluted share, compared to net earnings of $2.6 million, or $0.20 per diluted share.

In the first quarter of fiscal year 2010, the Company recorded an embedded derivative liability for the redemption options and conversion rights associated with the issuance on September 4, 2009 of its Series A Convertible Preferred Stock and warrants. In the fourth quarter of fiscal year 2010, the Company recorded a loss of $2.0 million related to the fair value adjustment to the derivative liability.

1 of 7

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs