Dealer News Update
Ag-Pro Companies of Boston, GA has announced the acquisition of GreenSouth Equipment and its 13 Deere dealerships in Georgia, Florida and South Carolina. As a result of this acquisition, Ag-Pro will become one of the largest Deere dealers in the U.S. with a total of 25 locations across four states, more than $500 million in annualized sales and employ more than 500 people. Terms of the acquisition were not disclosed.
Cervus Equipment Corp. has announced its financial results and operational highlights for the quarter ended March 31, 2013.
“Cervus continues to generate year-over-year organic growth,” said Graham Drake, President and CEO of Cervus. “Looking forward, we expect stable near-term commodity prices and sustained high farm incomes to contribute to another fairly strong year in our agricultural segment. We anticipate overall performance will remain relatively stable in our commercial and industrial segment, with weakness being felt in the construction sector.”
For the quarter ended March 31, 2013, revenue increased by $39.2 million or 35.7% when compared to the same period in 2012. Same store revenue increased $15.1 million or 14.2%. This increase is attributable to an increase in revenues in the agricultural equipment segment of $20.4 million or 28.5% ($15.8 million or 22.1% on a same store basis) and an $18.8 million or 49% increase in revenues in the commercial and industrial equipment segment (a $712 thousand or 2.0% decrease on a same store basis).
Profit for the three month period ended March 31, 2013 decreased by $896 thousand to $500 thousand from $1.4 million in 2012, due to the decrease in overall gross margin and an increase in interest expense. Cervus reported working capital of $89.3 million, down $876 thousand compared to $90.2 million at December 31, 2012.
Rocky Mountain Dealerships Inc. announced that it has accepted the resignation of Keith Macdonald as a director of Rocky, which was tendered by Macdonald following Rocky’s annual and special meeting of shareholders held on May 10, 2013. Rocky’s determination to accept the resignation of Macdonald was made after carefully taking into account the best interests of Rocky and its shareholders.
Matt Campbell, CEO of Rocky, stated “Mr. Macdonald has been a stalwart and valuable member of our board of directors since Rocky’s initial public offering in 2007, and we would like to publicly thank Mr. Macdonald for his years of service. His leadership and experience on financial and governance matters helped to guide Rocky to where it is today, and we wish him every success in his future endeavors.”
Rocky also announced that Mr. Paul Walters has been appointed to replace Mr. Macdonald as Chair of the Compensation, Governance and Nominating Committee, and that Mr. Robert Mackay has also been appointed a member of that committee.
Titan Machinery, along with other North Dakota Case IH dealers, is now partnering with the North Dakota State College of Science in Wahpeton, ND, to educate, train and provide hands-on internships to students in a two-year diesel technology program. Case IH dealers are sponsoring students and the degree program.
On-campus training covers power-trains, hydraulics, advanced farming systems and electronics. Training takes place at NDSCS’s technician training facilities. Students receive technical training on Case IH equipment and related products through a combination of classroom instruction and hands-on laboratory experiences. They also benefit from tuition assistance and technician toolkits.
“This program will benefit our growers and our dealership through well-trained technicians, and help provide great job opportunities right here,” said Tom Hausmann, dealer principal.