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Toro Company's CEO Discusses F3Q12 Results - Earnings Call Transcript

International sales however had a tough quarter in virtually all areas. European economic troubles, excessive moisture in key Australian and Asian markets along with sluggish Asian golf development reduced sales for most of our Toro and co-products.

On a positive note, Japan's continued post tsunami recovery and strong residential product activity in the UK helped to somewhat to offset the international sales decline.

Moving on to our individual business segments. First in Golf, of course it continued systematic capital investments in new equipment to replace their fleets. And we saw continued benefit from delayed purchases during the recession. Confidence in the golf industry remains solid. The National Golf Foundation's monthly report show that the number of golf grounds played continues to grow. The increased revenues courses are experiencing this year will positively impact their future capital budgets and our sales opportunities for fiscal 2013. As courses are watering their greens and (inaudible) more to keep them healthy, the drought highlights the need for and the benefits of our water saving golf irrigation solutions.

We continue to probably serve many of the games leading courses as they host premiere events including the Olympic Club in San Francisco site of this year’s US Open, South Carolina’s Kailua Ocean Course home of the recent PGA Championship and stately Medinah Country Club located in the Chicago area where the Ryder Cup will be held in late next month.

Medinah is actually one of the Toro’s oldest accounts having purchased their very first Toro tractor back in 1925. All three of these exceptional venues use both our course maintenance equipment and irrigation systems. Helping prepare a course for such major tournament events provides an important stage for our industry leading products and services.

For instance at the US Open, the greens of the Olympic Club were manicured with the (inaudible) greens mower fleet made entirely of our Toro eFlex mowers, the industry’s first lithium ion battery powered greens mower. The exposure clearly generated enthusiasm and interest in this revolutionary new Toro product.

Read the rest of this transcript for free on seekingalpha.com

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