Total product sales for the US hoist and chain manufacturer’s full fiscal year, which ended the same day, totalled 453m, up 15% compared to the past year. Product segment gross profit margin was 25.2%.
“Importantly, bookings, or orders received, have remained strong,” said Timothy Tevins, president and chief executive officer of CM. “We continue the double digit pace above last year’s rate of bookings. Although this is in part driven by the economy, we see solid indications of market acceptance in the U.S. and Europe of our new products. In fiscal 2005, we had $20.1 million in sales for new products and $10.2 million in sales for cross-branded products. We believe a continued focus on innovation and service will help to maintain our leading U.S. market share while growing our presence in the international marketplace.” International sales in fiscal 2005 were $191 million compared with $159 million in the prior year, a 20% increase.
The company also reported that costs for steel, which makes up 10% of the company’s cost of sales, increased 25% since quarter four of last year, which the company said it has offset with price increases and special surcharges.
The company also paid down $22.5m of debt.
Tevens added: “Our efforts continue to remain focused on generating cash to pay down debt, maintaining our leading market share in the U.S. and growing our presence in Europe and Asia through new products and an expanding distribution system.”
