Sales for the year were the fifth highest on record coming in at $209.6 million, although down 26% from the previous year’s record of $284.1 million. A reduction in overseas sales and a stronger Canadian dollar contributed to the sales decrease.
|Year ending September 30, 2010||Year ago|
|Net profit (millions)||$8.2||$14.4|
|Net profit / share||$0.33||$0.57|
|Shares issued (millions)||25.0||25.0|
Net earnings for the year came in at $8.2 million, down from $14.4 million in the previous year resulting from the decrease in sales. Earning per share came in at $0.33 compared to $0.57 in the prior year.
Sales for 2011 are expected to be higher than 2010. The Company has recently announced a partnership with Westeel, and will sell grain bins under the Farm King name in the U.S., while Westeel will sell Farm King augers branded "Westeel" in Canada. Sales of sprayers are expected to be strong, while sales of Versatile tractors are anticipated to increase in 2011.