NEWS RELEASE
CONTACT:
Timothy T. Tevens
President and Chief Executive Officer
Columbus McKinnon Corporation
716-689-5400
TIM.TEVENS@CMWORKS.COM
COLUMBUS MCKINNON NAMES KAREN L. HOWARD CHIEF FINANCIAL OFFICER
AMHERST, N.Y., January 26, 2006 - Columbus McKinnon Corporation (Nasdaq: CMCO),
a leading designer, manufacturer and marketer of material handling products,
today announced that its Board of Directors has appointed Karen L. Howard as the
Company's Chief Financial Officer. A Vice President and member of the Company's
Executive Committee since 1997, Ms. Howard is also the Company's Treasurer and
has served as its Interim Chief Financial Officer since August 5, 2005. Ms.
Howard was selected by the Board as Chief Financial Officer following her
service as Interim Chief Financial Officer and a national external search to
identify and evaluate other candidates for the position.
Timothy Tevens, President and Chief Executive Officer commented, "I am very
pleased to announce Karen Howard's appointment as Chief Financial Officer of
Columbus McKinnon. She has been a valuable member of our management and
financial team over the last decade and during that time has served as our
Treasurer and Controller with a leadership role in our reporting, finance and
investor relations activities. As Interim Chief Financial Officer over the last
five months, Karen has done an outstanding job leading our balance sheet
restructuring activities including our recent equity offering which
substantially reduces our future interest expense while significantly
strengthening our financial position and flexibility. We are confident Karen's
dedication, experience and knowledge will continue to make her a highly
effective leader of Columbus McKinnon's financial team and operations."
A Certified Public Accountant, Ms. Howard was named the Company's Treasurer in
August 2004 and previously served as Corporate Controller since January 1997.
Prior to joining Columbus McKinnon in 1995 as Manager, Financial & Tax Planning,
Ms. Howard was an Audit Senior Manager for Ernst & Young and was employed there
from 1984 to 1995. Ms. Howard holds a Bachelor of Business Administration,
Accounting degree from Niagara University.
ABOUT COLUMBUS MCKINNON
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Columbus McKinnon is a leading worldwide designer, manufacturer and marketer 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, and
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 changes in accounting
regulations 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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