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Fourth quarter sales were up 11% to $160.5 million driven by 16% increase in non-U.S. sales and 7% increase in U.S. sales
Gross margin improved 70 basis points to 31.3% in the fourth quarter over the prior-year period; Fiscal 2014 gross margin improved 180 basis points to 31.0%
Generated $29.5 million of cash from operations in fiscal 2014.
Announced regular quarterly dividend of $0.04 per share during the quarter
Acquired Unified Industries in quarter and expanded product offerings
AMHERST, N.Y., May 22, 2014 (GLOBE NEWSWIRE) -- Columbus McKinnon Corporation (Nasdaq:CMCO), a leading designer, manufacturer and marketer of material handling products and services, today announced financial results for its fiscal fourth quarter and full year ended March 31, 2014. Results include the acquisition of Unified Industries, Inc. on February 28, 2014. Unified Industries, Inc. designs, manufactures and markets overhead light rail workstations primarily used in automotive and industrial applications.
Net sales for the fourth quarter of fiscal 2014 were $160.5million, up $15.9 million, or 11.0%, from the prior-year period. Sales volume was the largest driver of improved revenue; however price improvements and incremental revenue related to acquisitions also contributed to the growth. Foreign exchange translation had a positive impact on sales of $0.2 million in the quarter compared with the prior-year period.
Timothy T. Tevens, President and Chief Executive Officer, commented, "We recognized strong demand in the fourth quarter which converted to revenue very quickly. We completed the installation of a large Rail & Road project in Canada and were excited to see Europe rebound rather nicely from its lows. Higher volume along with productivity improvements drove gross profits at a greater rate than sales as we realized the leverage inherent in our business. Additionally, our recent Unified acquisition was accretive in the quarter and will have a positive impact on sales and operating income in fiscal 2015."