Published: March 15, 2010
Essex Rental Corp. Reports 2009 Fourth Quarter and Year End Results
BUFFALO GROVE, Ill. - (BUSINESS WIRE) - Essex Rental Corp. (Nasdaq: ESSX; ESSXW; ESSXU) ("Essex")
today announced its consolidated results for the fourth quarter and year
ended December 31, 2009. The following results are those of Essex Rental
Corp. and its wholly owned subsidiaries, including Essex Crane Rental
Corp. ("Essex Crane"), its operating subsidiary, which was acquired by
Essex on October 31, 2008 through the acquisition of Essex Holdings, LLC
("Essex Holdings" ), the direct parent of Essex Crane, and Essex Finance
Corp., which was formed in 2009 to facilitate the acquisition of certain
rental equipment.
Included below is a comparison of Essex's actual results of operations
for the quarter and year ended December 31, 2009 to the unaudited pro
forma results for the same periods in the prior year. The pro forma
results of operations assume that Essex acquired Essex Holdings as of
January 1, 2008, which we believe provides the most meaningful
comparison of our business's results of operations for the quarter and
year ended December 31, 2008.
Management Comments on 2009
Ron Schad, President & CEO of Essex, stated, "While we are disappointed
with Essex's results for 2009, in light of the current economic
conditions we were satisfied with our ability to successfully manage
costs thereby enabling us to optimize free cash flow. The decrease in
utilization rates and to a lesser extent average rental rates had a
significant negative impact on total revenues. Despite the difficult
operating environment, we had positive cash flow from operations of
approximately $15.1 million or $0.96 per share on a fully diluted basis
in 2009 and had $48.7 million of borrowing capacity under our revolving
credit facility at December 31, 2009."
Fourth Quarter Overview
Essex's total rental related revenue for the fourth quarter of 2009,
which includes revenue from equipment rentals, repair and maintenance,
and transportation services, but excludes used rental equipment sales,
was $8.7 million compared to the pro forma total rental related revenue
of $19.8 million for the 2008 period. The decline was primarily due to
lower equipment rental revenue driven by lower utilization rates on
cranes and attachments which represented 70.0% of total revenue, or $6.4
million for the quarter ended December 31, 2009, compared to 73.8% of
pro forma total revenue, or $15.9 million for the comparable period in
2008. Equipment rental income was also impacted by a 15.9% decrease in
the average monthly crane rental rate to $19,181 compared to the average
monthly crane rental rate of $22,805 for the comparable period in 2008.
The decrease in average crane rental rate was the result of excess
market supply of rental equipment compared to the demand due to the
weakening economy and the difficult commercial credit environment
compounded by the expiration of existing rental agreements executed at
higher rental rates in the prior year and earlier.
The crane utilization rate (on a days method) for the fourth quarter
2009 equaled 34.8%, compared to 73.0% in the comparable period in 2008.
Cost of revenues for the quarter ended December 31, 2009 was $6.9
million, compared to $9.6 million for the 2008 period. The decrease in
cost of revenues is due to the lower revenue level, cost reduction
initiatives previously mentioned, and a decrease in the number of rental
equipment items sold, which were offset by an increase in depreciation
expense related to rental equipment purchased during 2009. Excluding the
net book value of rental equipment sold and depreciation expense, costs
were $3.7 million for the fourth quarter of 2009, compared to $5.8
million for the same period in 2008.
Selling, general and administrative expenses were $1.8 million for the
fourth quarter of 2009, a decrease from $8.3 million for the same period
in the prior year. The decrease was primarily due to $6.0 million of
expensed acquisition related costs incurred during the fourth quarter
2008 and a decrease in payroll related expenses as a result of our
previously discussed cost reduction initiatives. Both of these expense
reductions were partially offset by an increase in costs in 2009
associated with being a public company.
Rental EBITDA was $3.1 million for the quarter ended December 31, 2009,
versus $5.7 million for the fourth quarter ended December 31, 2008
excluding the $23.9 million goodwill impairment charge recorded in the
prior period.
Full Year 2009 Overview
Essex's total rental related revenue for the year ended December 31,
2009, which includes revenue from equipment rentals, repair and
maintenance, and transportation services, but excludes used rental
equipment sales, was $45.6 million compared to the pro forma total
rental related revenue of $77.4 million for the 2008 period. The decline
was primarily due to lower equipment rental revenue driven by lower
utilization rates on cranes and attachments which represented 66.4% of
total revenue, or $34.6 million for the year ended December 31, 2009,
compared to 72.0% of pro forma total revenue, or $61.8 million for the
comparable period in 2008. The average monthly crane rental rate was
$21,081 for the year ended December 31, 2009 compared to $21,382 for the
comparable period in 2008. The crane utilization rate (on a days method)
for the year ended December 31, 2009 equaled 43.6%, compared to 72.5%
for the year ended December 31, 2008. Crane utilization for Essex's
heavier lifting equipment (equipment with lifting capacity in excess of
200 tons) meaningfully exceeded the utilization rate for the entire
fleet.
Cost of revenues for the year ended December 31, 2009 was $32.9 million,
compared to $38.4 million for the comparable 2008 period. The decrease
in cost of revenues is due to the lower revenue level, cost reduction
initiatives, and a decrease in the number of rental equipment items sold
offset by an increase in the net book value of rental equipment sold and
an increase in depreciation expense related to rental equipment
purchased during 2009. Excluding the net book value of rental equipment
sold and depreciation expense, costs were $16.1 million in 2009,
compared to $23.3 million for the 2008 period.
Selling, general and administrative expenses were $10.5 million in 2009,
a decrease from $17.7 million in 2008. The decrease was primarily due to
$6.2 million of acquisition related expenses incurred during 2008 in
addition to a decrease in payroll related expenses as a result of our
cost reduction initiatives. Both of these expense reductions were
partially offset by a $2.2 million increase in costs in 2009 associated
with being a public company.
Rental EBITDA was $19.0 million for the year ended December 31, 2009,
versus $36.5 million for the year ended December 31, 2008, excluding the
$23.9 million goodwill impairment charge recorded in the prior period.
Outlook for 2010
Mr. Schad continued, "We expect that our fleet utilization will improve
throughout 2010. Although we have begun 2010 with low levels of
utilization, our expectation for improvement should result in 2010
average utilization near or above the average utilization experienced in
2009. While we are not prepared to provide full year 2010 earnings
guidance, our first quarter fiscal 2010 Rental EBITDA is expected to be
less than that in the preceding quarter ended December 31, 2009
primarily due to lower average rental rates. Notwithstanding, we have
begun to experience an increase in crane utilization. Specifically, we
are encouraged that new order commitments (in both quantity of cranes
and total dollar amount of bookings) through the first two months of
2010 have been greater than new order commitments received during the
entire quarter ended March 31, 2009. The quality of the new business
opportunities that we are quoting and the likelihood that these
opportunities will materialize are in part the basis for our optimism
that our utilization rates will improve throughout 2010. Based on
previous market cycles, we would expect that we will only experience a
rebound in average rental rates when an increase in demand pushes
utilization to higher levels."
Mr. Schad concluded, "In 2010 and forward, Essex will continue to focus
its efforts on managing the business to maximize free cash flow and
return on invested capital through prudent growth. In 2009, our cost
management efforts reduced our operating expenses by over $5.0 million
on an annualized basis. We will continue these efforts in 2010 with
similar levels of savings until the business improves. In addition, due
to lower utilization levels, we are likely to reduce our investment in
new crane purchases in 2010 to maximize the returns on the nearly $40.0
million investment in new rental equipment over the last 24 months. To
date, the financial return on this investment is not fully reflected in
our reported results. Opportunities for the sale of smaller capacity,
older cranes continue to exist at values in excess of our appraised
orderly liquidation value (OLV). We remain confident in the underlying
value of our assets which have remained stable. We continue to believe
that our strategy to sell underutilized lighter lifting capacity
equipment and reinvest into heavier lifting capacity higher average
monthly rental rate equipment positions us well to meaningfully
participate in the recovery."
Conference Call
Essex's management team will conduct a conference call to discuss the
operating results at 9:00 a.m. ET on Monday, March 15, 2010. Interested
parties may participate in the call by dialing 706-902-1803. Please call
in 10 minutes before the call is scheduled to begin, and ask for the
Essex Rental Corp. call (conference ID# 54692863).
The conference call will be webcast live via the Investor Relations
section ("Events and Presentations") of the Essex Rental Corp. website
at www.essexcrane.com.
To listen to the live call, please go to the website at least 15 minutes
early to register, download and install any necessary audio software. If
you are unable to listen live, the conference call will be archived on
the website.
About Essex Rental Corp.
Headquartered outside of Chicago, Essex, through its subsidiary, Essex
Crane, is one of North America's largest providers of lattice-boom
crawler crane and attachment rental services. With over 350 cranes and
attachments in its fleet, Essex supplies cranes for construction
projects related to power generation, petro-chemical, refineries, water
treatment & purification, bridges, highways, hospitals, shipbuilding,
offshore oil fabrication and industrial plants, and commercial
construction.
Some of the statements in this press release and other written and oral
statements made from time to time by the Company and its representatives
are "forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These statements include
statements regarding the intent and belief or current expectations of
Essex and its management team and may be identified by the use of words
like "anticipate", "believe", "estimate", "expect", "intend", "may",
"plan", "will", "should", "seek", the negative of these terms or other
comparable terminology. Investors are cautioned that any such
forward-looking statements are not guarantees of future performance and
involve risks and uncertainties, and that actual results may differ
materially from those projected in the forward-looking statements.
Important factors that could cause actual results to differ materially
from Essex's expectations include, without limitation, the continued
ability of Essex to successfully execute its business plan, the
possibility of a change in demand for the products and services that
Essex provides (through its subsidiary, Essex Crane), intense
competition which may require us to lower prices or offer more favorable
terms of sale, our reliance on third party suppliers, our indebtedness
which could limit our operational and financial flexibility, global
economic factors including interest rates, general economic conditions,
geopolitical events and regulatory changes, our dependence on our
management team and key personnel, as well as other relevant risks
detailed in our Annual Report on Form 10-K and other periodic reports
filed with the Securities and Exchange Commission and available on our
website, www.essexcrane.com.
The factors listed here are not exhaustive. Many of these uncertainties
and risks are difficult to predict and beyond management's control.
Forward-looking statements are not guarantees of future performance,
results or events. Essex assumes no obligation to update or supplement
forward-looking information in this press release whether to reflect
changed assumptions, the occurrence of unanticipated events or changes
in future operating results or financial conditions, or otherwise.
This press release includes references to Rental EBITDA, an unaudited
financial measure of performance which is not calculated in accordance
with generally accepted accounting principles, or GAAP. While management
believes that the presentation of Rental EBITDA serves to enhance
understanding of Essex's and Essex Crane's operating performance, Rental
EBITDA should be considered in addition to, but not as substitutes for,
or more meaningful than, income from operations, the most directly
comparable GAAP measures, as an indicator of Essex's and Essex Crane's
operating performance. Rental EBITDA has been presented as a
supplemental disclosure because EBITDA is a widely used measure of
performance and basis for valuation. A reconciliation of Rental EBITDA
to income from operations is included in the financial tables
accompanying this release.
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Essex Rental Corp.
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Consolidated Statements of Operations
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Quarter Ended December 31,
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Year Ended December 31,
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2009
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2008 (1)
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2009
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2008 (1)
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(Unaudited)
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(Unaudited)
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(Unaudited)
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REVENUE
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Equipment rentals
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$
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6,360,757
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$
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15,855,119
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$
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34,556,696
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$
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61,823,678
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Used rental equipment sales
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403,875
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1,730,771
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6,478,197
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8,439,805
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Transportation
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978,469
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1,985,791
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4,909,346
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8,163,171
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Equipment repairs and maintenance
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1,345,013
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1,914,138
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6,140,153
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7,424,692
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TOTAL REVENUE
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9,088,114
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21,485,819
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52,084,392
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85,851,346
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COST OF REVENUES
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Salaries, payroll taxes and benefits
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1,428,936
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2,136,217
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6,006,715
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8,041,998
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Depreciation
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2,847,494
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2,302,994
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11,210,472
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10,561,967
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Net book value of rental equipment sold
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290,937
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1,439,677
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5,584,784
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4,625,783
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Transportation
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826,012
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1,479,486
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3,743,595
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6,727,663
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Equipment repairs and maintenance
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1,162,342
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1,696,971
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4,873,005
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6,647,754
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Yard operating expenses
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311,625
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501,932
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1,482,371
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1,839,273
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TOTAL COST OF REVENUES
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6,867,346
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9,557,277
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32,900,942
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38,444,438
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GROSS PROFIT
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2,220,768
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11,928,542
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19,183,450
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47,406,908
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Selling, general and administrative expenses
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1,835,877
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8,283,988
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10,547,405
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17,698,297
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Goodwill impairment
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-
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23,895,733
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-
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23,895,733
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Other depreciation and amortization
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180,633
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362,366
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781,751
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995,324
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INCOME (LOSS) FROM OPERATIONS
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204,258
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(20,613,545
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)
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7,854,294
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4,817,554
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OTHER INCOME (EXPENSES)
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Other income
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316
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179,065
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643
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-
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Interest expense
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(1,654,101
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(1,497,936
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(6,681,740
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(9,524,943
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TOTAL OTHER INCOME (EXPENSES)
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(1,653,785
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(1,318,871
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(6,681,097
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(9,524,943
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INCOME (LOSS) BEFORE INCOME TAXES
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(1,449,527
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(21,932,416
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1,173,197
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(4,707,389
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PROVISION (BENEFIT) FOR INCOME TAXES
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(830,758
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(7,512,682
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(22,609
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(1,068,388
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NET INCOME (LOSS)
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$
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(618,769
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$
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(14,419,734
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$
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1,195,806
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$
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(3,639,001
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Weighted average shares outstanding:
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Basic
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14,117,714
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14,146,029
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14,110,789
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14,155,055
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Diluted
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14,117,714
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14,146,029
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15,805,191
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14,155,055
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Earnings (loss) per share:
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Basic
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$
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(0.04
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$
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(1.02
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$
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0.08
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$
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(0.26
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Diluted
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$
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(0.04
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)
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$
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(1.02
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)
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$
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0.08
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$
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(0.26
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)
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(1)
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On October, 31, 2008, Essex Rental Corp. consummated the acquisition
of Essex Holdings, LLC and its wholly owned subsidiary, Essex Crane
Rental Corp. (collectively, the "Predecessor"). The consolidated
statements of operations for the quarter and year ended December 31,
2008 include unaudited pro forma results as if the acquisition
occurred as of January 1, 2008. Management believes comparison of
2009 actual results to 2008 pro forma results provides the most
meaningful comparison of Essex's results of operations. Additional
information regarding Essex Rental Corp.'s acquisition of the
Predecessor as well as information regarding proforma financial
information is available in our annual and quarterly reports filed
with the Securities and Exchange Commission.
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Essex Rental Corp.
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Rental and Utilization Statistics
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(Unaudited)
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Quarter Ended December 31,
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Year Ended December 31,
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2009
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2008
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2009
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2008
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Average crane rental rate per month
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$
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19,181
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$
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22,805
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$
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21,081
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$
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21,382
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Utilization Statistics - Cranes
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"Days" Method Utilization
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34.8
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%
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73.0
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%
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43.6
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%
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72.5
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%
|
|
"Hits" Method Utilization
|
|
|
|
|
|
38.5
|
%
|
|
|
|
76.8
|
%
|
|
|
|
48.2
|
%
|
|
|
|
77.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(See definitions in the quarterly and annual reports filed with the
SEC)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Income from Operations
|
|
to Total EBITDA and Rental EBITDA
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended December 31,
|
|
|
Year Ended December 31,
|
|
|
|
|
|
|
|
2009
|
|
|
|
|
2008
|
|
|
|
|
2009
|
|
|
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from Operations
|
|
|
|
|
$
|
204,258
|
|
|
|
$
|
(20,613,545
|
)
|
|
|
$
|
7,854,294
|
|
|
|
$
|
4,817,554
|
|
|
Add: Depreciation
|
|
|
|
|
|
2,847,494
|
|
|
|
|
2,302,994
|
|
|
|
|
11,210,472
|
|
|
|
|
10,561,967
|
|
|
Add: Goodwill Impairment
|
|
|
|
|
|
-
|
|
|
|
|
23,895,733
|
|
|
|
|
-
|
|
|
|
|
23,895,733
|
|
|
Add: Other depreciation and amortization
|
|
|
|
|
|
180,633
|
|
|
|
|
362,366
|
|
|
|
|
781,751
|
|
|
|
|
995,324
|
|
|
Total EBITDA
|
|
|
|
|
|
3,232,385
|
|
|
|
|
5,947,548
|
|
|
|
|
19,846,517
|
|
|
|
|
40,270,578
|
|
|
Minus: Used rental equipment sales
|
|
|
|
|
|
(403,875
|
)
|
|
|
|
(1,730,771
|
)
|
|
|
|
(6,478,197
|
)
|
|
|
|
(8,439,805
|
)
|
|
Add: Net book value of rental equipment sold
|
|
|
|
|
|
290,937
|
|
|
|
|
1,439,677
|
|
|
|
|
5,584,784
|
|
|
|
|
4,625,783
|
|
|
Rental EBITDA
|
|
|
|
|
$
|
3,119,447
|
|
|
|
$
|
5,656,454
|
|
|
|
$
|
18,953,104
|
|
|
|
$
|
36,456,556
|
|
|
|
|
Essex Rental Corp.
|
|
Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
|
|
|
2009
|
|
|
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$
|
199,508
|
|
|
|
$
|
139,000
|
|
|
Accounts receivable, net of allowances for doubtful accounts and
|
|
|
|
|
|
|
|
|
credit memos of $1,545,000 and $660,000, respectively
|
|
|
|
|
4,973,995
|
|
|
|
|
11,350,561
|
|
|
Other receivables
|
|
|
|
|
3,791,845
|
|
|
|
|
3,167,773
|
|
|
Deferred tax assets
|
|
|
|
|
1,724,621
|
|
|
|
|
1,859,071
|
|
|
Prepaid expenses and other assets
|
|
|
|
|
410,198
|
|
|
|
|
440,879
|
|
|
TOTAL CURRENT ASSETS
|
|
|
|
|
11,100,167
|
|
|
|
|
16,957,284
|
|
|
|
|
|
|
|
|
|
|
|
Rental equipment, net
|
|
|
|
|
260,767,678
|
|
|
|
|
255,692,116
|
|
|
Property and equipment, net
|
|
|
|
|
6,981,660
|
|
|
|
|
8,176,143
|
|
|
Spare parts inventory, net
|
|
|
|
|
3,556,236
|
|
|
|
|
3,276,858
|
|
|
Identifiable finite lived intangibles, net
|
|
|
|
|
2,160,239
|
|
|
|
|
3,518,667
|
|
|
Loan acquisition costs, net
|
|
|
|
|
1,897,177
|
|
|
|
|
2,377,442
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS
|
|
|
|
$
|
286,463,157
|
|
|
|
$
|
289,998,510
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
$
|
1,790,683
|
|
|
|
$
|
2,510,564
|
|
|
Accrued employee compensation and benefits
|
|
|
|
|
679,078
|
|
|
|
|
2,160,960
|
|
|
Accrued taxes
|
|
|
|
|
5,663,263
|
|
|
|
|
5,203,485
|
|
|
Accrued interest
|
|
|
|
|
303,186
|
|
|
|
|
440,667
|
|
|
Accrued other expenses
|
|
|
|
|
739,639
|
|
|
|
|
1,390,864
|
|
|
Unearned rental revenue
|
|
|
|
|
793,797
|
|
|
|
|
2,176,906
|
|
|
Short-term debt obligations
|
|
|
|
|
5,170,614
|
|
|
|
|
-
|
|
|
Current portion of capital lease obligation
|
|
|
|
|
6,269
|
|
|
|
|
-
|
|
|
TOTAL CURRENT LIABILITIES
|
|
|
|
|
15,146,529
|
|
|
|
|
13,883,446
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES
|
|
|
|
|
|
|
|
|
Revolving credit facility
|
|
|
|
|
131,919,701
|
|
|
|
|
137,377,921
|
|
|
Deferred tax liabilities
|
|
|
|
|
62,935,535
|
|
|
|
|
63,266,773
|
|
|
Interest rate swap
|
|
|
|
|
2,306,294
|
|
|
|
|
3,424,613
|
|
|
Capital lease obligation
|
|
|
|
|
17,067
|
|
|
|
|
-
|
|
|
TOTAL LONG-TERM LIABILITIES
|
|
|
|
|
197,178,597
|
|
|
|
|
204,069,307
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
|
|
|
|
|
212,325,126
|
|
|
|
|
217,952,753
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Preferred stock, $.0001 par value, Authorized 1,000,000 shares, none
issued
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
Common stock, $.0001 par value, Authorized 40,000,000 shares;
|
|
|
|
|
|
|
|
|
issued and outstanding 14,124,563 shares at December 31, 2009 and
|
|
|
|
|
|
|
|
|
14,106,886 shares at December 31, 2008
|
|
|
|
|
1,412
|
|
|
|
|
1,410
|
|
|
Paid in capital
|
|
|
|
|
84,589,119
|
|
|
|
|
84,383,579
|
|
|
Accumulated deficit
|
|
|
|
|
(9,022,597
|
)
|
|
|
|
(10,218,403
|
)
|
|
Accumulated other comprehensive loss, net of tax
|
|
|
|
|
(1,429,903
|
)
|
|
|
|
(2,120,829
|
)
|
|
TOTAL STOCKHOLDERS' EQUITY
|
|
|
|
|
74,138,031
|
|
|
|
|
72,045,757
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
$
|
286,463,157
|
|
|
|
$
|
289,998,510
|
|
Essex Rental Corp.
Martin Kroll, 847-215-6502
Chief
Financial Officer
mkroll@essexcrane.com
or
Investor
Relations:
The Equity Group Inc.
Melissa Dixon,
212-836-9613
Senior Account Executive
mdixon@equityny.com
or
Devin
Sullivan, 212-836-9608
Senior Vice President
dsullivan@equityny.com
Copyright © 2012, Business Wire, Inc., All rights reserved. Copyright © 2012, NewsBlaze, Daily News
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