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THEY DON'T KNOW EITHER (So They Say)
August 10, 1999 17:02
NEFF UNAWARE FOR REASON FOR STOCK DROP newsalert.com MIAMI, Aug. 10 (Reuters) - Equipment rental company Neff Corp. said Tuesday it is unaware of any "material developments" that would have caused the recent decline in its share price.
Neff shares fell 1-1/4, to 10-1/4, in trading Tuesday on the New York Stock Exchange, where the company was one of the top ten percentage-loss leaders. The shares have fallen every trading day since July 30, when they closed at 17-5/16, up from 16-7/16 that day.
On July 30 Neff said it was working with its financial advisor, Donaldson Lufkin & Jenrette, to evaluate strategic alternatives such as a sale of all or part of the company, a spinoff or a recapitalization.
The process is nearing completion, Neff said Tuesday, and the company expects to announce the results "shortly."
Also on July 30 Neff reported second-quarter earnings of $4.2 million, or $0.20 a share, versus a loss of $3.9 million, or $0.39 a share, in the quarter a year earlier. Before an extraordinary loss in the year-ago quarter, Neff lost $1.2 million, or $0.24 a share in the second-quarter of 1998.
Second-quarter revenues were $10.31 million, compared with $73.8 million in the year-earlier quarter.
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