Rocky Mountain Dealerships Inc. (TSX:RME, OTCQX:RCKXF) Announces First Quarter 2013 Results and a 48% Increase in Annual Dividend

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[{"type":"text","content":"\n\n\n\n\n\nCALGARY, May 13, 2013 /CNW/ - Rocky Mountain Dealerships Inc.\n (hereinafter \"Rocky\") today reported its financial results for the three months ended March\n 31, 2013.\n\n\nHIGHLIGHTS FOR THE QUARTER ENDED MARCH 31, 2013\n\n\nIncreased revenues by 7.5% to $206.5 million.\n\n\nGross profit increased by 17.2% to $32.5 million (15.7% of sales).\n\n\nDiluted Earnings per Share of $0.15, up from $0.11 in 2012.\n\n\nEBITDA(1) increased by 12.3% to $6.0 million.\n\n\nPaid dividends of $0.0675 per share\n\n\nCompleted the acquisition of Murray's Farm Supplies\n\n\n\n\n\n(1)\n\nSee further discussion in \"Non-IFRS Measures\" and \"Reconciliation of\n Non-IFRS Measures to IFRS\" sections below.\n\n\n\nCommenting on the quarterly results, Matt Campbell, CEO of Rocky,\n stated, \"While this quarter presented some challenges for Rocky\n resulting from the late spring thaw, we were able to achieve\n improvements in top line revenues, gross margin, and earnings per\n share.  While inventory levels increased during the quarter, we believe\n that our current initiatives will reduce our overall inventories in\n upcoming quarters, while still providing the immediate access to\n necessary inventory that our customers expect.\"\n\n\nRocky Announces Dividend Increase\n\n\nOn May 13, 2013, the Board of Directors (\"Board\") of Rocky approved an increase in Rocky's annual dividend to $0.40 per\n common share.  In conjunction with that increase, Rocky's Board also\n declared a dividend today of $0.10 per common share on its outstanding\n common shares.  The common share dividend is payable on June 28, 2013,\n to shareholders of record as of May 31, 2013.  Commenting on the\n dividend increase, Mr. Campbell noted, \"Since going public in 2007,\n Rocky has paid a quarterly dividend without interruption.  We continue\n on our stated path of driving excellence in operations and delivering\n value to our shareholders.  Our revenue and earnings growth, coupled\n with a strong balance sheet created by these initiatives has enabled us\n to increase the dividend for a second consecutive year.  The current\n dividend reflects a yield of 3.0% at today's closing market price, and\n represents a conservative payout ratio of 27% of trailing earnings.\"\n\n\nThis dividend is designated by Rocky to be an \"eligible divid...

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