Winnipeg, Manitoba — August 12, 2011 — Revenue for the quarter was $77 million, up 37.7% from last year’s third quarter of $55.9 million. Sales of $199.7 million for the first nine months were the second best in company history, and are up $47.3 million from the prior year. The increase in sales can be attributed to increased demand for tractors, both domestically and overseas, as well as the sprayer line introduced in fiscal 2010. Sales for the short-line division remain strong.
3rd quarter ending 9 months ending
June 30, 2011 Year Ago June 30, 2011 Year Ago
Revenue (millions) $77.0 $55.9 $199.7 $152.4
Net profit (millions) $4.6 $4.0 $5.5 $6.1
Net profit/share $0.18 $0.16 $0.22 $0.24
Net earnings for the third quarter were $4.6 million, up from $4.0 million in the previous third quarter. For the first nine months, earnings were $5.5 million, compared to $6.1 million last year. This was primarily due to a gain on sale recorded on the sale of property in the prior year and the strengthening of the Canadian dollar during the current fiscal period. In addition, interest and amortization increased as the Company has invested in capital assets to broaden its product line. Earnings per share came in at $0.18 compared to $0.16 in the prior third quarter, and $0.22 compared to $0.24 for the nine months ended June 30, 2010.
Sales for 2011 are projected to be strong as the Company is anticipating one of the best years in company history. The return of demand for tractors and sprayers in the export market as well as the strategic alliance with Westeel and the recent acquisition of Ezee-On will contribute to sales growth in 2011. While sales are expected to continue to be strong, profit will be affected by the stronger Canadian dollar and higher steel prices.