Buhler Industries Inc. reports year-end results
Winnipeg, Manitoba
January 15, 2008
Buhler’s F2007 Net Income Increases
Buhler Industries Inc. reported higher net earnings of $8.0M or $0.32 per share compared with $4.4M or $0.18 per share in the previous year on lower sales. Accounting for the increased profits were sales non-core assets including land, a parkade and a manufacturing division not considered core to Buhler’s long-term objectives. Other factors contributing to profitability include: reduced interest expense, lower depreciation expense, a general reduction in expenditures and a loss incurred in one of its divisions reducing the provision for taxes. Gross margin continued to decline as the U.S. dollar weakened during the year. The industry is projecting higher tractor sales in the next year and we expect our volumes to increase in part due to stronger demand in the tractor industry and the fact that our new majority owners Combine Factory Rostselmash Ltd. have established networks in the CIS.
| Year ending September 30, 2007 | Previous year | |
| Revenue Net profit Net profit/share |
$166,189,000 $8,012,000 0.32 (25 million shares) |
$175,067,000 $4,584,000 0.18 (Average 25 million shares) |
Year-End Revenue Down 5.1%
Revenue for the year was $166.2 million compared to $175.1 million last year.
Year-End Earnings Up 81.8%
Earnings for the year ending September 30th, 2007 were $8.0 million compared with $4.4 million last year. Gross profit was $28.5 million (17.1% of sales) for 2007 compared to $34.0 million (19.4% of sales) last year. The number of shares outstanding at year-end was 25 million.
Annual Dividend
The Company paid an annual dividend of $0.15 per share on January 16th, 2007 to shareholders of record on December 4th, 2006. A second dividend was declared October 15th, 2007 to shareholders of record on September 25th, 2007. This was the 15th consecutive eligible dividend.
Contact
Alex Buchko, Director of Finance
Phone: (204) 477-2310
E-mail: abuchko@buhler.com
Click here for complete financial statement
Trading symbol: BUI