Revenue for the quarter was $70.5 million, up 31.0% from last year’s second quarter of $53.8 million. Sales of $122.7 million for the first six months are among the best in Company history, and are up $26.1 million for 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.
| 2nd quarter ending March 31, 2011 | Year ago | |
|---|---|---|
| Revenue (millions) | $70.5 | $53.8 |
| Net profit (millions) | $0.4 | $0.07 |
| Net profit / share | $0.02 | $0.03 |
| Shares issued (millions) | 25.0 | 25.0 |
| 6 months ending March 31, 2011 | Year ago | |
|---|---|---|
| Revenue (millions) | $122.7 | $96.6 |
| Net profit (millions) | $0.9 | $2.1 |
| Net profit / share | $0.04 | $0.08 |
| Shares issued (millions) | 25.0 | 25.0 |
Net earnings for the second quarter was $0.4 million, down from $0.7 million in the previous second quarter. For the first six months, earnings were $0.9 million, compared to $2.1 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. Spending on research and development has increased over 2010 as the Company continues to invest in its future. Earnings per share came in at $0.02 compared to $0.03 in the prior second quarter, and $0.04 compared to $0.08 for the six months ended March 31, 2010.
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.
Willy Janzen, Chief Financial Officer
Phone: (204) 654-5718
E-mail: wjanzen@buhler.com
Trading symbol: BUI