Updating Fiscal 2013 Outlook
The Company evaluates its financial performance based on its customers' annual production cycles as opposed to a quarterly basis, due to weather fluctuations and the seasonal nature of each customer's business. The Company is reiterating its previous revenue guidance and continues to expect revenue for the full year ending January 31, 2013 in a range of $1.95 billion to $2.1 billion. The Company is lowering its net income attributable to common stockholders and earnings per diluted share guidance. Net income attributable to common stockholders is now expected to be in the range of $44.3 million to $48.5 million, compared to the previous range of $53.8 million to $58.0 million. Earnings per diluted share is now expected to be in the range of $2.10 to $2.30 based on estimated weighted average diluted common shares outstanding of 21.1 million, compared to the previous range of $2.55 to $2.75 based on estimated weighted average diluted common shares outstanding of 21.1 million. For comparative purposes, the Company generated revenue of $1.66 billion in fiscal year 2012 and net income attributable to common stockholders for fiscal 2012 was $43.8 million, or $2.18 per diluted share, based on weighted average diluted common shares outstanding of 20.1 million.
Conference Call and Presentation Information
The Company will host a conference call and audio webcast today at 7:30 a.m. Central time (8:30 a.m. Eastern time). A copy of the presentation that will accompany the prepared remarks from the conference call is available on the Company’s website under Investor Relations at www.titanmachinery.com. An archive of the audio webcast will be available on the Company’s website under Investor Relations at www.titanmachinery.com 30 days following the audio webcast.Investors interested in participating in the live call can dial (888) 417-8519 from the U.S. International callers can dial (719) 325-2214. A telephone replay will be available approximately two hours after the call concludes and will be available through Monday, September 24, 2012, by dialing (877) 870-5176 from the U.S., or (858) 384-5517 from international locations, and entering confirmation code 4737015.