WINNIPEG, MB, March 31,
2023 /CNW/ - (TSX: BUI)
Revenue
Revenue for the year was $239.9,
down $77.3 from sales of $317.2 in 2021. The Company's decreased sales for
the period primarily results from the accounting change to a
December year-end in 2021. Included in 2022 are twelve months of
sales versus fifteen months of sales in 2021.
Twelve-month year ending December 31,
2022 and fifteen-month period ending December 31, 2021
|
Prior Period
|
Revenue
(millions)
|
$239.9
|
$317.2
|
Net income/(loss)
(millions)
|
($1.0)
|
$8.9
|
Net
income/(loss)/share
|
($0.04)
|
$0.36
|
Shares issued
(millions)
|
25.0
|
25.0
|
Net Loss for the Year
The net loss for the year was $1.0, a decrease of $9.9 from the $8.9
earnings in the prior period. Income from operations improved by
$5.0 over the prior period due to
higher gross profit and lower selling and administration costs.
However, a reduction in the gain on disposal of assets of
$11.0 and an increase in foreign
exchange loss of $5.0 were the major
contributing factors to the net loss in 2022 compared to the prior
period.
Looking Forward
Increased sales are projected for 2023 as the Company continues
to work through supply chain issues. The Company has a large
backlog of sales and continues to have strong demand for
agricultural machinery and equipment. Increased sales will require
additional inventories and receivables to support the sales growth.
The Company continues to experience supply chain challenges faced
by agricultural manufacturers as it works to improve shipments. The
Company expects to see margin improvement through the year stemming
from the increased customer demand and efficiency on its production
line as it works the supply chain challenges.
Complete financial statement:
http://www.buhlerindustries.com/pages/investors.php
Trading symbol: BUI
SOURCE Buhler Industries Inc.