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,
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:
Foreign currency translation
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.
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.