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Essex Rental Corp. Reports 2011 Third Quarter Results

Stocks in this article: ESSX

Essex Rental Corp. (Nasdaq: ESSX) ("Essex") today announced its unaudited consolidated results for the third quarter ended September 30, 2011.

Third Quarter 2011 Highlights

  • On a sequential quarter basis, crawler crane utilization increased to 39.5% for the quarter ended September 30, 2011 from 38.6% for the quarter ended June 30, 2011 and average crawler crane rental rates increased by $521 to $15,868 from $15,347;
  • Crawler crane utilization decreased slightly to 39.5% for the three month period ended September 30, 2011 from 40.2% for the quarter ended September 30, 2010 and average monthly crawler crane rental rates decreased marginally by $269 to $15,868 from $16,137. Excluding levee related cranes, crawler crane utilization increased to 39.1% for the three month period ended September 30, 2011 compared to 34.4% for the same period in the prior year;
  • For the quarter ended September 30, 2011, utilization was in excess of 60.0% for both our rough terrain cranes and our boom truck fleet;
  • Utilization rates for our self erecting tower cranes increased by nearly 7.9% on a quarter over quarter basis
  • New, used and rental equipment sales totaled $5.8 million in the 2011 third quarter, a 9.1% increase on a sequential quarter basis; and
  • EBITDA, excluding approximately $0.7 million for non cash compensation and one-time acquisition related expenses increased by 69.6% to $3.0 million in the 2011 third quarter versus $1.7 million in the prior quarter ended June 30, 2011.

CEO Comments

Ron Schad, President and CEO of Essex stated, “We continue to experience modest growth in our crawler crane fleet on a quarter over quarter basis. Rental rates remain stable, as they have been for the last several quarters. We are cautiously optimistic about continuing utilization improvements in boom trucks and certain categories of our rough terrain crane and tower crane fleets. Certain classes of our rough terrain and boom truck fleets are at utilization levels that we believe will allow us to raise rental rates in the foreseeable future. The implementation of our IT systems at Coast, which went live on August 1 st, is now providing us with the necessary data to more effectively manage price and utilization of the Coast rental fleet, which we believe will allow us to benefit from the inherent operating leverage in our business over the coming quarters.”

Third Quarter 2011 Overview

Equipment rentals segment revenues, which represent 61.9% of total revenues, were $14.4 million for the three months ended September 30, 2011, versus $14.6 million for the three months ended June 30, 2011. Equipment rentals segment revenues include rental, transportation, used rental equipment sales and repairs and maintenance of rental equipment. The modest sequential quarter decrease in equipment rentals segment revenues was primarily due to a decline in transportation, equipment repairs and maintenance and used rental equipment sale revenues, which were partially offset by a $0.5 million increase in rental revenues. Proceeds from used rental equipment sales were used to purchase new rough terrain cranes and boom trucks, as we are growing these asset classes within of our rental equipment fleet.

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