Twin Disc reported sales of US$55.2m for its second fiscal quarter ended December 25, 2009, compared with sales of US$81.6m for the same period a year ago. The company also reported a net loss of US$490,000 for the quarter, compared to net income of US$3.4m a year ago.
A statement noted that the decrease in revenues was due to lower sales in the megayacht and industrial markets. The losses were partially offset by continued demand in other markets.
“The sequential improvements we have made in our sales, balance sheet, cost structure, and backlog during the fiscal 2010 second quarter is encouraging,” said Michael Batten, chairman and CEO, in the statement. “The second quarter last fiscal year was historically strong and we believe the company is positioned to achieve these strong financial results again.”
Batten said Twin Disc’s new joystick control system, which will be introduced at winter boat shows, and a new 7500 series transmission should help increase company sales.