David Meyer, Titan Machinery's Chairman and Chief Executive Officer, stated, "We are pleased with our results for both the fourth quarter and full year fiscal 2011, as we reported strong top and bottom line growth in both our Agriculture and Construction businesses. We exceeded $1 billion in revenue during fiscal 2011, a milestone for our company, reflecting strong organic and acquired growth. We achieved our Construction Business Action Plan goals by delivering annual same store sales growth of 25% for our Construction segment and reduced our pre-tax loss by half compared to last fiscal year."
Meyer continued, "As we begin fiscal 2012, we are encouraged by the position of our business and are confident that we will deliver another strong top and bottom line financial performance. The economy in the Upper Midwest remains robust, due to projected increases in farm cash receipts and activity around the various oil, gas and coal formations, among other factors. In recent months, we have made several strategic acquisitions, including our first Agriculture dealerships in Nebraska with the Fairbanks acquisition, and we also opened a new store and expanded and relocated an existing location. We are excited about all of our new dealerships, as each one is well located to capitalize on the strong dynamics of its market and complements our existing network. We continue to grow our business and to execute on our long-term business strategy."
The company evaluates its financial performance based on its customers' annual production cycles as opposed to a quarterly basis, due to weather fluctuations and the seasonal nature of the customer's business. The company is anticipating achieving increased revenue for the full year ending January 31, 2012 in a range of $1.275 billion to $1.350 billion. Net income is expected to be in the range of $27.5 million to $29.4 million resulting in an earnings per diluted share range of $1.50 to $1.60 based on estimated weighted average diluted shares of 18.35 million.