Based on results from the first nine months of 2013 and current trends, the Company reaffirms its full year 2013 guidance. Net sales for fiscal year 2013 are expected to range from $175 million to $200 million and Adjusted EBITDA to be in the range of $36 million to $46 million. Adjusted diluted earnings per share are expected to range from $0.30 per share to $0.60 per share. The full-year 2013 outlook assumes that the Company's core markets will experience average snowfall and the economy remains stable. These projected results include certain non-cash purchase accounting adjustments attributable to the TrynEx business acquired on May 6, 2013. Specifically, these projected results include adjustments of $4.5 million, which are expected to impact earnings per share negatively by ($0.12). The projected results from the TrynEx business from May 6, 2013 through year end are included within the fiscal 2013 guidance for the Company as a whole.
Mr. Janik added, "As we enter the last two months of the year, we are more optimistic about the prospects for the fourth quarter compared to the prior year, which was a culmination of the unprecedented market conditions from the past few years. Overall, we're encouraged by September retail re-order sales and low field inventory, plus improving dealer sentiment and solid early preliminary results for October. We are well positioned to achieve 2013 results in line with our guidance and believe that the fourth quarter of 2013 will show a significant improvement over the same period in 2012, assuming normal snowfall patterns."
Webcast InformationThe Company will host an investor conference call on Tuesday, November 5, 2013 at 10:00 a.m. Central Time. The conference call will be available on the Internet through the Investor Relations section of the Company's website at www.douglasdynamics.com. To listen to the live call, please go to the website at least fifteen minutes early to register, download and install any necessary audio software. For those who cannot listen to the live broadcast, an Internet replay will be available shortly after the call. About Douglas Dynamics Douglas Dynamics is the North American leader in the design, manufacture and sale of snow and ice control equipment for light trucks, which consists of snowplows and sand and salt spreaders, and related parts and accessories. The Company is also a leading manufacturer of turf and other commercial/industrial grounds control products. The Company sells its products under the WESTERN®, FISHER®, BLIZZARD®, SNOWEX®, TURFEX® and SWEEPEX® brands which are among the most established and recognized in the industry. Additional information is available at www.douglasdynamics.com Use of Non-GAAP Financial Measures This press release contains financial information calculated other than in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"). These non-GAAP measures include:
- Adjusted net income;
- Adjusted earnings per diluted share; and
- Adjusted EBITDA.