EBITDA for the fourth quarter of 2011 increased $16.5 million to $43.4 million from $26.9 million in the fourth quarter of 2010. EBITDA as a percentage of revenues was 20.0% compared with 15.4% in the fourth quarter of 2010.
FINANCIAL DISCUSSION FOR THE YEAR ENDED DECEMBER 31, 2011
RevenueTotal revenues increased 25.5% to $720.6 million from $574.2 million in 2010. Equipment rental revenues increased 28.1% to $228.0 million compared with $178.0 million in 2010. New equipment sales increased 31.6% to $220.2 million from $167.3 million in 2010. Used equipment sales increased 37.0% to $85.3 million compared to $62.3 million in 2010. Parts sales increased 9.0% to $94.5 million from $86.7 million in 2010. Service revenues increased 8.7% to $54.0 million compared with $49.6 million a year ago. Gross Profit Gross profit increased 41.8% to $192.7 million from $135.9 million in 2010. Gross margin was 26.7% for 2011 as compared to 23.7% for 2010. This increase in gross margin is primarily due to higher rental and other gross margins. On a segment basis, gross margin on rentals increased to 41.5% from 33.2% in 2010 primarily due to higher average time utilization and increased average rental rates. On average, 2011 rental rates increased 5.2% as compared to 2010. In 2011, time utilization (based on units available for rent) increased to 66.2% from 57.4% a year ago. In 2011, time utilization (based on original equipment cost) increased to 69.7% compared to 60.5% last year. Gross margins on new equipment sales were 10.9%, up from 9.9% in 2010. Gross margins on used equipment sales increased to 23.8% from 22.5%. Gross margin on parts sales increased to 26.8% from 26.3%. Gross margins on service revenues were 61.0% compared to 62.2% in 2010.
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