Cascade 8-K Results of Operations and Financial Condition

Exhibit 99.1

Portland, Oregon

June 7, 2012

FOR IMMEDIATE RELEASE

CASCADE CORPORATION ANNOUNCES FINANCIAL RESULTS FOR THE FIRST QUARTER ENDED APRIL 30, 2012

Cascade Corporation (NYSE: CASC) today reported its financial results for the first quarter ended April 30, 2012.

First Quarter Overview

• Net sales of $141 million for the first quarter of fiscal 2013 were 5% higher than net sales of $136 million for the first quarter of fiscal 2012, excluding the impact of changes in foreign currency exchange rates.

• Our net income for the first quarter of fiscal 2013 was $15.2 million ($1.34 per diluted share) compared to $16.4 million ($1.46 per diluted share) for the first quarter of fiscal 2012. The prior year results include net insurance proceeds due to a flood in Australia. The after tax impact of these proceeds increased net income by $1 million ($.09 per diluted share).

First Quarter Fiscal 2013 Summary

• Summary financial results are outlined below (in thousands, except earnings per share):

Three Months Ended April 30	2012			2011			% Change
Net sales	$	141,235		$	136,177			4	%
Cost of goods sold		97,941			91,804			7	%
Gross profit		43,294			44,373			(2	%)
Gross profit %		31	%		33	%
SG&A		22,607			20,618			10	%
Australia flood insurance proceeds, net of costs		—			(752	)		—
Operating income		20,687			24,507			(16	%)
Operating income %		15	%		18	%
Interest expense, net		84			251			(67	%)
Foreign currency loss, net		10			196			(95	%)
Income before taxes		20,593			24,060			(14	%)
Provision for income taxes		5,385			7,636			(29	%)
Effective tax rate		26	%		32	%
Net income	$	15,208		$	16,424			(7	%)
Diluted earnings per share	$	1.34		$	1.46			(8	%)

Cascade Corporation

June 7, 2012

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• Consolidated net sales during the first quarter of fiscal 2013 increased 5% over the first quarter of fiscal 2012, excluding the impact of foreign currency changes. The increase in net sales was due to higher sales volumes as a result of a strong global lift truck market and sales price increases. Details of the change in net sales compared to the prior year first quarter follow (in thousands):

	Amount			Change %
Net sales change	$	6,116			5	%
Foreign currency change		(1,058	)		(1	%)
Total	$	5,058			4	%

• The consolidated gross profit percentage during the first quarter of fiscal 2013 decreased to 31% from 33% in the prior period, primarily due to higher sales of lower margin product during the current year. In addition, the prior year gross profit includes net flood insurance proceeds of $0.7 million, which increased the gross profit percentage by 1%.

• Selling and administrative costs increased 11%, excluding the impact of foreign currency changes. The increase is primarily due to higher personnel costs, professional and legal expenses, IT consulting fees and warranty charges.

• The effective tax rate for the first quarter of fiscal 2013 was 26% compared to 32% for the first quarter of fiscal 2012. The decrease in the effective tax rate is primarily a result of the release of an additional $1.7 million of tax valuation allowance in The Netherlands during the current quarter. This release was primarily a result of a projected increase in future taxable income in The Netherlands due to the reduction of interest expense and the transfer of intercompany financing activities to The Netherlands from Ireland.

Market Conditions

• Percentage changes in lift truck industry shipments and orders, by region, as compared to the prior year are outlined below. Although lift truck unit data provides an indicator of the general health of the industry and our business over a six- to twelve-month period, it does not necessarily correlate directly with the demand for our products on a quarterly basis.

	Shipments Q1 Fiscal 2013 vs 2012			Orders Q1 Fiscal 2013 vs 2012
Americas		32	%		(8	%)
Europe		11	%		(2	%)
Asia Pacific		32	%		11	%
China		(2	%)		(3	%)
Global		14	%		(1	%)

• The global lift truck market has continued to experience volatility in the first quarter. The Americas and Asia Pacific markets are experiencing flat to moderate growth. China’s market has recovered from the fourth quarter but shipments are below prior year levels. The European lift truck market has begun to experience a slowdown with recent orders. The European debt crisis and other economic factors in the European Union could have a negative impact on our business and global lift truck markets.

Cascade Corporation

June 7, 2012

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Americas Summary

• Summary financial results are outlined below (in thousands):

Three Months Ended April 30	2012			2011			% Change
Net sales	$	76,243		$	71,704			6	%
Transfers between areas		7,249			8,077			(10	%)
Net sales and transfers		83,492			79,781			5	%
Gross profit		24,846			24,906			—
Gross profit %		30	%		31	%
SG&A		13,715			11,956			15	%
Operating income	$	11,131		$	12,950			(14	%)
Operating income %		13	%		16	%

• Net sales increased 6%, excluding the impact of currency changes, due to higher sales volumes as a result of a strong lift truck market in the Americas, higher sales of products to the construction industry and sales price increases. Details of the change in net sales over the prior year quarter follow (in thousands):

	Amount			Change %
Net sales change	$	4,739			6	%
Foreign currency change		(200	)		—
Total	$	4,539			6	%

• Our gross profit percentage decreased due to higher sales of lower margin product and start-up costs related to the ramp up in sales of construction attachments.

• Selling and administrative costs increased primarily due to consulting, warranty, professional fees and other general costs.

Europe Summary

• Summary financial results are outlined below (in thousands):

Three Months Ended April 30	2012			2011			% Change
Net sales	$	26,908		$	27,439			(2	%)
Transfers between areas		189			454			(58	%)
Net sales and transfers		27,097			27,893			(3	%)
Gross profit		5,565			5,851			(5	%)
Gross profit %		21	%		21	%
SG&A		4,340			4,551			(5	%)
Operating income	$	1,225		$	1,300			(6	%)
Operating income %		5	%		5	%

Cascade Corporation

June 7, 2012

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• Net sales increased 4%, excluding the impact of currency changes, primarily as a result of price increases implemented during fiscal 2012. Details of the change in net sales over the prior year quarter follow (in thousands):

	Amount			Change %
Net sales change	$	1,126			4	%
Foreign currency change		(1,657	)		(6	%)
Total	$	(531	)		(2	%)

• Our European business experienced comparable operating income between years as our cost of goods sold and selling and administrative expenses remained in line with sales levels.

Asia Pacific Summary

• Summary financial results are outlined below (in thousands):

Three Months Ended April 30	2012			2011			% Change
Net sales	$	20,676		$	18,092			14	%
Transfers between areas		16			80			(80	%)
Net sales and transfers		20,692			18,172			14	%
Gross profit		5,739			5,801			(1	%)
Gross profit %		28	%		32	%
SG&A		2,891			2,620			10	%
Australia flood insurance proceeds, net of costs		—			(752	)		—
Operating income	$	2,848		$	3,933			(28	%)
Operating income %		14	%		22	%

• Net sales increased 14%, excluding the impact of foreign currencies, primarily due to higher sales volumes as a result of a strong lift truck market throughout the region. Details of the change in net sales over the prior year quarter follow (in thousands):

	Amount		Change %
Net sales change	$	2,439		14	%
Foreign currency change		145		—
Total	$	2,584		14	%

• Our prior year gross profit percentage included net insurance proceeds of $0.7 million related to the Australia flood. Without these insurance proceeds, the gross profit percentage would have been 28% for both years.

• In total, during the first quarter of fiscal 2012, we received insurance proceeds in the amount of $3.5 million and incurred an additional $2.0 million in costs related to the Australia flood. We did not receive any insurance proceeds and did not incur any significant flood related costs during the first quarter of fiscal 2013.

Cascade Corporation

June 7, 2012

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China Summary

• Summary financial results are outlined below (in thousands):

Three Months Ended April 30	2012			2011			% Change
Net sales	$	17,408		$	18,942			(8	%)
Transfers between areas		8,559			7,288			17	%
Net sales and transfers		25,967			26,230			(1	%)
Gross profit		7,144			7,815			(9	%)
Gross profit %		28	%		30	%
SG&A		1,661			1,491			11	%
Operating income	$	5,483		$	6,324			(13	%)
Operating income %		21	%		24	%

• Net sales decreased 12%, excluding currency changes, primarily due to a slowdown in the Chinese economy. Details of the change in net sales over the prior year quarter follow (in thousands):

	Amount			Change %
Net sales change	$	(2,188	)		(12	%)
Foreign currency change		654			4	%
Total	$	(1,534	)		(8	%)

• Transfers to other Cascade locations, which carry lower margins, increased as a percent of total net sales and transfers from 28% to 33%. This was due to increased customer demand globally.

• Our gross profit percentage decreased due to a higher percentage of transfers between areas and higher sales of lower margin product during the current year.

Other Matters:

• On June 6, 2012, our Board of Directors declared a quarterly dividend of $0.35 per share, payable on July 20, 2012 to shareholders of record as of July 5, 2012.

Forward Looking Statements:

This press release contains forward-looking statements made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 which include, among others, statements relating to our expectations with respect to global lift truck demand and future levels of business activity. Readers are cautioned that a number of factors could cause our actual results to differ materially from any results indicated in this release or in any other forward-looking statements made by us, or on our behalf. These include among others, factors related to general economic conditions, interest rates, the impact of the European debt crisis on our European market and the global economy, performance of our manufacturing facilities and the cyclical nature of the materials handling and construction equipment industries. Further, historical information should not be considered an indicator of future performance. Additional considerations and important risk factors are described in our reports on Form 10-K and 10-Q and other filings with the Securities and Exchange Commission.

Cascade Corporation

June 7, 2012

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Earnings Call Information:

We will discuss our results in a conference call on June 7 at 2:00 pm PDT. Robert C. Warren, Jr., President and Chief Executive Officer will host the call. The conference call can be accessed in the U.S. and Canada by dialing (877) 941-9205, International callers can access the call by dialing (480) 629-9771. Participants are encouraged to dial-in 15 minutes prior to the beginning of the call. A replay will be available for 48 hours after the live broadcast and can be accessed by dialing (800) 406-7325 and entering passcode 4540547, or internationally, by dialing (303) 590-3030 and entering passcode 4540547.

The call will be simultaneously webcast and can be accessed on the Investor Relations page of the company’s website,www.cascorp.com. Listeners should go to the website at least 15 minutes early to register, download and install any necessary audio software.

About Cascade Corporation:

Cascade Corporation, headquartered in Fairview, Oregon, is a leading international manufacturer of materials handling products used primarily on lift trucks. Additional information on Cascade is available on its website,www.cascorp.com.

Contact

Joseph G. Pointer

Chief Financial Officer

Cascade Corporation

Phone (503) 669-6300

Email: investorrelations@cascorp.com

Cascade Corporation

June 7, 2012

Page 7

CASCADE CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited – in thousands, except per share amounts)

	Three Months Ended
	April 30,
	2012		2011
Net sales	$	141,235	$	136,177
Cost of goods sold		97,941		91,804
Gross profit		43,294		44,373
Selling and administrative expenses		22,607		20,618
Australia flood insurance proceeds, net of costs		—		(752	)
Operating income		20,687		24,507
Interest expense, net		84		251
Foreign currency loss, net		10		196
Income before provision for income taxes		20,593		24,060
Provision for income taxes		5,385		7,636
Net income	$	15,208	$	16,424
Basic earnings per share	$	1.38	$	1.50
Diluted earnings per share	$	1.34	$	1.46
Basic weighted average shares outstanding		11,034		10,924
Diluted weighted average shares outstanding		11,384		11,270
Cash dividends per share	$	0.35	$	0.20

Cascade Corporation

June 7, 2012

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CASCADE CORPORATION

CONSOLIDATED BALANCE SHEETS

(Unaudited - in thousands, except per share amounts)

	April 30,		January 31,
	2012		2012
ASSETS
Current assets:
Cash and cash equivalents	$	26,904	$	24,928
Accounts receivable, less allowance for doubtful accounts of $1,198 and $1,211		87,859		77,752
Inventories		87,861		86,660
Deferred income taxes		3,777		3,822
Assets available for sale		7,662		7,572
Prepaid expenses and other		13,041		11,353
Total current assets		227,104		212,087
Property, plant and equipment, net		71,968		71,439
Goodwill		89,455		88,174
Deferred income taxes		20,877		18,964
Other assets		4,332		3,895
Total assets	$	413,736	$	394,559
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Notes payable to banks	$	441	$	99
Current portion of long-term debt		563		590
Accounts payable		30,261		28,280
Accrued payroll and payroll taxes		9,526		9,473
Accrued incentive pay		1,220		2,496
Dividends payable		3,882		—
Other accrued expenses		14,786		15,580
Total current liabilities		60,679		56,518
Long-term debt, net of current portion		4,977		4,950
Accrued environmental expenses		1,914		2,279
Deferred income taxes and other tax liabilities		3,596		8,626
Employee benefit obligations		8,305		8,228
Other liabilities		8,589		3,231
Total liabilities		88,060		83,832
Commitments and contingencies
Shareholders’ equity:
Common stock, $.50 par value, 40,000 authorized shares;
11,148 and 11,088 shares issued and outstanding		5,574		5,544
Additional paid-in capital		16,104		13,252
Retained earnings		262,606		251,280
Accumulated other comprehensive income		41,392		40,651
Total shareholders’ equity		325,676		310,727
Total liabilities and shareholders’ equity	$	413,736	$	394,559

Cascade Corporation

June 7, 2012

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CASCADE CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited - in thousands)

	Three Months Ended
	April 30,
	2012			2011
Cash flows from operating activities:
Net income	$	15,208		$	16,424
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization		2,542			2,393
Share-based compensation		621			599
Deferred income taxes		(1,871	)		(159	)
Tax effect on share-based compensation		(1,453	)		—
Gain on disposition of assets, net		(39	)		(17	)
Changes in operating assets and liabilities, net of effect of business acquisition:
Accounts receivable		(10,412	)		(19,642	)
Inventories		(168	)		(4,087	)
Prepaid expenses and other		(1,651	)		(1,699	)
Accounts payable and accrued expenses		367			2,468
Income taxes payable and receivable		1,018			762
Other assets and liabilities		64			1,318
Net cash provided by (used in) operating activities		4,226			(1,640	)
Cash flows from investing activities:
Capital expenditures		(3,103	)		(2,302	)
Proceeds from disposition of assets		95			51
Business acquisition		(1,180	)		—
Net cash used in investing activities		(4,188	)		(2,251	)
Cash flows from financing activities:
Payments on long-term debt		(76,839	)		(13,237	)
Proceeds from long-term debt		77,000			18,000
Notes payable to banks, net		342			2,966
Common stock issued under share-based compensation plans		808			599
Tax effect on share-based compensation		1,453			—
Net cash provided by financing activities		2,764			8,328
Effect of exchange rate changes		(826	)		(2,613	)
Change in cash and cash equivalents		1,976			1,824
Cash and cash equivalents at beginning of period		24,928			25,037
Cash and cash equivalents at end of period	$	26,904		$	26,861