Summary: Douglas Dynamics Inc. May 11

Standard & Poors, May 2011

Abstract
The ratings on Milwaukee-based snow- and ice-control products maker Douglas Dynamics Inc. reflect our expectation that the company's track record of good profitability and consistent free cash flow generation should enable it to maintain a financial leverage of less than 4x adjusted debt to EBITDA, and to support its significant dividend payout, despite its high exposure to unpredictable weather patterns. Standard & Poor's Ratings Services views Douglas' business risk profile as weak and its financial profile as aggressive. The company sells its snow and ice control products mainly in the U.S., but also, to a modest extent, in Canada and through export sales resulting in limited geographic diversity. Demand for its products depends significantly on snowfall, which creates a significant...

Companies mentioned in this report are: Douglas Dynamics Inc.
Action: Review

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Douglas Dynamics Inc.

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