L.S. Starrett Sales Rise
Although its sales benefitted from a rebound in manufacturing activity, Athol-based tool maker L.S. Starrett Co., saw its profits fall in fiscal year 2012, thanks to a higher pension liability.
The company posted a profit of $888,000, or 13 cents per share, for its fiscal year ending June 30, down from $6.8 million, or $1.02 per share, in 2011. According to SEC filings, Starrett recorded $15.2 million of a $17.2 million non-cash pension benefit in its fourth quarter, helping to bring operating income from $12.4 million in fiscal 2011 to a loss of $1.9 million in 2012.
Foreign currency gains accounted for nearly $2 million of the company's income, helping it retain a profit.
Revenue for 2012 increased 6.3 percent over 2011 to $260 million, which the company said was due to a recovering manufacturing sector and increased market penetration. Its net sales in North America increased 8 percent over last year, to $129.1, led by gains in precision tools. Meanwhile, international sales increased 5 percent, to $131 million.
The company spent $2.2 million on patent protection for its new inventions. That's compared to the $1.9 million it spent in 2011.
In December, L.S. Starrett closed its Dominican Republic facility but added advanced metrology technology through its $15.4-million acquisition of Bytewise in Georgia in November. The Bytewise acquisition accounted for $6.1 million of the company's gain in net sales.
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