Cervus Announces Second Quarter 2020 Results, $6 Million Increase in Adjusted Income Before Income Tax(1)

Increased profitability was driven by the performance of our Agriculture segment which serves producers in some of the most fertile land across Western Canada, New Zealand and Australia. This performance was enabled by the focus of our restructured team, enhanced by the right equipment models and level of inventory for our market, implementation of new product support initiatives, and sustainable cost reductions across the segment.

This improvement was partly offset by the significant impact of COVID-19 on our Transportation and Industrial segments, which remained profitable in the quarter due to disciplined expense management, despite a decrease in demand.

In response to the impact of COVID-19, we took proactive measures such as senior leadership and Corporate wage reductions, temporarily adjusting staffing levels and utilizing government work-share programs. In the implementation of these measures, our focus has been on supporting the people and families who comprise the decades of experience reflected in our customer service teams and ensuring we are ready to quickly respond to accelerating market demand when conditions ease.

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