Mr. Willy Janzen reports

BUHLER INDUSTRIES REPORTS 1ST QUARTER EARNINGS

Buhler Industries Inc. has released its first quarter earnings results.

Sales

Revenue for the quarter was $56.0-million, up $800,000 from the comparable quarter in the prior year. Supply chain issues continue to hamper sales growth. The company continues to have a large backlog.

Net income for the quarter

Net income of $4.1-million for the quarter was higher by $3.7-million compared with the result in the prior-year first quarter. Contributing to the increase in profit this quarter was an increase on the gain on disposal of assets primarily held for sale of $7.9-million. This was offset by a reduction in income from operations of $2.5-million, an increase in interest expense of $600,000, a decrease in the gain from foreign exchange of $700,000 and an increase in spending on research and development of $700,000.

Looking forward

Increased sales are projected for 2023 as the company continues to work through supply chain challenges. The company has a large backlog of sales and continues to have strong demand for agricultural machinery and equipment. The company will be recognizing the results of the sale of its Vegreville facility and the sale-leaseback of its Woodstock facility in the second quarter.

We seek Safe Harbor.