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Rush Enterprises, Inc. Reports Second Quarter Results

  June 30, December 31,
  2010 2009
Current assets:    
 Cash and cash equivalents $ 135,779 $ 149,095
 Accounts receivable, net  54,620  38,869
 Inventories, net  305,009  252,219
 Prepaid expenses and other  3,109  3,650
 Assets held for sale 23,929 22,719
 Deferred income taxes, net  9,195  11,414
 Total current assets  531,641  477,966
Investments 7,575 7,575
Property and equipment, net  412,236  353,841
Goodwill, net 143,976 136,761
Other assets, net  3,223  1,154
Total assets $ 1,098,651 $ 977,297
Liabilities and shareholders' equity    
Current liabilities:    
 Floor plan notes payable $ 234,708 $ 189,256
 Current maturities of long-term debt  63,457  55,545
 Current maturities of capital lease obligations  6,456  5,730
 Trade accounts payable  38,686  22,427
 Accrued expenses  55,640  40,843
 Total current liabilities  398,947  313,801
Long-term debt, net of current maturities  179,681  153,957
 Capital lease obligations, net of current maturities 28,902 28,714
Deferred income taxes, net  52,951  54,600
Shareholders' equity:    
 Preferred stock, par value $.01 per share; 1,000,000 shares authorized; 0 shares outstanding in 2010 and 2009    –      –  
 Common stock, par value $.01 per share; 60,000,000 class A shares and 20,000,000 class B shares authorized; 26,624,753 class A shares and 10,692,641 class B shares outstanding in 2010; and 26,437,848 class A shares and 10,689,375 class B shares outstanding in 2009       389       388
 Additional paid-in capital  192,135  188,116
 Treasury stock, at cost: 1,639,843 class B shares (17,948) (17,948)
 Retained earnings  263,594  255,669
 Total shareholders' equity  438,170  426,225
Total liabilities and shareholders' equity $ 1,098,651 $ 977,297



(In Thousands, Except Per Share Amounts)

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