Cascade Q2 net sales up 28% to $97.74m
Cascade Corporation, a manufacturer of materials handling load engagement devices, has reported net sales of $97.74m for the fiscal second quarter ended 31 July 2010, an increase 28% compared to $76.64m for the same period in 2009.
For the fiscal second quarter of 2010, the company posted a net income of $3.23m, or $0.29 per diluted share, compared to a net loss of $12.3m, or $1.14 per diluted share, for the same period in 2009. Gross profit was $29.52m, compared to $18.53m for the same period in 2009.
For the six months ended 31 July 2010, net sales were $192.13m, compared to $152.95m for the same period in 2009.
The company posted a net income of $8.89m, or $0.8 per diluted share, for the six months of 2010, compared to a net loss of $24.37m, or $2.26 per diluted share, for the same period in 2009.
The company posted a gross profit of $57.23m for the six months of 2010, compared to $33m for the same period in 2009.
Selling and administrative expenses increased 9%, excluding foreign currency changes, due to increased personnel, selling and engineering costs.
The provision for income taxes in the second quarter of fiscal 2011 includes a $3.4m provision for recording valuation allowances against deferred tax assets in Italy and England. These deferred tax assets relate to net operating losses in these countries.
The provision for income taxes in the second quarter of fiscal 2010 was primarily a result of taxes due in countries where we generated income.
We were unable to realize a tax benefit in several European countries where we incurred losses.
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