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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 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.