Buhler Industries reports 3rd quarter earnings

WINNIPEG, Aug. 6 /CNW/ -

Sales

Revenue for the third quarter was $55.9 million, up $2.1 million from the second quarter and down from last years record third quarter of $76.7 million. Sales of $152.4 million for the first nine months are above average, down from last years record $227.1 million. The reduction in sales can be attributed to a reduction in overseas shipments and increase in the Canadian dollar.

    
    3rd quarter ending          Year Ago  9 months ending           Year Ago
    June 30, 2010                         June 30, 2010

    Revenue (millions)      $55.9  $76.7  Revenue (millions)  $152.4  $227.1

    Net profit (millions)    $4.0   $1.2  Net profit (millions) $6.1   $10.3

    Net profit/share        $0.16  $0.05  Net profit/share     $0.24   $0.41

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

Net Earnings

Net earnings for the third quarter was $4.0 million, up from $1.2 million in the prior year third quarter. Earning per share came in at $0.16 compared to $0.05 in the prior third quarter. For the first nine months, earnings were $6.1, compared to $10.3 last year, with earnings per share being $0.24, versus $0.41 last year. Earnings have decreased due to the decrease in sales, offset by gains on sales of surplus assets.

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 will be lower than 2009 sales.

Complete financial statement: http://www.buhlerindustries.com/investors/reports/buhler-2010-q3.pdf

Trading symbol: BUI

For further information: Willy Janzen, Chief Financial Officer, Phone: [phone], E-mail: [email protected]