Immediate Release
Columbus McKinnon Reports Operating Margin Expansion on 10.9% Increase in Sales for Fiscal 2012 Third Quarter
| · | Net sales in third quarter were $142.8 million; U.S. sales were up 12.5% while non-U.S. revenue grew 9.3% driven by Europe, Latin America and continued progress in China |
| · | Operating margin increased to 8.4%, up 610 basis points over last year, including a gain on the sale of a closed facility; excluding the gain, operating margin was 7.4% reflecting a 54% operating leverage |
| · | Third quarter diluted earnings per share of $0.44 includes the gain on the sale of the closed facility and a gain on the re-measurement of an investment related to our recent South African acquisition; Excluding both gains, third quarter diluted earnings per share would have been $0.33 |
| · | Strong balance sheet with $82 million in cash and net debt to total capitalization of 28.9% |
AMHERST, NY, January 27, 2012 – Columbus McKinnon Corporation (NASDAQ: CMCO), a leading designer, manufacturer and marketer of material handling products, today announced financial results for its fiscal 2012 third quarter that ended on December 31, 2011.
Net sales for the third quarter of fiscal 2012 were $142.8 million, up $14.1 million, or 10.9%, from the prior-year period. U.S. sales grew $8.3 million, or 12.5%, to $74.7 million, while sales outside of the U.S. expanded 9.3% to $68.1 million and comprised 47.7% of total net sales. Excluding changes in foreign currency translation, which had a $0.5 million favorable impact on fiscal 2012 third quarter sales, sales outside the U.S. grew 8.5%.
Timothy T. Tevens, President and Chief Executive Officer, commented, “We have had consistent, solid sales growth as our customer-focused product innovation and quality service combine to capture market share in Europe, Asia and Latin America. We have also seen economic conditions in the U.S. steadily improve throughout the quarter. From a global standpoint, we continue to make strategic investments to capitalize on continued economic development, particularly in emerging markets such as China and Brazil.”
The fluctuation in sales compared with fiscal 2011’s third quarter is summarized as follows, in millions:
| | | Sales $ Change | | | Sales % Change | |
| Increased volume | | $ | 10.0 | | | | 7.8 | % |
| Pricing | | $ | 3.6 | | | | 2.8 | % |
| Foreign currency translation | | $ | 0.5 | | | | 0.4 | % |
| Total | | $ | 14.1 | | | | 10.9 | % |
Net income measurably improved to $8.5 million, or $0.44 per diluted share, in the fiscal 2012 third quarter from a loss of $39.6 million, or $2.08 per diluted share, in the prior-year period. Positively impacting net income in the fiscal 2012 third quarter was a gain on the sale of a closed facility and a gain on the re-measurement of investment related to recent South African acquisition, both of which are discussed further below. Excluding these unusual events, diluted earnings per share would have been $0.33. The third quarter of fiscal 2011 included a non-cash tax provision of $39.7 million, or $2.08 per share, to record a full valuation allowance against Columbus McKinnon’s deferred tax assets.
Columbus McKinnon Reports Operating Margin Expansion on 10.9% Increase in Sales for Fiscal 2012 Third Quarter
January 27, 2012
Page 2 of 9
Leverage on Higher Volume Drives Margin Expansion in Third Quarter
Gross profit increased to $38.6 million, or 27.0% of sales, for the fiscal 2012 third quarter from $29.4 million, or 22.8% of sales, in fiscal 2011’s third quarter. Higher gross profit and margin expansion reflect the impact of restructuring activities and the leverage gained on higher sales. The Company’s forging operation contributed $1.9 million to gross profit improvement in the quarter.
Selling expenses of $16.0 million were relatively unchanged when compared with the third quarter of fiscal 2011. As a percent of revenue, selling expenses were 11.2% compared with 12.1% in the same period last year. Measured cost discipline helped to hold selling expenses flat despite revenue expansion.
General and administrative (G&A) expenses were $11.6 million in the third quarter of fiscal 2012, up 12.9%, or $1.3 million, from the previous fiscal year’s third quarter, reflecting investments in emerging markets, higher professional services expense and new product development. G&A expenses were 8.1% of revenue for the third quarter of this year compared with 8.0% for last year’s third quarter. Compared with the trailing second quarter of fiscal 2012, the $0.7 million increase was mostly related to investments in emerging markets and professional services expense.
The third quarter of fiscal 2012 included a favorable adjustment in restructuring charges of $1.5 million related to a gain on the sale of the facility in Cedar Rapids, IA that had previously housed forging operations. The prior-year period had restructuring charges of $0.2 million.
Third quarter fiscal 2012 operating margin improved to 8.4% from 2.3% in the third quarter of fiscal 2010. Excluding the impact of the facility sale, operating margin was 7.4% and operating leverage was 54.0% (defined as the year-over-year change in operating income divided by the year-over-year change in sales).
Mr. Tevens commented, “Our forging operations continue to improve and have now contributed positively to our gross margin expansion this quarter. We continue to gain our customers’ confidence and expand volume through the facility in order to achieve targeted gross margin levels in that operation. To date, we have recognized approximately $6.4 million in net cumulative savings from our overall restructuring activities. The hoist and chain consolidations, which have exceeded our expectations, have achieved a total of approximately $13 million in savings since the consolidations began, of which $1.2 million was reflected in this quarter.”
Interest and debt expense was $3.6 million in the fiscal 2012 third quarter compared with $3.3 million in the third quarter of fiscal 2011. Included in other income was $0.9 million associated with the gain on re-measurement of the original 20% investment in Yale Lifting Solutions. The Company previously announced on January 10, 2012, that it had acquired the remaining 80% ownership of this South African business. The acquisition closed on December 13, 2011.
Strong balance sheet provides financial flexibility to support growth initiatives
Cash and equivalents at December 31, 2011 was $82.0 million. Debt, net of cash, at December 31, 2011 was $71.7 million, or 28.9% of total capitalization, compared with $85.5 million, or 36.0% of total capitalization at December 31, 2010. Total long term debt at the end of the fiscal 2012 third quarter was $152.1 million. The Company also had $69.5 million of availability on its $85 million line of credit, with nothing drawn and $15.5 million of outstanding letters of credit.
Columbus McKinnon Reports Operating Margin Expansion on 10.9% Increase in Sales for Fiscal 2012 Third Quarter
January 27, 2012
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Cash provided by operations for the first nine months of fiscal 2012 was $13.5 million of which $9.0 million was generated in the third quarter. Cash used in operations in the first nine months of fiscal 2011 was $17.0 million.
Working capital as a percentage of sales decreased to 17.5% at the end of the third quarter of fiscal 2012, compared with 19.0% at the end of the third quarter of fiscal 2011. The Company’s long term goal remains a 15% working capital to sales ratio.
Capital expenditures for the first nine months of fiscal 2012 were $10.5 million compared with $8.9 million in the prior-year period. The Company anticipates capital spending will be approximately $13 million to $15 million in fiscal 2012 with approximately $4 million to $5 million dedicated to its global ERP system initiative. Other capital investments are focused on new product development, productivity enhancements, maintenance capital and environmental, health and safety initiatives.
First nine months fiscal 2012 review
Net sales for the first nine months of fiscal 2012 were $432.4 million, up 13.8% from the same period in the prior fiscal year. This was a $52.3 million increase over sales of $380.1 million in the first nine months of fiscal 2011.
Gross profit margin was 26.2% in the first nine months of fiscal 2012 compared with 23.3% for the first nine months of fiscal 2011. Selling expenses increased $1.3 million, or 2.8%, compared with last year. G&A expenses increased $4.1 million, or 13.7%, primarily due to investments in emerging markets, professional services and product development. As a percent of sales, selling and G&A expenses decreased to 18.8% during the first nine months of fiscal 2012 compared with 20.0% in the same period the prior year.
Income from operations for the first nine months of fiscal 2012 was $31.5 million, or 7.3% of sales, compared with $9.3 million, or 2.4% of sales, in the prior year period. The first nine months of fiscal 2012 included a charge for a pension curtailment for $1.2 million and a $1.5 million positive adjustment in restructuring charges for the sale of the closed facility discussed previously. In the corresponding period in fiscal 2011, the Company recorded restructuring charges of $1.9 million.
Interest and debt expense in the first nine months of fiscal 2012 was $10.7 million, up from $9.9 million in the fiscal 2011 nine-month period due to higher average debt balances outstanding. During the fourth quarter of fiscal 2011, the Company refinanced its senior subordinated debt, replacing $125 million of 8 7/8% notes due in 2013 with $150 million of 7 7/8% notes due in 2019, taking advantage of historically low interest rates to lock in a lower rate for an extended term.
Net income for the first nine months of fiscal 2012 was $18.0 million, or $0.92 per diluted share, compared with a loss of $38.5 million, or ($2.02) per diluted share, during the first nine months of fiscal 2011.
Solid Order Growth Continues
Backlog was $110.3 million at December 31, 2011, compared with $76.5 million at December 31, 2010. Although the time to convert the majority of backlog to sales typically averages from one day to a few weeks, backlog can include project-type orders from customers that have defined deliveries that may extend out 12 to 24 months. As of December 31, 2011, approximately $30.5 million of backlog was scheduled to ship beyond March 31, 2012.
Mr. Tevens noted, “We continue to realize double digit order growth globally as the U.S. demonstrates renewed strength, and we take market share in Europe where order growth is strong despite the slowing of those economies. Our presence in China, albeit small, is moving ahead well, and we are having strong success in Latin America.”
Both U.S. and Eurozone capacity utilization are leading market indicators for the Company. U.S. industrial capacity utilization increased to 76.4% in December 2011, up from 74.2% in December 2010 and 75.6% in September 2011. Eurozone capacity utilization has trended down the last three quarters to 79.7% in the fourth calendar quarter of 2011 from its recent peak in the June 2011 quarter of 81.6%. Eurozone capacity utilization was 78.1% in the prior year’s fourth quarter.
Columbus McKinnon Reports Operating Margin Expansion on 10.9% Increase in Sales for Fiscal 2012 Third Quarter
January 27, 2012
Page 4 of 9
Mr. Tevens concluded, “We are optimistic about the future although, given the tenuous nature of the global economy and continued uncertainty, our enthusiasm is somewhat tempered. Our strategic focus remains on strengthening earnings power and cash generation, capturing greater market share internationally, developing new products and identifying acquisition opportunities for geographic expansion or product line extensions.”
About Columbus McKinnon
Columbus McKinnon is a leading worldwide designer, manufacturer and marketer of material handling products, systems and services, which efficiently and ergonomically move, lift, position and secure materials. Key products include hoists, cranes, actuators and lifting and rigging tools. The Company is focused on commercial and industrial applications that require the safety and quality provided by its superior design and engineering know-how. Comprehensive information on Columbus McKinnon is available on its website at http://www.cmworks.com.
Teleconference/webcast
Columbus McKinnon will host a conference call and live webcast today at 10:00 a.m. Eastern Time, at which Timothy T. Tevens, President and Chief Executive Officer, and Gregory P. Rustowicz, Vice President - Finance and Chief Financial Officer, will review the Company’s financial results and strategy. Their review will be accompanied by a slide presentation which will be available on Columbus McKinnon’s website at http://www.cmworks.com/investors. A question and answer session will follow the formal discussion.
Columbus McKinnon’s conference call can be accessed by dialing 1-888-459-1579, or for those outside the United States and in Canada, 1-210-234-7695. The webcast can be monitored on Columbus McKinnon’s website at http://www.cmworks.com/investors.
An archived recording of the call will be available approximately one hour after the calls completion and until February 24, 2012. To listen to the archived call, dial 1-203-369-1997. Alternatively, the archive can be heard on the Company’s website at http://www.cmworks.com/investors/NewsPresentations.aspx until February 24, 2012. A transcript of the call will also be posted to the website once available.
Safe Harbor Statement
This news 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, the effect of operating leverage, the pace of bookings relative to shipments, the ability to expand into new markets and geographic regions, the success in acquiring new business, the speed at which shipments improve, 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 release.
Contacts:
| Gregory P. Rustowicz | Investor Relations: |
| Vice President - Finance and Chief Financial Officer | Deborah K. Pawlowski |
| Columbus McKinnon Corporation | Kei Advisors LLC |
| 716-689-5442 | 716-843-3908 |
| greg.rustowicz@cmworks.com | dpawlowski@keiadvisors.com |
Tables follow.
Columbus McKinnon Reports Operating Margin Expansion on 10.9% Increase in Sales for Fiscal 2012 Third Quarter
January 27, 2012
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COLUMBUS McKINNON CORPORATION
Condensed Consolidated Income Statements
(Unaudited)
(In thousands, except per share and percentage data)
| | | Three Months Ended | | | | |
| | | December 31, 2011 | | | December 31, 2010 | | | Change | |
| | | | | | | | | | |
| Net sales | | $ | 142,750 | | | $ | 128,696 | | | | 10.9 | % |
| Cost of products sold | | | 104,147 | | | | 99,345 | | | | 4.8 | % |
| Gross profit | | | 38,603 | | | | 29,351 | | | | 31.5 | % |
| Gross profit margin | | | 27.0 | % | | | 22.8 | % | | | | |
| Selling expense | | | 15,980 | | | | 15,524 | | | | 2.9 | % |
| General and administrative expense | | | 11,605 | | | | 10,275 | | | | 12.9 | % |
| Restructuring (gain) charges | | | (1,467 | ) | | | 150 | | | NM | |
| Amortization | | | 485 | | | | 452 | | | | 7.3 | % |
| Income from operations | | | 12,000 | | | | 2,950 | | | | 306.8 | % |
| Operating margin | | | 8.4 | % | | | 2.3 | % | | | | |
| Interest and debt expense | | | 3,590 | | | | 3,281 | | | | 9.4 | % |
| Investment income | | | (275 | ) | | | (317 | ) | | | -13.2 | % |
| Foreign currency exchange (gain) loss | | | (97 | ) | | | 641 | | | NM | |
| Other income, net | | | (1,399 | ) | | | (294 | ) | | | 375.9 | % |
| | | | | | | | | | | | | |
| Income (loss) from continuing operations before income tax expense | | | 10,181 | | | | (361 | ) | | NM | |
| Income tax expense | | | 1,666 | | | | 39,406 | | | | -95.8 | % |
| Income (loss) from continuing operations | | | 8,515 | | | | (39,767 | ) | | NM | |
| Income from discontinued operations, net of tax | | | - | | | | 128 | | | | -100.0 | % |
| Net income (loss) | | $ | 8,515 | | | | (39,639 | ) | | NM | |
| | | | | | | | | | | | | |
| Average basic shares outstanding | | | 19,313 | | | | 19,082 | | | | 1.2 | % |
| Basic income (loss) per share: | | | | | | | | | | | | |
| Continuing operations | | $ | 0.44 | | | $ | (2.09 | ) | | NM | |
| Discontinued operations | | | 0.00 | | | | 0.01 | | | | | |
| Net income (loss) | | $ | 0.44 | | | $ | (2.08 | ) | | NM | |
| | | | | | | | | | | | | |
| Average diluted shares outstanding | | | 19,488 | | | | 19,082 | | | | 2.1 | % |
| Diluted income (loss) per share: | | | | | | | | | | | | |
| Continuing operations | | $ | 0.44 | | | $ | (2.09 | ) | | NM | |
| Discontinued operations | | | 0.00 | | | | 0.01 | | | | | |
| Net income (loss) | | $ | 0.44 | | | $ | (2.08 | ) | | NM | |
Columbus McKinnon Reports Operating Margin Expansion on 10.9% Increase in Sales for Fiscal 2012 Third Quarter
January 27, 2012
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COLUMBUS McKINNON CORPORATION
Condensed Consolidated Income Statements
(Unaudited)
(In thousands, except per share and percentage data)
| | | Nine Months Ended | | | | |
| | | December 31, 2011 | | | December 31, 2010 | | | Change | |
| | | | | | | | | | |
| Net sales | | $ | 432,373 | | | $ | 380,095 | | | | 13.8 | % |
| Cost of products sold | | | 318,897 | | | | 291,488 | | | | 9.4 | % |
| Gross profit | | | 113,476 | | | | 88,607 | | | | 28.1 | % |
| Gross profit margin | | | 26.2 | % | | | 23.3 | % | | | | |
| Selling expense | | | 47,515 | | | | 46,219 | | | | 2.8 | % |
| General and administrative expense | | | 33,956 | | | | 29,855 | | | | 13.7 | % |
| Restructuring (gain) charges | | | (1,037 | ) | | | 1,947 | | | NM | |
| Amortization | | | 1,515 | | | | 1,315 | | | | 15.2 | % |
| Income from operations | | | 31,527 | | | | 9,271 | | | | 240.1 | % |
| Operating margin | | | 7.3 | % | | | 2.4 | % | | | | |
| Interest and debt expense | | | 10,651 | | | | 9,885 | | | | 7.7 | % |
| Investment income | | | (824 | ) | | | (1,020 | ) | | | -19.2 | % |
| Foreign currency exchange loss | | | 121 | | | | 303 | | | | -60.1 | % |
| Other income, net | | | (1,880 | ) | | | (933 | ) | | | 101.5 | % |
| | | | | | | | | | | | | |
| Income from continuing operations before income tax expense | | | 23,459 | | | | 1,036 | | | | 2164.4 | % |
| Income tax expense | | | 5,898 | | | | 39,790 | | | | -85.2 | % |
| Income (loss) from continuing operations | | | 17,561 | | | | (38,754 | ) | | NM | |
| Income from discontinued operations, net of tax | | | 409 | | | | 261 | | | | 56.7 | % |
| Net income (loss) | | $ | 17,970 | | | $ | (38,493 | ) | | NM | |
| | | | | | | | | | | | | |
| Average basic shares outstanding | | | 19,256 | | | | 19,050 | | | | 1.1 | % |
| Basic income (loss) per share: | | | | | | | | | | | | |
| Continuing operations | | $ | 0.91 | | | $ | (2.03 | ) | | NM | |
| Discontinued operations | | | 0.02 | | | | 0.01 | | | | | |
| Nt income (loss) | | $ | 0.93 | | | $ | (2.02 | ) | | NM | |
| | | | | | | | | | | | | |
| Average diluted shares outstanding | | | 19,526 | | | | 19,050 | | | | 2.5 | % |
| Diluted income (loss) per share: | | | | | | | | | | | | |
| Continuing operations | | $ | 0.90 | | | $ | (2.03 | ) | | NM | |
| Discontinued operations | | | 0.02 | | | | 0.01 | | | | | |
| Net income (loss) | | $ | 0.92 | | | $ | (2.02 | ) | | NM | |
Columbus McKinnon Reports Operating Margin Expansion on 10.9% Increase in Sales for Fiscal 2012 Third Quarter
January 27, 2012
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COLUMBUS McKINNON CORPORATION
Condensed Consolidated Balance Sheets
| (In thousands) | | December 31, 2011 | | | March 31, 2011 | |
| | | (Unaudited) | | | | |
| ASSETS | | | | | | |
| Current assets: | | | | | | |
| Cash and cash equivalents | | $ | 82,033 | | | $ | 80,139 | |
| Trade accounts receivable, net | | | 79,377 | | | | 77,744 | |
| Inventories, net | | | 104,288 | | | | 90,031 | |
| Prepaid expenses and other | | | 11,563 | | | | 14,294 | |
| Total current assets | | | 277,261 | | | | 262,208 | |
| | | | | | | | | |
| Net property, plant, and equipment | | | 61,228 | | | | 59,360 | |
| Goodwill | | | 105,812 | | | | 106,055 | |
| Other intangibles, net | | | 15,332 | | | | 18,089 | |
| Marketable securities | | | 23,860 | | | | 24,592 | |
| Deferred taxes | | | 1,207 | | | | 1,217 | |
| Other assets | | | 6,879 | | | | 7,351 | |
| Total assets | | $ | 491,579 | | | $ | 478,872 | |
| | | | | | | | | |
| | | | | | | | | |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | |
| Current liabilities: | | | | | | | | |
| Notes payable to banks | | $ | 235 | | | $ | 473 | |
| Trade accounts payable | | | 38,028 | | | | 37,174 | |
| Accrued liabilities | | | 56,436 | | | | 56,502 | |
| Current portion of long-term debt | | | 1,396 | | | | 1,116 | |
| Total current liabilities | | | 96,095 | | | | 95,265 | |
| | | | | | | | | |
| Senior debt, less current portion | | | 3,992 | | | | 4,949 | |
| Subordinated debt | | | 148,072 | | | | 147,867 | |
| Other non-current liabilities | | | 67,313 | | | | 68,645 | |
| Total liabilities | | | 315,472 | | | | 316,726 | |
| | | | | | | | | |
| Shareholders’ equity: | | | | | | | | |
| Common stock | | | 193 | | | | 191 | |
| Additional paid-in capital | | | 188,205 | | | | 184,884 | |
| Retained earnings (Accumulated deficit) | | | 16,898 | | | | (1,072 | ) |
| ESOP debt guarantee | | | (1,083 | ) | | | (1,407 | ) |
| Accumulated other comprehensive loss | | | (28,106 | ) | | | (20,450 | ) |
| Total shareholders’ equity | | | 176,107 | | | | 162,146 | |
| Total liabilities and shareholders’ equity | | $ | 491,579 | | | $ | 478,872 | |
Columbus McKinnon Reports Operating Margin Expansion on 10.9% Increase in Sales for Fiscal 2012 Third Quarter
January 27, 2012
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COLUMBUS McKINNON CORPORATION
Condensed Consolidated Statements of Cash Flows
(Unaudited)
| (In thousands) | | Nine Months Ended | |
| | | December 31, 2011 | | | December 31, 2010 | |
| | | | | | | |
| Operating activities: | | | | | | |
| Net income (loss) | | $ | 17,970 | | | $ | (38,493 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | | | | | | | | |
| Income from discontinued operations | | | (409 | ) | | | (261 | ) |
| Depreciation and amortization | | | 8,609 | | | | 8,257 | |
| Deferred income taxes and related valuation allowance | | | 378 | | | | 39,846 | |
| Gain on sale of real estate/investments | | | (1,909 | ) | | | (991 | ) |
| Gain on re-measurement of investment | | | (850 | ) | | | - | |
| Stock-based compensation | | | 2,246 | | | | 1,347 | |
| Amortization/write-off of deferred financing costs | | | 289 | | | | 208 | |
| Changes in operating assets and liabilities, net of effects of business acquisition: | | | | | | | | |
| Trade accounts receivable | | | (775 | ) | | | 514 | |
| Inventories | | | (14,011 | ) | | | (18,251 | ) |
| Prepaid expenses | | | 2,440 | | | | (2,836 | ) |
| Other assets | | | 332 | | | | 268 | |
| Trade accounts payable | | | 927 | | | | (1,363 | ) |
| Accrued and non-current liabilities | | | (1,774 | ) | | | (5,254 | ) |
| Net cash provided by (used for) operating activities | | | 13,463 | | | | (17,009 | ) |
| | | | | | | | | |
| Investing activities: | | | | | | | | |
| Proceeds from sale of marketable securities | | | 5,747 | | | | 8,316 | |
| Purchases of marketable securities | | | (4,503 | ) | | | (1,830 | ) |
| Capital expenditures | | | (10,464 | ) | | | (8,859 | ) |
| Purchase of businesses, net of cash acquired | | | (3,356 | ) | | | - | |
| Proceeds from sale of businesses or assets | | | 1,971 | | | | 1,182 | |
| Net cash used for investing activities from continuing operations | | | (10,605 | ) | | | (1,191 | ) |
| Net cash provided by investing activities from discontinued operations | | | 409 | | | | 261 | |
| Net cash used for investing activities | | | (10,196 | ) | | | (930 | ) |
| | | | | | | | | |
| Financing activities: | | | | | | | | |
| Proceeds from exercise of stock options | | | 1,733 | | | | 4 | |
| Net payments under lines-of-credit | | | (238 | ) | | | (290 | ) |
| Repayment of debt | | | (488 | ) | | | (835 | ) |
| Other | | | 324 | | | | 334 | |
| Net cash provided by (used for) financing activities | | | 1,331 | | | | (787 | ) |
| | | | | | | | | |
| Effect of exchange rate changes on cash | | | (2,704 | ) | | | 848 | |
| | | | | | | | | |
| Net change in cash and cash equivalents | | | 1,894 | | | | (17,878 | ) |
| Cash and cash equivalents at beginning of year | | | 80,139 | | | ` 63,968 | |
| Cash and cash equivalents at end of period | | $ | 82,033 | | | $ | 46,090 | |
Columbus McKinnon Reports Operating Margin Expansion on 10.9% Increase in Sales for Fiscal 2012 Third Quarter
January 27, 2012
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COLUMBUS McKINNON CORPORATION
Additional Data
(Unaudited)
| | | December 31, 2011 | | | | December 31, 2010 | | | | March 31, 2011 | | |
| | | | | | | | | | | | | |
| Backlog (in millions) | | $ | 110.3 | | | | $ | 76.5 | | | | $ | 89.4 | | |
| | | | | | | | | | | | | | | | |
| Trade accounts receivable | | | | | | | | | | | | | | | |
| days sales outstanding | | | 50.6 | | days | | | 49.7 | | days | | | 49.1 | | days |
| | | | | | | | | | | | | | | | |
| Inventory turns per year | | | | | | | | | | | | | | | |
| (based on cost of products sold) | | | 4.0 | | turns | | | 4.0 | | turns | | | 4.7 | | turns |
| Days' inventory | | | 91.4 | | days | | | 90.2 | | days | | | 77.1 | | days |
| | | | | | | | | | | | | | | | |
| Trade accounts payable | | | | | | | | | | | | | | | |
| days payables outstanding | | | 33.2 | | days | | | 29.2 | | days | | | 31.8 | | days |
| | | | | | | | | | | | | | | | |
| Working capital as a % of sales | | | 17.5 | | % | | | 19.0 | | % | | | 16.9 | | % |
| | | | | | | | | | | | | | | | |
| Debt to total capitalization percentage | | | 46.6 | | % | | | 46.4 | | % | | | 48.8 | | % |
| Debt, net of cash, to total capitalization | | | 28.9 | | % | | | 36.0 | | % | | | 31.4 | | % |
| Shipping Days by Quarter |
| | | | | | | | | | | |
| | Q1 | | Q2 | | Q3 | | Q4 | | Total | |
| | | | | | | | | | | |
| FY 13 | 63 | | 63 | | 60 | | 62 | | 248 | |
| | | | | | | | | | | |
| FY 12 | 63 | | 64 | | 58 | | 65 | | 250 | |
| | | | | | | | | | | |
| FY 11 | 63 | | 64 | | 59 | | 64 | | 250 | |
