06:55 AM EDT, 04/01/2024 (MT Newswires) -- Buhler Industries Inc. ( BIIAF ) , an agricultural equipment manufacturer that saw its shares jump 7.5% last Friday, was in the news four times over the holiday weekend.

The company said it swung to a fourth-quarter net loss of $11.7 million from net income of $62,000 a year earlier.

For the year-ended Dec. 31, 2023, the company reported earnings of $7.1 million, or $0.28 per share, as compared with a loss of $1 million, or $0.04 per share, for the year ended Dec. 31, 2022.

Revenue for 2023 was $238.5 million, down from $239.9 million in 2022. EBITDA for 2023 was $15.9 million, up from $7.2 million in 2022.

In 2024, the company is expecting increased sales as the company improves problems associated with supply chain issues.

The company expects to see profitability improvement as a result of actions taken early in 2024. In addition, margins are expected to improve in 2024 because of operating efficiencies stemming from increased shipments.

Separately, Buhler Versatile Inc., a wholly-owned subsidiary of Buhler Industries Inc. ( BIIAF ), has secured $14.4 million in additional long-term financing from its majority owner Basak Traktor Tarim Ziraat Ve Is Makinalari Sanayi Ticaret A.S.

Basak Tractor recently bought majority ownership in Buhler Industries ( BIIAF ). Basak Tractor is a wholly-owned subsidiary of ASKO Holding. Buhler Industries ( BIIAF ) can repay the debt sooner than the full term. A portion of the loan expires in 2025 with full repayment due in 2028.

In addition, the company continues to negotiate its credit facilities with the Canadian Imperial Bank of Commerce. A portion of the credit facility was paid at the time of the takeover on Dec. 28, 2023.

Separately, Buhler Industries ( BIIAF ) will implement operational restructuring changes in the first quarter, which are expected to result in significant full-year savings.

Also, the company plans to increase production in 2024 over its 2023 results. This is expected to help increase margins. Basak Traktor Tarim Ziraat Ve IS Makinalari Sanayi Ticaret A.S., which recently acquired 96.7%, is fully supportive of returning the company to profitability and expects to see sales of both Versatile and Farm King equipment increase in the coming years.

In more company news, Zafer Ozbalaban has joined the company as president. Zafer, who is also a board member, succeeded Marat Nogerov.