Neff Corp. Announces Third Quarter Operating Results
MIAMI--(BUSINESS WIRE)--Nov. 1, 2000--Neff Corp. (NYSE:NFF - news), announced today its revenues and results from operations for the third quarter and nine months ended September 30, 2000.
During the fourth quarter of 1999 the Company sold its equity interests in two subsidiaries, S.A. Argentina and Neff Machinery, Inc. (the ``Sold Subsidiaries''). On a pro forma basis, assuming the sale of the Sold Subsidiaries took place on January 1, 1999, revenues increased 15.3% to $73.0 million for the third quarter of 2000, compared to pro forma revenue of $63.3 million for the third quarter of 1999. In addition, for the third quarter of 2000, the Company reported net income of $1.1 million or $0.05 per diluted share compared to a net loss of $(0.9) million or $(0.04) per diluted share on a pro forma basis for the third quarter of 1999. On a same store basis, rental revenues increased by 10.4% for the third quarter of 2000 when compared to the same period of 1999.
The Company reported net income of $1.1 million for the third quarter of 2000 or $0.05 per diluted share, compared to historical net income of $0.3 million or $0.02 per diluted share for the same quarter in 1999. Revenues decreased 29.7% to $73.0 million for the third quarter of 2000, compared to historical revenues of $103.8 million for the third quarter of 1999.
On a pro forma basis, assuming the sale of the Sold Subsidiaries took place on January 1, 1999, revenues increased 6.9% to $194.2 million for the nine months ended September 30, 2000, compared to pro forma revenue of $181.6 million for the nine months ended September 30, 1999. The Company reported a net loss of $(5.2) million or $(0.25) per diluted share for the nine months ended September 30, 2000 compared to net income of $0.2 million or $0.01 per diluted share on a pro forma basis for the third quarter of 1999.
The Company reported a net loss of $(5.2) million for the nine months ended September 30, 2000 or $(0.25) per diluted share, compared to historical net income of $5.3 million or $0.24 per diluted share for the nine months ended September 30, 1999. Revenues decreased 34.9% to $194.2 million for the nine months ended September 30, 2000, compared to historical revenues of $298.5 million for the nine months ended September 30, 1999.
The Company reported that earnings before interest, income taxes, depreciation and amortization (``EBITDA'') decreased to $25.3 million for the third quarter of 2000 from $31.9 million for the same quarter last year. On a pro forma basis, assuming the sale of the Sold Subsidiaries took place on January 1, 1999, EBITDA increased by 21.1% to $25.3 million for the three months ended September 30, 2000, compared to pro forma EBITDA of $20.9 million for the three months ended September 30, 1999.
The Company also reported that EBITDA decreased to $61.7 million for the nine months ended September 30, 2000 from $92.6 million for the same period last year. On a pro forma basis, assuming the sale of the Sold Subsidiaries took place on January 1, 1999, EBITDA increased by 2.8% to $61.7 million for the nine months ended September 30, 2000, compared to pro forma EBITDA of $60.0 million for the nine months ended September 30, 1999.
Consolidated debt of the Company at September 30, 2000, was approximately $355.7 million, including approximately $157.0 million of revolving debt outstanding under the Company's $219.5 million revolving credit facility.
Pete Gladis, President and Chief Executive Officer, stated: ``The third quarter marked important progress for our Company. It remains our intent to focus on improving the returns generated from our rental fleet assets, while applying free cash flow to reduce our outstanding debt. The growth dynamics of the industry remain strong, providing the opportunities to continue improved performance.''
Neff Corp. is one of the largest equipment rental companies in the United States, with 84 locations in 17 states.
The Company will conduct an investor conference call November 2, 2000 at 11:00 A.M. (EDT) that will be broadcast live on the internet at www.vcall.com . A replay of the call will be available for 90 days on the Company's web site at www.neffcorp.com shortly after the end of the conference call. |
