Gross margins on new equipment sales were 10.0% compared to 10.5% in the fourth quarter of 2010. Gross margins on used equipment sales were 25.9% compared to 22.5% in the fourth quarter of 2010. Gross margin on parts sales were 27.0% compared to 25.7% in the fourth quarter of 2010. Gross margin on service revenues were 60.2% for the fourth quarter of 2011 compared to 62.4% in the fourth quarter of 2010.
At the end of the fourth quarter of 2011, the original acquisition cost of the Company’s rental fleet was $736.6 million, an increase of $51.5 million from $685.1 million at the end of the fourth quarter of 2010. Dollar utilization was 33.9% compared to 30.2% for the fourth quarter of 2010. Dollar returns increased reflecting higher year-over-year rental rates and improved time utilization.
Selling, General and Administrative ExpensesSG&A expenses for the fourth quarter of 2011 were $38.7 million compared with $39.0 million in the fourth quarter of 2010. SG&A expenses in the fourth quarter of 2011 declined as a percentage of total revenues to 17.8% as compared to 22.4% in the fourth quarter of 2010. The net decrease in SG&A expenses was primarily attributable to lower legal and professional fees compared to a year ago. Income from Operations Income from operations for the fourth quarter of 2011 was $17.7 million, or 8.1% of revenues, compared with $2.8 million, or 1.6% of revenues, in the fourth quarter of 2010. Interest Expense Interest expense for the fourth quarter of 2011 was $7.1 million compared to $7.3 million for the fourth quarter of 2010. Net Income (Loss) Net income was $7.9 million, or $0.23 per diluted share, in the fourth quarter of 2011 compared to a net loss of $2.5 million, or ($0.07) per diluted share in the fourth quarter of 2010. The effective income tax rate was 26.0% in the fourth quarter of 2011 as compared to 37.9% in the fourth quarter of 2010.
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