… @douglasdynamics.com Financial Statements Douglas Dynamics, Inc.   Consolidated …           Weighted average number of common shares outstanding:             Basic   23, …                   Weighted average basic common shares outstanding   23,094,047       22 …

Summary Douglas Dynamics is a leading manufacturer … fullvalue Investment Thesis We assign Douglas Dynamics (NYSE:PLOW) a buy … these cycles historically revert, and Douglas Dynamics' cost-saving measures … long position in the shares of PLOW either through …

…         Weighted average number of common shares outstanding:           Basic   23, …                 Weighted average basic common shares outstanding   23,094,047       22 … presented.                       Douglas Dynamics, Inc. Free Cash Flow reconciliation …

… has consistently demonstrated that he shares our values, and his … Continuous Improvement efforts using the Douglas Dynamics Management System (DDMS). She … increase profitability. Through its proprietary Douglas Dynamics Management System (DDMS), the company …

…           Weighted average number of common shares outstanding:           Basic   23, …               Weighted average basic common shares outstanding   23,094,047       22 … presented.                     Douglas Dynamics, Inc. Free Cash Flow reconciliation …

…         Weighted average number of common shares outstanding:         Basic   23,009, …         Weighted average basic common shares outstanding   23,009,369       22 …       For further information contact: Douglas Dynamics, Inc. Nathan Elwell Vice President …

… douglasdynamics.com Financial Statements Douglas Dynamics, Inc. Consolidated Balance …           Weighted average number of common shares outstanding:           Basic   22, …               Weighted average basic common shares outstanding   22,983,965       22 …

… the periods presented.                       Douglas Dynamics, Inc. Reconciliation of Net Income …                 Weighted average basic common shares outstanding   22,983,965       22 … ,543   Weighted average common shares outstanding assuming dilution   22 …

… boosted its stake in shares of Douglas Dynamics by 49.0% … grew its position in shares of Douglas Dynamics by 20.0% during … com began coverage on shares of Douglas Dynamics in a report on … the company. TheStreet lowered shares of Douglas Dynamics from a “b-” …

… This stabilization, combined with house shares were priced at the time … On a forward basis, especially, shares are very appealing. But even … .1 7.2 6.2 Douglas Dynamics (PLOW) 22.5 10. … still have a scenario where shares are attractively priced, particularly on …