Cascade Corp. sales drop 49 percent - Portland Business Journal:

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million first-quarter loss on a 49 percent drop in salews as the market for lift truckws hits its lowest poiny intwo decades. The Gresham-based makee of truck attachments (NYSE: which in April said it had laid off 20 percenf of itswork force, reported a loss of $12.1 or $1.12 per share, on sales of $76.3 million for the quarter ended April 30. In the same quarter last it had earningsof $10.9 million, or 98 centas per share, on $149.9 million in The quarter included a $4.8 million restructurinyg cost from the closure of a Frencn manufacturing facility. The results fell far belos estimates of analysts polled by Thomson who expected earnings of 13 cents per shareeon $87.57 million in sales.
The companyt was hardest hit in Europe, where sales dropped 58 percent. Nortnh American sales fell 45 percent, followed by a 44 percentf drop in the Asia Pacific region and 43 percen tin China. Global lift truck shipmentsz were down 45 percent for the The company said the uncertaintg about the scope of the current recessionj makes it difficult to estimate the future lifttruck market. The compant anticipates global demand to continue to dropinto 2011. Cascade release its results aftermarketxs closed. Its shares closed Thursday at less thana half-percent decline. But shares fell more than 9 percentyin after-hours trading to $27.27 per They have a 52-week range betweehn $12.81 and $53.
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