Posted January 28, 2011
Columbus McKinnon posts loss
Columbus McKinnon Corporation reported net sales for the third quarter of fiscal 2011 increased 8.2% to $128.7 million from the same period last year.
The designer, manufacturer and marketer of material handling products reported a net loss of $39.6 million, or $2.08 per diluted share, compared with a net loss of $2.3 million, or 12 cents per diluted share, for the same period last year. The quarter included a non-cash tax provision of $39.7 million to record a full valuation allowance against Columbus McKinnon's deferred tax assets.
Sales outside of the U.S. expanded 16.5% to $62.3 million, or 48% of total net sales, compared with $53.5 million, or 45% of total sales, in the third quarter of fiscal 2010.
"European sales continue to outpace the general improvement in the economy. We believe we are continuing to capture greater market share as the breadth of our product offering, strength of our brands and the reach of our sales presence provide us competitive advantages. Likewise, in Asia-Pacific and Latin America we are furthering our presence in those expanding economies," said Timothy T. Tevens, president and chief executive officer.
