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Columbus McKinnon's profits fell to $3.8 million, or 20 cents per share, from $10 million, or 53 cents per share, a year earlier.
Much of the decline was due to 34 cents per share in one-time charges that Columbus McKinnon absorbed during the quarter. Excluding those expenses, the company's operating profits fell by 23 percent to $14.9 million from $19.4 million.
The company's earnings of 54 cents per share, not counting the 34 cents per share in one-time charges, topped the 41 cents per share that analysts surveyed by Thomson Financial/First Call were expecting.
Columbus McKinnon's sales rose by 13 percent to $165.1 million, mainly because of its Pfaff-silberblau acquisition late last year, which brought in an extra $26.8 million in revenues during the quarter. That offset a 6 percent drop in sales volumes as the economy weakened, especially in its North American markets. The sales were $5 million more than analysts expected.
"We have executed a measurable cost reduction plan and are prepared to implement additional actions as we closely monitor business activity," said Timothy T. Tevens, Columbus McKinnon's president and chief executive officer, in a statement.
drobinson@buffnews.com
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