FARGO, N.D.--(BUSINESS WIRE)--Titan Machinery Inc. (NASDAQ:TITN) announced today that it has closed on two previously announced acquisitions: Schoffman's Inc. and ABC Rental. The Schoffman’s acquisition consists of one Case IH, agriculture dealership located in Redwood Falls, Minnesota. The ABC Rental acquisition consists of four rental equipment locations in Missoula, Bozeman, and Big Sky, Montana, and Williston, North Dakota. The locations in Missoula, Williston and Bozeman have consolidated with the Titan Machinery existing Case CE dealerships in their respective markets, leveraging the synergies of both companies.
Schoffman’s Inc is a fourth generation dealership, and it began operations in 1895. The dealership is strategically located in the fertile Minnesota River Valley and is contiguous to Titan Machinery's Marshall Dealership. In its most recently reported fiscal year ended January 31, 2011, Schoffman's Inc. generated revenues of approximately $16 million.
ABC Rental has been in business for over 40 years and has grown into one of the leading rental equipment companies in Montana. With locations in southwest Montana as well as western North Dakota, these rental locations are well-positioned to benefit from the increased activity of the surrounding oil, coal and natural gas exploration and extraction in Montana, North and South Dakota as well as Wyoming. In its most recently reported fiscal year ended December 31, 2010, ABC Rental generated revenues of $5.5 million.
About Titan Machinery Inc.
Titan Machinery Inc., founded in 1980 and headquartered in West Fargo, North Dakota, is a multi-unit business with mature locations and newly acquired locations. The Company owns and operates a network of full-service agricultural and construction equipment stores in the United States. The Titan Machinery network consists of 81 dealerships in North Dakota, South Dakota, Iowa, Minnesota, Montana, Nebraska and Wyoming, including two outlet stores, representing one or more of the CNH Brands (NYSE:CNH), including Case IH, New Holland Agriculture, Case Construction, New Holland Construction, Kobelco and CNH Capital. Additional information about Titan Machinery Inc. can be found at www.titanmachinery.com.
Forward Looking Statements
Certain statements found in this press release may constitute forward-looking statements as defined by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on current expectations and include any statement that does not directly relate to a current or historical fact. Such statements are generally identifiable by the terminology used, such as "anticipate," "believe," "intend," "expect," "plan," or other similar words. Our forward-looking statements in this release generally relate to the benefits related to the Schoffman’s Inc and ABC Rental acquisitions. Although it is not possible to foresee all of the factors that may cause actual results to differ from our forward-looking statements, such factors include, among others, integrating the acquisitions into Titan Machinery's existing network and those risks described from time to time in our reports to the Securities and Exchange Commission. Investors should not consider any list of such factors to be an exhaustive statement of all of the risks, uncertainties or potentially inaccurate assumptions that could cause our current expectations or beliefs to change. Stockholders and other readers should not place undue reliance on "forward-looking statements," as such statements speak only as of the date of this release. We undertake no obligation to update publicly or revise any forward-looking statements.