Once these most recent quarterly results are finalized, they will be run through TheStreet.com Ratings' model and our ratings will be adjusted accordingly. To keep up to date on all of our ratings, visit TheStreet.com Ratings Screener. On March 4, 2009, H&E Equipment Services ( HEES) reported that it swung to a net loss in Q4 FY08, hurt by goodwill and a non cash impairment charge which reduced net income by $0.41 per share. Net loss was $635,000 or $0.02 per share compared to a net income of $17.07 million or $0.45 per share in Q4 FY07. The latest quarterly consensus estimate was a profit of $0.34 per share. During Q4 FY08, H&E Equipment Services revenue decreased 9.6% to $261.91 million from $289.67 million a year ago. Segment-wise, HEES's Equipment Rental revenues fell 9.5% to $70.77 million compared with $78.20 million in Q4 FY07. New Equipment sales fell 12.5% to $99.93 million from $114.27 million, while Used Equipment sales decreased 16.1% to $32.34 million from $38.55 million. Additionally, Parts sales grew 2.6% to $29.23 million from $28.50 million, while Service revenues slipped marginally to $17.47 million from $17.45 million. Other revenue dropped 4.2% to $12.16 million from $12.70 million a year ago. At the end of Q4 FY08, the company's rental fleet stood at $785.60 million, a decrease of 2.2% when compared to the $803.20 million result at the end of Q4 FY07. Meanwhile, the company's dollar utilization was 35.6% compared to 39.1% in the year-ago quarter. Similarly, dollar returns decreased, reflecting lower year-over-year average rental rates and lower time utilization. The company plans to reduce its capital expenditures and is monitoring its inventory levels closely. HEES has also staged a workforce reduction and a hiring freeze. Meanwhile, H&E Equipment Services' total revenues for FY08 increased 6.6% to $1.07 billion from $1.00 billion in the previous year. However, its net income fell sharply by 33.0% to $43.30 million or $1.22 per share from $64.63 million or $1.70 per share on account of goodwill and intangible asset impairment charges, which reduced net income by $0.40 per share.