Toro black logo
 
 

 
Investor Relations
John Wright
Director, Investor Relations
(952) 887-8865, invest@toro.com

Media Relations
Branden Happel
Manager, Public Relations
(952) 887-8930, pr@toro.com

For Immediate Release

TORO REPORTS FISCAL 2009 FULL YEAR RESULTS

·  
Company reports fiscal 2009 net earnings per share of $1.73
·  
Focus on liquidity and growing market share guided the company through a difficult year
·  
Cash flow from operations totaled $251.5 million driven by implementation of Red Iron Acceptance strategy, asset management and earnings
·  
Increased quarterly cash dividend 20 percent to $0.18 per share, as announced last week

BLOOMINGTON, Minn. (December 8, 2009) – The Toro Company (NYSE: TTC) today reported net earnings of $62.8 million, or $1.73 per share, on net sales of $1,523.4 million for its fiscal year ended October 31, 2009.  For fiscal 2008, the company posted net earnings of $119.7 million, or $3.10 per share, on net sales of $1,878.2 million.

For the fourth quarter of fiscal 2009, Toro reported a net loss of $0.5 million, or $0.02 per share, on net sales of $288.6 million.  In the comparable fiscal 2008 period, Toro posted breakeven net earnings on net sales of $341.2 million.

Despite the recessionary environment, the company generated a record $251.5 million in cash flow from operations as a result of the Red Iron Acceptance joint venture strategy, a continued focus on asset management, and by executing soundly against its working capital initiative.  Excluding the sale of receivables in the fourth quarter to Red Iron Acceptance, the company’s operating cash flow for the year continued to track at historically high levels.  Together, these measures help strengthen the company’s cash position to drive future growth and shareholder value. As reported last week, Toro’s board of directors raised its regular quarterly cash dividend to 18 cents per share, a 20 percent increase from its previous quarterly dividend rate of 15 cents per share.  In fiscal 2009, the company returned $137 million to shareholders through share repurchases and dividend payments.

“In the face of extraordinarily difficult market and operating conditions, we took early and decisive action to ensure liquidity, grow our market share, and balance the short-term challenges against the long-term needs of the organization,” said Michael J. Hoffman, Toro’s chairman and chief executive officer.  “Through solid customer relationships, and product lines enriched by many new innovations, we had great success winning share even as our markets contracted.  Additionally, the actions we took during the year to adjust production and manage inventories resulted in lower seasonal borrowing and a stronger balance sheet.“

SEGMENT RESULTS

Professional

·  
Professional segment net sales for fiscal 2009 totaled $965.9 million, down 25.9 percent from fiscal 2008.  Demand in key professional end markets including the golf, municipal and landscape contractor, remained soft throughout the year as customers generally chose to defer purchases of new equipment and irrigation systems.  Despite the sales decline, aggressive efforts to lower field inventories position the company for growth in the eventual recovery.  For the fourth quarter, professional segment net sales were $165.3 million, down 21.8 percent from the prior year period.

·  
Professional segment earnings for fiscal 2009 totaled $127.6 million, down from $233.4 million last year.  For the fourth quarter, professional segment earnings were $1.2 million compared to $13.8 million in the same period last year.

Residential

·  
Residential segment net sales for fiscal 2009 totaled $532.7 million, down 1.9 percent from fiscal 2008.  For the year, customer acceptance was very strong for the expanded lineup of Toro® and Lawn-Boy® walk power mowers and redesigned platform of residential zero-turn mowers.  Through close collaboration with dealers and key retailers, domestic shipments held up fairly well but were not enough to keep pace with declines in international markets.  For the fourth quarter, residential segment net sales were $115.9 million, down 2.8 percent from the prior year period.

·  
Residential segment earnings for fiscal 2009 totaled $46.4 million, up from $35.3 million last year.  For the fourth quarter, residential segment earnings were $14.2 million compared to $7.3 million in the same period last year.

 
 
 

The following information was filed by Toro Co (TTC) on Tuesday, December 8, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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