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Titan Machinery Inc. Announces Fiscal Second Quarter Ended July 31, 2012 Results

Titan Machinery Inc. (Nasdaq:TITN), a leading network of full-service agricultural and construction equipment stores, today reported financial results for the fiscal second quarter and first six months ended July 31, 2012.

Fiscal 2013 Second Quarter Results

For the second quarter of fiscal 2013, revenue increased 31.9% to $410.1 million from revenue of $310.8 million in the second quarter last year. All four of the Company’s revenue sources—equipment, parts, service, and rental and other—contributed to this period-over-period revenue growth. Equipment sales were $306.2 million for the second quarter of fiscal 2013, compared to $225.3 million in the second quarter last year. Parts sales were $57.9 million for the second quarter of fiscal 2013, compared to $49.3 million in the second quarter last year. Revenue generated from service was $30.5 million for the second quarter of fiscal 2013, compared to $25.4 million in the second quarter last year. Revenue from rental and other increased to $15.5 million from $10.9 million in the second quarter last year.

Gross profit for the second quarter of fiscal 2013 was $70.4 million, compared to $55.9 million in the second quarter last year. The Company’s gross profit margin was 17.2% in the second quarter of fiscal 2013, compared to 18.0% in the second quarter last year. The decrease in gross profit margin was primarily due to lower used equipment margins as a result of a more competitive pricing environment and the change in sales mix, in which the higher margin parts and service businesses generated a smaller percentage of sales compared to the same quarter last year.

Operating expenses were 13.8% of revenue or $56.5 million for the second quarter of fiscal 2013, compared to 14.2% or $44.1 million for the second quarter of last year.

Pre-tax income for the second quarter of fiscal 2013 was $8.8 million, compared to $10.4 million in the second quarter last year. Pre-tax margin was 2.1% for the second quarter of fiscal 2013, compared to 3.3% in the second quarter last year. Pre-tax Agriculture segment income was $10.6 million for the second quarter of fiscal 2013, compared to $10.9 million in the second quarter last year. Pre-tax Construction segment income was $628,000 for the second quarter of fiscal 2013, compared to pre-tax Construction segment income of $576,000 in the second quarter last year. The year over year decline in Company pre-tax income reflected lower equipment margins, increased floorplan expenses due to higher inventory levels, and higher interest expense due to the Company’s April 2012 private offering of convertible debt .

Net income attributable to common stockholders for the second quarter of fiscal 2013 was $5.2 million, compared to $6.2 million in the second quarter last year. Earnings per diluted share for the second quarter of fiscal 2013 were $0.25 on approximately 21.0 million weighted average diluted common shares outstanding, compared to $0.30 on approximately 20.6 million weighted average diluted common shares outstanding in the second quarter last year.

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