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Company reported second quarter net sales of $55.2 million
Produced earnings per diluted share of $0.26 in second quarter
Declared $0.2075 per share cash dividend paid on June 28, 2013
Successfully completed acquisition of TrynEx assets
Company narrows 2013 guidance
MILWAUKEE, Aug. 5, 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 second quarter ended June 30, 2013.
Second Quarter Results
Douglas Dynamics' pre-season sales incentive period is comprised of the second and third quarters combined. In 2012, pre-season sales were weighted more heavily than usual toward the second quarter, producing a pre-season order shipment split of 65/35 for the second and third quarters, compared to an average split of 60/40 in recent years. For 2013, the Company anticipates that shipments for the pre-season order period will be closer to an even split between second and third quarters. This shift is primarily related to the timing of a record number of new product launches.
James L. Janik, President and Chief Executive Officer of the Company, commented, "Our results for the second quarter were in line with our expectations given the timing of new product launches and our expectations regarding the related shipment mix trends for the 2013 pre-season order period. Longer-term, we are excited about this new product line-up and our belief that it will enhance our market leading position and further cement our reputation of constantly delivering best-in-class products and services to our customers. Our results also reflect an increase in parts and accessories sales of approximately 17% in the second quarter of 2013 as compared to the second quarter of 2012, as stronger and sustained late season snowfall levels across core markets reduced dealer inventory levels. We expect to continue to generate significant cash flows and look for ways to optimize shareholder value, which includes our robust dividend."