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CERVUS EQUIPMENT People . Power . Service . Cervus Announces Record Second Quarter 2021 Adjusted Income Before Tax CALGARY , Alberta ( August 16 , 2021 ) -- Cervus Equipment Corporation ( " Cervus " or the " Company " ) ( TSX : CERV ) today announced its financial results for the three months ended June 30 , 2021 . Cervus delivered $ 15 million in adjusted income before tax , a record for the second quarter and a significant increase of $ 7 million or 84 % , compared to $ 8 million generated in the same period last year.¹ This accelerated performance reflects the convergence of recovering activity levels in our end markets and enhanced sales practices , with Cervus ' strategic focus on growing product support revenues and gross margins . " Our record second quarter results reflect increased demand across all segments , particularly in Transportation as economies reopened and activity rebounded from subdued pandemic levels , ” said Angela Lekatsas , President and Chief Executive Officer of Cervus . " Cervus navigated the logistical challenges of extended manufacturer lead times and delayed deliveries resulting from increased demand and supply shortages exceptionally well , allowing us to establish a new high - water mark for second quarter profitability . I want to take this opportunity to thank and congratulate our 1,588 valuable employees for this remarkable achievement . " We have also announced today that the Company has entered into an arrangement agreement providing for a plan of arrangement pursuant to which all the issued and outstanding shares of the Company would be acquired by Brandt Tractor Ltd. for cash consideration of $ 19.50 per share . The transaction is subject to various regulatory and other approvals including approval by the shareholders of the Company . Additional details with respect to the transaction are contained within the arrangement agreement and the Company's press release with respect to the proposed transaction , both of which will be filed under the Company's profile on SEDAR at www.sedar.com . " Second Quarter 2021 Highlights . • • • • • The Company reported income of $ 13 million or $ 0.82 per basic share in the second quarter of 2021 , compared to a $ 9 million or $ 0.59 per basic share in the second quarter of 2020 . Adjusted income per basic share was $ 0.76 compared to $ 0.44 in the second quarter of 2020.¹ Total revenue increased 18 % in the quarter , with growth in both equipment and product support sales reported by all segments . This revenue growth , in concert with a 0.8 % expansion in overall gross profit margin , drove a 25 % increase in gross profit . A reduction in interest - bearing debt resulted in a 29 % decrease in net finance costs compared to the second quarter of 2020 . Agriculture used equipment inventory turnover for the trailing twelve - month period ended June 30 , 2021 , accelerated to 3.44 times , compared to 2.31 times at June 30 , 2020.¹ A quarterly dividend of $ 0.11 per share was declared to shareholders of record at June 30 , 2021 .