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.”

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