Columbus McKinnon Corporation Comments on Expected Fourth Quarter Results

Apr 11, 2001, 01:00 ET from Columbus McKinnon Corporation

    AMHERST, N.Y., April 11 /PRNewswire/ --
 Columbus McKinnon Corporation (Nasdaq:   CMCO), commented today on its expected
 financial results for its fiscal 2001 fourth quarter and full year which ended
 on March 31, 2001.  The company currently anticipates net income per diluted
 share for its fourth fiscal quarter to range from approximately $0.24 to
 $0.29, compared with fiscal 2000 fourth quarter net income per diluted share
 of $0.49.  Based on its revised expectations, Columbus McKinnon expects net
 income per diluted share of approximately $1.06 to $1.11 for the fiscal year
 compared with $1.20 per diluted share in fiscal 2000.  On May 22, 2001, the
 company will issue its regularly scheduled earnings release for the fourth
 fiscal quarter and year ended March 31, 2001 and hold a conference call to
 discuss its actual financial results.
     "The continuing recession in the manufacturing economy, which worsened
 during our fourth fiscal quarter, combined with the widespread uncertainty it
 has created, is delaying capital spending and reducing demand for industrial
 products significantly more than we earlier anticipated," said Timothy T.
 Tevens, President and Chief Executive Officer.  "While CM's fourth quarter
 revenues are expected to be up modestly from the fiscal third 2001 quarter,
 they will be well below last year's strong fourth quarter. That decline
 combined with tighter margins, higher energy costs, and the unusual costs
 associated with our recently concluded strategic alternatives process, will
 result in lower than expected earnings for the quarter."
     Tevens continued, "We are moving quickly to implement our strategic
 initiatives, including adoption of lean manufacturing at a number of key
 facilities to position us for greater profitability going forward.  We are
 also continuing to further reduce both variable and fixed costs to lessen the
 impact of this broad-based economic slowdown on our financial results in the
 upcoming fiscal year.  While the near-term business environment appears likely
 to continue to be difficult, Columbus McKinnon's ability to generate
 significant operating cash flow and its leading market share in many product
 lines better enable it to endure the effects of this business cycle."
 
     Columbus McKinnon Corporation is a broad-line designer, manufacturer and
 supplier of sophisticated material handling products and integrated material
 handling systems that are widely distributed to industrial and consumer
 markets worldwide. Those items that reflect the highest sales of Columbus
 McKinnon's Products segment are hoists, cranes, welded steel chain and
 attachments, and industrial components. Integrated material handling solutions
 are systems that are designed to meet specific applications of end users to
 increase productivity through material handling. Comprehensive information on
 Columbus McKinnon is available on its Web site at HYPERLINK
 http://www.cmworks.com
 
     This press release contains "forward-looking statements" within the
 meaning of the Private Securities Litigation Reform Act of 1995.  Such
 statements include, but are not limited to, statements concerning future
 revenue and earnings, involve known and unknown risks, uncertainties and other
 factors that could cause the actual results of the Company to differ
 materially from the results expressed or implied by such statements, including
 general economic and business conditions, conditions affecting the industries
 served by the Company and its subsidiaries, conditions affecting the Company's
 customers and suppliers, competitor responses to the Company's products and
 services, the overall market acceptance of such products and services and
 other factors disclosed in the Company's periodic reports filed with the
 Securities and Exchange Commission. The Company assumes no obligation to
 update the forward-looking information contained in this press release.
 
 

SOURCE Columbus McKinnon Corporation
    AMHERST, N.Y., April 11 /PRNewswire/ --
 Columbus McKinnon Corporation (Nasdaq:   CMCO), commented today on its expected
 financial results for its fiscal 2001 fourth quarter and full year which ended
 on March 31, 2001.  The company currently anticipates net income per diluted
 share for its fourth fiscal quarter to range from approximately $0.24 to
 $0.29, compared with fiscal 2000 fourth quarter net income per diluted share
 of $0.49.  Based on its revised expectations, Columbus McKinnon expects net
 income per diluted share of approximately $1.06 to $1.11 for the fiscal year
 compared with $1.20 per diluted share in fiscal 2000.  On May 22, 2001, the
 company will issue its regularly scheduled earnings release for the fourth
 fiscal quarter and year ended March 31, 2001 and hold a conference call to
 discuss its actual financial results.
     "The continuing recession in the manufacturing economy, which worsened
 during our fourth fiscal quarter, combined with the widespread uncertainty it
 has created, is delaying capital spending and reducing demand for industrial
 products significantly more than we earlier anticipated," said Timothy T.
 Tevens, President and Chief Executive Officer.  "While CM's fourth quarter
 revenues are expected to be up modestly from the fiscal third 2001 quarter,
 they will be well below last year's strong fourth quarter. That decline
 combined with tighter margins, higher energy costs, and the unusual costs
 associated with our recently concluded strategic alternatives process, will
 result in lower than expected earnings for the quarter."
     Tevens continued, "We are moving quickly to implement our strategic
 initiatives, including adoption of lean manufacturing at a number of key
 facilities to position us for greater profitability going forward.  We are
 also continuing to further reduce both variable and fixed costs to lessen the
 impact of this broad-based economic slowdown on our financial results in the
 upcoming fiscal year.  While the near-term business environment appears likely
 to continue to be difficult, Columbus McKinnon's ability to generate
 significant operating cash flow and its leading market share in many product
 lines better enable it to endure the effects of this business cycle."
 
     Columbus McKinnon Corporation is a broad-line designer, manufacturer and
 supplier of sophisticated material handling products and integrated material
 handling systems that are widely distributed to industrial and consumer
 markets worldwide. Those items that reflect the highest sales of Columbus
 McKinnon's Products segment are hoists, cranes, welded steel chain and
 attachments, and industrial components. Integrated material handling solutions
 are systems that are designed to meet specific applications of end users to
 increase productivity through material handling. Comprehensive information on
 Columbus McKinnon is available on its Web site at HYPERLINK
 http://www.cmworks.com
 
     This press release contains "forward-looking statements" within the
 meaning of the Private Securities Litigation Reform Act of 1995.  Such
 statements include, but are not limited to, statements concerning future
 revenue and earnings, involve known and unknown risks, uncertainties and other
 factors that could cause the actual results of the Company to differ
 materially from the results expressed or implied by such statements, including
 general economic and business conditions, conditions affecting the industries
 served by the Company and its subsidiaries, conditions affecting the Company's
 customers and suppliers, competitor responses to the Company's products and
 services, the overall market acceptance of such products and services and
 other factors disclosed in the Company's periodic reports filed with the
 Securities and Exchange Commission. The Company assumes no obligation to
 update the forward-looking information contained in this press release.
 
 SOURCE  Columbus McKinnon Corporation