Dealer News Update
RDO Equipment Co. has opened a new Vermeer location in Eugene, Oregon. The new store is located at 4108 W. 11th Ave, Eugene, Ore. and provides Vermeer parts, sales and service. The new location complements the current RDO-Vermeer location in Portland, OR. The new 7000 square feet store opened April 1, 2013.
“The new location in Eugene will bridge the gap between southern Oregon and northern Oregon and will allow for better overall parts, service, and sales service to our many Vermeer customers throughout Oregon and northern California,” said Ollie Windle, General Manager of the Portland and Eugene stores.
Wells Implement, Inc., a third-generation, family-owned agriculture equipment dealership based in Plymouth, NE is now a Topcon Precision Agriculture (TPA) dealer.
Justin Jones, TPA Midwest regional sales manager, said, “Wells Implement has long been dedicated to offering quality equipment to support Nebraska-area farmers. By offering technology from Topcon, they are helping their customers succeed with the latest technology available in precision agriculture. We are happy to have them as one of TPA’s newest dealers in the Midwest.”
“We are excited about our affiliation with Topcon, as it will help us to support our customers in their quest to feed an ever-growing world,” said Greg Meints, sales, Wells Implement. “Wells Implement will primarily be selling the Topcon System 350, featuring the X30 console and new AGI-4 receiver/steering controller. This system is capable of combining functions such as autosteer, planter monitoring, hydraulic planter control, and row shutoffs, as well as sprayer and fertilizer control, all in one monitor.”
Titan Machinery Inc., West Fargo, ND, reported financial results for the fiscal fourth quarter and full year ended January 31, 2013.
For the fourth quarter of fiscal 2013, revenue increased 29.2% to $784.5 million from revenue of $607.0 million in the fourth quarter last year. All four of the company’s revenue sources — equipment, parts, service, and rental and other — contributed to this period-over-period revenue growth. Equipment sales were $679.0 million for the fourth quarter of fiscal 2013, compared to $517.1 million in the fourth quarter last year. Parts sales were $53.5 million for the fourth quarter of fiscal 2013, compared to $45.7 million in the fourth quarter last year. Revenue generated from service was $34.2 million for the fourth quarter of fiscal 2013, compared to $27.3 million in the fourth quarter last year. Revenue from rental and other increased to $17.8 million from $16.9 million in the fourth quarter last year.
Gross profit for the fourth quarter of fiscal 2013 was $104.5 million, compared to $92.8 million in the fourth quarter last year. The company’s gross profit margin was 13.3% in the fourth quarter of fiscal 2013, compared to 15.3% in the fourth quarter last year. The decrease in gross profit margin was primarily due to lower equipment margins and the change in sales mix, in which the higher margin parts and service businesses generated a smaller percentage of sales compared to the same quarter last year.
Operating expenses were 9.2% of revenue or $72.2 million for the fourth quarter of fiscal 2013, compared to 9.9% of revenue or $60.3 million for the fourth quarter of last year.
In fiscal 2013, the company completed eight acquisitions, consisting of six agriculture equipment dealership locations in the United States, five construction equipment dealership locations in the United States, one independent rental yard location in the United States, and eight agriculture equipment dealership locations in Europe. The Company also opened a new construction dealership in Windsor, Colorado and three new agriculture dealership locations in Romania. In addition, the Company contracted with CNH to distribute Case Construction equipment in Romania and Bulgaria and to distribute CaseIH Agricultural products in Ukraine.