Columbus McKinnon Operating Income Expanded 46% On 11% Sales Growth For Fiscal 2012 Fourth Quarter
Columbus McKinnon Corporation (NASDAQ: CMCO), a leading designer,
manufacturer and marketer of material handling products, today announced
financial results for its fiscal fourth quarter and full year ended
Columbus McKinnon Corporation (NASDAQ: CMCO), a leading designer, manufacturer and marketer of material handling products, today announced financial results for its fiscal fourth quarter and full year ended March 31, 2012. Net sales for the fourth quarter of fiscal 2012 were $159.6 million, up $15.6 million, or 10.8%, from the prior year period. U.S. sales grew $15.0 million, or 20.0%, to $90.4 million, while sales outside of the U.S. were essentially flat at $69.2 million and comprised 43.3% of total net sales. Excluding changes in foreign currency translation, which had an unfavorable impact of $2.4 million on fiscal 2012 fourth quarter sales, sales outside the U.S. grew 4.2%. Timothy T. Tevens, President and Chief Executive Officer, commented, “Our diverse product offering, brand strength and market status have afforded us the leading position in hoists and other products in the U.S. and western Europe. Given the current strength of our markets, we are capitalizing on this leadership and growing our revenues around the world, primarily in developing economies. We are also increasing our presence in key markets such as oil and gas, power generation, mining and entertainment.” The fluctuation in sales compared with fiscal 2011’s fourth quarter is summarized as follows, in millions:
Sales $ Change
Sales % Change
Foreign currency translation
Net income improved 253.8% to $9.0 million, or $0.46 per diluted share, in the fiscal 2012 fourth quarter from $2.5 million, or $0.13 per diluted share, in the prior year period.
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.