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Douglas Dynamics Announces Fourth Quarter And Full Year 2013 Results

Highlights:

  • Fourth Quarter 2013 net sales increased 159% compared to a year ago to a record $73.0 million
  • Fourth quarter 2013 Diluted EPS increased $0.43 year-over-year
  • Full year 2013 net sales increased 39% compared to 2012, to $194.3 million
  • Full year 2013 Adjusted EBITDA increased 50% compared to 2012, to $44.6 million
  • Board approves and declares Q1 2014 quarterly dividend increase of 2.35% to $0.2175 per share

MILWAUKEE, March 10, 2014 (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, 2013.

Fourth Quarter Results

In the fourth quarter of 2013, net sales were $73.0 million, representing a 158.9% increase from the corresponding period in 2012. The increase in sales during the quarter reflects increased demand related to higher than average snowfall levels across core markets compared to the fourth quarter of 2012, which saw lower than average snowfall and additional sales of products related to the business of TrynEx, Inc., which the Company acquired in May of 2013.

James L. Janik, President and Chief Executive Officer of the Company, commented, "Record fourth quarter sales signify a continued improvement in business conditions compared to last year, as snowfall levels were strong across core markets. Our financial results underscore the importance of our operational excellence and the competitive advantage of our manufacturing flexibility and supply chain, which enabled us to adapt efficiently to increased levels of demand and strengthen our relationships with our dealers."

Fourth quarter gross margin as a percentage of sales was positively impacted by higher volume. Total gross margin as a percent of sales in the fourth quarter of 2013 increased 10.9 percentage points versus the same period in 2012 as a result of the operating leverage impact from the increase in revenues.

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