Kent-based Flow International Corp. (Nasdaq:FLOW) today reported results for its fiscal 2014 first quarter ended July 31. While revenue is down compared to the same quarter last year and a net loss resulted, instead of a profit in 2012, company executives find reason for optimism.
The world's leading developer and manufacturer of industrial waterjet machines for cutting and cleaning applications reported revenues of $59.0 million for the quarter, compared to year-ago first quarter revenues of $66.2 million. Flow reported a net loss for the quarter of $800,000 or 2 cents per share, compared to net income of $2.2 million in the year-ago quarter.
“We saw our order patterns and revenue stabilize in Q1, following the macro-economic driven pull back in Q4,” said Charley Brown, Flow president and CEO. “We are also encouraged by early evidence of growth beyond those stable levels. The $13 million of cost reductions we announced in June are ahead of schedule, giving us confidence in our ability to achieve all of these savings, which represent more than 100 percent of last year's operating income.”
Flow’s first quarter net loss includes non-recurring charges of $1.6 million consisting of expenses related to cost saving initiatives, primarily severance, the evaluation of strategic alternatives and the finalization of the investigations within our Brazilian operations.
Adjusted EBITDA for the quarter was $3.0 million or 5.2 percent of sales, compared to $6.4 million or 9.6 percent of sales for the year-ago quarter.
For more information, visit www.flowwaterjet.com