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McGrath RentCorp Announces Results For First Quarter 2013

Stocks in this article: MGRC

Our portable storage business continued to make good progress during the quarter in building its customer following, increasing booking levels and growing rental revenues from a year ago. Rental revenues grew by 20% from a year ago, and the business was profitable for the quarter compared to a loss in the first quarter of 2012. In April 2013, we entered the greater New Jersey / New York market. We are leveraging the strong legacy name recognition and customer following of Adler Tank Rentals in entering this geography. We are striving to create higher business activity levels and greater critical mass in each of the markets in which we operate. We believe that our portable storage business can become a meaningful contributor to McGrath RentCorp's overall earnings in the future.

We believe that over time our platform of diverse business-to-business rental products and geographies will generate growth in income and share value, while maintaining our financial strength, protecting our balance sheet, providing attractive dividends and making the Company more resilient to future economic cycles."

All comparisons presented below are for the quarter ended March 31, 2013 to the quarter ended March 31, 2012 unless otherwise indicated.


For the first quarter of 2013, the Company's Mobile Modular division reported a 28% decrease in income from operations to $2.9 million. Rental revenues decreased 3% to $19.3 million and other direct costs increased 7% to $6.4 million, which resulted in a decrease in gross profit on rental revenues of 10% to $9.4 million. Sales revenues increased 64% to $3.6 million with gross profit on sales revenues increasing 43% to $0.9 million, primarily due to higher new equipment sales revenues in the first quarter of 2013. Selling and administrative expenses increased 4% to $8.8 million primarily due to increased personnel and benefit costs".

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