Flow International, the US-based provider of waterjet technology primarily used for food safety applications, has reported further losses for its food technologies division's 4Q report.
The company's Fresher Under Pressure food technology business reported revenues of $11.9 million (€12.5m) which reflected a net loss of $9.8 million.
Ron Tarrant, Chairman, President and CEO of Flow International Corporation said: "We are currently optimistic that we will be able to continue to increase market share and, upon the economy's turnaround, return to historical growth rates. Nevertheless, the machine tool business has been very challenged during the year, but we are pleased to have met our cost-containment goals including headcount reductions, which have had a positive impact on the quarter and the year. In addition, we incurred significant facility consolidation costs during the year, which will provide a positive benefit in fiscal 2003."
Commenting on FLOW's Avure Technologies business, Tarrant added, "We are very pleased with the growing acceptance that our food technology continues to receive. During the quarter, the Institute of Food Technologists (IFT) recognised us for pioneering the development and commercialisation of high pressure food processing. Additionally, we expanded our testing capabilities in our food applications lab to satisfy increasing customer demand."
The company also announced that, beginning with fiscal year 2003, it will split its operating business into two units. Ultrahigh-Pressure Waterjet Systems will serve the general manufacturing and industrial markets, whereas Avure Technologies will now serve the food safety and fresh products industries.