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Titan Machinery, Inc. (TITN) Discusses Second Quarter and First Half 2009 Results and Increased Outlook for Fiscal Year 2009

Titan Machinery, Inc. (NASD: TITN), the owner and operator of one of the largest networks of full-service agricultural and construction equipment stores in North America, recently reported its financial results for the second quarter of fiscal 2009 ending July 31, 2008. Second quarter revenue increased to $134.9 million from $85.8 million during the second fiscal quarter of last year. Earnings per share for the quarter slipped to $0.19 per diluted share from $0.22 per diluted share for the second quarter one year earlier.

For the six-months ended July 31, 2008, revenue increased significantly to $287.5 million from $165.6 million during the corresponding period one year earlier. Net income for the first six months of fiscal 2009 jumped to $6.7 million, or $0.43 per diluted share, compared to $2.2 million, or $0.34 per diluted share, during the same period last year. Due to the strong performance during the first two quarters, the company is raising its earnings per share guidance for fiscal 2009 from a range of $0.86 to $0.91 per share to a range of $0.89 to $0.94 per share.

David Meyer, chairman and chief executive officer of Titan Machinery, commented, during a recent conference call, “We evaluate our business on an annual basis rather than a quarterly basis. This is because our business is based on our customers’ annual production cycles. Revenue can shift from one quarter to another, depending on when our customers are buying equipment or requiring services related to weather patterns. Our first half performance is a testament to our strong operating model and growth objectives, and we are confident in our ability to continue this success.”

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