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Columbus McKinnon Corp., Amherst, NY, reported sales for the first quarter ended June 30, 2009, were $119.0 million, down
21.3% from the prior-year same period. The manufacturer of material handling products recorded a loss of $2.4 million for
the period, compared to profit of $9.7 million the prior year.
Restructuring charges of $5.8 million, associated
with a broad reorganization combined with the consolidation of the North American hoist and rigging sales
and marketing functions, were recorded during the first quarter of fiscal 2010.
"As expected,
our first quarter sales reflect the full impact of the decline in industrial activity around the world,"
said Timothy T. Tevens, president and CEO. "We are reducing our manufacturing footprint, improving
efficiencies and implementing a ...
Columbus McKinnon Corp., Amherst, NY, reported sales for the first quarter ended June 30, 2009, were $119.0 million, down
21.3% from the prior-year same period. The manufacturer of material handling products recorded a loss of $2.4 million for
the period, compared to profit of $9.7 million the prior year.
Restructuring charges of $5.8 million, associated
with a broad reorganization combined with the consolidation of the North American hoist and rigging sales
and marketing functions, were recorded during the first quarter of fiscal 2010.
"As
expected, our first quarter sales reflect the full impact of the decline in industrial activity around
the world," said Timothy T. Tevens, president and CEO. "We are reducing our manufacturing footprint,
improving efficiencies and implementing a new go-to-market strategy in our key North American hoist and rigging
businesses to even better serve our customers. Additionally, we have successfully reduced expenses across the board and are
evaluating further adjustments as necessary."
International sales were $52.6 million, up 6.6% from the first
quarter of fiscal 2009.
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