Twin Disc predicts its new QuickShift transmission will turn its marine fortunes around

By IBI Magazine / Ed Slack

US marine propulsion company Twin Disc today reported a net sales increase of 11 per cent to US$52.8 million for the fourth quarter ending June 30, 2002, up from US$47.8 million for the same period last year.

Net sales for fiscal 2002 of US$179.4 million were relatively flat compared with US$180.8 million for fiscal 2001. Twin Disc chairman and CEO Michael Batten said: "While fiscal 2002 consolidated revenues were essentially unchanged, we were pleased to have generated sequential quarter over quarter improvements as the year progressed. Fourth quarter revenues registered strong gains, reaching near record levels."

"As predicted, pleasure craft marine volume continued to demonstrate the greatest softness during the fourth quarter and full year, while power take-off and other industrial products as well as replacement parts sales improved toward fiscal year-end. We recently expanded Twin Disc's transmission line with the introduction of our QuickShift marine transmissions, which are creating a competitive edge for boat manufacturers beyond anything else currently available in the marketplace. We are just entering production and shipments are scheduled to commence early in fiscal 2003, providing an important opportunity for us to increase market share under the currently soft economic conditions."

(30 July 2002)