Twin Disc Inc. reported a drop in sales for the fiscal second quarter of 2010, which ended Dec. 25, 2009, as well as for the year to date.
Sales for the quarter were $55,186,000, compared to the near-record level of $81,598,000 for the fiscal 2009 second quarter. Year-to-date, sales were $102,243,000, compared to $154,270,000 for the fiscal 2009 first half.
"Sales continued to be affected by the impact the global recession is having on the company's markets, specifically from customers in the megayacht and industrial markets," the company said in a statement. "This weakness was partially offset by continued demand from the airport, rescue and firefighting market and stable demand from land- and marine-based military, and Asian-Pacific commercial marine markets."
The company recorded a net loss for the fiscal 2010 second quarter of $490,000, or 4 cents per share, compared to net income of $3,433,000, or 31 cents per share, for the second quarter. Year-to-date, the company reported a net loss of $2,894,000, or 26 cents per share, compared to net income of $5,898,000, or 52 cents per diluted share for the fiscal 2009 first half.
Racine, Wis.-based Twin Disc also announced the board of directors declared a regular quarterly cash dividend of 7 cents per share payable March 1, 2010 to shareholders of record on Feb. 12, 2010.