Business
Rocky Mountain Dealerships Inc. (TSX:RME) announces strong second quarter results and announces appointment of new CFO
Issued: 18,773,399 shares CALGARY, Aug. 9, 2011 /CNW/ - Rocky Mountain Dealerships Inc. (...
About this update from Roland Mineral Enterprises Corp.
[{"type":"text","content":"\n\n\n\n\n\nIssued: 18,773,399 shares\n\n\nCALGARY, Aug. 9, 2011 /CNW/ - Rocky Mountain Dealerships Inc. (\"Rocky\",\n the \"Company\", \"we\", \"us\", or \"our\") today reported financial results\n for the three and six months ended June 30, 2011.\n\n\nSecond Quarter Highlights: (for the three months ended June 30, 2011)\n\n\nDiluted earnings increased to $0.23 per share, from $0.17 per share in\n Q2 2010.  Normalized for non-recurring expenditures as discussed below,\n second quarter 2011 diluted earnings were $0.33 per share.\n\n\nSecond quarter sales increased by 49% to $217.9 million. The $71.8\n million year-over-year sales increase includes same-store growth of\n $38.9 million and acquired growth of $32.9 million.\n\n\nNormalized second quarter net earnings increased by 110% to $6.5\n million, from $3.1 million last year. Normalized quarterly EBITDA(1) increased by 89% year-over-year to $13.0 million from $6.9 million in\n Q2 2010.\n\n\nCommenting on the second quarter, CEO Matt Campbell remarked, \"Rocky\n produced strong financial results in the second quarter of 2011.\n Significant revenue gains from all streams drove improvements in net\n earnings, earnings per share and EBITDA.\n\n\n\"These gains were achieved despite a challenging quarter for our\n Manitoba operations, which suffered from a late spring, wet ground\n conditions and flooding. Growing demand in Alberta more than offset the\n weakness in Manitoba, with strong equipment deliveries on both the\n agriculture and construction fronts. The strong market in construction\n was, however, tempered by delivery lags from most manufacturers. Parts\n and services revenues also increased significantly in the second\n quarter as customers completed product support work that had been\n deferred in Q1 due to the late spring.\n\n\n\"With the April 1 acquisition of JB behind us, we devoted our\n management efforts to assessing and enhancing the effectiveness of our\n organizational structure. Although this remains a work in progress, we\n have begun to adjust our structure with the consolidation of our two\n Grande Prairie branches. We now serve the region through one\n full-service branch.\"\n\n\nMr. Campbell continued, \"As previously announced, we entered into a\n credit agreement with a syndicated group of lenders during Q2 2011,\n which increased our aggrega...