Twin Disc Inc. today reported financial results for the fourth quarter and fiscal year ending June 30.
Sales for the 2009 fourth quarter were $72 million, compared to $90.3 million for the fourth quarter of 2008. Net earnings were $2.8 million, or 25 cents per diluted share, compared to $7 million, or 62 cents per diluted share, for the 2008 fourth quarter.
Sales for 2009 were $295.6 million, compared to $331.7 million for 2008. Net earnings for 2009 were $11.5 million, or $1.03 per diluted share, compared to $24.2 million, or $2.13 per diluted share in 2008.
Twin Disc said it continued to experience the impact of a softening in many of its key product markets in the fourth quarter. The megayacht marine, oil and gas, and industrial markets continued to experience a significant drop in both shipment and order volume.
"The impact from the global recession that we began experiencing in the third quarter persisted in the fourth quarter and we expect these trends to continue through the first half of fiscal 2010," said Michael E. Batten, chairman and CEO, in a statement.
However, Twin Disc said it continues to experience encouraging demand, as evidenced by both shipment and order volumes, in its commercial marine, land- and marine-based military and airport rescue firefighting markets. In addition, sales and orders in the Pacific Rim region continue to grow and are at historically high levels.
"We are also making progress in the development and testing of the new marine-based products we announced last quarter - the joystick control system and hybrid-ready marine transmission," said Batten. "We anticipate the joystick control system will be available to marine customers by the second half of fiscal 2010 and the hybrid-ready transmission will be available sometime in fiscal 2011 as engine manufacturers and boatbuilders test the transmission."