Net income for the first quarter was $2.2 million, or 5 cents per share, compared to net income of $700,000, or 1 cent per share in the prior-year period.
Adjusted EBITDA for the quarter was $6.4 million, or 10 percent of sales, compared to $3.4 million, or 6 percent of sales, for the year-ago quarter.
Kent-based Flow develops and manufactures industrial waterjet machines for cutting and cleaning applications.
Flow International Corporation’s Governance Risk Indicator (GRI®) as of Aug 1, 2012 is: Audit (Low Concern), Board (Low Concern), Compensation (High Concern), Shareholder Rights (High Concern).Brought to you by Institutional Shareholder Services (ISS)
Flow International Corporation, a technology-based company, provides water jet cutting and surface preparing solutions. The company offers ultrahigh-pressure water systems, automation and articulation systems, composite machining solutions, shape-cutting systems, and ultrahigh-pressure surface preparation systems. Its water jet cutting and surface preparation systems provide total system solutions for various materials, including metal, stone, tile, composites, food, paper, rubber, and structural foam for job shops and industrial companies.
The company’s ultrahigh-pressure surface preparation and industrial cleaning systems are used to remove coatings. In addition, it offers consumable parts and services; and sells various tools and accessories, which incorporate ultrahigh-pressure technology. The company sells its consumable parts online through flowparts.com in the United States; and floweuropeparts.com in Europe.
It serves customers located primarily in the United States, Europe, the Middle East, Africa, Asia, and Latin America. Flow International Corporation was founded in 1974 and is headquartered in Kent, Washington.