Exhibit 99.3
Columbus McKinnon Corporation |
Condensed Consolidated Income Statements |
Fiscal 2008 – Restated for Univeyor Discontinued Operations |
Restated | Restated | Restated | Restated | Restated | ||||||||||||||||
Quarter Ended | Quarter Ended | Quarter Ended | Quarter Ended | Year Ended | ||||||||||||||||
July 1, 2007 | September 30, 2007 | December 30, 2007 | March 31, 2008 | March 31, 2008 | ||||||||||||||||
Net sales | $ | 141,450 | $ | 144,977 | $ | 146,176 | $ | 161,183 | $ | 593,786 | ||||||||||
Cost of products sold | 98,118 | 99,681 | 100,698 | 109,714 | 408,211 | |||||||||||||||
Gross profit | 43,332 | 45,296 | 45,478 | 51,469 | 185,575 | |||||||||||||||
Gross profit margin | 30.6 | % | 31.2 | % | 31.1 | % | 31.9 | % | 31.3 | % | ||||||||||
Selling expense | 15,544 | 16,882 | 17,310 | 20,100 | 69,836 | |||||||||||||||
General and administrative expense | 8,277 | 8,311 | 8,593 | 8,867 | 34,048 | |||||||||||||||
Restructuring charges | 8 | 394 | 149 | 285 | 836 | |||||||||||||||
Amortization | 28 | 25 | 29 | 33 | 115 | |||||||||||||||
Income from operations | 19,475 | 19,684 | 19,397 | 22,184 | 80,740 | |||||||||||||||
Interest and debt expense | 3,960 | 3,369 | 3,147 | 3,086 | 13,562 | |||||||||||||||
Cost of bond redemptions | - | 1,443 | 177 | 174 | 1,794 | |||||||||||||||
Investment income | (294 | ) | (257 | ) | (261 | ) | (353 | ) | (1,165 | ) | ||||||||||
Other income | (939 | ) | (439 | ) | (662 | ) | (1,145 | ) | (3,185 | ) | ||||||||||
Income from continuing operations before income tax expense | 16,748 | 15,568 | 16,996 | 20,422 | 69,734 | |||||||||||||||
Income tax expense | 6,294 | 5,698 | 6,370 | 4,457 | 22,819 | |||||||||||||||
Income from continuing operations | 10,454 | 9,870 | 10,626 | 15,965 | 46,915 | |||||||||||||||
Loss from discontinued operations, net of tax | (934 | ) | (417 | ) | (632 | ) | (7,583 | ) | (9,566 | ) | ||||||||||
Net income | $ | 9,520 | $ | 9,453 | $ | 9,994 | $ | 8,382 | $ | 37,349 | ||||||||||
Average basic shares outstanding | 18,638 | 18,717 | 18,753 | 18,783 | 18,723 | |||||||||||||||
Basic income (loss) per share: | ||||||||||||||||||||
Continuing operations | $ | 0.56 | $ | 0.53 | $ | 0.56 | $ | 0.85 | $ | 2.50 | ||||||||||
Discontinued operations | (0.05 | ) | (0.02 | ) | (0.03 | ) | (0.40 | ) | (0.51 | ) | ||||||||||
Net income | $ | 0.51 | $ | 0.51 | $ | 0.53 | $ | 0.45 | $ | 1.99 | ||||||||||
Average diluted shares outstanding | 19,088 | 19,143 | 19,200 | 19,201 | 19,158 | |||||||||||||||
Diluted income (loss) per share: | ||||||||||||||||||||
Continuing operations | $ | 0.55 | $ | 0.51 | $ | 0.55 | $ | 0.83 | $ | 2.45 | ||||||||||
Discontinued operations | (0.05 | ) | (0.02 | ) | (0.03 | ) | (0.39 | ) | (0.50 | ) | ||||||||||
Net income | $ | 0.50 | $ | 0.49 | $ | 0.52 | $ | 0.44 | $ | 1.95 |