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Titan Machinery Inc. Announces Preliminary Results for Fiscal First Quarter Ended April 30, 2013



  Titan Machinery Inc. Announces Preliminary Results for Fiscal First Quarter
  Ended April 30, 2013

                -Company Updates Annual Fiscal 2014 Guidance-

             -Company to Hold Conference Call on June 6^th, 2013-

Business Wire

WEST FARGO, N.D. -- May 23, 2013

Titan Machinery Inc. (Nasdaq: TITN), a leading network of full-service
agricultural and construction equipment stores, today announced certain
preliminary financial results for the fiscal first quarter ended April 30,
2013 and updated the Company’s annual outlook for fiscal 2014.

Expected Preliminary Fiscal 2014 First Quarter Results

For the first quarter of fiscal 2014, preliminary revenue is expected to be
approximately $440 million compared to revenue of $421.7 million in the first
quarter last year. First quarter fiscal 2014 revenue is expected to be
approximately $50 million less than the Company previously anticipated;
reflecting approximately $35 million less from Agriculture segment revenue and
$15 million less from Construction segment revenue. The lower than expected
revenue was primarily due to abnormally delayed spring weather combined with
cautionary agriculture customer sentiment and the continued challenging
industry conditions in the Construction segment.

Preliminary pre-tax loss for the first quarter of fiscal 2014 is expected to
be in the range of $0.7 million to $1.2 million compared to $12.4 million
pre-tax income in the same period last year. Preliminary pre-tax income is
expected to be approximately $7.0 million less than the Company previously
anticipated; reflecting approximately $3.5 million less from the Agriculture
segment and $3.5 million less from the Construction segment. The year over
year decline in Company pre-tax margin was primarily due to the lower revenue
we experienced in the first quarter.

Preliminary loss per diluted share for the first quarter of fiscal 2014 is
expected to be in the range of $(0.01) to $(0.03) on approximately 20.9
million weighted average diluted common shares outstanding, compared to net
income of $0.36 on approximately 21.0 million weighted average diluted common
shares outstanding in the first quarter last year.

Fiscal 2014 Outlook

The Company is updating its annual fiscal 2014 guidance based on preliminary
first quarter fiscal 2014 results and the Company’s increased visibility of
market conditions. The Company is adjusting its annual earnings per share
range of $1.70 to $2.00 from the previous range of $2.00 to $2.30 primarily
reflecting the lower operating margins in the construction segment. The
Company is reiterating its previous revenue range of $2.35 billion to $2.55
billion.

Management Comments

David Meyer, Titan Machinery’s Chairman and Chief Executive Officer, stated,
“Both segments of our business were impacted by the abnormally late spring
weather which extended through the end of our first quarter. We expect the
agriculture segment revenue that was delayed in the first quarter will be
realized in the coming quarters because we believe the revenue impact in the
first quarter was primarily a timing issue. In addition to the late spring
weather, our Construction segment was also affected by the challenging
conditions in this industry and the cost of expanding our network. To achieve
our operational targets we are continuing to focus our efforts on the plan we
began implementing a few months ago and discussed on our fourth quarter
conference call. I believe we will see improvements in our construction
segment in the second quarter and throughout the remainder of fiscal 2014. We
remain confident that our Construction segment will be an integral part of our
Company’s long-term growth strategy and will contribute to our top and bottom
line growth.”

Conference Call and Presentation Information

The Company will host a conference call and audio webcast on June 6, 2013 at
7:30 a.m. Central time (8:30 a.m. Eastern time). A copy of the presentation
that will accompany the prepared remarks from the conference call will be
available on the Company’s website under Investor Relations at
www.titanmachinery.com. An archive of the audio webcast will be available on
the Company’s website under Investor Relations at www.titanmachinery.com 30
days following the audio webcast.

Investors interested in participating in the live call can dial (888) 359-3624
from the U.S. International callers can dial (719) 325-2455. A telephone
replay will be available approximately two hours after the call concludes and
will be available through Thursday, June 20, 2013, by dialing (877) 870-5176
from the U.S., or (858) 384-5517 from international locations, and entering
confirmation code 9805771.

About Titan Machinery Inc.

Titan Machinery Inc., founded in 1980 and headquartered in West Fargo, North
Dakota, is a multi-unit business with mature locations and newly-acquired
locations. The Company owns and operates a network of full service
agricultural and construction equipment stores in the United States and
Europe. The Titan Machinery network consists of 106 North American dealerships
in North Dakota, South Dakota, Iowa, Minnesota, Montana, Nebraska, Wyoming,
Wisconsin, Colorado, Arizona, and New Mexico, including two outlet stores, and
14 European dealerships in Romania, Bulgaria, Serbia, and Ukraine. The Titan
Machinery dealerships represent one or more of the CNH Brands (NYSE: CNH), a
majority-owned subsidiary of Fiat Industrial (Milan: FI.MI), including CaseIH,
New Holland Agriculture, Case Construction, New Holland Construction, and CNH
Capital. Additional information about Titan Machinery Inc. can be found at
www.titanmachinery.com.

Forward Looking Statements

Except for historical information contained herein, the statements in this
release are forward-looking and made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995. Forward-looking
statements made herein, which include statements regarding expected results of
operations for the first quarter ended April 30, 2013 and the fiscal year
ending January 31, 2014, anticipated improvements in both segments of our
operations, industry operating environment expectations, and growth
expectations, involve known and unknown risks and uncertainties that may cause
Titan Machinery’s actual results in current or future periods to differ
materially from forecasted results. The Company’s risks and uncertainties
include, among other things, a substantial dependence on a single distributor,
the continued availability of organic growth and acquisition opportunities,
potential difficulties integrating acquired stores, industry supply levels,
fluctuating agriculture and construction industry economic conditions, the
success of recently implemented initiatives within the Company’s Construction
segment, the uncertainty and fluctuating conditions in the capital and credit
markets, difficulties in conducting international operations, governmental
agriculture policies, seasonal fluctuations, climate conditions, disruption in
receiving ample inventory financing, and increased competition in the
geographic areas served. These and other risks are more fully described in
Titan Machinery’s filings with the Securities and Exchange Commission,
including the Company’s most recently filed Annual Report on Form 10-K. Titan
Machinery conducts its business in a highly competitive and rapidly changing
environment. Accordingly, new risk factors may arise. It is not possible for
management to predict all such risk factors, nor to assess the impact of all
such risk factors on Titan Machinery’s business or the extent to which any
individual risk factor, or combination of factors, may cause results to differ
materially from those contained in any forward-looking statement. Titan
Machinery disclaims any obligation to update such factors or to publicly
announce results of revisions to any of the forward-looking statements
contained herein to reflect future events or developments.

Contact:

Investor Relations Contact:
ICR, Inc.
John Mills
Senior Managing Director
310-954-1105
jmills@icrinc.com
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