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Columbus McKinnon Reports 17% Revenue Increase And Significant Operating Income Growth In Fiscal 2012 First Quarter

Columbus McKinnon Corporation (NASDAQ: CMCO), a leading designer, manufacturer and marketer of material handling products, today announced financial results for its fiscal 2012 first quarter that ended on June 30, 2011.

Market-share gains and strong order activity levels produce solid top-line growth

Net sales for the first quarter of fiscal 2012 were $139.8 million, up $20.7 million, or 17.4%, from the prior-year period as improving demand levels drove strong order activity globally. Sales outside of the U.S. expanded 22% to $65.8 million, or 47% of total net sales, compared with $53.9 million, or 45% of total sales, in the first quarter of fiscal 2011. Compared with the year-ago quarter, changes in foreign currency translation favorably impacted fiscal 2012 first-quarter sales by $7.2 million, or 6%.

Both U.S. and Eurozone capacity utilization are leading market indicators for the Company. U.S. industrial capacity utilization increased to 74.9% in June 2011, up from 71.9% in June 2010. Eurozone capacity utilization has also been moving higher for the last eight quarters, reaching 81.3% in June 2011 compared with 76.8% in June of last year.

Timothy T. Tevens, President and Chief Executive Officer, commented, “We had a solid first quarter, realizing market share gains and economic expansion in all of our global markets. The momentum that we started realizing in the middle of fiscal 2011 continued to build and positively impacted our business. We are successfully targeting emerging markets in China, Latin America, and Eastern Europe which we plan to complement with strategic acquisitions as we identify the right opportunities. We believe our growth opportunities in the world’s largest emerging markets could be substantial.”

The fluctuation in sales compared with fiscal 2011’s first quarter is summarized as follows, in millions:
    Sales $     Sales %




Increased volume




Pricing 2.5 2.1 %
Foreign currency translation   7.2 6.0 %
Total $ 20.7 17.4 %

The Company had net income of $2.8 million, or $0.14 per diluted share, in the fiscal 2012 first quarter compared with a loss of $0.7 million, or $0.04 loss per diluted share, in the prior-year period. The fiscal 2012 quarter was negatively impacted by $1.2 million, or $0.06 per diluted share, due to a non-cash pension curtailment charge reflected in cost of goods sold.

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