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

Stocks in this article: ESSX

Utilization across many of our remaining asset categories increased on both a quarter over quarter basis and on a sequential quarter basis. The improvement on a sequential quarter basis is particularly encouraging as our fourth quarter has historically been a soft seasonal period. While our results are encouraging, I believe that we are still in the very early stages of what will be a gradual recovery for crawler crane utilization and rental rates. Besides an improving environment for our rental equipment, we are pleased with the results from many of the operating initiatives that we announced in the first half of 2012.

In January 2013, we sold the remaining aerial work platforms and forklifts from our rental fleet. We have now exited from this market, where we lacked a competitive advantage and were not able to leverage our crane expertise. We will continue to identify opportunities to sell rental fleet assets that were underutilized during historic peak demand periods and use the proceeds to reduce outstanding debt. During 2012, we sold $17.3 million of non-core and excess rental fleet assets at approximately 109.3% of appraised orderly liquidation value.”

Fourth Quarter 2012 Overview

Equipment rentals segment revenues were $18.0 million for the three months ended December 31, 2012 versus $16.6 million for the three months ended December 31, 2011. Equipment rentals segment revenues include rental, transportation, used rental equipment sales, and repairs and maintenance of rental equipment. The 8.2% year-over-year improvement in equipment rentals segment revenues is due to an increase in utilization for all of our core rental equipment groups and an increase in the associated transportation revenues. These increases were partially offset by a decrease in used rental equipment sales of $1.8 million. Gross profit for this segment increased by 74.3% to $4.7 million for the three months ended December 31, 2012 from $2.7 million in the comparable period in 2011.

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