Neff Corp. Announces Third Quarter Operating Results
MIAMI--(BUSINESS WIRE)--Nov. 1, 2001--Neff Corp. (NYSE:NFF - news; the ``Company''), announced today its revenues and results from operations for the third quarter ended September 30, 2001.
The Company reported third quarter revenues of $56.7 million, a 22.4% decrease from third quarter 2000 revenues of $73.0 million. On a same store basis, rental revenues decreased by 3.4% for the third quarter of 2001 when compared to the same period of 2000. Earnings before interest, income taxes, depreciation and amortization (``EBITDA'') for the quarter was $19.1 million, a decrease of 24.3% from EBITDA of $25.3 million for the quarter ended September 30, 2000. The Company reported a net loss for the third quarter of 2001 of $(2.4) million or $(0.11) per diluted share, compared to net income of $1.1 million or $0.05 per diluted share for the same period last year.
Consolidated debt at September 30, 2001 was approximately $318.9 million, including approximately $119.9 million of debt outstanding under the Company's revolving credit facility. During the third quarter the Company applied free cash flow to reduce its debt by $15.2 million and for the nine months ended September 30, 2001 has reduced debt by $27.5 million.
The Company reported revenues of $173.5 million for the nine months ended September 30, 2001, a decrease of 10.7% from revenues of $194.2 million for the nine months ended September 30, 2000. On a same store basis, rental revenues increased by 1.5% for the nine months ended September 30, 2001 when compared to the same period of 2000. EBITDA decreased by 9.3% to $55.9 million, compared to EBITDA of $61.7 million for the nine months ended September 30, 2000. The net loss for the nine months ended September 30, 2001 was $(9.8) million, compared with $(2.7) million reported for the same period last year. Diluted net loss per share for the nine months ended September 30, 2001 was $(0.47), compared with $(0.13) for the same period of last year. Results for the nine months ended September 30, 2001 exclude charges of $9.1 million ($0.43 per diluted share). Results for the same period of 2000 exclude pre-tax charges of $4.2 million (or $0.12 after taxes per diluted share).
Pete Gladis, President and Chief Executive Officer, stated: ``Our third quarter results reflect the difficult operating environment presented by the current economic downturn as well as our decision to sell less used equipment this year. Despite reduced rental revenues we were able to generate free cash flow that was applied to pay down debt by over $15 million during the quarter. In addition, our ongoing efforts to rationalize our cost structure resulted in a 7.4% reduction of SG&A expenses on a year over year basis.''
Neff Corp. is one of the largest equipment rental companies in the United States, with 75 locations in 16 states at September 30, 2001. |
