Douglas Dynamics (PLOW) Sees FY12 Results Lower than Prior Views

January 9, 2013 6:28 AM EST
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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 preliminary financial results for its fourth quarter and full-year 2012.

Preliminary Full-Year 2012 Results

Douglas Dynamics expects that its full-year 2012 revenue, earnings before interest, taxes, non-cash and other items ("Adjusted EBITDA") and diluted earnings per share will be lower than previously anticipated.
  • Revenue for 2012 is expected to be approximately $140 million. Prior revenue guidance for the year was $160 million to $190 million. The Street sees revs of $160.6 million.

  • Adjusted EBITDA for the full year is expected to be approximately $30 million. Prior financial guidance for the year indicated Adjusted EBITDA in the range of $35 to $45 million.

  • Diluted earnings per share for full-year 2012 are expected to be approximately $0.25 to $0.27 per share pending final effective tax rate calculations. Prior financial guidance for the year was $0.55 to $0.79. The Street was expecting EPS of $0.57.
Preliminary Results for the Three Months Ended December 31, 2012
  • Q4 2012 net sales are expected to be approximately $28 million

  • Diluted earnings per share are expected to be a loss of approximately ($0.04) – ($0.06) per share

  • Q4 2012 Adjusted EBITDA is expected to be approximately $4 million
Preliminary Balance Sheet and Liquidity Highlights
  • The Company estimates its cash on hand at the end of 2012 totaled $24 million

  • The Company estimates that it generated free cash flow of approximately $14 million in 2012.

  • The Company paid a quarterly dividend of $0.2075 per share on December 31, 2012 to stockholders of record as of the close of business on December 21, 2012.
Business Highlights in 2012
  • Launched a record number of new product development initiatives

  • Achieved new record of 98.9% for perfect shipment delivery performance

  • Improved base business profitability resulting in increased contribution margin per unit

  • Record number of cost reduction projects implemented

  • Procurement through global sourcing initiatives reached an all-time high

  • Strengthened supplier partnerships by sharing lean expertise and conducting multi-day Kaizen improvement events in supplier factories worldwide

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