Business
Rocky Mountain Dealerships Inc. (TSX:RME) announces second quarter results for period ended June 30, 2008
- SECOND QUARTER REVENUES INCREASED 14.9% - BOARD APPROVES DIVIDEND OF $0.045 PER COMMON SHARE CA...
About this update from Roland Mineral Enterprises Corp.
[{"type":"text","content":"\n\n\n\n- SECOND QUARTER REVENUES INCREASED 14.9%\n\n- BOARD APPROVES DIVIDEND OF $0.045 PER COMMON SHARE\n\n\nCALGARY, Aug. 13 /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 and six month periods ended June 30, 2008. Rocky\nMountain was formed on September 17, 2007 but did not carry on any business\nuntil it completed the acquisition of Hammer Equipment Sales Limited and the\nHi-Way Service group on December 20, 2007.\n\n\nSecond Quarter Results\n\n\nFor the second quarter, revenue increased 14.9% to $94.3M from revenue of\n$82.1M for the second quarter of the prior year. All three of the Company's\nmain revenue sources - Equipment, Parts and Service - contributed to this\nperiod over period organic revenue growth. Net income for the second quarter\nwas $2.7M, or $0.21 per diluted share.\n\n\nFirst Half Results\n\n\nFor the first six months ended June 30, 2008, revenues increased $23.5M,\nor 16.7% to $164.0M from revenue of $140.5M in the same period last year. Net\nincome was $3.3M or $0.26 per diluted share.\n\n\nCommenting on the Company's results for the second quarter and first half\nof the year, Matt Campbell, CEO of Rocky Mountain said, "We are extremely\npleased with the organic growth achieved in all three of our primary revenue\nsources. Our integration initiatives throughout the Company are progressing\nwell and we continue to pursue the aggressive expansion of our agricultural\nequipment business through selective strategic acquisitions to augment our\nstrong organic growth. During the second quarter, we completed the acquisition\nof Roydale International Ltd., consolidating Case distribution for Southern\nAlberta and announced our intention to expand our business into Manitoba and\nSaskatchewan through the proposed acquisition of Miller Farm Equipment 2005\nInc., a six dealer network with revenues exceeding $100M."\n\n\nDIVIDEND\n\n\nThe Company announces that the Board of Directors of Rocky Mountain\ndeclared a dividend of $0.045 per common share on the Company's outstanding\ncommon shares. The common share dividend is payable on September 30, 2008 to\nshareholders of record at close of business on August 29, 20...