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H&E Equipment Services Reports Fourth Quarter 2012 Results

Forward-Looking Statements

Certain statements in this press release are “forward-looking statements” within the meaning of the federal securities laws. Statements that are not historical facts, including statements about our beliefs and expectations are forward-looking statements. Statements containing the words “may”, “could”, “would”, “should”, “believe”, “expect”, “anticipate”, “plan”, “estimate”, “target”, “project”, “intend” and similar expressions constitute forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties, which could cause actual results to differ materially from those contained in any forward-looking statement. Such factors include, but are not limited to, the following: (1) general economic conditions and construction and industrial activity in the markets where we operate in North America, as well as the depth and duration of the macroeconomic downturn related to decreases in construction and industrial activities, and the impact of conditions of the global credit markets and their effect on construction spending activity and the economy in general; (2) relationships with equipment suppliers; (3) increased maintenance and repair costs as we age our fleet and decreases in our equipments’ residual value; (4) our indebtedness; (5) the risks associated with the expansion of our business; (6) our possible inability to effectively integrate any businesses we acquire; (7) competitive pressures; (8) compliance with laws and regulations, including those relating to environmental matters and corporate governance matters; and (9) other factors discussed in our public filings, including the risk factors included in the Company's most recent Annual Report on Form 10-K. Investors, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. Except as required by applicable law, including the securities laws of the United States and the rules and regulations of the SEC, we are under no obligation to publicly update or revise any forward-looking statements after the date of this release.
 
H&E EQUIPMENT SERVICES, INC.
CONSOLIDATED STATEMENTS OF INCOME (unaudited)
(Amounts in thousands, except per share amounts)
 
   

Three Months Ended December 31,
 

Twelve Months Ended December 31,

2012
 

2011

2012
 

2011
Revenues:
Equipment rentals $ 80,700 $ 62,598

$

288,641

$

228,038
New equipment sales 87,011 86,582 241,721 220,211
Used equipment sales 29,463 19,692 104,563 85,347
Parts sales 25,460 23,345 99,621 94,511
Service revenues 14,939 13,882 56,554 53,954
Other 12,544 10,920 46,215 38,490
Total revenues 250,117 217,019 837,315 720,551
 
Cost of revenues:
Rental depreciation 28,239 22,635 102,966 86,781
Rental expense 13,677 12,115 50,052 46,599
New equipment sales 77,252 77,881 214,197 196,152
Used equipment sales 20,562 14,598 73,988 65,042
Parts sales 18,497 17,048 72,323 69,222
Service revenues 6,070 5,525 21,977 21,024
Other 12,327 11,166 44,510 43,028
Total cost of revenues 176,624 160,968 580,013 527,848
 
Gross profit 73,493 56,051 257,302 192,703
 
Selling, general, andadministrative expenses 45,149 38,673 169,653 153,354
Gain on sales of property andequipment, net 114 272 1,592 793
 
Income from operations 28,458 17,650 89,241 40,142
 
Loss on early extinguishment of debt

-

-
(10,180 )

-
Interest expense

(11,873

)

(7,120

)

 
(35,541 ) (28,727 )
Other income, net 177 100 928 726
 
Income before provisionfor income taxes 16,762 10,630 44,448 12,141
 
Provision for income taxes 6,058 2,768 15,612 3,215
 
Net income

$

10,704

$

7,862

$

28,836

$

8,926
 
NET INCOME PER SHARE
Basic – Net income per share

$

0.31

$

0.23

$

0.83

$

0.26
Basic – Weighted average number ofcommon shares outstanding 34,958 34,806 34,890 34,759
 
Diluted – Net income per share

$

0.31

$

0.23

$

0.82

$

0.26
Diluted – Weighted average number ofcommon shares outstanding 35,022 34,898 34,978 34,887
Dividends declared per common share

$

-

$

-

$

7.00

$

-
 
 
H&E EQUIPMENT SERVICES, INC.
SELECTED BALANCE SHEET DATA (unaudited)
(Amounts in thousands)
 
   

December 31,
 

December 31,
2012 2011
Cash

 

$

8,894

 

$

24,215
Rental equipment, net 583,349 450,877
Total assets 942,399 753,305
Total debt (1) 690,166 268,660
Total liabilities 893,763 489,098
Stockholders’ equity 48,636 264,207
Total liabilities and stockholders’ equity

 

$

942,399

 

$

753,305
 

(1) Total debt consists of the aggregate amounts outstanding on the senior secured credit facility, senior unsecured notes and capital lease obligations. Total debt as presented as of December 31, 2012 includes $8.9 million of unaccreted note discount related to the Company’s senior unsecured notes.
H&E EQUIPMENT SERVICES, INC.
UNAUDITED RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Amounts in thousands)
 
   

Three Months Ended December 31
 

Twelve Months Ended December 31
 

2012
   

2011
 

2012
   

2011
 
Net income

$

10,704

$

7,862

$

28,836

$

8,926
Interest expense 11,873 7,120 35,541 28,727
Provision for income taxes 6,058 2,768 15,612 3,215
Depreciation 31,723 25,580 116,447 99,036
Amortization of intangibles   -   25   66   362
 
EBITDA

$

60,358

$

43,355

$

196,502

$

140,266
 
Loss on early extinguishment of debt   -   -   10,180   -
 
Adjusted EBITDA

$

60,358

$

43,355

$

206,682

$

140,266
 
H&E EQUIPMENT SERVICES, INC.
UNAUDITED RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Amounts in thousands, except per share amounts)
 
   

Twelve Months Ended December 31, 2012

As Reported
 

Adjustment (1)
 

Adjusted

Income before provision for income taxes
$44,448 $10,180 $54,628
 
Provision for income taxes   15,612   3,573   19,185
 
Net income $ 28,836 $ 6,607 $ 35,443
 
NET INCOME PER SHARE
Basic – Net income per share $ 0.83 $ 1.02
Diluted – Net income per share $ 0.82 $ 1.01
 

Weighted average number of common shares outstanding
Basic   34,890   34,890
Diluted   34,978   34,978
 

(1) Adjustment includes premium paid to repurchase or redeem the Company’s 8 3/8% senior unsecured notes and the write-off of unamortized deferred transaction costs.

Copyright Business Wire 2010
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