Revenue for the quarter was $52.2 million, up 22.2% from last year’s first quarter of $42.8 million. The increase in sales can be attributed to increased demand for tractors, as well as the sprayer line introduced in fiscal 2010. Sales for the short-line division remain strong.
|1st quarter ending December 31, 2010||Year ago|
|Net profit (millions)||$0.5||$1.4|
|Net profit / share||$0.02||$0.06|
|Shares issued (millions)||25.0||25.0|
Net earnings for the first quarter was $0.5 million, down from $1.4 million in the previous first quarter. This was primarily due to increased spending on research and development as the Company continues to invest in its future and the gain on sale recorded on the sale of property in the prior year. Earnings per share came in at $0.02 compared to $0.06 in the prior first quarter.
Sales for 2011 are projected to be strong, with the increased demand for tractors and sprayers. In addition, the previously announced strategic alliance with Westeel and the recent acquisition of Ezee-On will contribute to sales growth in 2011. While sales are expected to be higher, profit will be impacted by the stronger Canadian dollar and higher steel prices.