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Annual diluted EPS $0.82, up 413% over prior year; diluted EPS from continuing operations $0.64, up 300% compared to 2009
Record quarterly absorption rate of 110.2% in the fourth quarter
SAN ANTONIO, Feb. 15, 2011 (GLOBE NEWSWIRE) -- Rush Enterprises, Inc. (Nasdaq:RUSHA) (Nasdaq:RUSHB), which operates the largest network of commercial vehicle dealerships in North America, today announced results for the fourth quarter and year ended December 31, 2010.
For the quarter ended December 31, 2010, the Company's gross revenues from continuing operations totaled $463.0 million, a 61.6% increase from gross revenues from continuing operations of $286.5 million reported in the fourth quarter of 2009. The Company reported income from continuing operations and net income for the quarter of $9.2 million, or $0.24 per diluted share, compared with income from continuing operations and net income of $1.5 million, or $0.04 per diluted share, in the fourth quarter of 2009.
The Company earns federal income tax credits on the sale of alternative fuel vehicles to tax-exempt entities. These tax credits are reflected as tax benefits in the Company's Consolidated Statements of Operations. A portion of these tax credits are passed back to the tax-exempt customer and are reflected as selling expense to the Company in the quarter in which the trucks are sold. The net effect of the federal tax credits and the pass through payments to tax-exempt customers was $1.4 million, or $.04 per diluted share, for the quarter ended December 31, 2010 and $0.2 million for the quarter ended December 31, 2009. These alternative fuel tax credits and the amount passed back to the customers are directly attributable to the sale of a truck. Accordingly, the Company believes the tax credits and the amounts passed back to customers should be considered operating items when analyzing the financial performance of the Company.