The Manitowoc Company
, Inc. reported increased revenues and strong cash flow for the fourth quarter and full year ended December 31, 2002. Net sales for the fourth quarter were $400.4 million, increasing 47 percent from $271.8 million in the fourth quarter last year. Including special items, the company reported a net loss for the quarter of $25.1 million, or a loss of $0.94 per diluted share. Excluding special items, earnings were $5.3 million, or $0.20 per diluted share, compared with $8.6 million, or $0.35 per diluted share, in the fourth quarter of 2001.
Full-year net sales increased 34 percent to $1.41 billion from $1.05 billion in 2001, primarily as a result of the Grove and Potain acquisitions. Including special items, the company reported a net loss of $20.5 million, or $0.80 per diluted share, compared with earnings of $45.5 million, or $1.86 per diluted share, in 2001. Excluding the special items, full-year 2002 earnings were $49.2 million, or $1.91 per diluted share, compared with $1.99 in 2001 before extraordinary items.
Special items in the fourth quarter included a $25.5-million provision for discontinued operations, net of tax, principally for loss on the sale of Manitowoc Boom Trucks, Inc., and a $7.7-million provision for restructuring the Crane operations pursuant to the company's integration plan ($4.9 million, net of tax).
Full-year special items include the above along with a $36.8-million charge, net of tax, related to a change in accounting for goodwill and a $3.9-million provision for Multiplex closure and consolidation costs ($2.5 million, net of tax).