RACINE, Wis. – Marine manufacturer Twin Disc, Inc. reported improved financial results for the fiscal 2004 fourth quarter and full year ended June 30, 2004 in a release Friday. Twin Disc said its fiscal 2004 fourth quarter was its sixth-consecutive period earnings improved year-over-year and its sales level was the highest in over 20 years.
Net sales for the fourth quarter of fiscal 2004 increased 7.6 percent to $57,146,000 from $53,100,000 for the same period the year before.
The gross margin in the fiscal 2004 fourth quarter improved 385 basis points over the same period in 2003. For the fiscal 2004 fourth quarter, net income was $2,788,000, or $0.97 per diluted share, compared with last year's net income of $1,941,000, or $0.70 per diluted share.
Profitability in the quarter continued to improve from the implementation of cost reduction programs, a restructuring program undertaken last year, a better product mix and the absence of manufacturing inefficiencies which absorbed higher steel, energy and shipping costs, the company said.
Net sales for the 2004 full year were up 3.6 percent to $186,089,000 compared with last year's $179,591,000.
"We were very pleased that the sales and earnings improvements that began in fiscal 2003 gained momentum throughout this year,” said Michael E. Batten, chairman and CEO. “Our shipments were up, on a sequential basis, nearly 18.0 percent in the fourth quarter and 15.0 percent in the third quarter.
"In addition, our balance sheet strengthened at year end because of our strong asset management and the financial improvements. Shareholders' equity increased nearly 21.0 percent to $60.7 million, or $21.37 per share, while long-term debt was up modestly, and the accrued retirement liability declined by almost 13.0 percent. “