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Newsletter #001 (View other news stories)
PROFITS DOWN, BUT OUTLOOK BRIGHT FOR CASCADEPortland, United States Friday, 22 Dec 2000
Portland, USA -- Cascade Corporation president and chief executive officer Robert Warren has announced third-quarter net income of US$792,000, compared with US$1.34 million for the same period in 1999.
The leading attachments manufacturer's consolidated net sales were US$82.9 million, a gain of 1% over the US$82.5 million figure in 1999. The results included after-tax, non-recurring charges of about US$3.1 million for restructuring in Europe and Australia, environmental and insurance expenses, and costs for the pending merger of Cascade and the Lift Group. Cascade announced in October that it had entered a merger agreement with an acquisition company formed by Lift Technologies Inc, manufacturer of lift truck masts, TD Capital Group Ltd, a member of the Toronto Dominion Bank Group, and the Ontario Municipal Employees' Retirement Board. The total value of the proposed acquisition is about US$320 million, including the assumption of outstanding debts, and the merger is expected to be completed early in 2001. Forkliftaction.com reported in October that the company's Asia-Pacific arm had spent "a lot of money" changing its structure to improve customer accessibility and meet growing demand. Cascade consolidated its advice and technical support branches and established a national call centre, based in Brisbane, Queensland. Stock levels were reduced because of the centralised support system. The cost of the restructure, which includes Cascade's European operations, has been US$1.9 million so far. Mr Warren said the restructure was almost complete, and "should have minimal impact on fourth quarter results".
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