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Parts, service and body shop revenues remain strong
Second quarter absorption ratio of 114.9%
Company continues to execute network growth strategy
Cash position remains strong at $204 million
SAN ANTONIO, July 23, 2013 (GLOBE NEWSWIRE) -- Rush Enterprises, Inc. (Nasdaq:RUSHA) (Nasdaq:RUSHB), which operates the largest network of commercial vehicle dealerships in North America, today announced that for the quarter ended June 30, 2013, the Company's net income was $5.6 million, or $0.14 per diluted share, compared with net income of $17.4 million, or $0.44 per diluted share, in the quarter ended June 30, 2012. During the second quarter of 2013, the Company recognized a pre-tax charge of $10.8 million in its selling, general and administrative expense related to the Retirement and Transition Agreement with W. Marvin Rush. This charge resulted in a reduction of $6.6 million in net income, or $0.16 per diluted share during the second quarter.
"A lackluster new truck sales environment and increased overhead related to substantial investments made to support the continued growth of our organization made this a tough quarter," said W. M. "Rusty" Rush, Chairman, Chief Executive Officer and President of Rush Enterprises, Inc. "I recognize the additional level of commitment extended by our employees as we continue to expand our network of Rush Truck Centers and implement new technologies to ensure we provide our customers with superior service. I believe the investments we have made are necessary to the successful achievement of our long-term strategic plan and would like to thank all of our employees for their contributions to our continued growth."
"Equally important, I would like to express sincere gratitude to my father Marvin Rush, for the leadership and mentorship he has provided to the entire organization and to me personally throughout his 48-year career as founder of Rush Enterprises. Marvin Rush will continue his involvement with the Company as a member of the Board of Directors. The entire organization would like to extend congratulations and wish him much happiness in his retirement," he said.