CALGARY, May 12 /CNW/ - Rocky Mountain Dealerships Inc. ("Rocky Mountain" or the "Company") is reporting the results of their initial quarter as a publicly traded company ended March 31, 2008.
The Company was formed on September 17, 2007 but did not carry on any business until it completed the acquisition of Hammer Equipment Sales Limited and the Hi-Way Service group on December 20, 2007.
Commenting on the Company's results, Matt Campbell, CEO of Rocky Mountain said, "we are excited about the top-line organic growth shown in the first quarter, traditionally the weakest quarter in our industry. The integration of the two businesses is proceeding as planned, and we are continuing to focus our attention on such integration."
The Company has reported $69.7M in revenue for the 1st quarter of 2008, an increase in same store growth of 19.3% compared to the same period in 2007. Gross profit increased from $11.5M to $12.6M in the same period as a result of the increased revenues. Net earnings and comprehensive income were $0.6M. Earnings were impacted by amortization expense for intangibles of $0.8M and expenses resulting from the IPO of approximately $0.2M.
These results are compared against Hammer Equipment Sales Limited and the Hi-Way Service group of companies' aggregated financial statements for the first quarter calendar of 2007.
About Rocky Mountain:
Rocky Mountain represents one of Canada's largest agriculture and construction equipment dealerships with 13 dealership branches located throughout Alberta. Rocky Mountain sells, rents and leases new and used construction and agriculture equipment, including the Case Construction and Case IH Agriculture brands, as well as offering product support and finance and insurance products to its customers.
Additional information on Rocky Mountain is available on our website at www.rockymtn.com and on SEDAR at www.sedar.com. The Common Shares of Rocky Mountain trade on the Toronto Stock Exchange under the symbol "RME".
%SEDAR: 00026106E