Business
Rocky Mountain Dealerships Inc. (TSX:RME) announces third quarter results for period ended September 30, 2008
AND ALSO ANNOUNCES - THIRD QUARTER REVENUES INCREASED 26.1%; - ACQUISITION OF LAKELAND IMPLEMENTS...
About this update from Roland Mineral Enterprises Corp.
[{"type":"text","content":"\n\n\n\nAND ALSO ANNOUNCES\n\n- THIRD QUARTER REVENUES INCREASED 26.1%;\n- ACQUISITION OF LAKELAND IMPLEMENTS LTD.; AND\n- BOARD APPROVES DIVIDEND OF $.045 PER COMMON SHARE\n\n\nCALGARY, Nov. 11 /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 nine month periods ended September 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\nThird Quarter Results\n\n\nFor the third quarter of 2008, revenue increased 26.1% to $93.2M from\nrevenue of $73.9M for the third quarter of the prior year. All three of the\nCompany's main revenue sources - Equipment Sales and Leasing, Parts and\nService - contributed to this period over period revenue growth. Net income\nfor the third quarter was $2.5M, or $0.19 per diluted share.\n\n\nNine Month Results\n\n\nFor the nine months ended September 30, 2008, revenues increased $42.8M,\nor 19.9% to $257.2M from revenue of $214.4M in the same period last year. Net\nincome was $5.8M or $.45 per diluted share.\n\n\nCommenting on the Company's results for the third quarter and year to\ndate results, 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 continued to pursue the aggressive expansion of our agricultural\nequipment business through selective strategic acquisitions to augment our\nstrong organic growth. During the third quarter, we completed the acquisition\nof Miller Farm Equipment (2005) Inc., expanding our business into Manitoba and\nSaskatchewan through this six dealer network which had annual revenues\nexceeding $100M. In addition we closed the acquisition of Lakeland Implements\nLtd. an agricultural dealership in Vermilion, Alberta, and are continuing to\ndeliver on our stated objectives."\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\nco...