Revenue for the quarter was $58.4 million, down $5.5 million from the prior year fourth quarter, representing an 8.5% decrease over the prior year due to supply chain issues that the Company is working through. Revenue for the twelve months of 2021 was $253.4 million, up $3.8 from 2020, showing a 1.5% YTD increase in revenue. Demand for products remains strong and the Company is working to increase production for the remainder of the year to meet the growing order backlog.
| 4rd quarter ending September 30, 2021 | Year ago | |
|---|---|---|
| Revenue (millions) | $58.4 | $63.9 |
| Net profit (millions) | $(0.7) | $(12.4) |
| Net profit / share | $(0.03) | $(0.49) |
| Shares issued (millions) | 25.0 | 25.0 |
| 12 months ending September 30, 2021 | Year ago | |
|---|---|---|
| Revenue (millions) | $253.4 | $249.6 |
| Net profit (millions) | $(0.4) | ($25.8) |
| Net profit / share | $(0.01) | $(1.03) |
| Shares issued (millions) | 25.0 | 25.0 |
The net income for the fourth quarter was $(0.7) compared to $(12.4) for the same period in 2020. For the year to date, the net income was $(0.4) compared to a loss of $(25.8) in the prior year. In the current quarter, improved margin coupled with reduced selling and administration and research and development and increased gains on sale contributed to improved earnings, This was offset by a loss in foreign exchange in the quarter.
The Company achieved sales growth of 1.5% coming in at $253.4 and continues to project sales growth in 2021. Sales backlog remains high as the Company is working through supply chain challenges including raw material availability in ramping up production. In the past year, the Company restructured its manufacturing capacity and made changes to reduce the overall cost of operations. The results of these changes are showing up in increased margins and while visible in 2021, the full impact of these cost reductions will be realized in 2022. As a result of a policy change made this year, the Company will be extending its year end to December 31 which is a change from the September 30 year end and will show its year end result for a fifteen month period versus last year’s twelve month period. Subsequent to quarter end, the company sold intellectual property to the controlling shareholder for $7.0 million USD. This amount relates to tractors no longer sold in North America. The Company received $7.0 million USD and used proceeds of $6.0 million USD to repay a related party loan.
Willy Janzen, Chief Financial Officer
Phone: (204) 654-5718
E-mail: wjanzen@buhler.com
Trading symbol: BUI