The Company achieved record sales levels for the second consecutive year. Revenues for the year were $361.2 million, up 27.8% from the prior year. This increase was due to the strong demand for tractors in North America and overseas, as well as increased demand for sprayers and seeding and tillage lines introduced in recent years.
|Year ending September 30, 2012||Year ago|
|Net profit (millions)||$16.4||$11.9|
|Net profit / share||$0.65||$0.48|
|Shares issued (millions)||25.0||25.0|
Net earnings for the year came in at a record $16.4 million, up 37.8% from $11.9 million in the previous year, resulting from the increase in sales. Earning per share came in at $0.65 compared to $0.48 in the prior year.
Sales for 2013 are expected to be higher than 2012. Sales of tractors, sprayers, seeding and tillage are expected to increase during the year. The introduction of the new Versatile combine in 2012 and the recently introduced grain cart are expected to add to sales in 2013.