Flow International Corp. reported consolidated revenue today of $45.4 million, an increase of 8 percent compared to $42 million during the fiscal 2010 second quarter.
 
This follows the previously reported 11 percent revenue growth during the second quarter compared to first quarter of fiscal 2010. Revenue in the year-ago third quarter was $48.7 million.

The Kent-based company, which develops and manufactures industrial waterjet machines for cutting and cleaning applications, reported a fiscal 2010 third quarter GAAP net loss of $0.7 million, or 2 cents per share, which includes a non-cash charge of $1.3 million for foreign currency adjustments primarily related to the liquidation of two dormant subsidiaries.

Excluding these adjustments and the related tax effects, as well as the results of discontinued operations, pro forma net loss for the quarter was $0.3 million, or 1 cent per share. This compares to a pro forma net loss of $0.2 million during the fiscal 2009 third quarter, which excludes non-recurring charges of $32.3 million related to a patent litigation settlement, a goodwill impairment charge and severance expenses, as well as the related tax effects and the results of discontinued operations.

As reported, including the above items, the year-ago quarter GAAP net loss was $21.4 million, 57 cents per share.

"This represents the second quarter of sequential growth in our revenue, and it was led by the strengthening of our standard systems business," said Charley Brown, president and CEO. "While we feel that our business is stabilizing, we expect that, until the overall macroeconomic environment significantly improves, this stability will represent historically low levels."