Milwaukee-based vehicle attachments and equipment manufacturer Douglas Dynamics Inc. has reported first quarter net income of $383,000, or 1 cent per share, down from $1.6 million, or 7 cents per share, in the first quarter of 2014.
The company attributed the decline to $2.1 million in non-cash purchase accounting costs related to the acquisition of Henderson Enterprises Group Inc.
Operating income was $3.1 million, down from $4.3 million in the same period a year ago.
Revenue totaled $53.9 million, up 48 percent from $36.4 million in the first quarter of 2014. The company attributed the increase to sales from Henderson, which the company acquired in December, as well as higher shipments of plows compared to the year ago quarter.
“Our robust results this quarter were driven by strong equipment shipments,” said James Janik, chairman, president and chief executive officer of Douglas Dynamics. “The recent acquisition of Henderson provided a significant boost to our results. I’m pleased to report that Henderson performed in line with our expectations and has a very healthy backlog of business. We have been working closely with the team to identify opportunities to incorporate our proprietary Douglas Dynamics Management System, or DDMS, into specific operational initiatives. The integration of the business is progressing well, and while we are early in the process, the initial results are positive and Henderson is on track to achieve its 13th straight year of consecutive revenue growth.”
