Sales in Linamar's Industrial Segment fall 64%
By Maria Hadlow17 August 2009
Sales in the Industrial Segment of Linamar, which includes Skyjack, decreased 64.4% in the second quarter of 2009. Sales were $97 million lower than in the same quarter in 2008.
Linamar said that sales differed from 2008, "due to significant global volume reductions as a result of uncertainty in the market and the restricted customer credit availability on a global basis."
Linamar reported a net loss of $48.4 million, the operating loss of the industrial division was $10.4 million, in the second quarter of 2009.
Linda Hasenfratz, Linamar's CEO said, "Despite the toll that excessive production shutdowns took on our sales and earnings this quarter, we are very pleased by the excellent level of cash generated, indicative of our ability to aggressively reallocate capital from existing lines to new programmes and continue to grow despite low cash investment.
"We also had a fantastic quarter in terms of new business both takeover and longer term, lining us up for continued growth in the coming months and year."
The board of directors declared an eligible dividend in respect to the quarter ended June 30 2009 of CD$0.03 per share payable on or after September 15.