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We thank you for your support in this ongoing journey." Management Commentary "Our third quarter marked the second consecutive quarter of double-digit year-over-year revenue growth, driven by healthy OEM demand in two of our three major regions," said Dave Vaughn, president and CEO of Ag Junction."We remain ahead of our operating plan and see signs of market optimism as more of our customers are realizing the benefits of Precision Ag to drive profits.They are good strategic fits in some of the niche markets in which we participate.
Our markets show signs of stability and the outlook is improving as evidenced by our record backlog at year-end of over 8 million.
For the full year of 2017 net sales were 7.4 millionversus 5.8 million in 2016, an increase of 10.5%.
Full year income from operations for the Division was .1 millioncompared to .7 million in 2016.
As a result of this one-time tax, we will now be able to more economically repatriate cash being held in our international operations without being subject to significant incremental taxation.
While we are still evaluating our options, we will repatriate some portion of the cash held by our international subsidiaries, though we will leave sufficient balances to meet our working capital needs, support anticipated capital expenditure requirements and other growth oriented initiatives.
The cash we do repatriate will initially be used to pay down outstanding debt under our revolving line of credit, however, over time we anticipate it will be deployed to support our growth and acquisition initiatives. The new rate takes effect in 2018 and should have a meaningful impact on our net earnings going forward since Alamo Group's overall effective tax rate has averaged around 35% annually over the last several years.