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Newsletter #037 (View other news stories)
CASCADE: INCOME UP, SALES DOWNPortland / Oregon, United States Thursday, 6 Dec 2001
PORTLAND, Oregon -- Cascade Corporation president Robert Warren has reported net income for the three months to October 31 of USD3.6 million, increased from USD792,000 in the same period in 2000.
Consolidated net sales were USD70.5 million, a 17.4 percent decrease from USD85.4 million in the same period in 2000. Net income for the nine months to October 31 was USD12.7 million, up from USD10.6 million in 2000. Net sales were USD226.7 million, a 13.6 percent decrease from USD262.4 million for the same period in 2000. Mr Warren attributed the sales decrease to a downturn in order and shipment rates in the forklift industry, especially in north America, which decreased 43 percent and 20 percent respectively from 2000. US sales for the third quarter and nine-month period decreased 19.7 percent and 14.2 percent respectively. He said the company expected fourth quarter net sales and income to trail the 2000 results. A 24.8 percent cost reduction in sales and administration partially offset the lower sales levels.
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