Dealer News Update
Cervus Equipment Corp., Calgary, Alberta, Canada, has announced financial results and operational highlights for the quarter ended September 30, 2013.
“Record harvests in Western Canada contributed to a consecutive quarter of record overall revenue,” said Graham Drake, President and CEO of Cervus. “The bumper crop is a positive indicator of farm incomes for the 2013 crop year, while the steady growth we are seeing in our Commercial and Industrial segment indicates a more positive outlook into the fourth quarter.”
During the three month period ended September 30, 2013, revenue grew by $26.8 million or 11.5% to $260.8 million compared to the same period in 2012. This increase is attributable to a revenue increase in the agricultural equipment segment of 8.9% (increase of 0.1% on a same store basis) and an 18.4% increase in revenues in the commercial and industrial equipment segment.
Profit for the three month period ended September 30, 2013 remained consistent at $8.6 million , primarily due to increased equipment sales volume offset by margin pressure on equipment, increased amortization on trade name intangibles, and increased commission expense on higher unit sales. Selling, general and administrative expenditures increased to 13.5% of total revenue for the three month period ended September 30, 2013, compared to 12.7% for the same period in 2012.
Bobcat Co., West Fargo, ND, has expanded its dealer network with the addition of two Total Equipment and Rental locations in New Mexico and Texas — Bobcat of Albuquerque and Bobcat of El Paso — as authorized sales, service, parts and rental providers of Bobcat® equipment. In addition, Bobcat has added Bobcat of Gloversville-Johnstown in Johnstown, NY, as an authorized sales, service, parts and rental provider.
Total Equipment and Rental opened its first branch — Bobcat of Oklahoma City — in 2011, later expanding into surrounding geographical markets.
Bobcat of Albuquerque and Bobcat of El Paso will carry the full line of Bobcat products, including skid-steer loaders, compact track loaders, compact excavators and utility vehicles, as well as an assortment of attachments. S
Rocky Mountain Dealerships Inc. reported its financial results for the quarter ended September 30, 2013. The company increased revenues by 10.1% to $272.6 million ($14.0 million from same store sales) and reported that equipment inventory decreased by $78.0 million.
The company generated $20.1 million in cash resulting in an all-time high cash balance of $42.6 million in the quarter.
Commenting on the quarterly results, Matt Campbell, CEO of Rocky, stated, “Our continued focus on moving our used equipment inventory enabled Rocky to increase top line revenues both organically and through acquisitions despite continued challenges on the construction side. While these initiatives and the resulting sales mix have resulted in thinner margins for the quarter, they enabled us to draw down our overall equipment inventory levels by $78.0 million during the quarter, back in line with this time last year.