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Essex Rental Corp. Reports 2012 Fourth Quarter And Year-End Results

Essex Rental Corp. (Nasdaq: ESSX) ("Essex") today announced its consolidated results for the fourth quarter and year ended December 31, 2012.

Fourth Quarter and Year-End 2012 Highlights

  • Adjusted EBITDA before non-cash compensation and non-recurring expenses for the three months ended December 31, 2012 increased to $5.0 million as compared to $2.1 million for the three months ended December 31, 2011;
  • Adjusted EBITDA before non-cash compensation and non-recurring expenses for the year ended December 31, 2012 increased to $17.2 million compared to $9.0 million for the year ended December 31, 2011;
  • Crawler crane utilization increased to 44.8% for the three months ended December 31, 2012 compared to 43.4% and 38.3% for the three month periods ended September 30, 2012 and December 31, 2011, respectively. Crawler crane utilization increased in every quarter of 2012;
  • Average monthly crawler crane rental rates increased by $387 to $17,947 for the three month period ended December 31, 2012 from $17,560 for the three month period ended September 30, 2012. The average monthly rental rate achieved in the fourth quarter of 2012 is the highest since 2009;
  • Rough terrain crane utilization was 61.9% for the three month period ended December 31, 2012. While it is down from the historic high of 69.3% for the three month period ended September 30, 2012, it has increased when compared to 51.8% for the three month period ended December 31, 2011;
  • Utilization of larger tower cranes and elevator lifts increased to 56.0% for the three month period ended December 31, 2012 from 54.7% and 37.3% for the three month periods ended September 30, 2012 and December 31, 2011, respectively. Self-erecting tower crane utilization increased to 41.6% for the three month period ended December 31, 2012 from 33.1% and 28.7% for the three month periods ended September 30, 2012 and December 31, 2011, respectively.

CEO Comments

Ron Schad, President and CEO of Essex stated, “In the fourth quarter of 2012, we continued to experience a gradual improvement in our business. We have seen increases in activity in most of our end markets on a year over year basis, with the largest increases in the power and petrochemical sectors. The expected duration of new crawler crane orders year to date through December has increased by 9.6% compared to the prior year’s orders. The increased duration is providing greater revenue visibility and if this trend continues, is likely to have a positive impact on utilization. Utilization on our hydraulic heavy lift crawler cranes, which represent approximately 70% of the value of our crawler crane fleet and 50% of our entire fleet, equaled 63.8% for the three months ended December 31, 2012. These cranes have a higher lifting capacity and typically command a rental rate nearly twice that of traditional crawler cranes. We are selectively increasing rental rates for certain categories of our heavy lift crawler fleet.

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