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Gross margin improved 100 basis points in the quarter over the prior-year period
Year-to-date gross margin improved 220 basis points to 30.9%
Generated $16.2 million of cash from operations in the quarter
This quarter's order level was strongest in last three quarters
AMHERST, N.Y., Jan. 23, 2014 (GLOBE NEWSWIRE) -- Columbus McKinnon Corporation (Nasdaq:CMCO), a leading designer, manufacturer and marketer of material handling products, today announced financial results for its fiscal 2014 third quarter which ended December 31, 2013.
Timothy T. Tevens, President and Chief Executive Officer, commented, "We had solid results in the third quarter with sales increasing sequentially 4.5% as our market leadership position enabled us to strengthen our positions in the oil & gas, entertainment and industrial markets, as well as the currently weaker construction and mining markets. Although volume was down year over year, almost half of that was related to project timing. Encouragingly, average sales per day are trending upward. Additionally, our improving margins continue to demonstrate that our productivity enhancements are producing good results."
Net sales for the third quarter of fiscal 2014 were $145.1 million, down $8.2 million, or 5.3%, from the prior-year period. Price improvements, incremental revenue related to a recent acquisition and one additional shipping day helped to partially offset the reduction in volume. Last year's third quarter had two large rail & road projects totaling $6.5 million which did not repeat in this year's quarter. Foreign exchange translation had a positive impact of $0.3 million in the quarter compared with the prior-year period.
U.S. sales, which comprised 54% of total sales, were down by $4.9 million, or 5.8%, to $79.0 million compared with the third quarter of fiscal 2013. Lower volume was attributed to a reduction in volume at certain heavy OEM customers, more than offsetting pricing improvements and the impact of one additional shipping day.