Today Overall Market Skyrocketed while Titan Machinery traded unusual volume and sold off all day, at one point off 6%.
Why was the stock lower?
There was no news.
........Until after the close when the company pre-announced year end results and announced that two stores were closing and that a member of the board was resigning.
It turns out after the close the company reported a surprise announcement for their year end results which are usually released in April. Upon the release of the preliminary year end results for the FY2015 ending January 31,2015, the stock was halted!
" GAAP net loss attributable to common stockholders for fiscal 2015 is expected to be in the range of $30.9 million to $32.0 million, or $1.48 to $1.53 per diluted share. vs
Adjusted net income attributable to common stockholders for fiscal 2014 was $16.5 million, or $0.78 per diluted share"
"The Company is working with the lenders in its bank syndicate with respect to its expected noncompliance with the current minimum income before income tax covenant as of the end of its January 31, 2015 fiscal year. "
Board Member Resigns
- 2 of the stores were closed Monday, did any of the employees know? Any of them? Maybe 1 employee ? 2 employees? who knew before the announcement?
Who Knew Monday about $TITN news that came out after close? Did ALL EMPLOYEES AT 4 STORES NOT KNOW? NOT 1 OF THEM? http://t.co/T1NniGF19R
— tom renna (@StockPicker908) March 11, 2015
Titan Machinery Inc. Announces Preliminary Results for Fiscal Fourth Quarter and Full Year Ended January 31, 2015
• 4 stores closed (date of store closings not released, I am wondering if was on February 12,2015 when the stock suspiciously traded an unusual amount of volume.
"Revenue is expected to be approximately $1.90 billion compared to $2.23 billion last year
·"FY2016 Agriculture Sales expected to decline 20-25%"