Revenue for the quarter was $56.9 million, down $22.6 million from the prior year second quarter. Revenue for the first six months of 2018 was $131.5 million, up $4.8 million from 2017. Weak commodity prices continue to contribute to reduced sales levels for the Company. Sales to Eastern Europe have remained steady, while orders in North America remain below historical levels.
| 2nd quarter ending March 31, 2018 | Year ago | |
|---|---|---|
| Revenue (millions) | $56.9 | $79.5 |
| Net loss (millions) | ($6.6) | ($0.3) |
| Net loss / share | ($0.26) | ($0.01) |
| Shares issued (millions) | 25.0 | 25.0 |
| 6 months ending March 31, 2018 | Year ago | |
|---|---|---|
| Revenue (millions) | $131.5 | $126.7 |
| Net loss (millions) | ($12.4) | ($2.7) |
| Net loss / share | ($0.49) | ($0.11) |
| Shares issued (millions) | 25.0 | 25.0 |
For the second quarter of 2018, the net loss was ($6.6) million, compared to net a loss of ($0.3) million for the same period in 2017. For the year to date, the net loss was ($12.4) million, compared to ($2.7) million in the prior year. In the current year improved margin was offset by the reduced gains on sale that occurred in the prior year, as well as increased interest expense and research and development spending. In addition the Company had a $5.8 million write down in tax assets due to a major reduction of the corporate tax rate in the United States. While this write down has created a non-cash loss in the year, the Company expects the rate reduction to be beneficial in future periods as the tax payments in profitable periods will be reduced.
Sales for 2018 are expected to decrease compared with 2017 results. While the demand for agricultural equipment is slowly improving, dealer inventory of new and used tractors remains high and needs to be cleared out. Profit margins are expected to decrease as inventory is reduced.
Willy Janzen, Chief Financial Officer
Phone: (204) 654-5718
E-mail: wjanzen@buhler.com
Trading symbol: BUI