Business
Columbus McKinnon Provides Operational Update and Preliminary Fourth Quarter Fiscal Year 2020 Revenue
Preliminary fourth quarter fiscal 2020 revenue expected to be in range of $185 million to $190 million BUFFALO, N.Y.--(BUSINESS WIRE)-- Columbus McKinnon
About this update from Columbus Mckinnon Corporation
[{"type":"text","content":"\nPreliminary fourth quarter fiscal 2020 revenue expected to be in range of $185 million to $190 million\n\n BUFFALO, N.Y.--(BUSINESS WIRE)--\nColumbus McKinnon Corporation (Nasdaq: CMCO), a leading designer and manufacturer of motion control products, technologies, automated systems and services for material handling, today provided an update on the actions taken to address the impact that COVID-19 is having on its business and markets as well as preliminary revenue and backlog for the fiscal 2020 fourth quarter which ended March 31, 2020.\n\n\nRichard Fleming, Chairman and Interim CEO, commented, “During these unprecedented times, we are focused on the safety of our associates and business continuity. Over the past thirty days, we established a COVID-19 Task Force which rolled out a communication process to keep all locations continually informed. We implemented stringent processes to reduce the spread of the virus with the goal of ensuring the safety, health and well-being of our associates and their families. As an essential business, our manufacturing facilities have continued to operate except in Mexico, where we are respecting their government’s restrictions, and Brighton, Michigan, which serves the auto industry. In all cases, staff that can work remotely continue to do so.”\n\n\n“We are operating from a strong financial position, but we are implementing the necessary actions to reduce our production levels and costs in response to what we expect will be a significant decline in market demand over the next several months. We will also be focused on cash generation and liquidity preservation. These actions will be guided by our Blueprint for Growth strategy and our unwavering commitment to the health and safety of our associates and to serving the needs of our customers.”\n\n\nCOVID-19 Actions\n\n\n\nFocused on health and safety of employees, customers and communities\n\n\nEliminated travel and reduced traffic in and out of factories\n\n\nImplemented a remote work force wherever possible\n\n\nStaggered shifts in factories and limited access to common areas while maintaining social distancing guidelines where possible\n\n\nImplemented additional cleaning and sanitation procedures in all operations\n\n\n\nCash Generation and Preservation Efforts\n\n\n\nAccelerating Blueprint for Growth strategy operational excellence plans ...