Engquist concluded, “I am very pleased with our tremendous finish to 2011 and the momentum our business is carrying into 2012. We expect another solid year for our Company based on the current trends. As demonstrated by our performance last year, we are well positioned to benefit from continued improvements in market conditions.”
FINANCIAL DISCUSSION FOR FOURTH QUARTER 2011
Total revenues increased 24.3% to $217.0 million from $174.6 million in the fourth quarter of 2010. Equipment rental revenues increased 21.4% to $62.6 million compared with $51.6 million in the fourth quarter of 2010. New equipment sales increased 36.7% to $86.6 million from $63.4 million in the fourth quarter of 2010. Used equipment sales increased 21.4% to $19.7 million compared to $16.2 million in the fourth quarter of 2010. Parts sales increased 7.7% to $23.3 million from $21.7 million in the fourth quarter of 2010. Service revenues increased 5.5% to $13.9 million compared with $13.2 million in the fourth quarter of 2010.Gross Profit Gross profit increased 34.2% to $56.1 million from $41.8 million in the fourth quarter of 2010. Gross margin was 25.8% for the quarter ended December 31, 2011 as compared to 23.9% for the quarter ended December 31, 2010. In comparison to a year ago, the higher gross margin in the fourth quarter of 2011 was largely the result of improved rental and other gross margins. On a segment basis, gross margin on rentals increased to 44.5% from 39.2% in the fourth quarter of 2010. On average, rental rates were 6.5% higher than rates in the fourth quarter of 2010. Time utilization (based on units available for rent) was 67.3% in the fourth quarter of 2011 as compared to 62.7% in the fourth quarter of 2010.
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