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Douglas Dynamics, Inc. Announces Preliminary 2012 Financial Results

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Janik added, "Despite these short-term issues, the long-term fundamentals of our business remain strong and we continue to generate significant cash flows and maintain a strong financial position. As we manage through the trough, we are focused on maintaining and even improving our market position and the Company remains well capitalized to drive growth and innovation and return cash to shareholders."

"While we did see a slow start to the snow season, we're encouraged by recent underlying weather patterns and, at this point in time, we anticipate average snowfall for the 2012/2013 season. It is worth noting that approximately 70% of a season's snowfall occurs after December and we're ready to capitalize on our improved operational efficiencies and leverage our vast distributor network as snowfall levels return towards normal. As we navigate through this difficult cycle, we have a continued focus on cost containment strategies and managing other factors that are within our control which we believe will allow us to emerge from the trough in a stronger position and with improved profitability."

Preliminary Results for the Three Months Ended December 31, 2012

  • Q4 2012 net sales are expected to be approximately $28 million
  • Diluted earnings per share are expected to be a loss of approximately ($0.04) – ($0.06) per share
  • Q4 2012 Adjusted EBITDA is expected to be approximately $4 million

Preliminary Balance Sheet and Liquidity Highlights

  • The Company estimates its cash on hand at the end of 2012 totaled $24 million
  • The Company estimates that it generated free cash flow of approximately $14 million in 2012. 
  • The Company paid a quarterly dividend of $0.2075 per share on December 31, 2012 to stockholders of record as of the close of business on December 21, 2012.

Business Highlights in 2012

  • Launched a record number of new product development initiatives
  • Achieved new record of 98.9% for perfect shipment delivery performance
  • Improved base business profitability resulting in increased contribution margin per unit
  • Record number of cost reduction projects implemented
  • Procurement through global sourcing initiatives reached an all-time high
  • Strengthened supplier partnerships by sharing lean expertise and conducting multi-day Kaizen improvement events in supplier factories worldwide

Douglas Dynamics is completing its normal closing process and will provide full fourth quarter and full year 2012 financial results on March 11, 2013 and will host an investor conference call on the following day, March 12, 2013 at 10:00 a.m. Central Time.

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