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NINE MONTHS: ROCKY MOUNTAIN DEALSHIPS' SALES UP 10%, NET INCOME DOWN 23%
Source: Rocky Mountain Dealerships news release

To view the complete report, click here.

Rocky Mountain Dealerships Inc. (TSX:RME, and hereinafter "RME"), Canada's largest agriculture equipment dealer, today reported its financial results for the three and nine months ended September 30, 2018. Unless otherwise stated, all amounts are expressed in Canadian dollars.

Commenting on the quarter, Garrett Ganden, President & Chief Executive Officer stated, "The advantage of RME's strong and geographically diverse dealer network becomes even more evident when growing or harvest conditions are not ideal. This past harvest season, snowfalls halted September activity, most notably in Alberta, where only 40% of crops had been harvested by the end of September, compared to a five-year average of 80%.

While most, if not all of this harvest shortfall was made up during October, our third quarter performance was supported by the strength of our network, which enabled us to provide exceptional support to our customers while also delivering results to our shareholders.

"We continue to execute on our growth strategy announced in May 2018. On the acquisition front, we added two more locations to our network in the heartland of Saskatchewan agriculture. We also added a location in Olds, Alberta, which will complement our existing operations in the surrounding area. Although we acquired $29.7 million in inventory with the addition of these new locations, we were still able to draw down RME's total inventory during the quarter, keeping our balance sheet strong for future undertakings.

"We remain mindful that our capital allocation strategy must reflect the long-term interests of RME and its shareholders. In the wake of recent volatility in the global equity markets, many companies, including RME, are experiencing contracting price to book multiples. With that in mind, as we look at acquisitive growth prospects that will create long-term shareholder value, we will also contemplate a number of different capital deployment strategies."


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