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Columbus McKinnon Operating Income Expanded 46% On 11% Sales Growth For Fiscal 2012 Fourth 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 fourth quarter and full year ended March 31, 2012.

Net sales for the fourth quarter of fiscal 2012 were $159.6 million, up $15.6 million, or 10.8%, from the prior year period. U.S. sales grew $15.0 million, or 20.0%, to $90.4 million, while sales outside of the U.S. were essentially flat at $69.2 million and comprised 43.3% of total net sales. Excluding changes in foreign currency translation, which had an unfavorable impact of $2.4 million on fiscal 2012 fourth quarter sales, sales outside the U.S. grew 4.2%.

Timothy T. Tevens, President and Chief Executive Officer, commented, “Our diverse product offering, brand strength and market status have afforded us the leading position in hoists and other products in the U.S. and western Europe. Given the current strength of our markets, we are capitalizing on this leadership and growing our revenues around the world, primarily in developing economies. We are also increasing our presence in key markets such as oil and gas, power generation, mining and entertainment.”

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

        Sales $ Change     Sales % Change
Increased volume $ 13.8 9.6 %
Pricing $ 4.2 2.9 %
Foreign currency translation $ (2.4 ) (1.7 )%
Total $ 15.6   10.8 %

Net income improved 253.8% to $9.0 million, or $0.46 per diluted share, in the fiscal 2012 fourth quarter from $2.5 million, or $0.13 per diluted share, in the prior year period.

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