Canadian aerial lift manufacturer Skyjack Inc. has retained an investment group to explore a possible sale, among other options, after recently reporting that profit and revenue fell short of goals in its most recent fiscal quarter.
RBC Dominion Securities, a leading Canadian investment firm, "will review strategic alternatives ... to enhance shareholder value," according to the Guelph, Ontario, manufacturer.
Skyjack cited dramatic consolidation of its customer base in the rental industry and start-up difficulties with new manufacturing automation to explain its net loss for the quarter ended Sept. 30, totaling $900,000, a 117 percent decline from net earnings of $5.1 million for the same period last year. Self-propelled boomlift sales were down 30 percent, while scissorlifts and parts rose 12 percent and 48 percent, respectively.
"Although this year will continue to be challenging, we anticipate that the benefits of [new automation] investments should be realized, starting in the latter half of the fiscal year," said Skyjack CEO Wolf Haessler.
