Monday, custom-engineered systems and products provider PMFG, Inc. (PMFG) posted a net profit for the fourth quarter, compared to a loss last year, reflecting continued control on spending and the absence of one-off charges incurred in the prior-year period.
For the fourth quarter, the Dallas, Texas-based company posted net earnings of $2.63 million or $0.20 per share, compared to net loss of $1.41 million or $0.11 per share in the year-earlier quarter.
Excluding one-time items, net earnings for the period increased to $2.64 million or $0.20 per share from $1.92 million or $0.15 per share in the same quarter last year. One-time items of the prior-year period included expenses related to the fair value adjustments of backlog and inventory of Nitram Energy, Inc. acquired last year.
On average, three analysts polled by Thomson Reuters expected the company to earn $0.05 per share for the fourth quarter. Analysts' estimates typically exclude one-time charges and gains.
Quarterly revenues declined 8.1% to $37.60 million from $40.94 million in the prior year quarter. Analysts' consensus estimate was $36.97 million for the quarter.
Segment wise, process products segment revenues for the fourth quarter decreased 6.7% year-over-year to $29.2 million, while environmental systems segment revenues decreased 13.4% to $8.4 million from last year.
Operating expenses for the quarter decreased to $9.00 million from $9.51 million in the year-ago period. Operating income for the period was $4.31 million, compared to operating loss of $1.46 million in the previous-year qurater.
Peter Burlage, Chief Executive Officer, PMFG said, "In the natural gas, refining, petro chemical and power markets, lower capital spending, reduced demand, and delayed purchases, resulted in lower revenues and orders during the fourth quarter of fiscal year 2009."
As at June 30, 2009, PMFG's backlog was $73 million compared to $107 million at June 30, 2008.
For the fiscal year 2009, net earnings were $2.9 million or $0.22 per share, compared to net earnings of $8.4 million or $0.64 per share in the same period last year.
On a non-GAAP basis, excluding the expenses related to the fair value adjustments of Nitram's backlog and inventory, the company would have recorded net earnings of $7.8 million or $0.59 per share for fiscal year 2009.
Revenues for the period increased 12.5% to $158.01 million from $140.50 million last year. Analysts expected earnings of $0.07 per share on revenues of $157.42 million fro the full year.
Looking ahead for the first half of fiscal year 2010, the company said based on recent order pattern and a review of customer and channel activity, it expects to continue to see reduced activity levels year over year for most of our major end markets.
PMFG closed Friday's trading at $11.05 on the Nasdaq.
For comments and feedback contact: editorial@rttnews.com
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.