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

Equipment distribution segment revenue, which includes the retail distribution of new and used equipment, but excludes the proceeds received from the sale of used rental equipment, was $0.7 million for the three months ended December 31, 2012 compared to $2.1 million for the three months ended December 31, 2011. Several sale transactions that we had anticipated would close in the fourth quarter of 2012 were deferred until early 2013 due to delays in delivery from the manufacturer.

Our parts and service segment continues to display increased revenue and improved profitability when compared on a year-over-year basis. Revenues in this non-capital intensive business line increased 22.4% to $4.6 million for the three months ended December 31, 2012 as compared to $3.7 million for the three months ended December 31, 2011. Gross profit margin increased to 34.1% for the three months ended December 31, 2012 compared to 10.6% in the comparable period in 2011. The continued improvement in profitability compared to historical performance has resulted in a 293.8% increase in gross profit for this segment to $1.6 million for the three months ended December 31, 2012 compared to $0.4 million in the comparable period in 2011. The improvement in profitability in this segment of our business is being driven by a number of the operating initiatives that we introduced throughout 2012.

Total gross profit increased 89.6% to $6.2 million for the three months ended December 31, 2012 from $3.3 million for the three months ended December 31, 2011. Gross profit margin increased by approximately 12.3 percentage points to 26.9% for the three months ended December 31, 2012 from 14.6% for the three months ended December 31, 2011 due to higher margins in the equipment rentals and parts and service segments. We believe that the gross profit margin percentage achieved during the quarter ended December 31, 2012 is consistent with our expectations for future periods.

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