Clark bounces back with 4th profitable quarter

News Story
- 22 Jul 2004 ( #167 ) - LEXINGTON, KY, United States
1 min read
Clark Material Handling Company has reported its fourth consecutive profitable quarter since going into bankruptcy protection in 2000.
Clark, which claims to have invented the original forklift in 1917, has marked one full year of profitable business after reporting a net income in the second quarter this month.
No financial figures were released.
The announcement comes as the company plans a major expansion of its US operations that could result in a 50% increase in its workforce.
Clark president and CEO Brian Butler said "the first half showed a solid increase in new equipment sales of Clark products".
"We expect to meet or exceed our expectations for the year and also meet our commitment to produce two new product models this year," he said.
Clark filed for protection under Chapter 11 of the US Bankruptcy Code in April, 2000 with USD349 million in assets and USD374 million in debts.
The company completed its reorganisation in January, 2003 with a buy-out by the Young An Hat Company of South Korea (Forkliftaction.com News #92).
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