Titan Machinery Fiscal Fourth Quarter and Year-end Results

April 21, 2009 07:55 AM
 

Titan Machinery Inc. released their results for the fourth quarter and fiscal year that ended January 31, 2009.

Fiscal 2009 Fourth Quarter

For the fourth quarter of fiscal 2009, revenue increased 40% to $189 million from revenue of $135.2 million in the fourth quarter of the prior year. All three of the company's main revenue sources - equipment, parts and service - contributed to this period-over-period revenue growth. Equipment sales were $153.6 million, compared to $112.5 million in the same period last year. Parts sales were $20.1 million in the fourth quarter, up from $13.2 million in the prior-year period. Revenue generated from service improved to $11.6 million in the quarter, compared to $6.4 million in the fourth quarter of last year.

Gross profit for the fiscal fourth quarter increased 38.2% to $32.5 million, compared to $23.5 million in the fourth quarter of the prior year. The company's gross profit margin was 17.2% in the fiscal fourth quarter, compared to 17.4% in the fourth quarter of fiscal 2008. Gross profit from parts and service revenue contributed 40% of overall gross profit for fiscal fourth quarter 2009 compared to 35% in the fourth quarter last year.

Operating income for the fiscal fourth quarter increased to $6.4 million compared to $6.1 million in the same period a year ago.

Net income for the fiscal fourth quarter of 2009 was $3.2 million, compared to net income of $0.3 million in the fourth quarter last year.

Fiscal 2009 Results

For the full year ending January 31, 2009, revenue increased 59% to $690.4 million from $433.0 million for the same period last year; of the $257 million increase in revenue, $176 million was from acquired business unit growth and the remaining $81 million increase was from organic growth.

Acquisitions

The Company closed two acquisitions in the fourth quarter fiscal 2009, consisting of ten stores with historical revenues of $57.5 million in the most recent fiscal year for which results are available.

Anderson Power and Equipment, Inc., with one store in Thief River Falls, Minnesota, is a farm equipment dealership selling the New Holland and Case IH brands. Anderson Power and Equipment reported revenues of approximately $8.6 million in its most recently reported fiscal year ended March 31, 2008.

Western Plains Machinery Co. and WP Rentals consists of nine construction stores in Montana and Wyoming. Western Plains Machinery has Case Construction dealerships. For the fiscal year ended December 31, 2007, Western Plains Machinery and WP Rental generated revenues of $48.9 million.

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Titan Machinery

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