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CERVUS EQUIPMENT People . Power . Service . Cervus Announces $ 40 Million Increase in 2020 Adjusted Income Before Tax and Increase to Quarterly Dividend CALGARY , Alberta ( March 11 , 2021 ) -- Cervus Equipment Corporation ( " Cervus " or the " Company " ) ( TSX : CERV ) today announced its financial results for the quarter and year ended December 31 , 2020 and an increase in the quarterly dividend to $ 0.11 per share . Cervus also announced , as part of its strategy to grow product support offerings , a new agriculture facility planned near Penhold , Alberta and the acquisition of Vapormatic distribution rights for the North Island of New Zealand . " As I look back on the year that was 2020 and the challenges we faced , I am humbled by how successfully our teams tackled those challenges . Cervus ' fourth quarter results finish off a year in which we achieved 8 % growth in total revenue , 19 % growth in gross profit and a 4 % decrease in G & A expense , " said Angela Lekatsas , President and CEO of Cervus . " I am very proud of the agility and resilience of our employees as they rallied together , to safely deliver the essential services that our valued customers depend on us to provide . The strategic initiatives commenced in 2020 aided in mitigating the impacts of the pandemic on Cervus , and combined with improving agriculture fundamentals , have Cervus well positioned for 2021. " 2020 Highlights • • • • Cervus reported income of $ 25 million or $ 1.62 per basic share in 2020 , compared to a loss of $ 9 million or ( $ 0.56 ) per basic share in 2019 . Adjusted income before tax increased $ 40 million , excluding the impact of wages subsidies , to $ 28 million , compared to an adjusted loss before tax of $ 13 million in 2019. Adjusted income per basic share was $ 1.30 , compared to adjusted loss per basic share of ( $ 0.65 ) in 2019 . 1 Total revenue increased 8 % in the year , comprised of a 12 % increase in Agriculture revenue , a 1 % increase in Transportation revenue , partly offset by a 12 % decrease in Industrial revenue . Agriculture used equipment inventory turnover for the trailing twelve - month period ended December 31 , 2020 , surpassed our long - term objective of 2.50 times , improving to 2.87 times compared to 1.78 times at December 31 , 2019.1 Adjusted free cash flow from operations was $ 53 million for the year ended December 31 , 2020 , compared to $ 21 million in 2019 , an increase of $ 32 million.¹ The Company repurchased and cancelled 0.3 million shares under its Normal Course Issuer Bid at a cost of $ 2.1 million for the year , and declared an increase in the dividend to $ 0.11 per share for the first quarter of 2021 .