DALLAS, Sept. 12, 2012 (GLOBE NEWSWIRE) -- PMFG, Inc. (the "Company") (Nasdaq:PMFG) today reported financial results for the fourth quarter and fiscal year ended June 30, 2012.
Fourth Quarter Fiscal Year 2012 Compared to Fourth Quarter Fiscal Year 2011
Revenue in the fourth quarter of fiscal 2012 decreased $1.5 million, or 4.5%, to $33.0 million as strong growth in the Process Products segment was more than offset by lower revenue from the Environmental Systems segment. Increasing global demand for separation and filtration equipment utilized in natural gas infrastructure and power generation is driving the growth in the Process Products segment. The demand for the Company's environmental systems products is highly dependent on the demand for new gas-fired power generation in the United States. Uncertainty around the implementation timing of certain environmental rules and regulations and decreased demand for new power generation are contributing to the lower revenue in the Environmental Systems segment.Gross profit decreased in the quarter by $0.9 million, or 8.3%, to $9.9 million, while the gross margin declined as a percent of revenue from 31.4% to 30.0%. Gross profit was negatively impacted by $0.4 million of charges related to the closure and sale of our manufacturing facility in Abilene, Texas. Excluding the impact of the charges related to the Abilene facility, gross profit as a percentage of revenue was comparable to the prior year. Operating expenses remained flat at $10.5 million in the quarter compared to the prior year, excluding a $3.6 million non-cash impairment charge on certain intangible assets recognized in the fourth quarter of fiscal 2011. Interest expense declined 39.4% in the quarter to $0.3 million on lower average balances outstanding. Net loss attributable to PMFG, Inc. common stockholders was $0.9 million, a decrease of $1.0 million, or $(0.04) per diluted share from the prior year. On a non-GAAP basis, the net loss attributable to PMFG common shareholders was $0.6 million or $(0.03) per diluted share compared to net income of $2.1 million or $0.12 per diluted share in the prior year. A reconciliation between GAAP and non-GAAP results is shown in the tables accompanying this release.