Columbus McKinnon Blueprint for Growth Strategy Drove Sales Increases, Margin Expansion and Earnings Growth in Fourth Quarter and Fiscal Year 2019

BUFFALO, N.Y.--()--Columbus McKinnon Corporation (Nasdaq:CMCO), a leading designer, manufacturer and marketer of motion control products, technologies and services for material handling, today announced financial results for its fiscal year 2019 fourth quarter and full year, which ended March 31, 2019.

Fourth Quarter and Fiscal Year Highlights (compared with prior-year period)

  • Fourth quarter sales increased 1.2% to $216.7 million; Sales grew 7.3% adjusted for divestitures and effect of foreign currency
  • 80/20 Process and productivity expanded operating margin 390 basis points to 11.3% in fourth quarter
  • Net income for the quarter of $19.7 million increased $11.3 million, or 133%; earnings per diluted share of $0.83 increased $0.47, or 131%
  • Sales increased 4% to $876 million in fiscal 2019 with record gross margin of 34.8%
  • Generated $79.5 million in cash from operating activities in fiscal year and paid down $65.1 million of debt; net leverage of 1.7x, better than target of 2.0x

Mark Morelli, President and CEO of Columbus McKinnon, commented, “We delivered another strong quarter and fiscal year, demonstrating the effectiveness of our Blueprint for Growth strategy and the value of E-PAS™(“Earnings Power Acceleration System”), our business operating system. We are growing market share, expanding margins, generating cash and strengthening earnings power. Central to our operating system is the 80/20 Process, the key tool we have employed to simplify our business. 80/20 is enabling us to focus on areas of growth while reducing products and activities that dilute profits. As an example, we eliminated four facilities and measurably simplified our wire rope hoist product line, while improving customer satisfaction. For fiscal 2019, 80/20 contributed an incremental $8.5 million to operating income, well ahead of our plan, while our customer focus drove significant growth from several of our leading customers.”

He continued, “We will double down on Phase II of our strategy in fiscal 2020, furthering the 80/20 Process, Operational Excellence and Ramping the Growth Engine. In fact, our initial efforts in Ramping the Growth Engine are reaping benefits as we win new opportunities with engineered-to-order solutions and increase order flow through our digital platform. There is a long runway of significant opportunity for us to capture as we execute our Blueprint for Growth strategy. Our team is pulling together, stepping up to the challenge, and delivering outstanding results.”

Fourth Quarter Fiscal 2019 Sales

         
($ in millions) Q4 FY 19 Q4 FY 18 Change % Change
Net sales $ 216.7 $ 214.1 $ 2.6 1.2 %
 
U.S. sales $ 120.5 $ 111.8 $ 8.7 7.8 %
% of total 56 % 52 %
Non-U.S. sales $ 96.2 $ 102.3 $ (6.1 ) (6.0 )%
% of total 44 % 48 %

Higher sales were driven by strong volume in the U.S. Divestitures impacted the year-over-year sales comparison by $6.0 million. Adjusted for the divestitures and the effect of foreign currency translation, sales increased 7.3%.

Fourth Quarter Fiscal 2019 Operating Results

         
($ in millions) Q4 FY 19 Q4 FY 18 Change % Change
Gross profit $ 76.0 $ 74.7 $ 1.3 1.8 %
Gross margin 35.1 % 34.9 % 20 bps
Income from operations $ 24.5 $ 15.8 $ 8.7 54.8 %
Operating margin 11.3 % 7.4 % 390 bps
Net income $ 19.7 $ 8.5 $ 11.3 133.2 %
Diluted EPS $ 0.83 $ 0.36 $ 0.47 130.6 %
Adjusted EBITDA * $ 32.8 $ 29.3 $ 3.5 11.8 %
Adjusted EBITDA margin 15.1 % 13.7 % 140 bps
*A non-GAAP measure, Adjusted EBITDA is defined as adjusted operating income plus depreciation and amortization. Please see the attached tables for a reconciliation of adjusted EBITDA to GAAP net income (loss).
 

Gross profit and gross margin improvements were largely the result of higher volume and productivity improvements from operational efficiency. Pricing more than offset material cost inflation and tariffs. For more information on changes in gross profit, please see the table on page 8 of this release. Adjusted income from operations was $24.9 million, up $4.8 million, or 24%, over the fourth quarter of fiscal 2018. Adjusted operating margin expanded 210 basis points from the impact of the 80/20 Process and lower selling expenses. Please see the reconciliation of GAAP income from operations to adjusted income from operations on page 11 of this release.

Adjusted net income for the quarter was $16.4 million, or $0.69 per diluted share, compared with $12.0 million, or $0.51 per diluted share, in the prior-year period. Adjusted EBITDA margin was 15.1%. Please see the reconciliation of GAAP net income and earnings per share to adjusted net income and earnings per share on page 12 of this release.

First Quarter Fiscal 2020 Outlook
Adjusted for the divested businesses and the effect of foreign currency translation, orders in the fourth quarter grew 1%. The Company expects first quarter of fiscal 2020 sales to be in the range of $214 million to $216 million, an approximate 3% increase adjusting for an estimated 2% to 3% headwind from foreign currency translation and the $11.1 million impact to sales from divestitures.

Teleconference/webcast
Columbus McKinnon will host a conference call and live webcast Wednesday, May 29 at 8:00 AM Eastern Time, at which management will review the Company’s financial results and strategy. The review will be accompanied by a slide presentation, which will be available on Columbus McKinnon’s website at www.cmworks.com/investors. A question and answer session will follow the formal discussion.

The conference call can be accessed by dialing 201-493-6780. The listen-only audio webcast can be monitored at www.cmworks.com/investors. To listen to the archived call, dial 412-317-6671 and enter the passcode 13689949. The telephonic replay will be available from 11:00 AM Eastern Time on the day of the call through Wednesday, June 5, 2019. Alternatively, an archived webcast of the call can be found on the Company’s website. In addition, a transcript of the call will be posted to the website once available.

About Columbus McKinnon
Columbus McKinnon is a leading worldwide designer, manufacturer and marketer of motion control products, technologies, systems and services that efficiently and ergonomically move, lift, position and secure materials. Key products include hoists, actuators, rigging tools, light rail work stations and digital power and motion control systems. The Company is focused on commercial and industrial applications that require the safety and quality provided by its superior design and engineering know-how. Comprehensive information on Columbus McKinnon is available at http://www.cmworks.com.

Safe Harbor Statement
This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements concerning future sales and earnings, involve known and unknown risks, uncertainties and other factors that could cause the actual results of the Company to differ materially from the results expressed or implied by such statements, including the effectiveness of the Company’s 80/20 Process to simplify operations, the ability of the Company’s Operational Excellence initiatives to drive profitability, the success of the Company’s efforts to Ramp the Growth Engine, global economic and business conditions, conditions affecting the industries served by the Company and its subsidiaries, conditions affecting the Company's customers and suppliers, competitor responses to the Company's products and services, the overall market acceptance of such products and services, the ability to expand into new markets and geographic regions, and other factors disclosed in the Company's periodic reports filed with the Securities and Exchange Commission. The Company assumes no obligation to update the forward-looking information contained in this release.

Financial tables follow.

     
COLUMBUS McKINNON CORPORATION
Condensed Consolidated Income Statements - UNAUDITED

(In thousands, except per share and percentage data)

 
Three Months Ended
March 31, 2019   March 31, 2018 Change
Net sales $ 216,733 $ 214,140 1.2 %
Cost of products sold 140,688   139,424   0.9 %
Gross profit 76,045 74,716 1.8 %
Gross profit margin 35.1 % 34.9 %
Selling expenses 23,985 27,647 (13.2 )%
% of net sales 11.1 % 12.9 %
General and administrative expenses 21,674 23,578 (8.1 )%
% of net sales 10.0 % 11.0 %
Research and development expenses 3,354 3,679 (8.8 )%
% of net sales 1.5 % 1.7 %
Net (gain) loss on sales of businesses (978 ) NM
Amortization of intangibles 3,542   4,005   (11.6 )%
Income from operations 24,468   15,807   54.8 %
Operating margin 11.3 % 7.4 %
Interest and debt expense 3,959 4,661 (15.1 )%
Investment (income) loss, net (430 ) 4 NM
Foreign currency exchange loss (gain) 637 834 (23.6 )%
Other (income) expense, net (299 ) (756 ) (60.4 )%
Income before income tax expense 20,601 11,064 86.2 %
Income tax expense 860   2,598   (66.9 )%
Net income $ 19,741   $ 8,466   133.2 %
 
Average basic shares outstanding 23,368 23,031 1.5 %
Basic income per share $ 0.84   $ 0.37   127.0 %
 
Average diluted shares outstanding 23,714 23,628 0.4 %
Diluted income per share $ 0.83   $ 0.36   130.6 %
 
Dividends declared per common share $ 0.11   $ 0.09  
 
     
COLUMBUS McKINNON CORPORATION
Condensed Consolidated Income Statements - UNAUDITED

(In thousands, except per share and percentage data)

 
Year Ended
March 31, 2019   March 31, 2018 Change
Net sales $ 876,282 $ 839,419 4.4 %
Cost of products sold 571,285   554,358   3.1 %
Gross profit 304,997 285,061 7.0 %
Gross profit margin 34.8 % 34.0 %
Selling expenses 97,925 101,956 (4.0 )%
% of net sales 11.2 % 12.1 %
General and administrative expenses 83,567 85,605 (2.4 )%
% of net sales 9.5 % 10.2 %
Research and development expenses 13,491 13,617 (0.9 )%
% of net sales 1.5 % 1.6 %
Net loss on sales of businesses 25,672 NM
Amortization of intangibles 14,900   15,552   (4.2 )%
Income from operations 69,442   68,331   1.6 %
Operating margin 7.9 % 8.1 %
Interest and debt expense 17,144 19,733 (13.1 )%
Investment (income) loss, net (727 ) (157 ) 363.1 %
Foreign currency exchange loss (gain) 843 1,539 (45.2 )%
Other (income) expense, net (716 ) (2,469 ) (71.0 )%
Income before income tax expense 52,898 49,685 6.5 %
Income tax expense 10,321   27,620   (62.6 )%
Net income $ 42,577   $ 22,065   93.0 %
 
Average basic shares outstanding 23,276 22,841 1.9 %
Basic income per share $ 1.83   $ 0.97   88.7 %
 
Average diluted shares outstanding 23,660 23,335 1.4 %
Diluted income per share $ 1.80   $ 0.95   89.5 %
 
Dividends declared per common share $ 0.21   $ 0.17  
 
     
COLUMBUS McKINNON CORPORATION
Condensed Consolidated Balance Sheets

(In thousands)

 

March 31,
2019

March 31,
2018

(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 71,093 $ 63,021
Trade accounts receivable 129,157 127,806
Inventories 146,263 152,886
Prepaid expenses and other 16,075   16,582  
Total current assets 362,588   360,295  
 
Property, plant, and equipment, net 87,303 113,079
Goodwill 322,816 347,434
Other intangibles, net 232,940 263,764
Marketable securities 7,028 7,673
Deferred taxes on income 27,707 32,442
Other assets 21,189   17,759  
Total assets $ 1,061,571   $ 1,142,446  
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Trade accounts payable $ 46,974 $ 46,970
Accrued liabilities 99,304 99,963
Current portion of long-term debt 65,000   60,064  
Total current liabilities 211,278   206,997  
 
Senior debt, less current portion 33
Term loan and revolving credit facility 235,320 303,221
Other non-current liabilities 183,814   223,966  
Total liabilities 630,412   734,217  
 
Shareholders’ equity:
Common stock 234 230
Additional paid-in capital 277,518 269,360
Retained earnings 236,459 197,897
Accumulated other comprehensive loss (83,052 ) (59,258 )
Total shareholders’ equity 431,159   408,229  
Total liabilities and shareholders’ equity $ 1,061,571   $ 1,142,446  
 
   
COLUMBUS McKINNON CORPORATION
Condensed Consolidated Statements of Cash Flows - UNAUDITED

(In thousands)

 
Year Ended
March 31, 2019   March 31, 2018
Operating activities:
Net income $ 42,577 $ 22,065
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 32,675 36,136
Deferred income taxes and related valuation allowance (958 ) 19,968
Net loss (gain) on sale of real estate, investments, and other 194 47
Cost of debt repricing/refinancing 619
Stock based compensation 6,198 5,586
Amortization of deferred financing costs 2,655 2,681
Loss on sales of businesses 25,672
Changes in operating assets and liabilities, net of effects of business acquisitions and divestitures:
Trade accounts receivable (11,328 ) (9,308 )
Inventories (15,411 ) (12,249 )
Prepaid expenses and other (128 ) 1,727
Other assets 231 3,338
Trade accounts payable 3,881 3,833
Accrued liabilities 6,397 11,918
Non-current liabilities (13,156 ) (16,700 )
Net cash provided by operating activities 79,499   69,661  
 
Investing activities:
Proceeds from sales of marketable securities 3,266 653
Purchases of marketable securities (2,604 ) (327 )
Capital expenditures (12,288 ) (14,515 )
Proceeds from sale of real estate 176
Net proceeds from sales of businesses 14,230
Net payments to former STAHL owner (14,750 )
Payment of restricted cash to former owner (294 ) (294 )
Cash paid for purchase of equity investment   (3,359 )
Net cash provided by (used for) investing activities 2,486   (32,592 )
 
Financing activities:
Proceeds from the issuance of common stock 4,152 6,332
Repayment of debt (65,088 ) (60,144 )
Fees related to debt repricing/refinancing (619 )
Payment of dividends (4,652 ) (3,658 )
Other (2,190 ) (1,413 )
Net cash used for financing activities (67,778 ) (59,502 )
 
Effect of exchange rate changes on cash (6,429 ) 7,569  
 
Net change in cash and cash equivalents 7,778 (14,864 )
Cash, cash equivalents, and restricted cash at beginning of year 63,565   78,429  
Cash, cash equivalents, and restricted cash at end of period $ 71,343   $ 63,565  
 
     
COLUMBUS McKINNON CORPORATION
Q4 FY 2019 Sales Bridge
 
Quarter Year to Date
($ in millions)

$ Change

  % Change

$ Change

  % Change
Fiscal 2018 Sales $ 214.1 $ 839.4
Divestitures (5.9 ) (5.9 )
Fiscal 2018 Sales adjusted for divestitures $ 208.2 $ 833.5
 
Volume 11.5 5.5 % 39.8 4.7 %
Pricing 3.7 1.8 % 10.6 1.3 %
Foreign currency translation (6.7 ) (3.2 )% (7.6 ) (0.9 )%
Total change adjusted for divestitures $ 8.5   4.1 % $ 42.8   5.1 %
Fiscal 2019 Sales $ 216.7   $ 876.3  
 
 
COLUMBUS McKINNON CORPORATION
Q4 FY 2019 Gross Profit Bridge
     
($ in millions) Quarter   Year to Date
Fiscal 2018 Gross Profit $ 74.7 $ 285.1
Sales volume and mix 4.1 13.0
Productivity, net of other cost changes 1.2 8.5
Pricing, net of material cost inflation 2.1 6.5
Product liability 0.3 1.1
Divestitures (1.2 ) (1.2 )
Ohio plant closure (1.3 ) (1.5 )
Tariffs (0.9 ) (1.7 )
Prior year insurance settlement (0.6 ) (2.4 )
Foreign currency translation (2.4 )   (2.4 )
Total change $ 1.3     $ 19.9  
Fiscal 2019 Gross Profit $ 76.0     $ 305.0  
 
       
COLUMBUS McKINNON CORPORATION
Additional Data - UNAUDITED
 
March 31, 2019 December 31, 2018 March 31, 2018
($ in millions)      
Backlog $ 161.5 $ 159.9 $ 177.4
Backlog excluding divestitures $ 161.5 $ 154.4 $ 167.1
Long-term backlog (expected to ship beyond 3 months) $ 61.7 $ 55.1 $ 59.5
Long-term backlog as % of total backlog 38.2 % 34.5 % 33.5 %
 
Trade accounts receivable
Days sales outstanding (1), (2) 55.5 days 52.3 days 54.3 days
 
Inventory turns per year (1), (2)
(based on cost of products sold) 3.7 turns 3.8 turns 3.6 turns
Days' inventory (1), (2) 97.6 days 96.1 days 100.0 days
 
Trade accounts payable
Days payables outstanding (1), (2) 31.3 days 25.4 days 30.7 days
 
Working capital as a % of sales (1), (2) 17.2 % 17.9 % 17.9 %
 
Debt to total capitalization percentage 41.1 % 42.8 % 47.1 %
 
Debt, net of cash, to net total capitalization 34.7 % 37.9 % 42.4 %
(1) March 31, 2019 figures exclude the Tire Shredder business, which was divested on December 28, 2018, and Crane Equipment & Service, Inc. and Stahlhammer Bommern GmbH, each of which were divested on February 28, 2019.
 
(2) December 31, 2018 figures exclude the Tire Shredder business, which was divested on December 28, 2018.
 
 
U.S. Shipping Days by Quarter
    Q1   Q2   Q3   Q4   Total
FY 20 63 63 61 64 251
 
FY 19 64 63 60 63 250
 
FY 18 63 62 60 63 248
 
     
COLUMBUS McKINNON CORPORATION
Reconciliation of GAAP Gross Profit to
Non-GAAP Adjusted Gross Profit and Adjusted Gross Margin

($ in thousands, except per share data)

 

Three Months Ended
March 31,

Year Ended
March 31,

2019   2018   2019   2018
Gross profit $ 76,045 $ 74,716 $ 304,997 $ 285,061
Add back (deduct):
Ohio plant closure 1,273 1,473
STAHL integration costs 36 286 307
Insurance settlement   (621 )     (2,362 )
Non-GAAP adjusted gross profit $ 77,318   $ 74,131     $ 306,756   $ 283,006  
 
Sales $ 216,733 $ 214,140 $ 876,282 $ 839,419
Adjusted gross margin 35.7 % 34.6 % 35.0 % 33.7 %
 

Adjusted gross profit is defined as gross profit as reported, adjusted for certain items. Adjusted gross profit is not a measure determined in accordance with generally accepted accounting principles in the United States, commonly known as GAAP, and may not be comparable with the measures as used by other companies. Nevertheless, Columbus McKinnon believes that providing non-GAAP information, such as adjusted gross profit, is important for investors and other readers of the Company’s financial statements and assists in understanding the comparison of the current quarter’s and current year's gross profit to the historical periods' gross profit, as well as facilitates a more meaningful comparison of the Company’s gross profit to that of other companies.

     
COLUMBUS McKINNON CORPORATION
Reconciliation of GAAP Income from Operations to
Non-GAAP Adjusted Income from Operations and Adjusted Operating Margin

($ in thousands, except per share data)

 

Three Months Ended
March 31,

Year Ended
March 31,

2019   2018   2019   2018
Income from operations $ 24,468 $ 15,807 $ 69,442 $ 68,331
Add back (deduct):
Net (gain) loss on sales of businesses (978 ) 25,672
Insurance recovery legal costs 132 356 1,282 2,948
Ohio plant closure 1,273 1,473
STAHL integration costs 3,917 1,906 8,763
Debt repricing fees 619 619
Magnetek litigation 400
Insurance settlement   (621 )     (2,362 )
Non-GAAP adjusted income from operations $ 24,895   $ 20,078     $ 99,775   $ 78,699  
 
Sales $ 216,733 $ 214,140 $ 876,282 $ 839,419
Adjusted operating margin 11.5 % 9.4 % 11.4 % 9.4 %
 

Adjusted income from operations is defined as income from operations as reported, adjusted for certain items. Adjusted income from operations is not a measure determined in accordance with generally accepted accounting principles in the United States, commonly known as GAAP, and may not be comparable with the measures as used by other companies. Nevertheless, Columbus McKinnon believes that providing non-GAAP information, such as adjusted income from operations, is important for investors and other readers of the Company’s financial statements and assists in understanding the comparison of the current quarter’s and current year's income from operations to the historical periods' income from operations, as well as facilitates a more meaningful comparison of the Company’s income from operations to that of other companies.

     
COLUMBUS McKINNON CORPORATION
Reconciliation of GAAP Net Income (Loss) and Diluted Earnings per Share to
Non-GAAP Adjusted Net Income and Diluted Earnings per Share

($ in thousands, except per share data)

 

Three Months Ended
March 31,

Year Ended
March 31,

2019   2018 2019   2018
Net income $ 19,741 $ 8,466 $ 42,577 $ 22,065
Add back (deduct):
Net (gain) loss on sales of businesses (978 ) 25,672
Insurance recovery legal costs 132 356 1,282 2,948
Ohio plant closure 1,273 1,473
STAHL integration costs 3,917 1,906 8,763
Debt repricing fees 619 619
Magnetek litigation 400
Insurance settlement (621 ) (2,362 )
Normalize tax rate to 22% (1) (3,766 ) (776 ) (7,990 ) 14,408  
Non-GAAP adjusted net income $ 16,402   $ 11,961   $ 64,920   $ 46,841  
 
Average diluted shares outstanding 23,714 23,628 23,660 23,335
       
Diluted income per share - GAAP $ 0.83   $ 0.36   $ 1.80   $ 0.95  
       
Diluted income per share - Non-GAAP $ 0.69   $ 0.51   $ 2.74   $ 2.01  
(1) Applies a normalized tax rate of 22% to GAAP pre-tax income and non-GAAP adjustments above, which are each pre-tax.
 

Adjusted net income and diluted EPS are defined as net income and diluted EPS as reported, adjusted for certain items and at a normalized tax rate. Adjusted net income and diluted EPS are not measures determined in accordance with generally accepted accounting principles in the United States, commonly known as GAAP, and may not be comparable to the measures as used by other companies. Nevertheless, Columbus McKinnon believes that providing non-GAAP information, such as adjusted net income and diluted EPS, is important for investors and other readers of the Company’s financial statements and assists in understanding the comparison of the current quarter’s and current year's net income and diluted EPS to the historical periods' net income and diluted EPS, as well as facilitates a more meaningful comparison of the Company’s net income and diluted EPS to that of other companies.

     
COLUMBUS McKINNON CORPORATION
Reconciliation of GAAP Net Income (Loss) to Non-GAAP Adjusted EBITDA

($ in thousands)

 

Three Months Ended
March 31,

Year Ended
March 31,

2019   2018   2019   2018
Net income $ 19,741 $ 8,466 $ 42,577 $ 22,065
Add back (deduct):
Income tax expense 860 2,598 10,321 27,620
Interest and debt expense 3,959 4,661 17,144 19,733
Investment loss (income) (430 ) 4 (727 ) (157 )
Foreign currency exchange (gain) loss 637 834 843 1,539
Other (income) expense, net (299 ) (756 ) (716 ) (2,469 )
Depreciation and amortization expense 7,912 9,263 32,675 36,136
Net (gain) loss on sales of businesses (978 ) 25,672
Insurance recovery legal costs 132 356 1,282 2,948
Ohio plant closure 1,273 1,473
STAHL integration costs 3,917 1,906 8,763
Debt repricing fees 619 619
Magnetek litigation 400
Insurance settlement   (621 )   (2,362 )
Non-GAAP adjusted EBITDA $ 32,807   $ 29,341     $ 132,450   $ 114,835  
 
Sales $ 216,733 $ 214,140 $ 876,282 $ 839,419
Adjusted EBITDA margin 15.1 % 13.7 % 15.1 % 13.7 %
 

Adjusted EBITDA is defined as net income before interest expense, income taxes, depreciation, amortization, and other adjustments. Adjusted EBITDA is not a measure determined in accordance with generally accepted accounting principles in the United States, commonly known as GAAP, and may not be comparable with the measures as used by other companies. Nevertheless, Columbus McKinnon believes that providing non-GAAP information, such as adjusted EBITDA, is important for investors and other readers of the Company’s financial statements and assists in understanding the comparison of the current quarter’s and current year's net income and diluted EPS to the historical periods' net income and diluted EPS, as well as facilitates a more meaningful comparison of the Company’s net income and diluted EPS to that of other companies.

Contacts

Gregory P. Rustowicz
Vice President - Finance and Chief Financial Officer
Columbus McKinnon Corporation
716-689-5442
greg.rustowicz@cmworks.com

Investor Relations:
Deborah K. Pawlowski
Kei Advisors LLC
716-843-3908
dpawlowski@keiadvisors.com

Release Summary

Columbus McKinnon's (Nasdaq:CMCO) Blueprint for Growth Strategy drove sales increases, margin expansion and earnings growth in Q4/Fiscal Year 2019.

Contacts

Gregory P. Rustowicz
Vice President - Finance and Chief Financial Officer
Columbus McKinnon Corporation
716-689-5442
greg.rustowicz@cmworks.com

Investor Relations:
Deborah K. Pawlowski
Kei Advisors LLC
716-843-3908
dpawlowski@keiadvisors.com