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Company reported fourth quarter results in line with preliminary results provided on January 8, 2013
Produced full year net sales of $140.0 million
Generated full year earnings per diluted share of $0.26
Declared a quarterly cash dividend of $0.2075 per share on December 10, 2012
Cash and cash equivalents increased sequentially to $24.1 million as of December 31, 2012
MILWAUKEE, March 11, 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 financial results for the fourth quarter and full year ended December 31, 2012.
Fourth Quarter Results
The Company's fourth quarter 2012 results were in line with the preliminary results provided on January 8, 2013.
In the fourth quarter 2012, net sales were $28.2 million, compared to net sales of $60.3 million for the fourth quarter of 2011. As previously disclosed, the decrease in sales during the quarter reflects the previous year's record low snowfall, the timing, amount, and location of snowfall in fourth quarter 2012, the sluggish economic environment, and lingering impact from last summer's drought.
James L. Janik, President and Chief Executive Officer of the Company, commented, "Fourth quarter and full year results reflect the difficult market environment we faced, which was primarily driven by unfavorable weather trends. Despite this challenging year, the long-term fundamentals of our business remain strong, and we continue to generate significant cash flows and maintain a strong financial position."
Fourth quarter gross margin as a percent of sales was impacted primarily by lower volume. Total gross margin in the fourth quarter fell 6.4% versus the same period in the prior year as a result of the operating leverage impact from the decrease in revenues.