FINANCIAL DISCUSSION FOR SECOND QUARTER 2012:
Total revenues increased 13.4% to $209.0 million from $184.3 million in the second quarter of 2011. Equipment rental revenues increased 26.4% to $70.5 million compared with $55.8 million in the second quarter of 2011. New equipment sales increased 11.7% to $64.7 million from $57.9 million in the second quarter of 2011. Used equipment sales increased 2.3% to $23.6 million compared to $23.1 million in the second quarter of 2011. Parts sales decreased 0.9% to $24.7 million from $24.9 million in the second quarter of 2011. Service revenues increased 4.8% to $13.9 million compared to $13.2 million a year ago.
Gross ProfitGross profit increased 34.4% to $64.2 million from $47.8 million in the second quarter of 2011. Gross margin was 30.7% for the quarter ended June 30, 2012, compared to gross margin of 25.9% for the quarter ended June 30, 2011. On a segment basis, gross margin on rentals in the second quarter of 2012 was 47.5% compared to 40.7% in the second quarter of 2011 due to higher average rental rates on new contracts in the period and improved fleet utilization. On average, rental rates increased 11.0% as compared to the second quarter of 2011. Time utilization (based on OEC) was 73.5% in the second quarter of 2012 compared to 70.0% a year ago. Gross margin on new equipment sales was 10.9% as compared to 11.7% in the second quarter a year ago. Gross margin on used equipment sales was 30.5% compared to 21.7% a year ago, due to the mix of used equipment sold and improved pricing. Gross margin on parts sales increased to 28.0% from 26.8%. Gross margin on service revenues increased to 62.8% from 61.2% in the prior year due primarily to revenue mix.
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