Dealer/Distribution News

Cervus Equipment Corp. announced financial results and operational highlights for the year ended 2014, during which the company added six Deere dealerships in Alberta.

Revenue increased by $118.5 million or by 13.8% ($43.2 million from ag equipment segment and $80.4 million from the transportation segment, offset by a $5.1 million decrease from the C&I equipment segment). Same store 2014 revenue of $854.2 million was consistent with 2013 revenue of $861.1 million. Gross profit margin was 19.1%, similar to 2013.

Rocky Mountain Dealerships Inc. reported financial results year ended December 31, 2014. Product support revenues increased by 12% to $136.7 million while total revenues decreased by 4.2% to $965.4 million. Gross profit increased by 3.7% to $145.6 million (15.1% of sales). The company also announced it has entered into an agreement to purchase 100% of the issued and outstanding shares of the entities forming Chabot Implements for purchase consideration of $6.8 million. Chabot is a Manitoba-based dealer of Case IH agriculture equipment with locations in Portage La Prairie, Steinbach and Elie.

Titan Machinery announced it is closing three stores and reducing its workforce by 14% in response to declining ag revenues and other pressures. The store closings are in Britton and Bowdle, SD, and Casper, WY. David Meyer, CEO of Titan said the company has a responsibility “to stay ahead of the challenging business climate, operate efficiently and effectively, and position our company for long-term growth.”

Western Equipment Dealers Association announced the selection of Matt Veldhuis as its new Vice President, Western Canadian Region.

Veldhuis will fill the new position that was created by the establishment of WEDA through the merger of the SouthWestern Association and the Canada West Equipment Dealers Association. Veldhuis will report to John Schmeiser, recently named Chief Executive Officer of WEDA, and will be based in the Calgary, Alberta office.