Tuesday, Twin Disc, Inc. (TWIN) reported a decrease in third quarter earnings, hurt by lower sales, due to a decline in sales of products to customers in the mega yacht, oil and gas, and industrial markets.
The Racine, Wisconsin-based company reported net income for the third quarter of $2.85 million or $0.26 per share, down from $7.93 million or $0.70 per share in the year-ago quarter.
Sales for the quarter decreased to $69.29 million from $85.84 million in the prior-year quarter, primarily due to lower sales of products to customers in the mega yacht, oil and gas, and industrial markets.
Gross margin, as a percentage of sales, was 27.6%, compared to 31% in last year's comparable period.
Marketing, engineering and administrative expenses eased to $14.52 million from $14.97 million in the year-ago quarter. Other expense surged to $1.05 million from $194 thousand in the prior-year quarter.
Stock based compensation expense increased $2.03 million versus the third quarter of fiscal 2008 as the prior year figure included a $2.24 million benefit related to the reversal of stock based compensation liabilities due to the decline in the company's stock price in the third quarter of fiscal 2008. For the full year, net income was $8.75 million or $0.78 per share down from $17.24 million or $1.51 per share last year.
Year-to-date, sales were $223.56 million, compared to $241.35 million for the fiscal 2008 nine months.
TWIN is currently trading at $7.72, down $0.01 or 0.13%.
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