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Third quarter 2013 sales declined one percent from third quarter 2012
FRAG segment sales up seven percent year-over-year for the third quarter of 2013
Net debt reduced $55.7 million in the third quarter on strong free cash flow
Company has filed its June 30, 2013 Form 10-Q
PORTLAND, Ore., Nov. 1, 2013 (GLOBE NEWSWIRE) -- Blount International, Inc. (NYSE:BLT) ("Blount" or "Company") today announced results for the third quarter ended September 30, 2013.
Results for the Quarter Ended September 30, 2013
Sales in the third quarter were $230.6 million, a one percent decrease versus the third quarter of 2012. Operating income for the third quarter of 2013 was $15.6 million compared to $22.5 million in the prior year. Restructuring charges of $5.1 million were incurred in the third quarter related mostly to consolidating the Company's two forestry-related, Portland, Oregon manufacturing facilities. Third quarter net income was $7.7 million, or $0.15 per diluted share, compared to $11.6 million, or $0.23 per diluted share, in the third quarter of 2012.
"In the third quarter, our business results were mixed. Our FLAG business improved in North America but continued to be challenged by difficult economic conditions in other regions, particularly Europe and Asia," stated Josh Collins, Blount's Chairman and CEO. "Our FRAG and CCF businesses performed well in the quarter, and both had increased sales compared to last year."
"As we navigate through the soft FLAG demand, we remain committed to managing our balance sheet and cost structure. We generated significant cash flow and reduced net debt and working capital in the third quarter," Mr. Collins continued. "Also, the closure of our Milwaukie, Oregon operation and consolidation of production into our other facilities remains on schedule and is expected to be completed in the fourth quarter."