The Company achieved the second highest level in sales history. Revenues for the year were $343.9 million, surpassed only by the prior year record of $361.2 million. Demand for the tractors, precision seeding and tillage lines continue to be strong.
|Year ending September 30, 2013||Year ago|
|Net profit (millions)||$19.9||$16.4|
|Net profit / share||$0.80||$0.65|
|Shares issued (millions)||25.0||25.0|
Net earnings for the year came in at a record $19.9 million, up 21.3% from $16.4 million in the previous year, resulting from an improved margin on sales, gain on foreign exchange due to the decline in the Canadian dollar, and a reduction in selling and administrative expense. Earning per share came in at $0.80 compared to $0.65 in the prior year.
Sales for 2014 are expected to be modestly higher than 2013. Favourable crops in North America in 2013 will contribute to the sales of Versatile and Farm King products. In addition, the introduction of products such as the DeltaTrack and new Rowcrop in 2013 should continue to stimulate new sales in 2014.