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Niwot, CO 80503, USA
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"Bookings continued to improve during the first quarter with double digit increases in each month as the global economy recovers from its trough of a year ago," said Timothy T. Tevens, president and CEO. "Unfortunately, we were unable to take advantage of the strong order activity this quarter due to slower than expected facility integration, including hiring difficulties at our newly-reorganized facilities, and global supply chain bottlenecks. Our focus at this time is on addressing these issues to reduce lead time and convert our expanding backlog into sales in the second quarter."
In April 2009, the Company began a broad reorganization and consolidation of its hoist and rigging operations that included the closure of two manufacturing facilities and the significant downsizing of a third. Restructuring-related costs of $3.1 million associated with the facility consolidation projects were recorded during the first quarter of fiscal 2011, including $1.6 million in cost of goods sold.
International sales were $53.9 million, or 45 percent of total net sales, a 9.6 percent increase compared with $49.2 million for the first quarter of fiscal 2010, net of 2.8 percent unfavorable currency translation impact.