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MILWAUKEE, Jan. 8, 2013 (GLOBE NEWSWIRE) -- Douglas Dynamics, Inc. (NYSE:PLOW), the North American leader in the design, manufacture and sale of snow and ice control equipment for light trucks, today announced preliminary financial results for its fourth quarter and full-year 2012.
Preliminary Full-Year 2012 Results
Douglas Dynamics expects that its full-year 2012 revenue, earnings before interest, taxes, non-cash and other items ("Adjusted EBITDA") and diluted earnings per share will be lower than previously anticipated.
Revenue for 2012 is expected to be approximately $140 million. Prior revenue guidance for the year was $160 million to $190 million.
Adjusted EBITDA for the full year is expected to be approximately $30 million. Prior financial guidance for the year indicated Adjusted EBITDA in the range of $35 to $45 million.
Diluted earnings per share for full-year 2012 are expected to be approximately $0.25 to $0.27 per share pending final effective tax rate calculations. Prior financial guidance for the year was $0.55 to $0.79.
"During our third quarter earnings call we outlined our expectations that results would be at the bottom end of our guidance range. As the fourth quarter unfolded, we saw below average snowfall combined with very warm temperatures in most of our core markets through mid-December, which created challenging market conditions and has produced results that fell short of our expectations," noted James L. Janik, President and Chief Executive Officer of Douglas Dynamics. "These preliminary results reflect the culmination of multiple factors that negatively affected our business during the year: First, the timing, amount, and location of snowfall in the fourth quarter; second, lingering effects from last year's unprecedented low snowfall and record drought last summer; third, the continued macro-economic uncertainty. While difficult to quantify, we believe there was also a negative impact from Hurricane Sandy."