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Increased operating income largely reflects the increase in revenues. Gross margins were down 410 basis points on sales mix, with a significantly higher proportion of package revenues to total. Selling and administrative expenses increased 11% year-over-year.
Bookings in the quarter totalled $23 million, down 15% from the similar quarter last year. Canadian bookings were lower while US bookings were very good.
QUARTERLY RESULTS
The following table summarizes unaudited quarterly consolidated financial data for the eight most recently completed quarters. This quarterly information is unaudited but has been prepared on the same basis as the 2012 annual unaudited consolidated financial statements.
$ thousands, except per share amounts Q1 2012 Q2 2012 Q3 2012 Q4 2012 ------------------------------------Revenues Equipment Group $245,799 $334,300 $362,393 $367,402 CIMCO 35,660 45,307 52,646 63,666 ------------------------------------ Total revenues $281,459 $379,607 $415,039 $431,068 ------------------------------------ ------------------------------------Net earnings $ 17,240 $ 25,653 $ 32,733 $ 44,927Per share information:Earnings per share - basic $ 0.22 $ 0.34 $ 0.43 $ 0.59Earnings per share - diluted $ 0.22 $ 0.33 $ 0.43 $ 0.59Dividends paid per share $ 0.11 $ 0.12 $ 0.12 $ 0.12Weighted average common shares outstanding - Basic (in thousands) 76,786 76,761 76,289 76,352$ thousands, except per share amounts Q1 2011 Q2 2011 Q3 2011 Q4 2011 ------------------------------------Revenues Equipment Group $221,030 $289,191 $315,120 $371,046 CIMCO 40,579 55,453 52,169 37,386 ------------------------------------ Total revenues $261,609 $344,644 $367,289 $408,432 ------------------------------------ ------------------------------------Net earnings Continuing operations $ 13,803 $ 23,722 $ 30,930 $ 34,223 Discontinued operations 7,821 135,960 - $ - ------------------------------------ $ 21,624 $159,682 $ 30,930 $ 34,223 ------------------------------------ ------------------------------------Per share information:Earnings per share - basic Continuing operations $ 0.18 $ 0.31 $ 0.40 $ 0.44 Discontinued operations 0.10 1.77 - - ------------------------------------ $ 0.28 $ 2.08 $ 0.40 $ 0.44 ------------------------------------ ------------------------------------Earnings per share - diluted Continuing operations $ 0.18 $ 0.30 $ 0.40 $ 0.44 Discontinued operations 0.10 1.76 - - ------------------------------------ $ 0.28 $ 2.06 $ 0.40 $ 0.44 ------------------------------------ ------------------------------------Dividends paid per share $ 0.16 $ 0.10 $ 0.10 $ 0.11Weighted average common shares outstanding - Basic (in thousands) 77,163 77,204 77,095 76,604
