Columbus McKinnon Reports Financial Results for First Quarter Fiscal Year 2021

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 2021 first quarter, which ended June 30, 2020.

First Quarter Highlights (compared with prior-year period)

  • Achieved positive operating income and cash generation despite 35% decline in revenue
  • Delivered $1.8 million in operating income in quarter even as end markets were severely challenged due to COVID-19 pandemic; Adjusted operating income* was $5.0 million
  • Generated $9.5 million in cash from operations and $8.4 million in free cash flow*
  • Significant liquidity and low net debt leverage position Columbus McKinnon for Phase III of strategy as markets improve

David Wilson, President and CEO of Columbus McKinnon, commented, “I have been pleased with the performance of our leadership team and the effectiveness of the Blueprint for Growth strategy during these extraordinary times resulting from the global pandemic. The rapid actions taken to preserve liquidity, protect the enterprise and continue to make select investments in growth enabled respectable financial results despite the dramatic drop in demand. Even as volume measurably declined, we achieved gross margin of 32% given strategic pricing initiatives, footprint consolidations and overhead cost reductions. We were encouraged to see markets improve monthly from the trough in April through June and now into July, as order activity has increased.”

He added, “In this challenging environment, there are factors that we can control. We will continue to drive cost performance and improve our competitive positioning by advancing Phases II and III of the Blueprint for Growth strategy. We are prioritizing our efforts on a select set of initiatives to deliver organic growth and strategic development while advancing our 80/20 Process and operational excellence plans. In fact, even with the downturn in the first quarter, we realized $1.9 million in contribution to operating income from the 80/20 Process.”

*Adjusted operating income and free cash flow are non-GAAP measures. See accompanying discussion and reconciliation tables in this release regarding adjusted operating income. Free cash flow is defined as cash from operations minus capital expenditures.

First Quarter Fiscal 2021 Sales

($ in millions)

Q1 FY 21

 

Q1 FY 20

 

Change

 

% Change

Net sales

$

139.1

 

 

$

212.7

 

 

$

(73.6)

 

 

(34.6)

%

 

 

 

 

 

 

 

 

U.S. sales

$

74.7

 

 

$

116.7

 

 

$

(42.0)

 

 

(36.0)

%

% of total

54

%

 

55

%

 

 

 

 

Non-U.S. sales

$

64.4

 

 

$

96.0

 

 

$

(31.6)

 

 

(32.9)

%

% of total

46

%

 

45

%

 

 

 

 

The decline in sales for the quarter was the result of lower volume due to the global economic impact of the COVID-19 pandemic which more than offset a 1.1% price improvement. U.S. sales volume declines more than offset a 1.2% price improvement. Sales outside the U.S. were down on volume and a $2.0 million, or 2.0%, negative impact from foreign currency translation, which offset a 1.1% price improvement.

First Quarter Fiscal 2021 Operating Results

($ in millions)

Q1 FY 21

 

Q1 FY 20

 

Change

 

% Change

Gross profit

$

44.8

 

 

$

75.6

 

 

$

(30.8

)

 

(40.8

)%

Gross margin

32.2

%

 

35.5

%

 

(330) bps

 

 

Income from operations

$

1.8

 

 

$

27.0

 

 

$

(25.3

)

 

(93.4

)%

Operating margin

1.3

%

 

12.7

%

 

(1,140) bps

 

 

Net income (loss)

$

(3.0

)

 

$

18.6

 

 

$

(21.5

)

 

NM

 

Diluted EPS

$

(0.12

)

 

$

0.78

 

 

$

(0.90

)

 

NM

 

Adjusted EBITDA*

$

12.1

 

 

$

35.5

 

 

$

(23.4

)

 

(65.9

)%

Adjusted EBITDA margin

8.7

%

 

16.7

%

 

(800) 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).

Adjusted for the impacts of factory closures and business realignment costs, income from operations was $5.0 million, or 3.6% of sales. Decremental adjusted operating income leverage was just 31%, improved over historic decremental leverage during dramatic recessionary environments. (See the reconciliation of GAAP income from operations to adjusted income from operations on page 10 of this release.) Net loss for the quarter was $3.0 million which included a $2.7 million non-cash pension settlement charge related to the termination of a U.S. pension plan.

Adjusted EBITDA margin was 8.7% for the quarter reflecting the benefits of the Company’s self-help improvement efforts in austere market conditions. (See the reconciliation of GAAP net income to adjusted EBITDA on page 12 of this release.)

Second Quarter Fiscal 2021 Outlook

Mr. Wilson concluded, “We are executing efficiently as we ramp up to meet improving demand, notably in the U.S. and Europe, our largest geographic markets. While order rates have been growing, we are carefully monitoring our customer landscape and will take additional actions if necessary to achieve our objectives.”

Currently, Columbus McKinnon expects second quarter fiscal 2021 revenue to improve sequentially to a range of approximately $150 million to $160 million at current exchange rates and to continue to generate positive operating income and free cash flow.

Teleconference/webcast

Columbus McKinnon will host a conference call and live webcast Thursday, July 30, 2020 at 10:00 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 investors.columbusmckinnon.com. 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 https://investors.columbusmckinnon.com. To listen to the archived call, dial 412-317-6671 and enter the passcode 13705871. The telephonic replay will be available from 1:00 PM Eastern Time on the day of the call through Thursday, August 6, 2020. 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 www.columbusmckinnon.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 impact of Covid-19 and the Company’s efforts to reduce costs, maintain liquidity and generate cash in the current pandemic, 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 Company’s ability to grow market share, the ability to achieve revenue expectations, 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

 

 

 

 

June 30, 2020

 

June 30, 2019

 

Change

Net sales

 

$

139,070

 

 

$

212,712

 

 

(34.6

)%

Cost of products sold

 

94,273

 

 

137,100

 

 

(31.2

)%

Gross profit

 

44,797

 

 

75,612

 

 

(40.8

)%

Gross profit margin

 

32.2

%

 

35.5

%

 

 

Selling expenses

 

18,695

 

 

22,755

 

 

(17.8

)%

% of net sales

 

13.4

%

 

10.7

%

 

 

General and administrative expenses

 

18,429

 

 

19,600

 

 

(6.0

)%

% of net sales

 

13.3

%

 

9.2

%

 

 

Research and development expenses

 

2,769

 

 

2,792

 

 

(0.8

)%

% of net sales

 

2.0

%

 

1.3

%

 

 

Loss on sales of businesses

 

 

 

169

 

 

NM

Amortization of intangibles

 

3,115

 

 

3,253

 

 

(4.2

)%

Income from operations

 

1,789

 

 

27,043

 

 

(93.4

)%

Operating margin

 

1.3

%

 

12.7

%

 

 

Interest and debt expense

 

3,188

 

 

3,852

 

 

(17.2

)%

Investment (income) loss

 

(577

)

 

(302

)

 

91.1

%

Foreign currency exchange (gain) loss

 

84

 

 

(410

)

 

NM

Other (income) expense, net

 

3,026

 

 

162

 

 

1,767.9

%

Income (loss) before income tax expense (benefit)

 

(3,932

)

 

23,741

 

 

NM

Income tax expense (benefit)

 

(963

)

 

5,162

 

 

NM

Net income (loss)

 

$

(2,969

)

 

$

18,579

 

 

NM

 

 

 

 

 

 

 

Average basic shares outstanding

 

23,802

 

 

23,431

 

 

1.6

%

Basic income (loss) per share

 

$

(0.12

)

 

$

0.79

 

 

NM

 

 

 

 

 

 

 

Average diluted shares outstanding

 

23,802

 

 

23,777

 

 

0.1

%

Diluted income (loss) per share

 

$

(0.12

)

 

$

0.78

 

 

NM

 

COLUMBUS McKINNON CORPORATION

Condensed Consolidated Balance Sheets

(In thousands)

 

 

June 30, 2020

 

March 31, 2020

 

 

(unaudited)

 

 

ASSETS

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

152,236

 

 

$

114,450

 

Trade accounts receivable

 

96,464

 

 

123,743

 

Inventories

 

124,572

 

 

127,373

 

Prepaid expenses and other

 

19,662

 

 

17,180

 

Total current assets

 

392,934

 

 

382,746

 

 

 

 

 

 

Property, plant, and equipment, net

 

76,662

 

 

79,473

 

Goodwill

 

322,914

 

 

319,679

 

Other intangibles, net

 

217,109

 

 

217,962

 

Marketable securities

 

7,510

 

 

7,322

 

Deferred taxes on income

 

26,044

 

 

26,281

 

Other assets

 

59,416

 

 

59,809

 

Total assets

 

$

1,102,589

 

 

$

1,093,272

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

Current liabilities:

 

 

 

 

Trade accounts payable

 

$

38,940

 

 

$

57,289

 

Accrued liabilities

 

91,896

 

 

93,585

 

Current portion of long-term debt

 

29,450

 

 

4,450

 

Total current liabilities

 

160,286

 

 

155,324

 

 

 

 

 

 

Term loan and revolving credit facility

 

246,268

 

 

246,856

 

Other non-current liabilities

 

229,433

 

 

227,507

 

Total liabilities

 

635,987

 

 

629,687

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

Common stock

 

239

 

 

238

 

Additional paid-in capital

 

288,583

 

 

287,256

 

Retained earnings

 

287,472

 

 

290,441

 

Accumulated other comprehensive loss

 

(109,692

)

 

(114,350

)

Total shareholders’ equity

 

466,602

 

 

463,585

 

Total liabilities and shareholders’ equity

 

$

1,102,589

 

 

$

1,093,272

 

 

COLUMBUS McKINNON CORPORATION

Condensed Consolidated Statements of Cash Flows - UNAUDITED

(In thousands)

 

 

Three Months Ended

 

 

June 30, 2020

 

June 30, 2019

Operating activities:

 

 

 

 

Net income (loss)

 

$

(2,969

)

 

$

18,579

 

Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:

 

 

 

 

Depreciation and amortization

 

7,081

 

 

7,403

 

Deferred income taxes and related valuation allowance

 

(1,500

)

 

415

 

Net loss (gain) on sale of real estate, investments, and other

 

(494

)

 

(268

)

Stock based compensation

 

2,071

 

 

1,556

 

Amortization of deferred financing costs

 

665

 

 

665

 

Loss on sales of businesses

 

 

 

169

 

Non-cash pension settlement expense

 

2,722

 

 

 

Non-cash lease expense

 

1,876

 

 

1,952

 

Changes in operating assets and liabilities, net of effects of business acquisitions and divestitures:

 

 

 

 

Trade accounts receivable

 

27,955

 

 

(5,827

)

Inventories

 

3,924

 

 

(3,879

)

Prepaid expenses and other

 

(2,766

)

 

(1,755

)

Other assets

 

(39

)

 

107

 

Trade accounts payable

 

(18,248

)

 

(6,800

)

Accrued liabilities

 

(7,926

)

 

(6,322

)

Non-current liabilities

 

(2,836

)

 

(8,155

)

Net cash provided by (used for) operating activities

 

9,516

 

 

(2,160

)

 

 

 

 

 

Investing activities:

 

 

 

 

Proceeds from sales of marketable securities

 

1,034

 

 

636

 

Purchases of marketable securities

 

(880

)

 

(1,039

)

Capital expenditures

 

(1,088

)

 

(1,854

)

Proceeds from pending sale of building

 

6,363

 

 

 

Proceeds from sale of equipment

 

 

 

51

 

Net (payments) proceeds from sales of businesses

 

 

 

(214

)

Net cash provided by (used for) investing activities

 

5,429

 

 

(2,420

)

 

 

 

 

 

Financing activities:

 

 

 

 

Proceeds from issuance of common stock

 

185

 

 

980

 

Borrowings (repayments) under line-of-credit agreements

 

25,000

 

 

 

Repayment of debt

 

(1,112

)

 

(10,000

)

Payment of dividends

 

(1,427

)

 

(1,404

)

Other

 

(927

)

 

(518

)

Net cash provided by (used for) financing activities

 

21,719

 

 

(10,942

)

 

 

 

 

 

Effect of exchange rate changes on cash

 

1,122

 

 

145

 

 

 

 

 

 

Net change in cash and cash equivalents

 

37,786

 

 

(15,377

)

Cash, cash equivalents, and restricted cash at beginning of year

 

114,700

 

 

71,343

 

Cash, cash equivalents, and restricted cash at end of period

 

$

152,486

 

 

$

55,966

 

 

COLUMBUS McKINNON CORPORATION

Q1 FY 2021 Sales Bridge

 

 

Quarter

($ in millions)

 

$ Change

 

% Change

Fiscal 2020 Sales

 

$

212.7

 

 

 

Volume

 

(74.0

 

(34.8

)%

Pricing

 

2.4

 

 

1.1

%

Foreign currency translation

 

(2.0

 

(0.9

)%

Total change

 

$

(73.6

) 

 

(34.6

)%

Fiscal 2021 Sales

 

$

139.1

 

 

 

 

COLUMBUS McKINNON CORPORATION

Q1 FY 2021 Gross Profit Bridge

($ in millions)

Quarter

Fiscal 2020 Gross Profit

$

75.6

 

 

Pricing, net of material cost inflation

2.4

 

 

Tariffs

0.7

 

 

Insurance settlement

(0.3

)

 

Business realignment costs

(0.3

)

 

Foreign currency translation

(0.6

)

 

Factory closures

(1.4

)

 

Productivity, net of other cost changes

(4.3

)

 

Sales volume and mix

(27.0

)

 

Total change adjusted for divestitures

$

(30.8

)

 

Fiscal 2021 Gross Profit

$

44.8

 

 

 

COLUMBUS McKINNON CORPORATION

Additional Data – UNAUDITED

 

 

June 30, 2020

 

March 31, 2020

 

June 30, 2019

($ in millions)

 

 

 

 

 

 

 

 

 

Backlog

 

$

130.7

 

 

 

$

131.0

 

 

 

$

148.2

 

 

Long-term backlog

 

 

 

 

 

 

 

 

 

Expected to ship beyond 3 months

 

$

52.8

 

 

 

$

49.1

 

 

 

$

53.9

 

 

Long-term backlog as % of total backlog

 

40.4

 

%

 

37.5

 

%

 

36.4

 

%

 

 

 

 

 

 

 

 

 

 

Trade accounts receivable

 

 

 

 

 

 

 

 

 

Days sales outstanding

 

63.1

 

days

 

59.4

 

days

 

58.0

 

days

 

 

 

 

 

 

 

 

 

 

Inventory turns per year

 

 

 

 

 

 

 

 

 

(based on cost of products sold)

 

3.0

 

turns

 

3.9

 

turns

 

3.6

 

turns

Days' inventory

 

120.6

 

days

 

94.3

 

days

 

100.6

 

days

 

 

 

 

 

 

 

 

 

 

Trade accounts payable

 

 

 

 

 

 

 

 

 

Days payables outstanding

 

37.6

 

days

 

42.3

 

days

 

26.7

 

days

 

 

 

 

 

 

 

 

 

 

Working capital as a % of sales (1)

 

14.9

 

%

 

14.5

 

%

 

19.3

 

%

 

 

 

 

 

 

 

 

 

 

Debt to total capitalization percentage

 

37.1

 

%

 

35.2

 

%

 

39.1

 

%

 

 

 

 

 

 

 

 

 

 

Debt, net of cash, to net total capitalization

 

20.9

 

%

 

22.8

 

%

 

34.2

 

%

(1) June 30, 2019 figure excludes the Tire Shredder business, which was divested on December 28, 2018, and Crane Equipment & Service, Inc. (CES) and Stahlhammer Bommern GmbH (STB), each of which were divested on February 28, 2019.

U.S. Shipping Days by Quarter

 

 

Q1

 

Q2

 

Q3

 

Q4

 

Total

FY 21

 

63

 

64

 

61

 

63

 

251

 

 

 

 

 

 

 

 

 

 

 

FY 20

 

63

 

63

 

61

 

64

 

251

 

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
June 30,

 

 

2020

 

2019

Gross profit

 

$

44,797

 

 

$

75,612

 

Add back (deduct):

 

 

 

 

Factory closures

 

1,928

 

 

506

 

Business realignment costs

 

329

 

 

 

Insurance settlement

 

 

 

(290

Non-GAAP adjusted gross profit

 

$

47,054

 

 

$

75,828

 

 

 

 

 

 

Sales

 

$

139,070

 

 

$

212,712

 

Adjusted gross margin

 

33.8

%

 

35.6

%

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
June 30,

 

 

2020

 

2019

Income from operations

 

$

1,789

 

 

$

27,043

 

Add back (deduct):

 

 

 

 

Factory closures

 

2,256

 

 

1,027

 

Business realignment costs

 

821

 

 

 

Insurance recovery legal costs

 

141

 

 

139

 

Loss on sales of businesses

 

 

 

169

 

Insurance settlement

 

 

 

(290)

 

Non-GAAP adjusted income from operations

 

$

5,007

 

 

$

28,088

 

 

 

 

 

 

Sales

 

$

139,070

 

 

$

212,712

 

Adjusted operating margin

 

3.6

%

 

13.2

%

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 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
June 30,

 

 

2020

 

2019

Net income (loss)

 

$

(2,969)

 

 

$

18,579

 

Add back (deduct):

 

 

 

 

Non-cash pension settlement expense

 

2,722

 

 

 

Factory closures

 

2,256

 

 

1,027

 

Business realignment costs

 

821

 

 

 

Insurance recovery legal costs

 

141

 

 

139

 

Loss on sales of businesses

 

 

 

169

 

Insurance settlement

 

 

 

(290)

 

Normalize tax rate to 22% (1)

 

(1,405)

 

 

(291)

 

Non-GAAP adjusted net income

 

$

1,566

 

 

$

19,333

 

 

 

 

 

 

Average diluted shares outstanding

 

23,922

 

 

23,777

 

 

 

 

 

 

Diluted income per share - GAAP

 

$

(0.12)

 

 

$

0.78

 

 

 

 

 

 

Diluted income per share - Non-GAAP

 

$

0.07

 

 

$

0.81

 

(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 to Non-GAAP Adjusted EBITDA

($ in thousands)

 

 

Three Months Ended
June 30,

 

 

2020

 

 

2019

 

Net income (loss)

 

$

(2,969

)

 

$

18,579

 

 

Add back (deduct):

 

 

 

 

Income tax expense (benefit)

 

(963

)

 

5,162

 

 

Interest and debt expense

 

3,188

 

 

3,852

 

 

Investment (income) loss

 

(577

)

 

(302

)

 

Foreign currency exchange (gain) loss

 

84

 

 

(410

)

 

Other (income) expense, net

 

3,026

 

 

162

 

 

Depreciation and amortization expense

 

7,081

 

 

7,403

 

 

Factory closures

 

2,256

 

 

1,027

 

 

Business realignment costs

 

821

 

 

 

 

Insurance recovery legal costs

 

141

 

 

139

 

 

Loss on sales of businesses

 

 

 

169

 

 

Insurance settlement

 

 

 

(290

)

 

Non-GAAP adjusted EBITDA

 

$

12,088

 

 

$

35,491

 

 

 

 

 

 

 

Sales

 

$

139,070

 

 

$

212,712

 

 

Adjusted EBITDA margin

 

8.7

%

 

16.7

%

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.

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 (Nasdaq: CMCO) Reports Financial Results for First Quarter Fiscal Year 2021

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