Columbus McKinnon Reports 9.5% Revenue Increase And Significant Profit Growth In Fiscal 2013 First Quarter

Columbus McKinnon Corporation (NASDAQ: CMCO), a leading designer, manufacturer and marketer of material handling products, today announced financial results for its fiscal 2013 first quarter which ended June 30, 2012.

Net sales for the first quarter of fiscal 2013 were $153.0 million, up $13.3 million, or 9.5%, from the prior-year period as strong demand in the U.S. combined with steady order flow from outside the U.S. continued through the quarter. U.S. sales grew 18.5% to $88.1 million, or 58% of total net sales. Sales outside of the U.S. were down 0.7% compared with last year to $64.9 million, or 42% of total sales. Compared with the year-ago quarter, foreign currency translation negatively impacted fiscal 2013 first-quarter sales by $7.1 million, or 5.1%.

The fluctuation in sales compared with fiscal 2012’s first quarter is summarized as follows, in millions:
   

Sales $ Change
     

Sales % Change

Increased volume
$ 15.7   11.2 %
Pricing 4.7 3.4 %
Foreign currency translation   (7.1 ) (5.1 )%
Total $ 13.3   9.5 %

Net income grew over 200% to $8.4 million, or $0.43 per diluted share, in the fiscal 2013 first quarter compared with $2.8 million, or $0.14 per diluted share, in the prior-year period.

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