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Earnings Analysis: 
Columbus McKinnon Results Surge On Tax
Author: Ivaylo Dagnev
123jump.com
Last Update: 9:40 AM EDT May 30 2006



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Columbus McKinnon Corp, maker of material handling products, reported Q4 earnings of $2.53 a share, up from a profit of 56 cents a share a year-ago. Q4 includes a tax benefit gain of $38.6 million reflecting the reversal of a valuation allowance against deferred tax assets, primarily U.S. federal net operating loss carryforwards, and $600,000 in after-tax expenses related to debt refinancing activities.

 
Columbus McKinnon Corp, (CMCO: chart), the company reported that if not for items in both periods, the company posted a pro forma profit of 52 cents a share in Q4, up from a equivalent profit of 29 cents a share a year-ago. Sales advanced 1.8% in the period to $147.1 million from $144.5 million in the sametime a year ago. The company beat analysts’ estimate for a profit of 46 cents a share. The company also said it expects capital spending of between $8 million and $10 million in fiscal 2007.

Vodafone Group, (VOD: chart), mobile operator, reported it lost 17.23 billion pounds ($32 billion) in the year ending March 31 from continuing operations, hurt by writedowns to its German and Italian businesses, while revenue advanced 10% to 29.35 billion pounds. The company added it will return 9 billion pounds ($16.7 billion) to shareholders in August, with 6 billion pounds coming from the sale of its Japanese operations.

Bombardier, ((BBDSVB)), aerospace and transportation company, reported Q1 net income dropped 56% to a penny a share, from 3 cents a share in the year-ago period on 6.1% revenue decline. Earnings from continuing operations before special items came to 2 cents against a penny. Revenue dropped to $3.53 billion from $3.76 billion.
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