- Average monthly crawler crane rental rates increased by $717 to $16,233 for the three month period ended March 31, 2012 from $15,516 for the quarter ended March 31, 2011. Excluding the impact of the levee project that was active in 2011, utilization of crawler cranes increased to 37.0% in the first quarter of 2012, compared to 33.9% in the first quarter of 2011;
- Utilization of our rough terrain fleet was 54.8%, which represented a sequential quarterly increase in utilization of 3.0%;
- Utilization of larger tower cranes and elevator lifts improved by 10.6% on a sequential quarterly basis and on certain tower crane sub-classes utilization is above 60.0%;
- New, used and rental equipment sales totaled $6.2 million for the three month period ended March 31, 2012, a 50.8% increase from $4.1 million for the three month period ended March 31, 2011; and
- Revolving debt balances have decreased by $4.0 million over the three months ended March 31, 2012, in part, due to $5.3 million of rental equipment sales at an average of 110.3% of Orderly Liquidation Value (“OLV”).
Essex Rental Corp. (Nasdaq: ESSX) ("Essex") today announced its unaudited consolidated results for the first quarter ended March 31, 2012. First Quarter 2012 Highlights