Cascade Corp reports sales climbing 38.8% to USD135.6 million and profit rising 429% to USD13.1 million during the second fiscal quarter ended 31 July versus last year's comparable period.

On the basis of industry statistics, the forklift attachments manufacturer expects that the demand for forklifts will remain at current levels until January.

During the May-July quarter, shipments of forklifts grew 32% and new orders climbed 27% in comparison with those months in 2010.

From the Australian floods in January, Cascade received insurance proceeds and incurred flood-related costs that together had a net after-tax impact of increasing the quarter's profit by USD700,000.

"We are working through the effects (of the flood)," says Robert Warren, Cascade president and CEO.

Warren reports the Cascade operations in Australia have incurred USD7.8 million in flood-related damage and, so far, received insurance proceeds of USD5.1 million. "We may receive up to USD6.0 million in insurance proceeds, which we will use to buy (replacement) equipment," Warren says.

Major flooding between 9 and 16 January significantly damaged the 46,000 sqft. (4140 sqm) manufacturing facility that Cascade leases in Brisbane. Operations in Australia account for about 5% of Cascade's global revenues.

Fairview-based Cascade took flood-related charges of USD5.1 million for the quarter ended 31 January and USD2.0 million for the quarter ended April 30.

Cascade received a USD100 million line of revolving credit as part of a 29 August amended loan agreement with Bank of America Corp of Charlotte, North Carolina and Union Bank NA of San Francisco, California. The agreement replaces a previous loan deal.