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home / news releases / CMCO - Columbus McKinnon Blueprint for Growth Strategy Drove Sales Increases Margin Expansion and Earnings Growth in Fourth Quarter and Fiscal Year 2019

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

Columbus McKinnon Corporation

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20190528005627/en/

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

Copyright Business Wire 2019
Stock Information
Company Name: Columbus McKinnon Corporation
Stock Symbol: CMCO
Market: NASDAQ
Website: columbusmckinnon.com
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