Columbus McKinnon Marks Multi-Year Growth Trend
May 30, 2007 -- Columbus McKinnon Corp. (CMCO) beat expectations with its fiscal fourth-quarter results, logging in net sales of $156.9 million. That amount was up 6.7 percent from last year's fourth quarter. For the three months ended March 31, the
Those profit numbers compare with $47.8 million, or $2.53 per share, during the same period last year. Adjusted pro forma net income was $11.2 million, or 59 cents per share. That compares with $8.5 million, or 45 cents per share in 2006. Analysts expected a net income of 48 cents per share.
“Fiscal 2007 marks our third consecutive year of sales growth and margin expansion, as well as our ninth consecutive year of debt reduction,” said Timothy T. Tevens, president and CEO. “Pro forma net income, which excludes a significant tax benefit last year in addition to some other items, increased 33 percent in the quarter and 50 percent for the full year.”
The company also achieve goals of an operating margin in the 11-12 percent range, and debt, net of cash, below 35 percent of total capitalization, said Tevens. “The drivers of our steadily improving operating performance and financial strength are the strong sales and cash flow of our Products segment, which comprises approximately 90 percent of CMCO's sales, and our successful refinancing activities. In the 2007 fourth quarter, we achieved 9 percent net sales growth and an operating margin of 15 percent in the Products segment.”
For the year, there was a 43-percent drop in net income to $34.1 million, or $1.80 per share. That compares to $59.8 million, or $3.60 per share, last year. A hike of $36 million adjusted pro forma net income equals $1.90 per share, versus $24.1 million, or $1.45 per share. The company also recorded an increase of 6 percent for full-year revenue to $589.8 million, that from $556 million.
“We continue to be optimistic as we look forward into fiscal 2008,” Tevens said. “Bookings for the fourth quarter were up in the mid-single digits range over last year's fourth quarter. We are focused on further increasing our international market share as we expand in higher growth foreign markets with a broader array of our products while continuing to lead North American markets. We also continue to search for strategic, bolt-on acquisitions to complement our organic growth around the world.”
