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Titan Machinery Inc. Announces Fiscal Third Quarter Ended October 31, 2012 Results

Pre-tax income for the third quarter of fiscal 2013 was $23.8 million, compared to $21.3 million in the third quarter last year. Pre-tax margin was 4.1% for the third quarter of fiscal 2013, compared to 5.0% in the third quarter last year. Pre-tax Agriculture segment income was $26.1 million for the third quarter of fiscal 2013, compared to $20.1 million in the third quarter last year. Pre-tax Construction segment income was $0.5 million for the third quarter of fiscal 2013, compared to $3.3 million in the third quarter last year.

Net income attributable to common stockholders for the third quarter of fiscal 2013 was $13.9 million, compared to $12.7 million in the third quarter last year. Earnings per diluted share for the third quarter of fiscal 2013 were $0.66 compared to $0.61 per diluted share in the third quarter last year.

Fiscal 2013 First Nine Months Results

For the nine months ended October 31, 2012, revenue increased 34.4% to $1.41 billion from $1.05 billion for the same period last year. Gross margin for the first nine months of fiscal 2013 was 16.6%, compared to 17.4% in the same period last year. Pre-tax income for the first nine months of fiscal 2013 was $44.9 million for a pre-tax margin of 3.2%, compared to $43.9 million, or a pre-tax margin of 4.2%, for the same period last year. Net income attributable to common stockholders for the first nine months of fiscal 2013 was $26.6 million, or $1.27 per diluted share, compared to $26.1 million, or $1.31 per diluted share, for the same period last year. The nine-month weighted average diluted common shares outstanding for the first nine months of fiscal 2013 was 21.0 million, compared to 19.9 million weighted average diluted common shares outstanding in the same period last year.

Balance Sheet

The Company ended the third quarter of fiscal 2013 with cash and cash equivalents of $115.7 million. The Company’s inventory level was $1.05 billion as of October 31, 2012, compared to $748.0 million at the end of fiscal 2012. This inventory level primarily reflected an increase in new equipment, which increased to $726.9 million at October 31, 2012 from $445.5 million at January 31, 2012, while used equipment decreased slightly to $218.4 million at October 31, 2012 from $219.8 million at January 31, 2012. The Company expects its new equipment inventory will decrease, excluding acquisitions, during the fourth quarter of fiscal 2013. The Company will continue to manage used equipment levels and valuations regularly but due to seasonally higher new equipment demand in the fourth quarter of the year, the Company anticipates the used equipment inventory level to increase by the end of fiscal 2013. The Company had available $188.9 million of its $925.0 million total discretionary floorplan lines of credit as of October 31, 2012.

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