Rush Enterprises, Inc. Reports Second Quarter Results
The Company previously announced that during May 2010 it had acquired certain assets of Lake City Companies, LLC and certain of its subsidiaries and affiliates (collectively, "Lake City International") that operated a commercial truck and bus sales, service, parts, finance and leasing business representing multiple brands. The acquisition expanded the Company's contiguous network of Rush Truck Centers to 60 locations in 14 states. The newly acquired dealerships include five locations in Utah, five locations in Idaho and one location in Oregon. These locations are operating as Rush Truck Centers that offer a combination of International heavy- and medium-duty trucks, Autocar trucks, Mitsubishi Fuso medium-duty trucks, IC buses, Kalmar yard trucks and Workhorse chassis in addition to parts, service, body shop, financing and insurance capabilities. Rush Truck Leasing will operate Idealease truck rental and leasing franchises at existing locations in Salt Lake City, Utah, and Boise, Idaho.
The Company's truck segment recorded revenues of $325.5 million in the second quarter of 2010, compared to $298.0 million in the second quarter of 2009. The Company delivered 813 new heavy-duty trucks, 828 new medium-duty trucks and 889 used trucks during the second quarter of 2010, compared to 954 new heavy-duty trucks, 638 new medium-duty trucks and 776 used trucks in the second quarter of 2009. Parts, service and body shop sales revenue was $116.0 million in the second quarter of 2010, compared to $95.8 million in the second quarter of 2009.
"We are pleased to report the Company has continued to perform, delivering another quarter of widening profits," said W. Marvin Rush, Chairman and Founder of Rush Enterprises, Inc. "This has been one of the longest and most difficult market downturns that we have seen in the Company's 45-year history, but we are proud of our solid financial performance throughout the downturn, which we believe is the result of the hard work of all of our employees."
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