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Source: Buhler Industries news release

To view the complete report, click here.

After several years of rapid growth the Company saw a slight drop in sales from $361M in 2012 to $344M in 2013. The sales reduction was caused by lower demand in Eastern Europe (mostly Russia) and very competitive conditions in North America.

This resulted in a significant loss of sales in Russia, Ukraine, and Kazakhstan. Although conditions in North America were competitive, the Company increased sales in both the United States and Canada.

While the Company experienced a sales decline, it was still able to maintain strong margins and control expenses. The strong margins and expense control combined with favorable exchange rates contributed to helping the Company achieve record net earnings.

Following our strategy, the Company continues to focus on: growing the Versatile and Farm King dealer network, offering a full range of products, investing in new product development and exploring new markets.

In 2013 we introduced the DeltaTrack tractor which became an immediate success in the market and in a very short period of time we received so many orders that we had to increase our production.

We are very pleased with the Company's combine sales. Despite being in one of the most competitive sectors the Company was able to achieve these sales and expects continued growth in North America.

Looking forward, the Company expects to see strong demand in North America with demand in Russia remaining low. We anticipate the level of competition in North America will continue to grow and the Company is prepared to take on this challenge.

In 2014 the Company will continue to develop new products and concentrate on bringing new technologies to the existing product range.

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