Douglas Dynamics (NYSE:PLOW), which manufactures snow and ice control equipment, is expected to price its IPO this week.
Business Overview (from prospectus)
We are the North American leader in the design, manufacture and sale of snow and ice control equipment for light trucks, which consists of snowplows and sand and salt spreaders, and related parts and accessories. We sell our products under the WESTERN®, FISHER® and BLIZZARD® brands which are among the most established and recognized in the industry. We believe that in 2009 our share of the light truck snow and ice control equipment market was greater than 50%.
Offering: 10 million shares at $14-$16 per share. Net proceeds of approximately $64.4 million will be used mostly for redemption of senior notes.
Net sales were $174.3 million for the year ended December 31, 2009 compared to $180.1 million in 2008, a decrease of $5.8 million, or 3.2%... Cost of sales were $117.3 million for the year ended December 31, 2009 compared to $117.9 million in 2008, a decrease of $0.6 million, or 0.5%... Gross profit was $57.1 million for the year ended December 31, 2009 compared to $62.2 million in 2008, a decrease of $5.1 million, or 8.2%... Net income for the year ended December 31, 2009 was $9.8 million compared to net income of $11.5 million for the corresponding period in 2008, a decrease of $1.6 million, or 14.2%.
We primarily compete against domestic regional manufacturers of snow and ice control equipment for light trucks, including primarily Meyer Products and Northern Star Industries (the manufacturer of THE BOSS brand of snow and ice control equipment), which are the next largest competitors in the market for snow and ice control equipment for light trucks, as well as Sno-Way, Curtis, Buyers and Hiniker, each of which we believe manufactures its products domestically. We compete against these companies to provide what we believe is the broadest, highest quality, most reliable product offering at competitive prices. We compete solely with other North American manufacturers who do not benefit from our distributor network, manufacturing efficiencies and depth and breadth of products.
- Company website
- Online road show
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