NEWS RELEASE
CONTACT:
Robert R. Friedl
Vice President - Finance and Chief Financial Officer
Columbus McKinnon Corporation
716-689-5479
COLUMBUS MCKINNON COMPLETES SALE AND PARTIAL LEASEBACK OF
AMHERST, NY HEADQUARTERS BUILDING
AMHERST, N.Y., February 1, 2005 -- Columbus McKinnon Corporation (NASDAQ: CMCO),
a leading designer and manufacturer of material handling products, today
reported that it completed on January 28, 2005 the sale of its 55,500 square
foot corporate headquarters building and accompanying eight acres in Amherst,
New York to Iskalo Development Corp. of Williamsville, New York . The Company
will leaseback 22,777 square feet of the facility it currently occupies under a
10 year lease agreement. Net proceeds to Columbus McKinnon for the sale of the
property were approximately $2.7 million. The favorable effect to net income in
the fourth quarter of fiscal 2005 ending on March 31, 2005 will be $2.7 million,
or approximately $0.18 per diluted share.
Timothy T. Tevens, President and CEO of Columbus McKinnon commented, "We are
pleased to have successfully closed on the sale of this property which relieves
us from the burden of maintaining a large property and marketing the nearly 60
percent of the facility that we do not occupy. The impact on expenses of leasing
back only the portion of the building that we use versus full ownership is
favorable."
ABOUT COLUMBUS MCKINNON
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Columbus McKinnon is a leading worldwide designer and manufacturer of material
handling products, systems and services, which efficiently and ergonomically
move, lift, position or secure material. Key products include hoists, cranes,
chain and forged attachments. 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 web site at HTTP://WWW.CMWORKS.COM.
SAFE HARBOR STATEMENT
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 the likelihood that the
Company will be successful in the sale of its remaining asset held for sale 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.
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