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Rush Enterprises, Inc. Reports Third Quarter Results And Announces Agreement To Purchase Ohio Dealerships

"The Company ended the quarter in a strong financial position including a record high cash balance of $230 million. I am very pleased with our financial performance this quarter, given the current economic climate and our customers' hesitancy to purchase Class 8 trucks. Our strong financial position provides us the ability to move forward with confidence toward our strategic initiatives for growth," said W. Marvin Rush, Chairman and Founder of Rush Enterprises, Inc.

Conference Call Information

Rush Enterprises will host its quarterly conference call to discuss earnings for the third quarter on Tuesday, October 23, 2012, at 11 a.m. Eastern/10 a.m. Central. The call can be heard live by dialing 877-638-4557 (US) or 914-495-8522 (International) or via the Internet at http://investor.rushenterprises.com/events.cfm .

For those who cannot listen to the live broadcast, the webcast will be available on our website at the above link until February 10, 2013. Listen to the audio replay until October 30, 2012, by dialing 855-859-2056 (US) or 404-537-3406 (International) and entering the Conference ID 38401265.

About Rush Enterprises, Inc.

Rush Enterprises, Inc. is the premier service provider to the commercial vehicle industry and owns and operates the largest network of commercial vehicle dealerships in the United States, representing truck and bus manufacturers, including Peterbilt, International, Hino, Isuzu, Ford, UD, Blue Bird and IC Bus. The Company's vehicle centers are strategically located in high traffic areas on or near major highways in 14 states throughout the Southern and Western United States. These one-stop centers offer an integrated approach to meeting customer needs – from sales of new and used vehicles to aftermarket parts, service and body shop operations plus a wide array of financial services, including financing, insurance, leasing and rental. Rush Enterprises' operations also provide vehicle up-fitting, chrome accessories and tires. For more information, please visit www.rushenterprises.com .

The Rush Enterprises, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3352

Certain statements contained herein, including those concerning current and projected market conditions, sales forecasts, demand for the Company's services and plans to acquire additional dealerships, are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, competitive factors, general U.S. economic conditions, economic conditions in the new and used commercial vehicle markets, customer relations, relationships with vendors, the interest rate environment, governmental regulation and supervision, product introductions and acceptance, changes in industry practices, onetime events and other factors described herein and in filings made by the Company with the Securities and Exchange Commission.

 
RUSH ENTERPRISES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Shares and Per Share Amounts)
     
  September 30, December 31,
  2012 2011
  (Unaudited)  
Assets    
Current assets:    
Cash and cash equivalents $ 230,303 $ 207,775
Accounts receivable, net  92,141  98,160
Inventories, net  715,868  649,626
Prepaid expenses and other  4,159  12,158
Deferred income taxes, net  12,253  12,286
     
Total current assets 1,054,724  980,005
     
Investments 6,628 6,628
     
Property and equipment, net  572,203  499,667
     
Goodwill, net 180,918 182,612
     
Other assets, net  48,455  48,789
     
Total assets $ 1,862,928 $ 1,717,701
     
     
Liabilities and shareholders' equity    
Current liabilities:    
Floor plan notes payable $ 575,211 $ 520,693
Current maturities of long-term debt  70,817  63,465
Current maturities of capital lease obligations  10,706 10,056
Trade accounts payable  65,957  62,299
Accrued expenses  91,863  134,278
Total current liabilities  814,554  790,791
     
Long-term debt, net of current maturities  304,989  264,822
Capital lease obligations, net of current maturities 37,294 35,498
Other long-term liabilities 2,142 2,233
Deferred income taxes, net  112,468  93,123
     
Shareholders' equity:    
Preferred stock, par value $.01 per share; 1,000,000 shares authorized; 0 shares outstanding in 2012 and 2011  –    –  
Common stock, par value $.01 per share; 60,000,000 class A shares and 20,000,000 class B shares authorized; 27,930,139 class A shares and 10,792,223 class B shares outstanding in 2012; and 27,406,424 class A shares and 10,776,697 class B shares outstanding in 2011    404   398
Additional paid-in capital 220,519  208,569
Treasury stock, at cost: 1,639,843 class B shares (17,948) (17,948)
Retained earnings  390,401  342,164
Accumulated other comprehensive loss, net of tax  (1,895)  (1,949)
     
Total shareholders' equity  591,481  531,234
     
Total liabilities and shareholders' equity $  1,862,928 $ 1,717,701

 
RUSH ENTERPRISES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Amounts)
(Unaudited)
         
  Three Months Ended Nine Months Ended
  September 30, September 30,
  2012 2011 2012 2011
         
Revenues:        
New and used truck sales $ 502,595 $ 487,324 $ 1,652,743 $ 1,231,439
Parts and service 210,749 182,585 615,685 498,532
Lease and rental 26,188 21,436 73,097 60,984
Finance and insurance 3,444 2,902 10,158 7,614
Other 2,157 2,198 6,623 5,962
         
Total revenue 745,133 696,445 2,358,306 1,804,531
         
Cost of products sold:        
New and used truck sales 469,302 452,919 1,539,126 1,147,987
Parts and service 128,901 111,849 374,774 304,014
Lease and rental 21,759 17,889 61,339 50,842
         
Total cost of products sold 619,962 582,657 1,975,239 1,502,843
Gross profit 125,171 113,788 383,067 301,688
Selling, general and administrative 91,270 79,714 275,968 224,715
Depreciation and amortization 6,323 5,771 18,262 14,492
Gain (loss) on sale of assets 49 25 136 457
Operating income 27,627 28,328 88,973 62,938
Interest expense, net 3,383 1,894 10,094 4,694
Income before taxes 24,244 26,434 78,879 58,244
Provision for income taxes 9,335 10,389 30,642 22,414
Net income $ 14,909 $ 16,045 $ 48,237 $ 35,830
         
Earnings per common share:        
Basic $  .38 $  .42 $  1.25 $  .95
Diluted  $  .38 $  .41 $  1.22 $  .92
         
Weighted average shares outstanding:        
Basic 38,740 37,932 38,602 37,796
Diluted 39,602 38,959 39,633 38,955

This press release and the attached financial tables contain certain non-GAAP financial measures as defined under SEC rules, such as Absorption Ratio, Adjusted net (cash) debt, EBITDA, Adjusted EBITDA, Free cash flow, Adjusted Free cash flow and Adjusted Invested capital, which exclude certain items disclosed in the attached financial tables. The Company provides reconciliations of these measures to the most directly comparable GAAP measures. 

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