Revenue for the year was $249.6, up 20.5 from sales of $229.1 in 2019. The Company’s increased sales levels are as a result of dealers reducing field inventory in the previous year, strong harvest conditions and crop yields. Sales to North America have increased but were somewhat offset by sales in Eastern Europe and other international sales.
|Year ending September 30, 2020||Year ago|
|Net loss (millions)||($25.8)||($29.5)|
|Shares issued (millions)||25.0||25.0|
The net loss for the year was $25.8, an improvement of $3.7 from the loss in the prior year. In the current year the Company continued cost saving measures from the previous year that has resulted in continued improvements to gross margin and reductions in the loss from operations. The Company was able to reduce interest expense by managing to reduce its inventory and accounts receivable. In addition the Company reduced its R&D expenses during the period. The Company recorded a small gain on sale of capital assets of $0.5 as compared with the prior year gain of $19.4.
Sales increased nine percent from 2019 to 2020 and projections for 2021 are favorable as sales are expected to continue to grow in 2021. The backlog has increased as we have seen increased order activity for our products. Increased sales will require additional inventories and receivables to support the sales growth. In the past year the Company revised the manufacturing capacity and made changes to reduce the overall footprint and cost of operations. The results of these changes will begin to be seen in 2021 will the full impact of these cost reductions showing up in 2022.