Ontario-based equipment dealer Strongco Corporation‘s second quarter 2017 revenues decreased roughly 6 percent compared to the same period last year, reaching $95.9 million.
However, earnings before interest, tax, depreciation and amortization (EBITDA) increased dramatically compared to the second quarter of 2016, growing to $3.4 million compared to a loss of $2.4 million last year.
“Slow signs of market recovery in Alberta and Quebec, combined with the strategic actions initiated in 2016 to refocus our core business, boosted overall operating performance in the quarter,” says Executive Chairman Robert Beutel. “Against a backdrop of continuing challenges in our key markets, we remain encouraged by the tangible progress made to-date, including enhanced operational efficiencies, a significantly reduced cost structure and an improved balance sheet, in our ongoing efforts to ensure a more profitable and sustainable future for Strongco.”
Stephenson Equipment Incorporated (SEI) is acquiring Walsh Equipment, with the latter operating as a division of SEI and continuing to operate out of its two Pennsylvania locations.
SEI was founded in 1957 and is based in Harrisburg, Pennsylvania. It now has four branches in its home state along with two in New York. Walsh is headquartered in Butler, Pennsylvania, with a branch in Edensburg. The combined companies give SEI eight locations and roughly 185 employees in total.
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