Overhead crane and hoist manufacturer Morris Material Handling saw its net sales fall 10% in the year to 31 October 1998, to $317.9m and its operating income fall 25% to $26.7m.
Earnings before interest, tax, depreciation and amortisation (EBITDA) fell 16% to $38.4m.
But on the positive side, strong bookings of $100.2m were recorded for the fourth quarter, compared to $83.7m in the fourth quarter of 1997 and $54.2m in the third quarter of 1998.
During the year the company took a $1.1m hit for severance costs related to restructuring operations in the wake of the March 1998 sale by P&H Harnischfeger.
