Kent-based Flow International Corp., the world's biggest maker of waterjets used for cleaning and cutting, had a fourth-quarter loss on lower-than-expected sales and weak spending in the machine tool industry.

The loss was $6 million to $7 million, or 39 cents to 46 cents a share, for the period ended April 30 based on a preliminary review, Flow said in a statement Friday. Sales will be about $46 million, it said.

Cuts in spending on capital equipment are hurting companies in the machine tool industry. The company had sales of $53.9 million in the fourth quarter of 2001. For the year, Flow had sales of $207.2 million.

Flow didn't provide its previous fourth-quarter forecast. Complete results for the period will be reported on Wednesday.

Flow is restating its fiscal 2001 and 2000 financial statements to account for losses from a contract, the statement said. Net income for fiscal 2000 will be reduced by $1.8 million and increased for fiscal 2001 by $124,000.

Flow shares rose 20 cents to close at $9.15 Friday. They've gained 26 percent in the past year.

Seattle P-I

-- Anonymous, June 03, 2002