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Fourth Quarter Net Sales of $48.5 million and Adjusted EBITDA of $15.2 million
Fourth Quarter Earnings per Diluted Share of $0.23
2010 results in line with previously announced financial guidance
Full Year Adjusted EBITDA of $47.3 million, an increase of 4.8% versus 2009
Declares special dividend of $0.37 per share in addition to regular quarterly dividends
MILWAUKEE, March 8, 2011 (GLOBE NEWSWIRE) -- Douglas Dynamics, Inc. (NYSE:PLOW), the North American leader in the design, manufacture and sale of snow and ice control equipment for light trucks, today announced financial results for the fourth quarter and full year ended December 31, 2010.
Fourth Quarter Results
Douglas Dynamics' fourth quarter follows its pre-season sales period in which distributors were offered pre-season pricing and payment deferral until the fourth quarter to encourage them to re-stock their inventory in anticipation of their peak fourth quarter retail sales period. Therefore, sales to distributors in Douglas Dynamics' fourth quarter vary from year-to-year as the fourth quarter is primarily driven by the level, timing and location of snowfall during the quarter as well as general economic conditions.
In the fourth quarter 2010, net sales were $48.5 million, representing a 1.4% decrease from the corresponding period in 2009. This slight decrease in net sales reflects the late start to the snow season in the Company's key markets. In many areas, significant snowfall did not begin until late December. Parts and accessories sales remained strong, at a similar level to the prior year, driven by the continued trend toward repair rather than replacement as a result of continuing poor economic conditions.
James L. Janik, President and Chief Executive Officer of Douglas Dynamics, commented, "We are pleased with our fourth quarter performance despite the late start to the snow season, which did not occur in time to generate significant demand that would impact 2010 results. We were able to produce results that were in line with our previously stated guidance and the record storms in late December and so far in 2011 bode well for a solid start to 2011 for the Company."