ESSEX RENTAL CORP. REPORTS 2014 SECOND QUARTER RESULTS

New Operating Initiatives Beginning to Drive Crawler Crane Utilization
  
BUFFALO GROVE, IL - August 6, 2014 - Essex Rental Corp. (Nasdaq: ESSX) ("Essex") today announced its consolidated results for the three months ended June 30, 2014.
Second Quarter 2014 Highlights

Crawler cranes on rent at June 30, 2014 increased by 4.7% and 29.1% compared to crawler cranes on rent at June 30, 2013 and December 31, 2013, respectively. Crawler crane rental momentum accelerated throughout the second quarter evidenced by a 26.7% increase in the number of cranes on rent from March 31, 2014 to June 30, 2014;
Expected revenue from signed crawler crane leases increased by 50.0% year to date through July 2014 as compared to the same period in the prior year;
Crawler crane rental backlog as of June 30, 2014 increased by 69.2% and 50.8% compared to the backlog as of June 30, 2013 and March 31, 2014, respectively;
Hydraulic crawler crane utilization for the month of June, 2014 was 76.6% - the highest monthly hydraulic crawler crane utilization level since 2008;
Average duration of signed leases received in the first half of 2014 increased by 26.7% as compared to the same period in 2013, while average rental rates were relatively consistent;
Rough terrain crane utilization increased to 68.2% for the three month period ended June 30, 2014, compared to 58.2% for the three month period ended March 31, 2014 and 60.3% for the three month period ended June 30, 2013;
City and other tower crane utilization increased to 46.0% for the three month period ended June 30, 2014 compared to 39.1% for the three month period ended March 31, 2014 and 42.4% for the three month period ended June 30, 2013;
Equipment rental revenue increased sequentially by $1.5 million or 13.3% and on a year over year basis by $300,000 or 2.7% to $12.5 million; and
Adjusted EBITDA before non-cash compensation and non-recurring expenses increased sequentially by $1.1 million or 30.9% to $4.5 million for the three month period ended June 30, 2014 compared to $3.4 million for the three month period ended March 31, 2014.

CEO Comments

Nick Matthews, President and CEO of Essex stated, “The strategic initiatives that we previously announced have been the primary focus of our management team in the second quarter of 2014. Although we are still in the early stages of implementation, it is encouraging that these initiatives are beginning to directly contribute to the improvement in our utilization and revenues.”

“Strong hydraulic crawler crane order intake throughout the first half of 2014 has resulted in a 29.1% increase in units on rent at June 30, 2014 as compared to year end 2013, and also a 69.2% increase in backlog as compared to prior year. Hydraulic and traditional crawler crane utilization has grown each month throughout the second quarter and hydraulic crawler crane utilization for the month of June was at its highest level since 2008. Rough terrain cranes continued to increase utilization sequentially for the third consecutive quarter and are also approaching prior peak levels, while city tower cranes also showed year over year and sequential improvements.”

Mr. Matthews continued, “We believe that our success depends on our customer’s success and we are fully committed to an aggressive campaign of continuous quality improvement. We remain focused on increasing utilization in all asset classes and striving to create a more customer centric, service oriented culture. We continue to analyze potential opportunities to sell rental fleet assets that were underutilized even during historic peak demand periods. The positive response from customers and the increase in utilization that we experienced is early validation that the strategic initiatives the new management team has initiated are being well received.”

Second Quarter 2014 Overview

Equipment rentals segment revenues were $16.4 million for the three month period ended June 30, 2014 versus $18.9 million for the three month period ended June 30, 2013. Equipment rentals segment revenues include rental, transportation and used rental equipment sales. The $2.5 million decrease is driven by a $3.1 million decrease in used rental equipment sales partially offset by a $300,000 increase in both equipment rental and transportation revenues.




The following information was filed by Essex Rental Corp. (ESSX) on Thursday, August 7, 2014 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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