Rocky Mountain Dealerships -- one of Canada's largest agriculture and construction equipment dealerships that acquired 12 new locatons in the past year -- announced fourth-quarter 2010 revenue increased 33% to $196.3 million and full-year revenue increased 14% to $633.4 million versus 2009 at $555.8 million.
New equipment sales were $121.3 million for Q4 compared to $92.9 million in the prior year. Used equipment sales were $45.6 million for Q4, compared to $32.5 million for the same period of 2009. Parts and service revenue were $17.4 million and $11.1 million for Q4, both up from $11.8 million and $9.4 million in 2009, respectively.
Gross profit margin was at 16.0% for Q4, down slightly from 16.6% in 2009. For the full year 2010 gross profit margin was up to 15.7% from 15.2% in 2009.
Selling, general, and administrative expenses was 10.4% of revenue in Q4, up from 9.4% in the prior year. This increase arose mainly from the addition of 9 branches during 2010.
"We ended 2010 strong; both our construction and agricultural stores grew organically, and through acquisitions in the fourth quarter," said Rocky, Chief Executive Officer Brian Taschuk. "Given the current commodity prices, recent trends of economic improvement in the construction industry and the opportunity to fully realize the synergies available as a result of our recent acquisitions, we are optimistic heading into 2011.
"We acquired 12 new locations in the past year and we expect to slow down on acquisitions this year to ensure they are properly integrated and performing to our expectations," Taschuk added. "Our strong end markets, growth from past acquisitions, and improving asset utilization should add value for shareholders this year." (More at RockyMtn.com . . . )