Business
Rocky Mountain Dealerships Inc. (TSX:RME) Announces Fourth Quarter and Full Year Results for the Period ended December 31, 2008
- Fourth quarter revenue increased over 50% year over year to $146.9 million - Fourth quarter Ear...
About this update from Roland Mineral Enterprises Corp.
[{"type":"text","content":"\n\n\n\n- Fourth quarter revenue increased over 50% year over year to $146.9\n million\n\n- Fourth quarter Earnings from Operations increased 51% year over year\n to $7.5 million\n\n- Full year 2008 Earnings from Operations increased 25% $18.4 million\n\n- Full year 2008 EBITDA grew to $26.2 million\n\n- Company incurs non-cash impairment charge of $102.8 million\n\n- Declares quarterly cash dividend of $0.045 per share\n\n\nCALGARY, March 10 /CNW/ - Rocky Mountain Dealerships Inc. ("Rocky\nMountain" or the "Company"), a leading Canadian network of full service\nagricultural and construction equipment dealerships, today reported financial\nresults for the three month and full year periods ended December 31, 2008.\nRocky Mountain was formed on September 17, 2007 but did not carry on any\nbusiness until it completed the acquisition of Hammer Equipment Sales Limited\nand the Hi-Way Service group on December 20, 2007.\n\n\nFor the fiscal 2008 fourth quarter, net sales increased 51.4% to $146.9\nmillion, compared to net sales of $99.0 million for the fourth quarter of\nfiscal 2007. This growth in revenue was due to improved sales from all three\nof the Company's primary revenue sources. New equipment sales were $90.5\nmillion in the fourth quarter of fiscal 2008 compared to $69.0 million in the\nprior year period. Used equipment sales were $32.8 million in the fourth\nquarter of 2008, up 175.6% compared to $11.9 million in the fourth quarter of\nfiscal 2007. Revenue generated from product support increased to $22.0 million\nin the fourth quarter of fiscal 2008 compared to $15.1 million in the fourth\nquarter of fiscal 2007.\n\n\nGross profit for the fiscal 2008 fourth quarter increased 42.0% to $24.6\nmillion, compared to $17.4 million in the fourth quarter of the prior year.\nThe Company's gross profit margin was 16.8% in the fiscal 2008 fourth quarter\nversus 17.6% in the fourth quarter of the prior year. The decrease in gross\nprofit margin was due in part to a shift in sales mix to a higher percentage\nof revenue coming from agriculture equipment, which requires less high margin\nproduct support sales.\n\n\nSelling, general, and administrative improved to 10.1% of sales, in the\nfiscal 2008 fourth quarter versus 10.3% of sales, in the fourth quarter of the\nprior year. This 20 basis point improvement was prima...