This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Douglas Dynamics Announces Fourth Quarter And Full Year 2013 Results

Net income was $8.5 million, or $0.38 per diluted share based on weighted average shares of 22.1 million, in the fourth quarter of 2013 compared to a net loss of ($1.0) million, or ($0.05) per diluted share based on weighted average shares of 21.9 million, in the fourth quarter of 2012. Included in the 2013 results are $0.1 million of non-cash purchase accounting adjustments related to the TrynEx acquisition.

The Company reported Adjusted EBITDA of $19.8 million for the fourth quarter of 2013, compared to Adjusted EBITDA of $4.2 million for the fourth quarter of 2012.

Full Year Results

For the full year 2013, net sales were $194.3 million, representing a 38.8% increase from 2012. This increase was primarily driven by increased sales of both equipment units and parts and accessories, plus the addition of the TrynEx products. Sales of parts and accessories increased 78.5% year-over-year to $29.9 million for the full year 2013 from $16.7 million in 2012. Sales of $12.9 million related to TrynEx products also contributed to the increase in sales revenue.

For the full year 2013, cost of sales increased 33.9% from $96.1 million in 2012 to $128.7 million in 2013. This increase was driven primarily by higher unit volume.

Net income was $11.6 million, or $0.51 per diluted share based on weighted average shares of 22.1 million shares, for the full year 2013 compared to net income of $6.0 million, or $0.26 per diluted share based on weighted average shares of 22.0 million shares, for the full year 2012. The full-year 2013 results include certain non-cash purchase accounting adjustments attributable to the acquisition of the TrynEx business in May 2013, which negatively impacted earnings per share in 2013 by ($0.20). The adjustments of $4.5 million, net of tax, are primarily reflected in the increase in selling, general and administrative expenses of $12.0 million due to the $4.0 million in earn out compensation expenses recorded in conjunction with the acquisition. As previously disclosed, the TrynEx acquisition is expected to be accretive to earnings per share on a full-year basis in 2014 and free cash flow positive on a stand-alone basis in 2014.

2 of 6

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,215.84 -63.90 -0.37%
S&P 500 1,997.42 -12.98 -0.65%
NASDAQ 4,531.5380 -48.2510 -1.05%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs