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Net Sales increased 65.2% from Q1 FY'12 to $14.1 million
First Quarter Adjusted earnings per diluted share improved 31.6% year-over-year to a net loss of ($0.13) per share
Declared $0.2075 per share cash dividend paid on March 29, 2013
Company introduced eight innovative products scheduled for launch in 2013
MILWAUKEE, May 6, 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 first quarter ended March 31, 2013.
First Quarter Results
Historically, the Company's first quarter sales are the lowest of any quarter, typically averaging less than 10% of full year sales. As such, the Company historically generates a net loss in the first quarter. First quarter 2013 results reflect higher snowfall levels compared to first quarter of 2012, which was affected by near record low snowfall in most of the Company's core markets.
Net sales were $14.1 million in the first quarter of 2013, representing a 65.2% year-over-year increase. The increase reflects a significant increase in parts and accessories sales, as well as an increase in unit sales, driven by higher levels of snowfall across core markets during the last couple of months of the quarter.
James L. Janik, President and Chief Executive Officer of Douglas Dynamics, commented, "The significant improvement in our first quarter results when compared to the same period last year was driven by several factors. While the timing of snowfall was again less than ideal and snowfall levels were again weak in the fourth quarter of 2012 and January 2013, winter did eventually arrive and we saw stronger and sustained snowfall in core markets during February and March. This led to increased parts and accessories shipments and served to moderate previously elevated distributor inventory levels. In addition, the first quarter of 2012 was particularly weak and set a low bar for us to beat. Overall, I am proud of how our team managed through the record low snowfall environment the past 12 months and am excited about the rest of 2013. As we enter our pre-season order period we know there will be some caution on the part of dealers, but we're well positioned to capitalize on our new innovative line-up of products and generally stable to improving economic indicators."