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Rush Enterprises, Inc. Reports Fourth Quarter And Year-End 2012 Results

Conference Call Information

Rush Enterprises will host its quarterly conference call to discuss earnings for the fourth quarter and year-end on Wednesday, February 13, 2013, 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 April 10, 2013. Listen to the audio replay until February 20, 2013, by dialing 855-859-2056 (US) or 404-537-3406 (International) and entering the conference ID 95822105.

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, IC Bus and Blue Bird. The Company's vehicle centers are strategically located in high traffic areas on or near major highways in 15 states throughout the 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, the Company's expectations about its share repurchase program, the Company's acquisition prospects, and the ability of the Company to maintain its current absorption rate 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.

-Tables to Follow-

 
RUSH ENTERPRISES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Shares and Per Share Amounts)
     
  December 31, December 31,
  2012 2011
  (Unaudited)  
Assets    
Current assets:    
Cash and cash equivalents $ 198,773 $ 207,775
Accounts receivable, net  89,615  98,160
Inventories, net  690,953  649,626
Prepaid expenses and other  12,088  12,158
Deferred income taxes, net  14,630  12,286
     
Total current assets 1,006,059  980,005
     
Investments 6,628 6,628
     
Property and equipment, net  622,112  499,667
     
Goodwill, net 198,257 182,612
     
Other assets, net  48,510  48,789
     
Total assets $ 1,881,566 $ 1,717,701
     
Liabilities and shareholders' equity    
Current liabilities:    
Floor plan notes payable $ 534,520 $ 520,693
Current maturities of long-term debt  80,030  63,465
Current maturities of capital lease obligations 10,673 10,056
Trade accounts payable  62,270  62,299
Accrued expenses  100,953  134,278
Total current liabilities  788,446  790,791
     
Long-term debt, net of current maturities  319,634  264,822
Capital lease obligations, net of current maturities 39,300 35,498
Other long-term liabilities 2,484 2,233
Deferred income taxes, net  123,756  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; 27,999,068 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  222,627  208,569
Treasury stock, at cost: 1,639,843 class B shares (17,948) (17,948)
Retained earnings  404,619  342,164
Accumulated other comprehensive loss, net of tax  (1,756)  (1,949)
Total shareholders' equity  607,946  531,234
     
Total liabilities and shareholders' equity $ 1,881,566 $ 1,717,701

 

     
RUSH ENTERPRISES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Amounts)
     
  Three Months Ended December 31, Year Ended December 31,
   2012  2011  2012  2011
  (Unaudited)   (Unaudited)   (Unaudited)    
Revenues:        
New and used commercial vehicle sales $ 496,592 $ 570,525 $ 2,149,335 $ 1,801,964
Parts and service 201,595 176,745 817,280 675,277
Lease and rental 27,150 22,442 100,247 83,426
Finance and insurance 3,480 3,253 13,638 10,867
Other 3,444 3,115 10,067 9,077
         
Total revenue 732,261 776,080 3,090,567 2,580,611
         
Cost of products sold:        
New and used commercial vehicle sales 466,650 531,183 2,005,776 1,679,170
Parts and service 125,076 104,530 499,850 408,544
Lease and rental 22,835 18,778 84,174 69,620
         
Total cost of products sold 614,561 654,491 2,589,800 2,157,334
         
Gross profit 117,700 121,589 500,767 423,277
         
Selling, general and administrative 85,759 81,558 361,727 306,273
         
Depreciation and amortization 6,754 5,592 25,016 20,084
         
Gain (loss) on sale of assets 40 (39) 176 418
         
Operating income 25,227 34,400 114,200 97,338
         
Interest expense, net 2,923 2,467 13,017 7,161
         
Income before taxes 22,304 31,933 101,183 90,177
         
Provision for income taxes 8,086 12,550 38,728 34,964
         
Net income $ 14,218 $ 19,383 $ 62,455 $ 55,213
         
Earnings per common share:        
Basic $ .37 $ .51 $ 1.62 $ 1.46
Diluted $ .36 $ .50 $ 1.57 $ 1.42
         
Weighted average shares outstanding:        
Basic 38,766 38,052 38,643 37,861
Diluted 39,804 39,126 39,688 39,014

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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