Cascade 4th-quarter profit falls, hurt by charge
NEW YORK (AP) — Cascade's fiscal fourth-quarter net income dropped 57 percent, weighed down by a charge and higher expenses.
For the period ended Jan. 31, the materials handling products maker said Monday that it earned $5.7 million, or 50 cents per share. That's down from $13.2 million, or $1.16 per share, a year ago.
The current quarter included a $4 million charge tied to the expansion of Cascade Corp.'s existing long-term environmental remediation plans for its Fairview, Ore., and Springfield, Ohio, locations.
Selling and administrative expenses rose to $22.6 million from $20.8 million.
The prior-year period also included one-time flood insurance proceeds of 18 cents per share.
Revenue fell 2 percent to $123.6 million.
Full-year net income dropped by 26 percent to $46.9 million, or $4.10 per share. Annual revenue for the Fairview, Ore. company edged up 1 percent to $538.4 million.
Shares of Cascade fell 7 cents to $64.76 in morning trading.