(TSX: BUI)
WINNIPEG, MB, March 28,
2024 /CNW/ -
Revenue
Revenue for the year was $238.5,
down $1.4 from sales of $239.9 in 2022. The Company's sales were
flat when compared to 2022 and 2021 included a fifteen month period
due to the accounting change from September
30 to December 31.
Twelve-month year ending December 31,
2023 and December 31,
2022
|
Prior Period
|
|
Revenue
(millions)
|
$238.5
|
$239.9
|
|
Net income/(loss)
(millions)
|
$7.1
|
($1.0)
|
|
Net
income/(loss)/share
|
$0.28
|
($0.04)
|
|
Shares issued
(millions)
|
25.0
|
25.0
|
Net Income for the Year
The net profit for the year was $7.1, an increase of $8.1 from the $1.0
loss in the prior year. The significant items that account for this
increase is an increase in the gain on disposal of assets of
$20.6 due to a sale of land and
building, gain from interest income of $1.4 and gain from foreign exchange of
$3.5 compared to prior year. This is
offset by decreased income from operation of $13.0 and increase in research and development of
$4.0.
Looking Forward
Increased sales are projected for 2024 as the Company improves
problems associated with supply chain issues. The Company has a
large backlog of sales and continues to have strong demand for its
agricultural machinery and equipment. The Company's majority shares
were acquired by Basak Tractor a wholly-owned subsidiary of ASKO
Holding on December 28, 2023.
Subsequent to year end, the Company received a loan of $14.4 million from its Basak Tractor and has full
support to grow its sales from its majority owner. The Company
expects to see profitability improvement as a result actions taken
early in 2024. In addition, margins are projected to improve in
2024 as a result of operating efficiencies stemming from increased
shipments.
Complete financial
statement: http://www.buhlerindustries.com/pages/investors.php
Trading symbol: BUI
Forward-looking statements: Certain statements made above
contain forward-looking statements including, but not limited to,
statements concerning possible or assumed future results of
operations of the Company. Forward-looking statements represent the
Company's intentions, plans, expectations and beliefs, and are not
guarantees of future performance. Such forward-looking statements
represent Buhler Industries current views based on information as
at the date of this report. They involve risks, uncertainties and
assumptions and the Company's actual results could differ, which in
some cases may be material, from those anticipated in these
forward-looking statements. Factors that could cause results to
differ from those expected include, but are not limited to: the
terms, availability and costs of acquiring raw materials and the
ability to pass on price increases to customers; ability to
negotiate contracts with new customers or renew existing customer
contracts with less favorable terms; timely response to changes in
customer product needs and market acceptance of our products; the
potential loss of business or increased costs due to customer or
vendor consolidation; competitive pressures, including new product
development; industry capacity, and changes in competitors'
pricing; ability to maintain or increase productivity levels;
ability to contain or reduce costs; foreign currency exchange rate
fluctuations; changes in governmental regulations, including
environmental, health and safety; changes in Canadian and foreign
income tax rates, income tax laws and regulations. Unless otherwise
required by applicable securities law, Buhler Industries disclaims
any intention or obligation to publicly update or revise this
information, whether as a result of new information, future events
or otherwise. The Company cautions investors not to place undue
reliance upon forward-looking statements.
SOURCE Buhler Industries Inc.