Columbus McKinnon Corporation (NASDAQ: CMCO), a leading designer, manufacturer and marketer of material handling products, today announced financial results for its fiscal 2013 second quarter which ended September 30, 2012.
Net sales for the second quarter of fiscal 2013 were $146.5 million, down $3.4 million, or 2.3%, from the prior-year period. U.S. sales, which comprised 57% of total sales, grew 4.1% to $83.0 million despite a $2.7 million reduction in revenue from the sale of its Gaffey crane business on August 1, 2012, and one less shipping day in the quarter. Sales outside of the U.S. were down $6.6 million, or 9.5%, to $63.5 million driven by a $7.2 million, or 4.8%, negative impact from foreign currency translation which was partially offset by improved pricing and the addition of its South African subsidiary that serves the mining industry, which was acquired in December 2011.
The fluctuation in sales for the second quarter of fiscal 2013 compared with fiscal 2012 is summarized as follows:
|($ in millions)||$||
|One less shipping day||$||(2.3||)||(1.6||)%|
|Acquisitions and divestitures (net)||(2.2||)||(1.5||)%|
|Foreign currency translation||(7.2||)||(4.8||)%|
Improving margins and a lower effective tax rate drove net income growth by 23.6% to $8.3 million, or $0.42 per diluted share, in the fiscal 2013 second quarter.