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Racine-based Twin Disc Inc. said it took an impairment charge of $3.67 million in its fiscal fourth quarter of goodwill for its Italian operation due to softness in the Italian mega yacht market.
That write-down largely contributed to the company’s fourth quarter profits plunging 87 percent to $1 million, or 9 cents per diluted share, compared to $7.59 million, or 66 cents per diluted share, in the previous fourth quarter.
Net sales were only down 1.3 percent to $96.1 million
The company’s result for the full fiscal year were better. Net earnings for the fiscal year were up 37.2 percent to $25.83 million, or $2.24 per share, and net sales were up 14.6 percent to $355.87 million.
“Fiscal 2012 was a record year in terms of sales and earnings, and was driven by an exceptionally strong first nine months of the year as the first, second and third quarters all set respective records,” said Michael E. Batten, chairman and chief executive officer. “This growth was driven by historically high oil and gas development, which has since declined due to the impact economic growth concerns are having on oil and gas prices. Sales for the fourth quarter were the second best on record in spite of softness in demand from the oil and gas market. The slowdown in the North American oil and gas markets will impact sales and profitability, and we remain cautious about the outlook for fiscal 2013.”
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