(TSX:BUI)

WINNIPEG, May 14, 2020 /CNW/ -

Sales
Revenue for the quarter was $59.8 million, up $1.7 million from the prior year second quarter. Revenue for the first six months of 2020 was $109.1 million, down $6.3 from 2019. The Company's lower sales levels are as a result of trade uncertainties, bad harvest conditions and poor crop yields coupled with low commodity process. Sales to Canada and Eastern Europe are below historical levels, while the U.S. has seen a return to historical levels of sales.

Net Earnings for the Quarter
The net loss for the second quarter was ($8.5) million, compared to net earnings of $7.0 million for the same period in 2019. For the year to date, the net loss was ($13.9) million, compared to earnings of $2.6 million in the prior year. The decline in income from operations due to the decreased margin, gain on disposal of assets and increased loss on foreign exchange was offset by decreased interest expense and research and development costs.

Looking Forward
The recent arrival of COVID-19 will have an unfavorable impact on the Company as farmers, dealers and governments decide their next steps in dealing with this pandemic. The Company is currently operating all facilities and is considered an essential service as we are engaged in the manufacture of equipment and parts necessary to support agricultural production and distribution. The pandemic follows what already was a difficult year for farmers in the United States and Canada with lower commodity prices and difficult harvest conditions encountered last fall. As a result, management is unable to provide guidance on the impact to the Company. The Company continues to manufacture and distribute product to support its customer base. It is also working hard in developing new products and continues to foster relationships with customers.  The Company will continue to strive to support the farm community with products and parts.

Complete financial statement: http://www.buhlerindustries.com/investors/buhler-2020-q2.pdf

Trading symbol: BUI

SOURCE Buhler Industries Inc.

View original content: http://www.newswire.ca/en/releases/archive/May2020/14/c0878.html