Titan Machinery represents a diversified mix of agricultural construction and consumer products dealerships located in the upper Midwest. Their Shared Resource Headquarters is located in the heart of the Red River Valley in Fargo ND. Titan Machinery is a dealer for Case IH Case Construction New Holland and New Holland Construction. Titan Machinery also represents shortline equipment to meet specialized customer demand and niche product needs. Titan Machinery Inc. has a market cap of $186.81 million; its shares were traded at around $14.1 with and P/S ratio of 0.43.
Highlight of Business Operations:Our net income was $8.2 million, or $0.45 per diluted share, in the quarter ended October 31, 2008, compared to $2.7 million, or $0.36 per diluted share, in the quarter ended October 31, 2007. Significant factors impacting the quarter were:
The increase in revenue for the three months ended October 31, 2008 was due to acquisitions contributing to current period revenue and same-store sales growth. Acquisitions contributed $47.3 million in total revenue, or 57.8% of the total revenue increase, while same-store sales growth contributed $34.5 million, or 42.2% of the increase. Same-store sales increased 26.1% over the same period of the prior year, which is indicative of the strong market for our products, particularly in the area of equipment sales. The calculation of same-store sales includes fiscal 2008 third quarter sales of $16.0 million from a special manufacturer leasing program that was discussed in our Quarterly Report on Form 10-Q for the third quarter of fiscal year 2008. We did not conduct the same program in the current year but do enter into various other manufacturer programs from time to time.
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