Columbus McKinnon posts 2Q loss as sales fall

Columbus McKinnon moves to 2nd-quarter loss on drop in sales, charges

• On 9:29 am EDT, Friday October 23, 2009

AMHERST, N.Y. (AP) -- Columbus McKinnon Corp., a producer of cranes and hoists, said Friday it posted a $2.7 million fiscal second-quarter loss on lower sales, along with hefty restructuring and other charges.

Columbus McKinnon's loss amounted to 14 cents per share and compared with a year-ago profit of $10.6 million, or 55 cents per share.

Excluding one-time charges, the company posted an adjusted profit of $2.3 million, or 12 cents per share, compared with an adjusted $9.7 million, or 50 cents per share. The restructuring charges were related to the consolidation of its North American hoist and rigging manufacturing operations.

Sales dropped 26 percent to $115.2 million from $154.7 million. The company attributed the drop to continued weakness in the global economy, combined with the tendency for its bookings to lag general economic trends by one to two quarters.

Analysts polled by Thomson Reuters expected a profit of 8 cents per share on $119.2 million in revenue.