This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Flow International Announces Fourth Quarter And Year-End Results

Stocks in this article: FLOW

KENT, Wash., July 30, 2013 (GLOBE NEWSWIRE) -- Flow International Corporation (Nasdaq:FLOW), the world's leading developer and manufacturer of industrial waterjet machines for cutting and cleaning applications, today reported results for its fiscal 2013 fourth quarter and year ended April 30, 2013.

For the fiscal year ended April 30, 2013, Flow reported consolidated revenue growth of 2%, reaching a new record level of $259.3 million, compared to $253.8 million in the prior fiscal year. Sales from the Standard segment also reached an all-time high of $239.4 million for the fiscal year 2013, a 4% increase from the prior fiscal year, as consumable spare parts sales grew 8% to $86.2 million, also a record, and sales of Standard Systems increased 2% to a record $153.2 million. Net income for fiscal year 2013 was $5.0 million or $0.11 per share from continuing operations, which compares to net income of $9.4 million or $0.20 per share in the prior fiscal year.

For the quarter, Flow reported revenues of $58.4 million, compared to year-ago fourth quarter revenues of $63.4 million. The Company reported a net loss for the quarter of $1.9 million or a loss of $0.04 per share, compared to net income of $2.6 million or $0.06 per share in the year-ago quarter. The Company's fourth quarter net loss includes charges specifically related to its Brazil operations, of approximately $2.3 million. These charges include an adjustment of $0.7 million primarily related to inventory, $0.4 million related to an investigation into allegations of employee misappropriation of Company assets, and $1.2 million for tax reserves and higher non-deductible costs under Brazilian tax regulations.   

Adjusted EBITDA for fiscal year 2013 was $21.2 million or 8% of sales, compared to $24.4 million or 10% of sales for the prior fiscal year. For the quarter, Adjusted EBITDA was $1.9 million or 3% of sales, compared to $5.5 million or 9% of sales in the year-ago quarter. A reconciliation of Adjusted EBITDA to Net Income is provided in the accompanying financial tables.

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,356.87 +288.00 1.69%
S&P 500 2,012.89 +40.15 2.04%
NASDAQ 4,644.3120 +96.4780 2.12%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs