FOR IMMEDIATE RELEASE
 
ESSEX RENTAL CORP. REPORTS 2009 FOURTH QUARTER AND
YEAR END RESULTS

BUFFALO GROVE, IL – March 15, 2010 – 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.

 
1

The following information was filed by Essex Rental Corp. (ESSX) on Monday, March 15, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Essex Rental Corp.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Essex Rental Corp..

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account