This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Essex Rental Corp. Reports Second Quarter 2013 Results

Essex Rental Corp. (Nasdaq: ESSX) ("Essex") today announced its unaudited consolidated results for the three months ended June 30, 2013.

Second Quarter 2013 Highlights

  • EBITDA before non-cash compensation and non-recurring expenses for the three month period ended June 30, 2013 increased to $5.5 million as compared to $4.3 million for the three month period ended June 30, 2012;
  • Crawler crane utilization increased to 46.6% for the three month period ended June 30, 2013 compared to 39.4% and 43.9% for the three month periods ended June 30, 2012 and March 31, 2013, respectively. Crawler crane utilization has increased on a quarter over quarter basis in each of the past five quarters and is at its highest level since the first quarter of 2009;
  • Utilization of boom trucks increased to 60.4% for the three month period ended June 30, 2013, compared to 43.1% for the three month period ended June 30, 2012;
  • Utilization of self erecting tower cranes increased to 43.3% for the three month period ended June 30, 2013, compared to 26.5% for the three month period ended June 30, 2012;
  • Equipment rental revenue increased by 10.0% to $12.2 million for the three month period ended June 30, 2013 compared to $11.1 million for the three month period ended June 30, 2012; and
  • Total debt decreased by $6.9 million over the three month period ended June 30, 2013, and has decreased by $17.2 million or 7.5% over the past 18 months, due to both free cash flow from operations and the disposition of excess rental equipment at an average of 110.1% of Orderly Liquidation Value (“OLV”).

CEO Comments

Ron Schad, President and CEO of Essex stated, “The continued year over year improvement in our operating results in addition to the increased demand for our product offerings is encouraging. We are pleased to be reporting our highest quarterly EBITDA before non-cash compensation and non-recurring expenses since 2009.”

1 of 6

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,919.31 -41.26 -0.24%
S&P 500 1,970.21 -8.13 -0.41%
NASDAQ 4,422.03 -27.5340 -0.62%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs