Cascade Corp. (CAE), Thursday announced its financial results for the first quarter of fiscal 2010, reporting a swing to loss, primarily due to one-time charges as well as a slump in revenues as a result of the current global economic downturn.The company also declared a quarterly dividend.
The Fairview, Oregon-based material handling product maker reported a first quarter net loss of $12.073 million or $1.12 per share, compared to net income of $10.853 million or $0.98 per share in the comparable quarter a year ago.
On average, five analysts surveyed by Thomson Reuters expected first-quarter earnings of $0.13 per share. Analysts' estimate typically excludes special items such as one-time charges or gains.
The company recorded an operating loss of $8.999 million for the first quarter, compared to an operating income of $17.753 million in the same quarter last year.
For the first quarter, Cascade incurred restructuring charges of $4.8 million in Europe resulting from the closure of its fork making facility in France.
Net revenues for the first quarter plunged 44% to $76.316 million from $149.867 million in the same quarter last year, primarily due to decline in regional sales, and came in below the Analysts' estimate of $87.57 million of revenues.
Net sales from the North America, excluding the impact of currency changes, declined 45% to $37.882 million from $69.320 million in the corresponding quarter a year ago. Net sales from Europe declined 58% to $20.877 million from $49.336 million in the same quarter last year. Revenues from Asia Pacific decreased 44% to $10.720 million from $19.180 million in the corresponding quarter a year ago, while revenues from China dropped 43% to $6.837 million from $12.031 million in the same quarter a year ago.
Gross margin for the quarter fell sharply to 19% from 28% in the corresponding quarter last year. Gross profit percentage decreased mainly due to the unabsorbed fixed and variable costs and inventory write-downs in Europe.
The decline in regional sales stemmed from a drop in sales volume that resulted from the economic downturn and weaknesses in lift truck market.
Global lift truck shipments for the first quarter decreased 45% from the same quarter a year ago, marking the lowest level since the early 1980's. The company said it would not be able to estimate the future effect of the recession on the global truck lift market.
The company also declared a quarterly dividend of $0.05 per share, payable on July 16, 2009 to shareholders of record as of July 1, 2009.
CAE closed Thursday's trading at $30.07, down $0.09 or 0.30%, on the NYSE.
For comments and feedback contact: editorial@rttnews.com
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.