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DALLAS, May 9, 2013 (GLOBE NEWSWIRE) -- PMFG, Inc. (the "Company") (Nasdaq:PMFG) today reported financial results for the third quarter ended March 30, 2013.
Third Quarter Fiscal Year 2013 Compared to 2012
Revenue for the third quarter of fiscal 2013 of $35.0 million declined slightly from the prior year as higher revenue from the Environmental Systems segment was offset by lower revenue from the Process Products segment.
Gross profit for the third quarter of fiscal 2013 of $10.7 million increased 5.9 percent from the prior year on product mix, and the overlap of a loss on an entrained water separation product that the Company recorded in the third quarter of the prior fiscal year. Gross profit as a percentage of revenue was 30.7 percent in the third quarter of fiscal 2013 compared to 28.6 percent in the prior year. Gross profit as a percentage of revenue declined from the immediately preceding quarter on changes in product mix, project margins, and higher warranty costs in the quarter. Warranty expense totaled $1.0 million (2.9% of consolidated revenue) in the quarter compared to $0.6 million (1.6% of consolidated revenue) in the prior year.
Operating income totaled $1.0 million for the third quarter compared to $1.2 million in the prior period. Operating expenses increased $0.8 million as a result of higher commission expense and the overlap of costs associated with additional sales resources added in China in fiscal 2012.
Net income attributable to PMFG was $0.5 million or $0.03 per diluted share, in the third quarter compared to $1.0 million or $0.05 per diluted share in the prior year.
Process Products segment revenue of $27.4 million in the third quarter decreased 15.4 percent from $32.4 million in the prior year. Lower demand for pressure products in the United States combined with continued customer-driven delays of a significant project contributed to the lower revenue in the quarter. The segment operating income of $3.6 million decreased 27.7 percent from $5.0 million in the prior year on lower relative revenue and an increase in estimated warranty obligations.