Revenue for the quarter was $49.2 million, down from $57.3 million in the first quarter of 2019. The Company's lower sales levels are as a result of trade uncertainties, bad harvest conditions and poor crop yields coupled with low commodity process. Sales to Canada and Eastern Europe are below historical levels, while the U.S. has seen a return to historical levels of first quarter sales.
|1st quarter ending December 31, 2019||Year ago|
|Net loss (millions)||($5.5)||($4.4)|
|Net loss / share||($0.22)||($0.18)|
|Shares issued (millions)||25.0||25.0|
The net loss for the quarter was $5.5 million, compared with $4.4 million for the same period in 2019. The decline in income from operations due to the decreased margin and gain on disposal of assets was offset by decreased interest expense and research and development costs as well as increases in gain on foreign exchange.
The economic conditions including lower commodity prices and trade uncertainties continued into the first quarter. Results of the poor harvest in many areas of North America continue to dampen demand for large farm equipment. Sales levels and margins are expected to decline slightly from the prior year and this decline will be somewhat offset by increased demand for the new mid-range front-wheel assist Versatile and Kubota tractors.