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West Fargo (CSi) Titan Machinery in West Fargo has announced dealership closings in line with consolidating fifteen stores and realigning its management structure.
KFGO reports, stores affected include Redwood Falls and Thief River Falls in Minnesota along with Arthur, Kintyre, Kulm and Mayville in North Dakota and Milbank and Redfield, South Dakota.
All closed stores will be consolidated to nearby Titan Machinery locations. Titan says customers will continue to receive sales, parts, service rental and support at the nearby stores that will remain open.
WEST FARGO, N.D., Feb. 09, 2017 (GLOBE NEWSWIRE) — Titan Machinery Inc. (Nasdaq:TITN), a leading network of full-service agricultural and construction equipment dealerships, today announced the implementation of a restructuring plan to consolidate certain dealership locations and a reorganization of its operating structure. The restructuring plan is expected to result in a significant reduction of expenses while allowing the Company to continue to provide a leading level of service to its customers. The Company closed one construction location during the fourth quarter ended January 31, 2017 and expects to close 14 agriculture locations during the first half of the current fiscal year.
Expected Financial Results of Restructuring Plan
The restructuring plan announced today is expected to be completed by the end of July 2017, the end of the Company’s second fiscal quarter. The Company is focused on retaining the majority of the revenue from the locations being closed by leveraging its footprint density and scale of the locations in a geographic proximity. The reduction in revenue is expected to be approximately $40 million, or less than 4% of overall Company revenue, on an annual basis and $30 million for the current fiscal year (fiscal 2018). The restructuring plan is expected to generate an annual expense reduction of approximately $25 million. For fiscal 2018, the expense reduction is expected to be approximately $20 million. The restructuring plan, excluding non-recurring costs described below, is expected to increase adjusted pre-tax income by approximately $16 million (or $0.44 per diluted share) on an annual basis and $13 million (or $0.37 per diluted share) for fiscal 2018.
The non-recurring pre-tax costs associated with this restructuring plan, consisting primarily of lease termination costs, asset impairment, and termination benefits are estimated to be approximately $13 million, of which approximately $3.5 million (or $0.10 per diluted share) is expected to be recognized in the fourth quarter of fiscal 2017 and approximately $9.5 million (or $0.26 per diluted share) is expected to be recognized in fiscal 2018. The restructuring costs to be recognized during the fourth quarter ended January 31, 2017 will not impact the previously announced adjusted earnings per share estimates or modeling assumptions for fiscal year 2017. The Company expects to achieve its previously announced modeling assumptions for its adjusted diluted loss for fiscal year 2017.
Management Comments
David Meyer, Titan Machinery’s Chairman and Chief Executive Officer, stated, “As we built one of the largest equipment dealership networks in North America, we made a number of acquisitions, including smaller ones, in close proximity to other locations in our network. Although it’s a difficult decision to close a Titan location, by consolidating these adjacent locations, we will be able to achieve increased scale and efficiency to support our customers in those markets. We are committed to and focused on retaining the majority of our customers and many specialty trained employees from locations that will be consolidated. Employees displaced by the restructuring plan will be offered positions in nearby locations where possible or will be offered severance benefits. The Company is committed to transparency and to treating employees affected by the restructuring plan with respect and fairness.”
Mr. Meyer continued, “In addition to location consolidation, we have reorganized our operating structure to increase our operating efficiency and provide additional focus on parts and service support.”
Mr. Meyer concluded, “We believe the expected $25 million in annual expense reduction from this restructuring plan, combined with our reduced inventory levels, better aligns our cost structure and balance sheet with current market conditions. As we begin fiscal 2018, we remain focused on managing the controllable aspects of our business and will continue to take the steps necessary to improve operational results, drive strong cash flow and better position our business for future profitable growth opportunities.”
About Titan Machinery Inc.
Titan Machinery Inc., founded in 1980 and headquartered in West Fargo, North Dakota, is a multi-unit business with dealership locations. The Company owns and operates a network of full service agricultural and construction equipment locations in the United States and Europe. The Titan Machinery network consists of 89 North American locations in North Dakota, South Dakota, Iowa, Minnesota, Montana, Nebraska, Wyoming, Wisconsin, Colorado, Arizona, and New Mexico, including one outlet store, and 20 European locations in Romania, Bulgaria, Serbia, and Ukraine. The Titan Machinery locations represent one or more of the CNH Industrial Brands (CNHI), including CaseIH, New Holland Agriculture, Case Construction, New Holland Construction, and CNH Capital. Additional information about Titan Machinery Inc. can be found at www.titanmachinery.com.
Forward Looking Statements
Except for historical information contained herein, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements made herein, which include statements regarding the number of locations expected to be closed as part of the restructuring plan, the timing for completion of the restructuring plan, the expected impact of the restructuring plan on our financial results and the operating structure reorganization involve known and unknown risks and uncertainties that may cause the Company’s actual results in current or future periods to differ materially from forecasted results. The Company’s risks and uncertainties include, among other things, the Company’s ability to implement the restructuring plan efficiently and consistent with the current scope and plan, the impact of the restructuring plan on the Company’s financial results, a substantial dependence on a single distributor, the continued availability of organic growth and acquisition opportunities, potential difficulties integrating acquired stores, industry supply levels, fluctuating agriculture and construction industry economic conditions, the success of recently implemented initiatives within the Company’s Construction segment, the uncertainty and fluctuating conditions in the capital and credit markets, difficulties in conducting international operations, governmental agriculture policies, seasonal fluctuations, climate conditions, disruption in receiving ample inventory financing, and increased competition in the geographic areas served. These and other risks are more fully described in the Company’s filings with the Securities and Exchange Commission, including the Company’s most recently filed Annual Report on Form 10-K. The Company conducts its business in a highly competitive and rapidly changing environment. Accordingly, new risk factors may arise. It is not possible for management to predict all such risk factors, nor to assess the impact of all such risk factors on the Company’s business or the extent to which any individual risk factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. The Company disclaims, except as required by law, any obligation to update such factors or to publicly announce results of revisions to any of the forward-looking statements contained herein to reflect future events or developments.
Jamestown (CSi) Jamestown Police is warning Jamestown residents of a convicted sex offender who is residing in Jamestown.
Ian Winchester resides at 403 1st Avenue, South #4, Jamestown, ND.
He presently has no vehicle.
Winchester has been assigned a high risk assessment by the North Dakota risk level committee of the Attorney General.
Winchester is a 34 year old white male, 6 feet 2 inches tall, 180 pounds with hazel eyes and brown hair.
Offense Lewd and lascivious acts when he was 17, involving a 13 year old girl, while another teen video taped the acts.
Conviction Date: January 2003 in Escambia District Court, Florida.
Disposition: 2 years supervised probation.
Winchester is currently on probation with North Dakota Probation and Parole.
Winchester is not wanted by police at this time, and has served the sentence imposed by the court.
This notification is meant for public safety and not to increase fear in the community, nor should this information be used to threaten, assault, or intimidate the offender.
Any attempts to harass, intimidate or threaten these offenders, their families, landlords, or employers will be turned over for prosecution.
Printed handouts of the demographics of Ian Winchester are available at the Jamestown Police Department.
More information on registered sex offenders is available at the North Dakota Attorney General’s web site: www.sexoffender.nd.gov
Valley City (CSi) Giving Hearts Day February 9, 2017 resulted in thousands of dollars raised for Valley City non-profits.
CHI Mercy Health Foundation spokesperson Stephanie Mayfield says $10,000 was raised for the CHI Mercy Health, adding that the foundation can now purchase a new EKG machine and is really close to ordering the Pulmonary Function Test Machine.
Mayfield said for the CHI Home Health & Hospice $18,522 was raised.
Still to be added to the total are donations from Freezin for a Reason held at the Leevers Foods parking lot.
VCSU Assistant Director of Annual Giving Jeremy Wiebe says the VCSU Foundation raised $12,231.50 during Giving Hearts Day.
In Jamestown, JRMC raised $57,154.
The Giving Hearts web site shows that $1,614,250 has been given so far this year.
EDGELEY, N.D. (AP/KFGO) — Sheriff’s officials say a man hunting coyotes in LaMoure County has died of an accidental shooting.
KFGO Radio reports, he has been identified as 57 year old Ronald Rechtzigel, of Cannon Falls, Minnesota.
Sheriff Bob Fernandes says he was with two others hunting northeast of Edgeley Tuesday. Fernandes says Rechtzigel died at the scene. The sheriff says the shooting does not appear to be suspicious.
BISMARCK, N.D. (AP) — The North Dakota House has rejected a measure that would prohibit discrimination based on sexual orientation.
The bill was defeated 69-22 on Friday, the latest defeat for an idea that’s gone down three other times in recent years.
Fargo Democrat Josh Boschee is the state’s first openly gay legislator and is the main sponsor of the legislation. Boschee and others say that many lesbian, gay, bisexual and transgender people fear they could lose their jobs or residences under current state law.
Opponents have argued it’s unnecessary and could force businesses and religious organizations to go against their own convictions.
Gov. Doug Burgum supported the bill. He says everyone deserves to be treated equally, and the state needs to think about competing with other states for workers.
In sports…
Valley City (CSi-VCSU) The Valley City State football team has announced the signing of seven more recruits for the 2017 season.
The seven are high school seniors who recently signed letters of intent to attend VCSU and play for the Vikings this fall. Three of the recruits are from North Dakota, three from Minnesota and one from Alaska. They join a group of 14 student-athletes who signed with Viking football earlier this year.
Coach Dennis McCullock says, “Our staff continues to work hard recruiting student-athletes who fit our culture in the locker room and our culture on campus. With each new signing, it’s exciting to see the 2017 class come together.”
North Dakota (3)
Josh McKnight – New Rockford, N.D. – New Rockford-Cheyenne High School, RB, 5-10, 150 lbs
Trevor Schimke – Harvey, N.D. – Harvey High School, WR, 6-1, 158 lbs
Marshall LeRoy – Underwood, N.D. – Underwood High School, DL, 6-2, 250 lbs
Minnesota (3)
Hunter Carlson – Staples, Minn. – Staples-Motley High School, OL, 6-5, 275 lbs
Lavontae Carlisle – Minneapolis, Minn. – Richfield High School, DL, 6-3, 207 lbs
Jason Stewart Jr. – Richfield, Minn. – Richfield High School, RB, 5-8, 172 lbs
Alaska (1)
Cooper Sant – Palmer, Alaska – Colony High School, DL, 6-1, 205 lbs
The Valley City State University football team opens the 2017 season at home against the defending conference champion, head coach Dennis McCulloch announced Friday with the release of the 2017 schedule.
VCSU will host Dickinson State on Saturday, Sept. 2, for the season opener at Shelly Ellig Field. It is the first of two meetings between the Vikings and Blue Hawks, who have combined to win the last six conference championships.
The Viking schedule includes 10 regular season games, eight of which will be North Star Athletic Association contests. The Vikings play two games each with Dickinson and University of Jamestown, and with a new conference rule this year both those games will count in the conference standings.
Valley City State hosts University of Jamestown on Sept. 16. Other home games include a non-conference game against Finlandia University on Sept. 23, Mayville State on Oct. 14 for Homecoming, and Dakota State on Oct. 21.
The Vikings begin their road schedule Sept. 9 with a non-conference game at Hastings College. Other road games include Sept. 30 at Waldorf, Oct. 7 at Dickinson, Oct. 28 at Presentation and Nov. 4 at University of Jamestown.
Valley City State went 6-4 last season with two victories over Top 20 teams. The Vikings finished second in the North Star Athletic Association with a 4-2 conference record.
VCSU Football – 2017 Schedule
Sept. 2 – vs. Dickinson State, TBA
Sept. 9 – @ Hastings College, 1 p.m.
Sept. 16 – vs. University of Jamestown, 1 p.m.
Sept. 23 – vs. Finlandia University, 1 p.m.
Sept. 30 – @ Waldorf University, 1 p.m.
Oct. 7 – @ Dickinson State, 3 p.m.
Oct. 14 – vs. Mayville State, 1 p.m.
Oct. 21 – vs. Dakota State, 4 p.m.
Oct. 28 – @ Presentation College, 1 p.m.
Nov. 4 – @ University of Jamestown, 1 p.m.
In world and national news…
WASHINGTON (AP) — Did Donald Trump’s national security adviser talk with Russia’s ambassador about U.S. sanctions while President Barack Obama was still in office? The Kremlin says they didn’t. But a Trump administration official says Michael Flynn “can’t be certain” that sanctions didn’t come up during his discussions with the Russian ambassador in December, during the transition. The Washington Post quotes several current and former U.S. officials as saying Flynn made explicit references to the sanctions imposed by the Obama administration over Russia’s interference in the U.S. election.
WASHINGTON (AP) — President Donald Trump says he had a “very, very warm conversation” with Chinese President Xi Jinping (shee jihn-peeng) and says he thinks the two global powers are “on the process of getting along very well.” Trump told the Chinese leader in a phone call yesterday that the U.S. would honor Washington’s “one China” policy, which had been in question since Trump broke protocol and spoke to the leader of Taiwan after his election. The White House said the reaffirmation of U.S. policy came at Xi’s request.
WASHINGTON (AP) — President Donald Trump will get a chance to have more of an impact on bank regulation — or deregulation. Federal Reserve Board member Daniel Tarullo has announced that he’s resigning. He is a key official guiding the regulation policies of the Fed. To replace him, Trump is likely to choose someone more in line with his wish to roll back the regulations put in place by the Dodd-Frank Act. It overhauled bank supervision in the wake of the 2008 financial crisis.
PARADIS, La. (AP) — Authorities in south Louisiana say a pipeline fire has “significantly decreased” and an evacuation of nearby residents has been lifted. However, one unidentified Phillips 66 employee is still missing. An explosion last night sparked the fire at the company’s pipeline station in St. Charles Parish. The company said two contract workers were injured.
WASHINGTON (AP) — A New York doll maker says it will be selling what it believes is the first transgender doll on the market. The doll is based on Jazz Jennings, the teenage transgender subject of the TLC documentary series “I am Jazz.” It will make its debut at the New York Toy Fair next week. A spokesman for the company said the 18-inch doll, which has a “genderless” plastic mold typical of most dolls, is being tested for kids aged 8 years and older and is expected to retail for about $90.
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