Titan Machinery reported financial results for the fiscal first quarter ended April 30, 2015. Revenue was $353.2 million, compared to $465.5 million in the first quarter last year.
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Equipment sales were $245 million for the first quarter of fiscal 2016, compared to $345 million in the first quarter last year. Parts sales were $61.5 million for the first quarter of fiscal 2016, compared to $68.4 million in the first quarter last year.
Revenue generated from service was $32.9 million for the first quarter of fiscal 2016, compared to $37.1 million in the first quarter last year. Revenue from rental and other decreased to $13.8 million for the first quarter of fiscal 2016 from $15.0 million in the first quarter last year.
Gross profit for the first quarter of fiscal 2016 was $60.4 million, compared to $75.9 million in the first quarter last year, primarily reflecting a decrease in Agriculture equipment revenue. The company's gross profit margin was 17.1% in the first quarter of fiscal 2016, compared to 16.3% in the first quarter last year.
This increase in gross profit margin primarily reflects a larger portion of gross profit coming from the company's higher margin parts, service, and rental and other businesses. Gross profit from parts and service for the first quarter of fiscal 2016 was 65.3% of overall gross profit, compared to 56.7% in the first quarter last year.
Operating expenses were 16.2% of revenue or, $57.1 million, for the first quarter of fiscal 2016, compared to 15.3% of revenue or, $71.2 million, for the first quarter of last year. The decrease in operating expenses was primarily due to cost savings associated with the company's realignment activities implemented in the first quarters of fiscal 2016 and 2015.
The increase in operating expenses as a percentage of revenue was primarily due to the deleveraging of fixed expenses as total revenue decreased from the prior year.
In the first quarter of fiscal 2016, the company recognized impairment and realignment costs of $1.6 million, primarily related to store closings and headcount reductions as part of the company's realignment plan. In the first quarter of fiscal 2015, the company recognized impairment and realignment costs of $2.8 million.
The company recognized charges of $2.0 million and $3.1 million from the balance sheet impact of the Ukrainian hryvnia devaluation in the first quarters of 2016 and 2015, respectively.
Floorplan interest expense was $4.6 million for both the first quarter of fiscal 2016 and first quarter of fiscal 2015.
In the first quarter of fiscal 2016, the company generated $5.1 million in adjusted EBITDA, compared to $7.6 million in the first quarter of last year. The company includes floorplan interest expense in its EBITDA calculation.
Pre-tax loss for the first quarter of fiscal 2016 was $8.8 million, which is essentially flat compared to pre-tax loss of $8.6 million in the first quarter of last year. Excluding all non-GAAP adjustments, adjusted pre-tax loss for the first quarter of fiscal 2016 was $4.6 million.
For the first quarter of 2015, excluding the non-GAAP adjustments, adjusted pre-tax loss was $2.3 million. Adjusted pre-tax Agriculture segment loss was $0.4 million for the first quarter of fiscal 2016, compared to adjusted pre-tax income of $4.2 million in the first quarter last year.
Adjusted pre-tax Construction segment loss was $2.9 million for the first quarter of fiscal 2016, compared to adjusted pre-tax loss of $3.7 million in the first quarter last year. Adjusted pre-tax International segment loss was $2.3 million for the first quarter of fiscal 2016, compared to adjusted pre-tax loss of $2.1 million in the first quarter last year.
Net loss attributable to common stockholders for the first quarter of fiscal 2016 was $6.2 million, or loss per diluted share of $0.29, compared to $6.5 million, or $0.31 per diluted share, for the first quarter of fiscal 2015.
The net loss for the first quarter of fiscal 2016 includes adjustments totaling $3.3 million, or $0.16 per diluted share, compared to adjustments totaling $5 million, or $0.24 per diluted share, for the first quarter of fiscal 2015.
Excluding all non-GAAP adjustments, adjusted net loss attributable to common stockholders for the first quarter of fiscal 2016 was $2.9 million, or $0.13 per diluted share, compared to adjusted net loss attributable to common stockholders for the first quarter of fiscal 2015 of $1.5 million, or $0.07 per diluted share. ■