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McGrath RentCorp Announces Results For First Quarter 2012

All comparisons presented below are for the quarter ended March 31, 2012 to the quarter ended March 31, 2011 unless otherwise indicated.

MOBILE MODULAR

For the first quarter of 2012, the Company’s Mobile Modular division reported a 29% decrease in income from operations to $4.0 million. Other direct costs increased 10% to $5.9 million and rental revenues increased 1% to $19.9 million, which resulted in a decrease in gross profit on rental revenues of 4% to $10.5 million. Sales revenues decreased 42% to $2.2 million with gross profit on sales revenues decreasing 33% to $0.7 million, primarily due to a higher mix of used equipment sales having higher margins compared to new equipment sales revenues in the first quarter of 2012. Selling and administrative expenses increased 9% to $8.5 million primarily as a result of increased investment in our Portable Storage growth initiative and increased salary and benefit costs.

TRS-RENTELCO

For the first quarter of 2012, the Company’s TRS-RenTelco division reported a 14% increase in income from operations to $7.4 million. Rental revenues increased 6% to $23.4 million. The increase in rental revenues together with a 1% decrease in depreciation to $9.3 million, partly offset by an 8% increase in other direct costs to $3.2 million, resulted in an increase in gross profit on rental revenues of 13% to $10.9 million. Sales revenues decreased 3% to $5.8 million with gross profit on sales increasing 2% to $2.7 million, primarily due to higher gross margins on used equipment sales revenues in the first quarter of 2012. Selling and administrative expenses increased 5% to $6.7 million primarily due to increased salary and benefit costs.

ADLER TANKS

For the first quarter of 2012, the Company’s Adler Tanks division reported a 36% increase in income from operations to $8.2 million. Rental revenues increased 33% to $16.2 million, which resulted in an increase in gross profit on rental revenues of 33% to $12.3 million. Rental related services revenues increased 59% to $3.7 million, with gross profit on rental related services increasing 189% to $0.9 million. Selling and administrative expenses increased 41% to $5.1 million, primarily due to increased salary and benefit costs and bad debt expense.

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