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Titan Machinery Inc

WKN: A0M8F2 / ISIN: US88830R1014

TITN-Profitieren vom Agrarboom

eröffnet am: 16.06.08 12:57 von: DERDAX
neuester Beitrag: 25.04.21 13:22 von: Monikaiwhua
Anzahl Beiträge: 3
Leser gesamt: 5381
davon Heute: 3

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16.06.08 12:57 #1  DERDAX
TITN-Profitieren vom Agrarboom Titan Machinery handeln mit Nutzfahrze­ugen und Equipment welches in der Agrarwirts­chaft eingesetzt­ wird...heu­te wurden vorbörslic­h Quartalsza­hlen bekanntgeg­eben...vie­lleicht gibt es noch andere trader die an diesem Titel interessie­rt sind und sich austausche­n wollen


Titan Machinery Inc. Announces Fiscal First Quarter 2009 Results
Monday June 16, 6:26 am ET
Revenue Increased to $153 Million
Operating Income Grew to $6.4 Million

FARGO, N.D.--(BUS­INESS WIRE)--Tit­an Machinery Inc. (Nasdaq:TI­TN - News), a leading network of full service agricultur­e and constructi­on equipment stores, today reported financial results for the first quarter ended April 30, 2008.
ADVERTISEM­ENT

For the first quarter of fiscal 2009, revenue increased to $152.6 million from revenue of $79.8 million for the first quarter of the prior year. All three of the Company’s main revenue sources ─ equipment,­ parts and services ─ contribute­d to this period-ove­r-period revenue growth. Equipment sales were $120.9 million, compared to $61.1 million in the same period last year. Parts sales were $21.5 million in the first quarter, up from $12.3 million in the prior-year­ period. Revenue generated from services improved to $8.9 million in the quarter compared to $5.4 million in the first quarter of last year.

Gross profit for the fiscal first quarter increased to $24.6 million, compared to $12.8 million in the first quarter of the prior year. The Company's gross profit margin was 16.1% in the fiscal first quarter, the same as in the first quarter of the prior year.

Operating income for the fiscal first quarter increased to $6.4 million compared to $2.8 million in the same period a year ago. The Company’s operating margin improved to 4.2% versus 3.5% last year.

Net income for the fiscal first quarter was $3.4 million, or $0.24 per diluted share, as compared to net income of $0.8 million, or $0.12 per diluted share, for the first quarter last year.

“We are very pleased with our overall financial and operationa­l results in the first quarter of fiscal 2009,” said David Meyer, Titan Machinery’­s Chairman and Chief Executive Officer. “First quarter sales and gross profit increased in all three of our main revenue sources — equipment,­ parts, and services. The higher margin parts and service revenue represente­d 46% of total gross profit for the first quarter. A longer than normal planting season, our proven operating model, and the robust agricultur­e economy all contribute­d to a strong first quarter.”

Mr. Meyer added, “We are continuing­ to see an overall strong agricultur­e economy. As an example, large agricultur­al equipment sales for the overall industry in North America (including­ high horsepower­ tractors and combines),­ were up between 20% to 35% year to date through April.”

Acquisitio­ns and Follow-On Offering

Peter Christians­on, the Company’s President and Chief Financial Officer said, “Our recent successful­ follow-on offering has us well positioned­ to take advantage of the many long-term growth opportunit­ies both organicall­y and through acquisitio­ns in our targeted agricultur­al and constructi­on markets. In fiscal 2009 to date, we have closed three acquisitio­ns consisting­ of eight stores with historical­ revenues of $74 million. This brings our total store count to 48.”

Recent Acquisitio­ns:

Ceres Equipment Inc., with one store in Roseau, Minnesota,­ is a farm equipment dealership­ selling the CaseIH and New Holland brands. Titan's acquisitio­n of Ceres was effective as of February 1, 2008. Ceres reported revenue of $11 million during its most recently completed fiscal year ended December 31, 2007.

Quad County Implement,­ Inc., with one store in Blairstown­, Iowa, is a farm equipment dealership­ selling the CaseIH brand. This acquisitio­n was effective on May 1, 2008. Strategica­lly located in contiguous­ markets to the Company’s Waverly store and Grundy Center store in Iowa, this acquisitio­n expands the Company’s footprint in some of the most productive­ farmland in Iowa. Blairstown­ reported revenues of $14.8 million during its most recently completed fiscal year ended June 30, 2007.

Mid-Land Equipment Company, L.C., with six stores in Iowa and Nebraska, is a dealership­ selling the Case Constructi­on (CE) Equipment.­ This acquisitio­n closed on May 28, 2008. Mid-Land Equipment has locations in Des Moines, Davenport,­ Clear Lake and Cedar Rapids, Iowa and Omaha and Lincoln, Nebraska. Mid-Land reported revenues of $48.3 million during its most recently completed fiscal year ended December 31, 2007. The six Mid-Land Case CE stores are contiguous­ to existing Titan Machinery Case CE stores in South Dakota and strategica­lly overlay the existing nine Titan Machinery CaseIH agricultur­al stores in Iowa.

Successful­ Follow-on Offering:

On May 16, 2008 the Company completed a follow-on public offering of its common stock. The Company received approximat­ely $78.7 million of net proceeds as a result of this offering of approximat­ely 4.8 million shares of common stock, which included 650,000 shares sold by selling shareholde­rs, priced at $20.00 per share.

Outlook

The Company evaluates its financial performanc­e based on its customers’­ annual production­ cycles as opposed to a quarterly basis, due to weather fluctuatio­ns and the seasonal nature of the Company’s business. Based on this criteria, the Company is raising its revenue outlook for the full year ending January 31, 2009 to a range of $575 million to $625 million, compared to previously­ issued guidance of $550 million to $600 million. Weighted average diluted shares outstandin­g for the fiscal year ending January 31, 2009 will increase from approximat­ely 13.8 million to approximat­ely 16.9 million due to the recent follow-on offering. The Company is raising its net income expectatio­n to a range of $14.6 million to $15.5 million from a previous range of $12.0 million to $12.7 million. The Company is raising its EPS guidance from $0.77 to $0.82 (adjusted for the impact of the follow-on offering) to $0.86 to $0.91.
 
16.06.08 12:58 #2  DERDAX
16.06.08 13:00 #3  DERDAX
denke heute werden wir prozentual­ zweistelli­ge Kurszuwäch­se sehen, nachdem derartig gute zahlen geliefert wurden...a­nalysten hatten mit einem gewinn pro aktie von 0,12$ gerechnet.­..es sind 0,24$!!!!!­ geworden..­.noch fragen;-)  

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