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Financial Review
The portion captioned "Management's Discussion and Analysis of
Results of Operations and Financial Condition" of Applied Power's
Form 10-Q (filed with the Securities and Exchange Commission) for
the quarter ended November 30, 1993, states:
RESULTS OF CONTINUING OPERATIONS (Dollars are
in thousands except for per share amounts)
Net earnings for the first quarter were
$2,580, or $0.20 per share, compared to a loss
of $1,048, or $0.08 per share in the prior
year, which included a $4,355 charge for the
cumulative effect of adopting a new accounting
pronouncement for postretirement benefits.
Earnings before accounting changes for the
first quarter of fiscal 1994 were $2,580, or
$0.20 per share, compared to $3,307, or $.25
per share, for the same period last year.
Sales for the first quarter of fiscal 1994
were $91,097, down slightly from $91,721
reported in the same quarter last year. Due
to poor economic conditions, results at the
Company's operations in Europe and Japan were
weak, with sales declines from last year of
11% and 2%, respectively. Sales in North
America increased 4% over last year.
Sales increases were recorded at GB
Electrical, Power-Packer, and APITECH of 15%,
8% and 100%, respectively. Due to poor
economic conditions in Europe and Japan,
Enerpac sales declined 7% from last year.
First quarter sales at Barry Controls were
lower than the comparable period last year due
to reduced demand from aircraft manufacturers,
as well as the sale of the helicopter product
line in the second quarter of fiscal 1993.
The Company's overall gross profit margin
declined from 37.8% in the first quarter of
fiscal 1993 to 37.2% in the most recent
quarter, reflecting an unfavorable shift in
product mix.
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