Revenue for the Company’s first quarter was a record $76.5 million, up 41.9% from last year’s first quarter of $53.9 million. The increase in sales can be attributed to a recovery in the overseas market and strong domestic demand for tractors, continued demand for the sprayer line introduced in fiscal 2010 and sales in the seeding and tillage lines introduced in 2011. Sales for the short-line division remain strong.
|1st quarter ending December 31, 2012||Year ago|
|Net profit (millions)||$2.4||$0.5|
|Net profit / share||$0.09||$0.02|
|Shares issued (millions)||25.0||25.0|
Net earnings for the first quarter was $2.4 million, up from $0.5 million in the previous first quarter. This was primarily due to the increased sales levels as well as decreased spending on research and development. The Company also received a gain of $0.7 on the sale of property in the quarter. Earnings per share were $0.09 compared to $0.02 in the prior year first quarter.
Sales for the remainder of 2012 are projected to continue to be strong for both the tractor and sprayer lines. The strategic alliance with Westeel is anticipated to continue to contribute to sales growth, as will the seeding and tillage equipment lines acquired in 2011. Versatile also expects sales growth in 2012 from the release of a new line of four wheel drive tractors and from the introduction of combines to the Company’s product lines.