This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Rush Enterprises, Inc. Reports Fourth Quarter And Year-End 2010 Results

"Our strong financial position will continue to allow us to fund significant investments in pending acquisitions and employee programs," continued Rusty Rush. "We recently entered into an agreement to acquire certain assets of Asbury Automotive Atlanta, LLC's Nalley Motor Trucks dealerships in metro Atlanta, and we are scheduled to acquire a Ford Commercial Truck franchise in Orlando next week.    When completed, these acquisitions will expand the Company's contiguous network of Rush Truck Centers in the southeast and result in the Company operating 65 Rush Truck Center locations in 14 states. We also announced that we will increase the Company's matching contribution to its employee 401K program," Rusty Rush said.

"We are very proud of the Company's financial performance this year and are encouraged by strong parts, service and body shop operations and signs of increasing new truck sales. We are very optimistic about the possibilities for growth as we see signs of an emerging market up-cycle. We remain grateful to our dedicated employees, who have persevered throughout this market downturn and continued to serve our customers well," said W. Marvin Rush, chairman and founder, Rush Enterprises, Inc.

Conference Call Information

Rush Enterprises will host its quarterly conference call to discuss earnings for the fourth quarter and year-end on Wednesday, February 16, 2011, at 11 a.m. Eastern/10 a.m. Central. The call can be heard live by dialing 877-638-4557 (US) or 914-495-8522 (International) or via the Internet at

http://investor.rushenterprises.com/events.cfm

For those who cannot listen to the live broadcast, the webcast will be available on our website at the above link until April 15, 2011. Listen to the audio replay until February 23, 2011 by dialing 800-642-1687 (US) or 706-645-9291 (International) and entering the conference ID 39861800.

About Rush Enterprises, Inc.

Rush Enterprises, Inc. owns and operates the largest network of commercial vehicle dealerships in the United States, representing truck and bus manufacturers including Peterbilt, International, Hino, Isuzu, Ford, UD, Blue Bird, IC, Diamond and Elkhart. The Company's vehicle centers are strategically located in high traffic areas on or near major highways in 14 states throughout the southern and western United States. These one-stop centers offer an integrated approach to meeting customer needs -- from sales of new and used vehicles to aftermarket parts, service and body shop operations plus a wide array of financial services, including financing, insurance, leasing and rental. Rush Enterprises' operations also provide vehicle up-fitting, chrome accessories and tires. For more information, please visit www.rushenterprises.com .

The Rush Enterprises, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3352

Certain statements contained herein, including those concerning current and projected truck industry and market conditions, sales forecasts, the Company's acquisition prospects, and the impact of general economic conditions are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, competitive factors, general U.S. economic conditions, economic conditions in the new and used commercial vehicle markets, customer relations, relationships with vendors, the interest rate environment, governmental regulation and supervision, product introductions and acceptance, changes in industry practices, onetime events and other factors described herein and in filings made by the Company with the Securities and Exchange Commission.

RUSH ENTERPRISES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS  
(In Thousands, Except Shares and Per Share Amounts)
     
  December 31, December 31,
  2010 2009
  (Unaudited)  
Assets    
Current assets:    
 Cash and cash equivalents $ 168,976 $ 149,095
 Accounts receivable, net  43,513  38,869
 Inventories, net  321,933  252,219
 Prepaid expenses and other  14,104  3,650
 Assets held for sale  –   22,719
 Deferred income taxes, net  10,281  11,414
     
 Total current assets  558,807  477,966
     
Investments 7,575 7,575
     
Property and equipment, net  445,919  353,841
     
Goodwill, net 150,388 136,761
     
Other assets, net  5,244  1,154
     
Total assets $ 1,167,933 $ 977,297
     
     
Liabilities and shareholders' equity    
Current liabilities:    
 Floor plan notes payable $ 237,810 $ 189,256
 Current maturities of long-term debt  62,279  55,545
 Current maturities of capital lease obligations  7,971  5,730
 Trade accounts payable  37,933  22,427
 Accrued expenses  69,036  40,843
 Total current liabilities  415,029  313,801
     
Long-term debt, net of current maturities  189,850  153,957
Capital lease obligations, net of current maturities 34,231 28,714
Other long-term liabilities 364  –  
Deferred income taxes, net  63,540  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; 26,798,707 class A  shares and 10,700,044 class B shares outstanding in 2010; and 26,437,848 class A shares and 10,689,375 class B shares outstanding in 2009       391       388
Additional paid-in capital  195,747  188,116
Treasury stock, at cost: 1,639,843 class B shares (17,948) (17,948)
Retained earnings  286,951  255,669
Accumulated other comprehensive loss, net of tax  (222)  –  
     
Total shareholders' equity  464,919  426,225
     
Total liabilities and shareholders' equity $ 1,167,933 $ 977,297

 

 

 

RUSH ENTERPRISES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Amounts)
         
  Three Months Ended December 31, Year Ended December 31,
  2010 2009 2010 2009
  (Unaudited)   (Unaudited)  
         
Revenues:        
 New and used truck sales $   306,347 $ 176,442 $   926,584 $   738,705
 Parts and service 132,807 92,862 489,259 395,133
 Lease and rental 18,882 13,698 67,423 53,710
 Finance and insurance 2,208 1,868 7,922 7,468
 Other 2,715 1,580 6,739 5,437
         
 Total revenue 462,959 286,450 1,497,927 1,200,453
         
Cost of products sold:        
 New and used truck sales 284,852 165,265 854,879 695,334
 Parts and service 82,742 57,718 300,783 241,933
 Lease and rental 15,914 12,272 57,375 47,545
 Total cost of products sold 383,508 235,255 1,213,037 984,812
         
Gross profit 79,451 51,195 284,890 215,641
         
Selling, general and administrative 61,790 43,039 227,467 192,296
         
Depreciation and amortization 4,429 3,643 15,720 15,890
         
Gain (loss) on sale of assets (27) (4) (36) 162
         
Operating income 13,205 4,509 41,667 7,617
         
Interest expense, net 1,312 1,307 5,363 5,695
         
Income from continuing operations before taxes 11,893 3,202 36,304 1,922
         
Provision (benefit) for income taxes 2,695 1,741 11,737 (3,173)
         
Income from continuing operations  9,198  1,461  24,567  5,095
         
Income from discontinued operations, net of tax 73 6,715 789
         
Net income $   9,198 $   1,534  $ 31,282 $   5,884 
         
Earnings per common share - Basic:        
Income from continuing operations $  .25 $  .04 $  .66 $  .14
Net income $  .25 $  .04 $  .84 $  .16
         
Earnings per common share - Diluted:        
Income from continuing operations $    .24 $  .04 $  .64 $  .14
Net income $    .24  $  .04 $  .82 $  .16
         
Weighted average shares outstanding:        
 Basic 37,414 37,121 37,307 37,066
 Diluted 38,530 37,668 38,218 37,597
CONTACT: Rush Enterprises, Inc., San Antonio
         Steven L. Keller, 830-626-5226

company logo

5 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,563.30 -317.06 -1.88%
S&P 500 1,930.67 -39.40 -2.00%
NASDAQ 4,369.7730 -93.1290 -2.09%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs