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Columbus McKinnon Operating Income More Than Doubles On 13.3% Increase In Sales For Fiscal 2012 Second Quarter

Stocks in this article: CMCO

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

Effective Strategy to Expand Outside U.S. Markets Drives Growth

Net sales for the second quarter of fiscal 2012 were $149.9 million, up $17.6 million, or 13.3%, from the prior-year period based on strength across all geographic markets. Sales outside of the U.S. expanded 22.7% to $70.1 million and comprised 47% of total net sales, compared with $57.1 million, or 43% of total sales, in the second quarter of fiscal 2011. Compared with the year-ago quarter, changes in foreign currency translation favorably impacted fiscal 2012 second quarter sales by $5.4 million, or 4.1%.

Timothy T. Tevens, President and Chief Executive Officer, commented, “We continue to see solid growth in all markets with excellent expansion in the Latin American countries and Asia, specifically China, as well as strengthening in the U.S. markets. Our growth in the European markets continues, albeit at a somewhat slower pace. Our strategy to expand our international presence in Asia, Latin America and Eastern Europe, while targeting end markets in the U.S., has been a key driver to our double digit growth in the last four quarters. As we continue to execute on our growth strategy, we expect that sales outside the U.S. market will grow faster than the U.S. and beyond our stated goal of achieving 50% of our sales outside the U.S. We believe our strong, worldwide brand, expanding line of high quality products and growing distribution network in these targeted markets gives us a continued competitive advantage against regional, national and global competitors.”

The fluctuation in sales compared with fiscal 2011’s second quarter is summarized as follows, in millions:

 

Sales $ Change

   

Sales % Change

Increased volume

$

8.9

6.7

%

Pricing 3.3 2.5 %
Foreign currency translation   5.4 4.1 %
Total $ 17.6 13.3 %
 

Net income more than tripled to $6.7 million, or $0.34 per diluted share, in the fiscal 2012 second quarter over net income of $1.9 million, or $0.10 per diluted share, in the prior-year period.

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