Columbus McKinnon Corporation reported unaudited consolidated earnings results for the third quarter and nine months ended December 31, 2011. For the quarter, the company reported net sales of $142.8 million, up $14.1 million, or 10.9%, from $128.7 million in the prior-year period. Net income measurably improved to $8.5 million, or $0.44 per basic and diluted share compared to a net loss of $39.6 million, or $2.08 per basic and diluted share, in the prior-year period. Positively impacting net income in the fiscal 2012 third quarter was a gain on the sale of a closed facility and a gain on the re-measurement of investment related to recent South African acquisition, both of which are discussed further below. Excluding these unusual events, diluted earnings per share would have been $0.33. The company reported income from operations of $12.0 million compared to $2.95 million, income from continuing operations before income tax expense of $10.2 million compared to loss from continuing operations before income tax expense of $0.4 million, income from continuing operations of $8.5 million or $0.44 per basic and diluted share compared to loss from continuing operations of $39.8 million or $2.09 per basic and diluted share for the last year. Cash provided by operations was $9.0 million. For the nine months, the company reported net cash provided by operations of $13.5 million compared to net cash used in operations of $17.01 million for the first nine months of fiscal 2011. Capital expenditures were $10.5 million compared with $8.9 million in the prior-year period. Net sales were $432.4 million, up 13.8% from the same period in the prior fiscal year. This was a $52.3 million increase over sales of $380.1 million in the first nine months of fiscal 2011. Income from operations was $31.5 million, or 7.3% of sales, compared with $9.3 million, or 2.4% of sales, in the prior year period. Net income was $18.0 million, or $0.92 per diluted share, compared with a loss of $38.5 million or $2.02 per diluted share, during the first nine months of fiscal 2011. Income from continuing operations before income tax expense of $23.5 million compared to $1.0 million, income from continuing operations of $17.6 million or $0.90 per basic and diluted share compared to loss from continuing operations of $38.8 million or $2.03 per basic and diluted share for the last year. The company anticipated capital spending will be approximately $13 million to $15 million in fiscal 2012 with approximately $4 million to $5 million dedicated to its global ERP system initiative. Other capital investments are focused on new product development, productivity enhancements, maintenance capital and environmental, health and safety initiatives. Expected effective tax rate for fiscal 2012 has been reduced to 20% to 25%, resulting from the geographic mix of earnings that anticipate.