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McGrath RentCorp Announces Results For Third Quarter 2012

Stocks in this article: MGRC

All comparisons presented below are for the quarter ended September 30, 2012 to the quarter ended September 30, 2011 unless otherwise indicated.

MOBILE MODULAR

For the third quarter of 2012, the Company’s Mobile Modular division reported a 24% decrease in income from operations to $4.6 million. Rental revenues decreased 1% to $20.0 million and other direct costs increased 14% to $6.7 million, which resulted in a decrease in gross profit on rental revenues of 9% to $9.8 million. Sales revenues decreased 33% to $5.7 million, with gross profit on sales revenues decreasing 41% to $1.3 million, primarily due to lower margins on used equipment sales revenues in the third quarter of 2012. Selling and administrative expenses increased 1% to $8.5 million primarily as a result of higher salary and benefit costs, primarily related to the expansion of our Portable Storage growth initiative.

TRS-RENTELCO

For the third quarter of 2012, the Company’s TRS-RenTelco division reported a 24% increase in income from operations to $10.2 million. Rental revenues increased 7% to $26.5 million. The increase in rental revenues together with a 1% decrease in depreciation expense to $9.7 million and an 18% increase in other direct costs to $3.9 million, resulted in an increase in gross profit on rental revenues of 10% to $12.9 million. Sales revenues increased 2% to $5.8 million with gross profit on sales increasing 11% to $2.8 million, due to higher margins on used equipment sales revenues in the third quarter of 2012. Selling and administrative expenses decreased 1% to $6.2 million, primarily due to decreased salary and benefit costs.

ADLER TANKS

For the third quarter of 2012, the Company’s Adler Tanks division reported a 20% decrease in income from operations to $7.6 million. Rental revenues increased 5% to $16.9 million and other direct costs increased 94% to $2.1 million, which resulted in a decrease in gross profit on rental revenues of 8% to $11.8 million. Rental related services revenues increased $1.3 million to $4.6 million, with gross profit on rental related services revenues decreasing $0.3 million to $0.7 million. Selling and administrative expenses increased 13% to $4.9 million, primarily due to higher allocated corporate expenses as Adler’s revenues grew at a higher rate compared to other business segments and increased personnel and benefit costs.

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