Cervus Equipment posted much improved profits over last year when it had to clear up taxation issues.
Income for 2016 was $23.5 million, compared to a loss of $27.4 million the previous year. Income adjusted to exclude the effect of the tax situation and other factors was $10.8 million for 2016, down from $13.3 million the previous year.
During the year, the company sold and then leased back 11 properties, trimmed its inventory and cut operation expenses by eight percent. It reduced term debt by $68.2 million or 65 percent.
Excluding gains from the sale of 21 percent of Maple Farms Partnership and of certain real estate, operating income from the agriculture part of the business was about the same as 2015.