Titan Machinery Chairman announces in FY2018 press release this morning that
"the cost savings for fiscal 2018 will be less than previously expected."
TOTAL Fy2018 Q1 US SALES Declined 17% vs Q1 Fy2017
USA Sales Declined from $157 million to $131 million
Titan Machinery (NASDAQ: TITN $15.67)
First Quarter Results
FY2015 FY2016 FY2017 FY2018
Equipment Revenue $345m $244m $184m $168m
Total Revenue $465m $353m $284m $264m
Net Income (loss) -($6.5m) -($6.2m) -($3.6m) -($5.9m)
EPS (loss) -($0.31) -($0.29) -($0.17) -($0.27)
Stockholder Equity Stock Market Cap
April 30,2014: $405,000,000 $16.50 (5/2014) $365M
April 30,2017: $317,000,000 $17.00 (5/2017) $375M
Titan Closing 15 locations (20% of USA stores) and Schedules Auction Liquidations to unload inventory to raise additional cash to service debt.
Management Agrees to Pay CoFounder (former President) $650,000 severence.
Income (LOSS) before income taxes)
total loss for 3 years: -($117,264,000)