This Day On The Street
Continue to site
ADVERTISEMENT
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

McGrath RentCorp Announces Results For Fourth Quarter 2013

Rental Revenues Increase 2% EPS Decreases 4% to $0.45 for the Quarter Company Announces 2% Dividend Increase

LIVERMORE, Calif., Feb. 27, 2014 (GLOBE NEWSWIRE) -- McGrath RentCorp (Nasdaq:MGRC) (the "Company"), a diversified business to business rental company, today announced revenues for the quarter ended December 31, 2013 of $94.6 million, a decrease of 7%, compared to $102.0 million in the fourth quarter of 2012. The Company reported net income of $11.8 million, or $0.45 per diluted share for the fourth quarter of 2013, compared to net income of $11.9 million, or $0.47 per diluted share, in the fourth quarter of 2012.

Total revenues for the year ended December 31, 2013 were $379.3 million, compared to $364.1 million in 2012. Rental revenues increased 3% to $255.8 million in 2013, compared to $248.4 million in 2012. Net income for the year ended December 31, 2013 decreased 3% to $43.4 million, compared to net income of $44.8 million in the prior year. Diluted earnings per share decreased 6% to $1.67 in 2013 from $1.78 in 2012.

The Company also announced that the board of directors declared a quarterly cash dividend of $0.245 per share for the quarter ending March 31, 2014, an increase of 2% over the prior year period. On an annualized basis, the 2014 dividend represents a 2.7% yield, based on the February 26, 2014 closing stock price. The cash dividend will be payable on April 30, 2014 to all shareholders of record on April 16, 2014.

Dennis Kakures, President and CEO of McGrath RentCorp, made the following comments regarding these results and future expectations:

"Although we are disappointed that Company-wide net income was relatively flat and EPS down 4% from last year's fourth quarter, we continue to be pleased with the underlying business activity levels and rental revenue growth outlook in our rental business portfolio.

1 of 12

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
SYM TRADE IT LAST %CHG

Markets

DOW 18,285.74 +0.34 0.00%
S&P 500 2,130.82 +4.97 0.23%
NASDAQ 5,090.7940 +19.0510 0.38%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs