-Company Exceeds Revenue and Earnings Per Share Guidance Range for Fiscal 2011-

-Fourth Quarter Revenue Increased 46% to $368 Million and Earnings Per Share Grew to $0.57- 

-Company Continues to Execute on Acquisition Growth Strategy-

-Company Issues Fiscal 2012 Guidance-

WEST FARGO, N.D., April 18, 2011 (BUSINESS WIRE) — Titan Machinery Inc. (Nasdaq:TITN), a leading network of full-service agricultural and construction equipment stores, today reported financial results for the fourth quarter and full year ended January 31, 2011.

 Fiscal 2011 Fourth Quarter

For the fourth quarter of fiscal 2011, revenue increased 45.9% to $368.1 million from revenue of $252.3 million in the fourth quarter last year. All three of the Company's main revenue sources--equipment, parts and service--contributed to this period-over-period revenue growth. Equipment sales were $310.9 million for the fourth quarter of fiscal 2011, compared to $203.8 million in the fourth quarter last year. Parts sales were $29.9 million for the fourth quarter of fiscal 2011, compared to $27.7 million in the fourth quarter last year. Revenue generated from service was $19.6 million for the fourth quarter of fiscal 2011, compared to $14.9 million in the fourth quarter last year.

Gross profit for the fourth quarter of fiscal 2011 was $56.1 million, compared to $37.0 million in the fourth quarter of last year. The Company's gross profit margin was 15.2% in the fiscal fourth quarter of 2011, compared to 14.7% in the fourth quarter last year. Gross profit from parts and service revenue for the fourth quarter of fiscal 2011 increased to $20.6 million from $17.4 million in the fourth quarter of last year.

Operating expenses decreased to 10.5% of revenue for the fourth quarter of fiscal 2011 compared to 11.8% for the fourth quarter of fiscal 2010 due to improved fixed operating cost leverage.

Pre-tax income for the fourth quarter of fiscal 2011 was $17.2 million, compared to $6.0 million in the fourth quarter last year. Pre-tax margin was 4.7% for the fourth quarter of fiscal 2011, compared to 2.4% in the fourth quarter last year. Pre-tax Agriculture segment income was $18.6 million for the fourth quarter of fiscal 2011, compared to $8.2 million in the fourth quarter last year. Pre-tax Construction segment loss improved to $0.5 million for the fourth quarter of fiscal 2011, compared to a loss of $2.3 million in the fourth quarter last year.

Net income for the fourth quarter of fiscal 2011 was $10.4 million, compared to net income of $3.4 million in the fourth quarter last year. Earnings per diluted share for the fourth quarter of fiscal 2011 were $0.57 compared to $0.19 per diluted share in the fourth quarter last year.

Fiscal 2011 Full Year Results

For the twelve months ended January 31, 2011, revenue increased 30.5% to $1.09 billion from $838.8 million in fiscal 2010. Gross profit for fiscal 2011 was $174.6 million, compared to $141.1 million in fiscal 2010. Gross profit margin for fiscal 2011 was 15.9%, compared to 16.8% in fiscal 2010. Pre-tax income for fiscal 2011 was $37.2 million for a pre-tax margin of 3.4%, compared to $27.0 million, or a pre-tax margin of 3.2%, for fiscal 2010. Net income for the full year fiscal 2011 was $22.3 million, or $1.23 per diluted share, compared to $15.7 million, or $0.88 per diluted share, in fiscal 2010.