Buhler Industries reports 2nd quarter earnings

WINNIPEG, May 10 /CNW/ - Sales Revenue for the second quarter was $53.8 million, up $11.0 million from the first quarter and down from last year's record second quarter of $93.4 million. Sales of $96.6 million for the first six months are above average, down from last years record $150.4 million. The reduction in sales can be attributed to a reduction in overseas shipments.

    
    2nd quarter ending        Year Ago     6 months ending           Year Ago

    March 31, 2010                         March 31, 2010

    Revenue (millions)   $53.8   $93.4     Revenue (millions)   $96.6  $150.4

    Net profit (millions) $0.7    $4.6     Net profit (millions) $2.1    $9.0

    Net profit/share     $0.03   $0.18     Net profit/share     $0.08   $0.36

    Shares issued                          Shares issued
     (millions)           25.0    25.0      (millions)           25.0    25.0
    

Net Earnings

Net earnings for the second quarter was $0.7 million, down from $4.6 million in the previous second quarter. Earning per share came in at $0.03 compared to $0.18 in the prior second quarter. For the first six months, earnings were $2.1, compared to $9.0 last year, with earnings per share being $0.08, versus $0.36 last year. Earnings have decreased due to the decrease in sales as well as increased spending on research and development.

Looking Forward

Sales for 2010 are anticipated to be strong reaching above average levels, although short of the 2009 record. Sales of short-line equipment continue to be strong however, this is offset by a reduction in overseas tractor sales and as a result sales are expected to be lower than 2009 sales.

Complete financial statement: http://www.buhlerindustries.com/investors/reports/buhler-2010-q2.pdf

Trading symbol: BUI

SOURCE Buhler Industries Inc.

For further information: For further information: Willy Janzen, Chief Financial Officer, Phone: (204) 654-5718, E-mail: wjanzen@buhler.com


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