Columbus McKinnon Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended March 31, 2017; Provides Capital Expenditures and Tax Rate Guidance for the Fiscal 2018; Announces Impairment Charges
May 31, 2017 at 06:30 am EDT
Share
Columbus McKinnon Corporation announced unaudited consolidated earnings results for the fourth quarter and full year ended March 31, 2017. For the quarter, the company reported net loss of $4.7 million or $0.22 per diluted share on net sales of $183.7 million compared to net income of $5.9 million or $0.29 per diluted share on net sales of $155.1 million reported in the same period last year. Loss from operations was $3.2 million against income from operations of $11.8 million reported last year. Loss before income tax expense was $8.4 million against income before income tax expense of $8.9 million reported last year. Non-GAAP adjusted net income was $8.9 million or $0.40 per diluted share against $7.9 million or $0.39 per diluted share reported last year. Non-GAAP adjusted income from operations was $16.9 million against $14.2 million reported last year.
For the year, the company reported net income of $9 million or $0.43 per diluted share on net sales of $637.1 million compared to net income of $19.6 million or $0.96 per diluted share on net sales of $597.1 million reported in the same period last year. Income from operations was $26 million against $40.6 million reported last year. Income before income tax expense was $13.03 million against $31.6 million reported last year. Net cash provided by operating activities was $60.45 million against $52.6 million reported last year. Non-GAAP adjusted net income was $27.6 million or $1.32 per diluted share against $31.3 million or $1.54 per diluted share reported last year. Non-GAAP adjusted income from operations was $49.5 million against $53.6 million reported last year. Capital expenditures for the year ended March 31, 2017 were $14.4 million against 22.3 million reported last year. Net debt was $343.7 million as of March 31, 2017.
For the quarter, the company also reported impairment of intangible asset of $1.125 million.
The company expects capital expenditures in fiscal 2018 to be in the range of $20 million to $24 million. For fiscal 2018, the effective tax rate is expected to fall between 21% and 25%.
Columbus McKinnon Corporation designs, manufactures and distributes a broad range of material-handling products for various applications. The Company's products include a wide variety of electric, air-powered, lever, and hand hoists, hoist trolleys, explosion-protected hoists, winches, and aluminum work stations; alloy and carbon steel chains; forged attachments, such as hooks, shackles, textile slings, clamps, and load binders; mechanical and electromechanical actuators and rotary unions; below-the-hook special purpose lifters; and power and motion control systems, such as alternate current (AC) and direct current (DC) drive systems, radio remote controls, push button pendant stations, brakes, and collision avoidance and power delivery subsystems. The Companyâs brands include Budgit, Chester, CM, Coffing, Little Mule, Pfaff, Shaw-Box, STAHL, Magnetek, Herc-Alloy, and Yale. The Company is focused on commercial and industrial applications.
Columbus McKinnon Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended March 31, 2017; Provides Capital Expenditures and Tax Rate Guidance for the Fiscal 2018; Announces Impairment Charges
COLUMBUS MCKINNON CORPORATION 
