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Titan Machinery Management Discusses Q2 2013 Results - Earnings Call Transcript

Turning to Slide 2. You'll see our fiscal second quarter 2013 results. The revenue for the second quarter was $410.1 million. Our pretax income was $8.8 million, and we earned $0.25 per diluted share.

On the call today, we will discuss the company's continued top line growth driven by organic and acquired growth across both our Agricultural and Construction segments. The teams and our dealerships have done a tremendous job in executing sales. We'll also discuss the impact of the highly publicized drought in and around our regions. Peter will provide an overview on our Ag and Construction margins and the factors impacting them in each segment. In addition, we will discuss our inventory levels and inventory strategy going forward.

Now I would like to provide some color on each of our industries that are key to our business. On Slide 3, we provided an overview of our agricultural industry. While the drought conditions are certainly important and at the forefront of everyone's mind when we are considering the ag industry in the United States, I'd like to highlight to you, overall, the operating environment, the farmers continue to be strong.

Current crop conditions allow producers to have an early harvest this growing season, providing them plenty of time to prepare the fields for the calendar year 2013 growing season. The current field conditions lower the harvest cost of this year's crop. We're also seeing a higher percentage of available land being utilized for crop production. It's important to point out that even though we have low field moisture levels, timely rains on most of our footprint allow better crop development in other areas of the drought-stricken Midwest. Higher commodity prices are creating an increased return on investment for our producers' land improvement which will enhance future yield potential.

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