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1ST QUARTER: ROCKY MOUNTAIN DEALERSHIPS' SALES UP 10%, EARNINGS UP 7X
Source: Rocky Mountain Dealerships news release

CALGARY, Alberta--Rocky Mountain Dealerships Inc. (TSX: RME, and hereinafter "RME"), Canada's largest agriculture equipment dealer, today reported its financial results for the three months ended June 30, 2020. Unless otherwise stated, all amounts are expressed in Canadian dollars.

To read the entire report click here.

Commenting on RME's second quarter performance, Mr. Garrett Ganden, President and Chief Executive Officer stated "RME performed well in the second quarter, especially in light of the many global issues adversely affecting our sector. Results were better than the same quarter last year and we have started to reclaim the lost ground from our first quarter. Adjusted diluted earnings per share and Adjusted EBITDA are ahead of the prior year, and operating SG&A decreased $2.5 million for the three months and $6.3 million for the first half. Our cost reductions efforts are clearly producing results as is our inventory reduction focus. Equipment inventories are down $114.8 million from Q2 2019 and $78.5 million from the beginning of the year.

Throughout 2019 and early 2020 we have taken steps to improve the strength and sustainability of the business. Specifically, we've improved the cost structure in every aspect of our operations, renegotiated our borrowing facilities and reduced the quarterly dividend, all of which has generated significant cash savings and allowed us to reduce indebtedness on the balance sheet, providing RME greater financial flexibility moving forward."

Mr. Ganden added "The strength of the RME team is evident in our ability to produce a solid quarter in these challenging times. Crops are in the ground and forecasts1 are calling for improved yields and an overall 2% increase in production in 2020 over last year. We continue to adapt and keep our branches safe and open to serve our customers. Our commitment to focusing on controllable elements of the business have positioned RME to deliver long-term value for our shareholders."


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