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Stock Market & Financial Investment News

News Breaks
July 31, 2014
06:58 EDTCMCOColumbus McKinnon reports Q1 EPS, consensus 41c
Reports Q1 revenue $142.9M, consensus $150.07M; U.S. sales, which comprised 57% of total sales, were essentially flat, down by $0.1 million to $81.9 million. Sales outside of the U.S. were up $4.2 million, or 7.3%, to $61.0 million for the quarter. Solid demand for Columbus McKinnon's products in Europe and Canada, improved pricing and the Austrian acquisition more than offset the impact of one less shipping day.
News For CMCO From The Last 14 Days
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January 26, 2015
07:01 EDTCMCOColumbus McKinnon to redeem $150M of Senior Subordinated Notes
Columbus McKinnon announced that proceeds from a term loan and new revolving credit facility, closed on January 23 will be used for the redemption of its $150M of 7 7/8% Senior Subordinated Notes Due 2019, which was announced on January 23. The Notes will be redeemed on February 23. Company said "This refinancing will significantly reduce our cash interest expense by approximately $7.6M annually and, will in effect, pay for itself in slightly over a year. The reduction in interest expense is expected to result in approximately 27c of earnings per diluted share in fiscal 2016." The cash interest savings are based on a weighted average interest rate of approximately 2.8%, which reflects the Company's policy of maintaining a fixed interest ratio of 50% to 70%. In connection with the redemption of the Notes, the Company expects to record a debt retirement charge of approximately $8.5M, which includes the call premium on the Notes, in the Q4. The new $150M senior secured revolving credit facility and new $125M delayed-draw senior secured term loan facility have five-year terms maturing in 2020. The proceeds from the new term loan and a $25M draw on the revolver will be used to redeem the Notes.

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