At the end of the second quarter of 2011, the original acquisition cost of the Company’s rental fleet was $724.9 million, an increase of $67.2 million from $657.7 million at the end of the second quarter of 2010 and an increase of $39.8 million from $685.1 million at the end of 2010. Dollar utilization was 31.0% compared to 25.3% for the second quarter of 2010. Dollar returns increased reflecting higher year-over-year average rental rates and improved time utilization.
Selling, General and Administrative Expenses
SG&A expenses for the second quarter of 2011 were $37.5 million compared with $36.8 million last year, a $0.7 million, or 2.1%, increase. For the second quarter of 2011, SG&A expenses as a percentage of total revenues were 20.4% as compared to 28.1% a year ago.Income (Loss) from Operations Income from operations for the second quarter of 2011 was $10.3 million, or 5.6% of revenues, compared with loss from operations of $4.3 million, or 3.2% of revenues, a year ago. Interest Expense Interest expense for the second quarter of 2011 and 2010 was $7.2 million in each period. Net Income (Loss) Net income was $2.7 million, or $0.08 per diluted share, compared to net loss of $7.1 million, or ($0.20) per diluted share, a year ago. The effective income tax rate was 18.7% compared to 37.5% a year ago. EBITDA EBITDA for the second quarter of 2011 increased 89.1% to $35.2 million compared to $18.6 million a year ago. EBITDA, as a percentage of revenues, was 19.1% compared to 14.2% a year ago. Non-GAAP Financial Measures This press release contains certain Non-GAAP measures (EBITDA). Please refer to our Current Report on Form 8-K for a description of our use of these measures. EBITDA, as calculated by the Company, is not necessarily comparable to similarly titled measures reported by other companies. Additionally, these Non-GAAP measures are not measurements of financial performance or liquidity under GAAP and should not be considered as alternatives to the Company's other financial information determined under GAAP.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- 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 + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV