Rocky Mountain Dealerships Inc. (TSX:RME) announces fourth quarter and full year results for period ended December 31, 2009

About this update from Roland Mineral Enterprises Corp.

[{"type":"text","content":"\n\n\n\nCALGARY, Mar. 9, 2010 (Canada NewsWire Group) -- /CNW/ -- Rocky Mountain Dealerships Inc. (\"Rocky Mountain\" or the \"Company\"), a leading Canadian network of full service agricultural and construction equipment dealerships, today reported financial results for the three month and full year periods ended December 31, 2009.In 2009, net sales were $147.7 million and $555.8 million for the three and twelve months ended, compared to $146.9 million and $404.1 million for the same periods of 2008. This growth in annual revenue was due to improved sales from all three of the Company's primary revenue sources. New equipment sales were $92.9 million and $300.9 million for the three and twelve month periods for 2009 compared to $90.5 million and $240.4 million in the prior periods. Used equipment sales were $32.5 million and $156.6 for the three and twelve month periods of 2009, relatively similar compared to $32.8 million and $79.9 million for the same periods of 2008. Revenue generated from product support was $21.2 million and $93.7 million in the three and twelve month periods of fiscal 2009 compared to $22.0 million and $75.7 million for the same period of 2008.Gross profit for the three and twelve month periods of 2009 were $24.5 million and $84.7 million compared to $24.6 million and $71.6 million for the same periods of the prior year. The Company's gross profit margin was 16.6% and 15.2% for three and twelve month periods of 2009 versus 16.8% and 17.7% for the same periods of the prior year.Selling, general, and administrative improved to 9.4% of sales for both the three months and twelve month periods of 2009 versus 10.1% and 11.2% of sales, for the same periods of the prior year. The improvement in SG&A was primarily due to the Company's ability to achieve the benefits of economies of scale following acquisitions completed in 2008 and 2009, allowing expenses to be allocated over a larger group of dealerships, and a reduction of expenses incurred to consolidate the acquired companies.Operating income for the three and twelve month periods of 2009 increased 5% and 21% to $7.9 million and $22.2 million from $7.5 million and $18.4 million in the prior year period. This is due to strong organic growth on the agricultural side of the business, acquired revenue growth and improved operating efficiencies.The Company believes ...

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