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Columbus McKinnon Corporation (NASDAQ: CMCO), a leading designer, manufacturer and marketer of material handling products, today announced financial results for its fiscal 2012 third quarter that ended on December 31, 2011.
Net sales for the third quarter of fiscal 2012 were $142.8 million, up $14.1 million, or 10.9%, from the prior-year period. U.S. sales grew $8.3 million, or 12.5%, to $74.7 million, while sales outside of the U.S. expanded 9.3% to $68.1 million and comprised 47.7% of total net sales. Excluding changes in foreign currency translation, which had a $0.5 million favorable impact on fiscal 2012 third quarter sales, sales outside the U.S. grew 8.5%.
Timothy T. Tevens, President and Chief Executive Officer, commented, “We have had consistent, solid sales growth as our customer-focused product innovation and quality service combine to capture market share in Europe, Asia and Latin America. We have also seen economic conditions in the U.S. steadily improve throughout the quarter. From a global standpoint, we continue to make strategic investments to capitalize on continued economic development, particularly in emerging markets such as China and Brazil.”
The fluctuation in sales compared with fiscal 2011’s third quarter is summarized as follows, in millions:
Sales $ Change
Sales % Change
Foreign currency translation
Net income measurably improved to $8.5 million, or $0.44 per diluted share, in the fiscal 2012 third quarter from a loss of $39.6 million, or $2.08 per diluted share, in the prior-year period. Positively impacting net income in the fiscal 2012 third quarter was a gain on the sale of a closed facility and a gain on the re-measurement of investment related to recent South African acquisition, both of which are discussed further below. Excluding these unusual events, diluted earnings per share would have been $0.33. The third quarter of fiscal 2011 included a non-cash tax provision of $39.7 million, or $2.08 per share, to record a full valuation allowance against Columbus McKinnon’s deferred tax assets.