Posted May 27, 2010
Columbus McKinnon sales and earnings fall
Columbus McKinnon Corporation's net sales for the fourth quarter of fiscal 2010 were $123.0 million, down $12.8 million, or 9.4%, from the same period in the prior year.
However, sales improved sequentially over the last two quarters, reflecting continued improvement in the global economy. Net income was $2.0 million, or 10 cents per diluted share, compared with $3.2 million, or 17 cents per diluted share in the same period last year. Gross profit was $31.6 million, or 25.7% of sales, compared with $34.8 million, or 25.6% of sales, in fiscal 2009's fourth quarter.
Net sales for fiscal 2010 were $476.2 million, down 21.5% from fiscal 2009.
"The sequential improvement in sales is encouraging, with our European business performing particularly well in the quarter, although we appear to continue to follow our historic pattern of lagging industrial sector recoveries by several months," said Timothy T. Tevens, president and CEO.
