A specialised attachment from Cascade's range.

Cascade Corp is projecting modest near-term forklift market growth and reports significant recent profit and sales gains.

The international manufacturer of forklift truck attachments, forks and accessories reports profit of USD63.0 million on sales of USD535.8 million for the fiscal year ended 31 January.

That compares to profit of USD21.4 million on sales of USD409.9 million for the previous fiscal year.

Profit improvement marked the recent November-January fiscal quarter.

Cascade says that quarter's profit was USD13.2 million, compared with USD3.7 million for the comparable period last year. "Consolidated net sales increased due primarily to higher sales volumes as a result of a strong lift truck market in the regions of the Americas, Europe and Asia Pacific," Cascade notes.

Cascade is, however, cautious about the future.

"We expect the lift truck market for the Americas and Asia Pacific regions to experience modest growth during fiscal 2013," Cascade says. "The outlook for Europe in fiscal 2013 appears to be stable. However, events surrounding the European debt crisis and other economic factors in Europe could have an effect on the market. China is currently experiencing a slowdown of lift truck shipments, which could result in lower lift truck shipment levels during fiscal 2013 than was experienced in fiscal 2012."

Cascade's net fourth-quarter sales in China "decreased 12%, excluding currency changes, due to a softening of the lift truck market in China", the company says.

Cascade transferred some production from China to other production locations "due to higher global demand" elsewhere.

Comparable fourth-quarter sales for Cascade increased in other regions: the Americas by 16%, Europe by 22% and Asia Pacific by 15%, in all cases excluding the impact of currency changes.

The January 2011 flooding at subsidiary Cascade Australia Pty Ltd in Rocklea, Queensland continues to have an impact on reported results. Cascade received net flood insurance proceeds of USD2.9 million during the quarter ended 31 January 2012 with after-tax impact of USD2.0 million. In the quarter ended 31 January 2011, Cascade says it "incurred a USD5.1 million pre-tax charge relating to the write-down of inventory and fixed assets and other flood-related costs. The after-tax impact of this charge was USD3.6 million." The subsidiary near Brisbane leases 46,000 sqft. (4,140 sqm). The flooding significantly damaged the facility and disrupted operations.

Robert C Warren Jr, president and chief executive officer of Cascade, was the host for a 29 March conference call and discussed the results with security analysts and others.

Cascade's annual shareholder meeting takes place on 6 June at corporate headquarters in Fairview.

Cascade makes materials handling load-engagement devices and related replacement parts, primarily for the forklift truck industry. Cascade competes globally with publicly traded Bolzoni Auramo Group of Casoni di Podenzano, Italy and regionally with several other manufacturers.