WINNIPEG, MB, March 31, 2022 /CNW/ - (TSX: BUI)
Revenue
Revenue for the fifteen-month period was $317.2, up $67.6
from sales of $249.6 in 2020. The
Company's increased sales growth for the period primarily results
from the accounting change to a December year-end in 2021. Included
in 2021 are fifteen months of sales versus twelve months of sales
in 2020.
Fifteen-month year ending December 31,
2021 and twelve-month year ending September 30, 2020
|
Year Ago
|
|
Revenue
(millions)
|
$317.2
|
$249.6
|
|
Net income/(loss)
(millions)
|
$8.9
|
($25.8)
|
|
Net
income/(loss)/share
|
$0.36
|
($1.03)
|
|
Shares issued
(millions)
|
25.0
|
25.0
|
Net Income up for the Year
The net earnings for the fifteen-month period was $8.9, an improvement of $34.7 from the loss in the prior year. Increased
gross profit of $21.4 drove most of
the improvement over the prior year. In addition, the Company
recorded a gain on sale of intellectual property of $12.7 and increased asset disposals of
$0.8 when compared to the prior year.
Exchange rate gains contributed $3.1
compared with the prior year. Finally, a gain on forgiveness of
debt of $1.5 and reduced taxes of
$1.2 were offset by increased
spending on selling and administration costs of $4.6 and R&D of $1.2 due mostly to having five quarters in 2021
instead of four quarters in 2020.
Looking Forward
Increased sales are projected for the year. The Company has a
large backlog that continues to grow as a result of strong demand
for agricultural machinery and equipment. Increased sales will
require additional inventories and receivables to support the sales
growth. The Company continues to experience supply chain challenges
faced by the agricultural manufacturers as it works to improve
shipments. The Company expects to see margin improvement stemming
from increased customer demand and the reduction in manufacturing
costs that were implemented in the prior year.
Complete financial statement:
http://www.buhlerindustries.com/pages/investors.php
Trading symbol: BUI
SOURCE Buhler Industries Inc.