RDO Equipment Co. has announced results for the third quarter of its 2001 fiscal year, ending Oct. 31, 2001, including further streamlining of its management structure.
The company’s strong balance sheet with an equity-to-assets ratio of 32.9 percent at July 31, 2001, and the prospects for further strengthening have led to the decision to repurchase stock.
Company officials reported that results for the quarter ended Oct. 31, 2001, the company’s third fiscal quarter, are expected to show a loss in the range of $500,000 to $1 million, compared to a net loss of $4.2 million for the third quarter of fiscal 2001.
Although disappointed in the projected loss. Christi J. Offutt, chief operating officer of the company commented, "I am firmly committed to returning this company to consistent profitability. To that end, the company has decided to remove the regional layer of management.
"The streamlining of the management structure elevates the level of responsibility assumed by local management. In the future, the change also is expected to reduce costs and enhance communication within the company. The company expects to report the final results of its third fiscal quarter on or about Nov. 27, 2001.
RDO Equipment Co. specializes in the distribution, sale, service, rental and finance of equipment and trucks to the agricultural, construction, manufacturing, transportation and warehousing industries, as well as to public service entities, government agencies and utilities. These operations, which consist of 48 retail stores in nine states, include one of the largest networks of John Deere construction and agricultural stores in North America, as well as Volvo and Mack truck centers.
For more information, visit www.rdoequipment.com.
