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CMI Reports Fourth-Quarter, Year-End Results

Thu April 05, 2001 - National Edition
Construction Equipment Guide

CMI Corporation reported fourth-quarter revenues increased nearly 25 percent to $48.1 million from $38.6 million in 1999. Including a $14.8 million non-cash charge related to accounting for a deferred tax asset, the fourth-quarter net loss was $19.4 million, or 89 cents per share, compared with a loss of $3.3 million, or 15 cents per share, a year earlier. Excluding non-recurring charges in both quarters, the loss was $4.6 million for the quarter ended Dec. 31, 2000, compared with a $2.4 million loss a year earlier. The 2000 fourth-quarter earnings before interest, taxes and depreciation (EBITDA) improved to a loss of $593,000, compared with a loss of $2.2 million in the 1999 quarter.

For the full year, revenues increased to $228.2 million from $218.7 in fiscal 1999. Including the fourth-quarter charge and additional non-recurring charges earlier in the year, the net loss was $30.2 million, or $1.39 a share, compared with earnings of $2.5 million, or 11 cents a diluted share, in 1999.

Excluding one-time charges in both years, the net loss would have been $5.8 million in 2000, compared with earnings of $3.4 million the prior year.

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