ASV Holdings, Inc. reported earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported net sales of $30,455,000 compared to $25,050,000 a year ago. Operating income was $528,000 compared to $1,226,000 a year ago. Loss before taxes was $1,031,000 compared to $2,117,000 a year ago. Net loss was $795,000 or $0.08 per basic and diluted share compared to $2,117,000 or $0.26 per basic and diluted share a year ago. Adjusted EBITDA was $2.2 million compared to $1.5 million a year ago. Adjusted net income was $0.5 million or $0.05 per basic and diluted share compared to adjusted net loss of $0.8 million or $0.10 per basic and diluted share a year ago.

For the year, the company reported net sales of $123,340,000 compared to $103,803,000 a year ago. Operating income was $5,122,000 compared to $6,010,000 a year ago. Income before taxes was $1,101,000 compared to loss before taxes of $1,173,000 a year ago. Net income was $1,709,000 or $0.19 per basic and diluted share compared to net loss of $1,173,000 or $0.15 per basic and diluted share a year ago. Net cash provided by operating activities was $7,523,000 compared to $2,417,000 a year ago. Purchase of property and equipment was $548,000 compared to $325,000 a year ago. Adjusted EBITDA was $10.7 million compared to $9.3 million a year ago. Adjusted net income was $2.0 million or $0.22 per basic and diluted share compared to adjusted net loss of $1.2 million or $0.13 per basic and diluted share a year ago. Cash generated from operations together with the proceeds from the IPO enabled to reduce total net debt by $16.5 million during 2017.

The company provided earnings guidance for the year 2018. The company took advantage of strong markets to increase sales, EBITDA margin and net income in 2018 and beyond. The company expects the benefits of the refinancing to reduce annual interest expense by approximately $0.8 million in 2018.