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For the first nine months of the fiscal year, sales were $380.1 million, up 7.6 percent over the same period for fiscal 2010. Net loss for the period was $38.5 million, compared to the prior-year loss of $7.5 million.
U.S. industrial capacity utilization continued its positive trend through 2010 and increased to 73.6 percent in December. Euro zone capacity utilization also trended higher last year, reaching 77.6 percent in the third quarter of 2010 compared with the trough of 69.6 percent in the third quarter of 2009.
"European sales continue to outpace the general improvement in the economy," said Timothy T. Tevens, president and CEO. "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."
During the third quarter, sales outside of the U.S. expanded 16.5 percent to $62.3 million, or 48 percent of total net sales, compared with $53.5 million, or 45 percent of total sales, in the third quarter of fiscal 2010. Sales in Asia grew 63 percent, reaching 2.7 percent of total sales.