10K filed yesterday.
A 4th director is resigning as of yesterday's 10K.
Titan Machinery Founder Resigned as a director last June and receives a severance agreement package in excess of $1.5 million as of February 1,2016.
Titan sales have declined dramatically and losses are growing.
This is no longer a growth story and should not be trading at a multiple.
On January 31,2015 Company had $127 million cash.
January 31,2016 cash position was $89 million.
In April 2016 company spent $25 million on a debt payment reducing their cash position to less than $66 million.
Titan has an outstanding note of $150 million with Wells Fargo due 2019.
Discosure in 10K reveals that CNH is changing their agreements with their outside dealers.
If CNH Industrial were to change the terms of our dealer agreements or its operating practices in a manner that adversely affects us, our business would be harmed.
CNH has recently proposed a new format of its dealer agreement, to be applicable to all North American dealers. We have not commenced our negotiations with CNH in response to the proposed new agreement. We anticipate this process to commence within the next few weeks and be concluded in our second quarter of fiscal 2017.