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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

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 .

The Rush Enterprises, Inc. logo is available at

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.
(In Thousands, Except Shares and Per Share Amounts)
  December 31, December 31,
  2010 2009
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



(In Thousands, Except Per Share Amounts)
  Three Months Ended December 31, Year Ended December 31,
  2010 2009 2010 2009
  (Unaudited)   (Unaudited)  
 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

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