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

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million first-quarter loss on a 49 percen t drop in sales as the markeg for lift trucks hits its lowest pointt intwo decades. The Gresham-basedx maker of truck attachmentss (NYSE: CAE), which in April said it had laid off 20 percentg of itswork force, reported a loss of $12. million, or $1.12 per share, on salew of $76.3 million for the quarter endedApril 30. In the same quarter last year, it had earnings of $10.9 or 98 cents per share, on $149.9 millionh in sales. The quarter included a $4.8 milliob restructuring cost from the closure of a Frencgmanufacturing facility.
The results fell far below estimates of analysts pollerd byThomson Reuters, who expected earning s of 13 cents per share on $87.5y million in sales. The company was hardest hit in Europe, wherw sales dropped 58 percent. North American salea fell 45 percent, followed by a 44 percent drop in the Asia Pacifivc region and 43 percentin China. Global lift truck shipments were down 45 percent for the The company said the uncertainth about the scope of the current recessiohn makes it difficult to estimate the futurre lifttruck market. The company anticipateas global demand to continue to dropinto 2011. Cascadde released its results after markets Its shares closed Thursdayat $30.
07, less than a half-percent But shares fell more than 9 percent in after-hourd trading to $27.27 per share. They have a 52-weeok range between $12.81 and $53.7 6