Columbus McKinnon Corporation (NASDAQ: CMCO), a leading designer, manufacturer and marketer of material handling products, announced today the launch of its new Lodestar Electric Chain Hoist. Building on the CM Lodestar 50-year tradition of excellence, the advancements made to this product were engineered to meet American and international standards for use in all types of lifts and applications. In addition, the new design provides for a longer service life and improved serviceability, performance and safety. The new Lodestar has a capacity range up to 3 tons. Timothy T. Tevens, President and Chief Executive Officer, commented, “The Lodestar Electric Chain Hoist has long been an industry standard for lifting and positioning and it is our belief that it is one of the most durable and widely used chain hoists in the market today. These latest features and improvements demonstrate our commitment to innovate our products and remain the industry standard. Offering the highest quality Made-in-the-USA hoists that meet international standards is an integral part of our plan to grow sales and expand market share.” The new CM Lodestar Electric Chain Hoist features a control panel with finger-safe wiring and plug and play connectors, allowing for quick voltage change, access to terminal strips, and simple fuse installation. The clutch is now located outside of the transmission, providing reduced downtime for maintenance and improved safety in the event of an overload. Additional improvements include an 80% reduction in sound pressure and enhancements to improve chain life. For more information about this product, please visit www.cmworks.com/lodestar. About Columbus McKinnon Columbus McKinnon is a leading worldwide designer, manufacturer and marketer of material handling products, systems and services, which efficiently and ergonomically move, lift, position and secure materials. Key products include hoists, cranes, actuators and lifting and rigging tools. The Company is focused on commercial and industrial applications that require the safety and quality provided by its superior design and engineering know-how. Comprehensive information on Columbus McKinnon is available on its website at http://www.cmworks.com. Safe Harbor StatementThis news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements concerning future revenue and earnings, involve known and unknown risks, uncertainties and other factors that could cause the actual results of the Company to differ materially from the results expressed or implied by such statements, including general economic and business conditions, conditions affecting the industries served by the Company and its subsidiaries, conditions affecting the Company's customers and suppliers, competitor responses to the Company's products and services, the overall market acceptance of such products and services, the effect of operating leverage, the pace of bookings relative to shipments, the ability to expand into new markets and geographic regions, the success in acquiring new business, the speed at which shipments improve, and other factors disclosed in the Company's periodic reports filed with the Securities and Exchange Commission. The Company assumes no obligation to update the forward-looking information contained in this release.
Shareholders of Columbus McKinnon Corp. looking to boost their income beyond the stock's 0.6% annualized dividend yield can sell the September covered call at the $30 strike and collect the premium based on the $1.20 bid, which annualizes to an additional 7.4% rate of return against the current stock price (at Stock Options Channel we call this the YieldBoost), for a total of 8% annualized rate in the scenario where the stock is not called away.
Shares of Columbus McKinnon Corporation (Nasdaq:CMCO) were gapping up Thursday morning with an open price 13.5% higher than Wednesday's closing price. The stock closed at $13.88 yesterday and opened today's trading at $15.75.