Net sales for the period were $155.2million, up 9.3% over the same period in the prior year. International sales were $55.8m, or 36% of total net sales, up $6.4m, or 13% from the third quarter of fiscal 2007.
Products segment sales, which represented 90.5% of total revenue, increased $13.6m, or 10.7%, to $140.5m on strong sales reported by CMCO Europe’s operations as well as the company’s domestic hoists, cranes and rigging products.
President and CEO Tim Tevens said: “Strong performance in the quarter, particularly from domestic hoists, cranes, rigging products and Columbus McKinnon Europe, resulted in robust growth in revenue, margins and core earnings.” He added: “Demand from our target markets continues, both by industry and geography.”
Net income of $10m for the fiscal 2008 third quarter increased 9.5% from fiscal 2007 third quarter net income of $9.1m. On a per diluted share basis, fiscal 2008 third quarter net income was $0.52, $0.04 or 8.3% higher than $0.48 in the same period last year.
Excluding the net-of-tax effect of $2.2m of investment income from an asset reallocation in the fiscal 2007 third quarter and bond redemption costs from both periods, fiscal 2008 third quarter pro forma net income per diluted share of $0.53 represents a 39.5% increase from fiscal 2007 pro forma net income per diluted share of $0.38.
