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He Equipment Services, Inc. (HEES) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

He Equipment Services, Inc.

CIK: 1339605 Ticker: HEES

Exhibit 99.1

News Release

 

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Contacts:

Leslie S. Magee

Chief Financial Officer

225-298-5261

lmagee@he-equipment.com

Kevin S. Inda

Vice President of Investor Relations

225-298-5318

kinda@he-equipment.com

H&E Equipment Services Reports Fourth Quarter 2016 Results

BATON ROUGE, Louisiana — (February 23, 2017)

H&E Equipment Services, Inc. (NASDAQ: HEES) today announced results for the fourth quarter and year ended December 31, 2016.

FOURTH QUARTER 2016 SUMMARY

 

    Revenues decreased 10.6% to $244.3 million versus $273.2 million a year ago.

 

    Net income was $12.4 million in the fourth quarter compared to net income of $12.0 million a year ago.

 

    EBITDA was $78.9 million in the fourth quarter compared to EBITDA of $81.3 million a year ago, yielding a margin of 32.3% of revenues compared to 29.8% a year ago.

 

    Rental revenues were $115.2 million in the fourth quarter compared to $115.0 million a year ago.

 

    New equipment sales decreased 28.5% to $44.9 million in the fourth quarter compared to $62.7 million a year ago.

 

    Used equipment sales decreased 29.2% to $24.9 million in the fourth quarter compared to $35.2 million a year ago.

 

    Gross margin was 34.6% compared to 33.0% a year ago.

 

    Rental gross margins were 47.7% in the fourth quarter of 2016 and 47.5% a year ago.

 

    Average time utilization (based on original equipment cost) was 70.3% compared to 72.0% a year ago. Average time utilization (based on units available for rent) was 67.6% compared to 69.3% last year.

 

    Average rental rates decreased 1.1% compared to a year ago.

 

    Dollar utilization was 34.3% in the fourth quarter compared to 35.5% a year ago.

 

    Average rental fleet age at December 31, 2016, was 33.0 months compared to an industry average age of 43.7 months.

 

- MORE -


The following information was filed by He Equipment Services, Inc. (HEES) on Thursday, February 23, 2017 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.

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Inside He Equipment Services, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Income
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (parenthetical)
Accrued Expenses Payable And Other Liabilities
Accrued Expenses Payable And Other Liabilities (tables)
Accrued Expenses Payable And Other Liabilities - Accrued Expenses Payable And Other Liabilities (detail)
Capital Lease Obligations
Capital Lease Obligations (tables)
Capital Lease Obligations - Additional Information (detail)
Capital Lease Obligations - Future Minimum Capital Lease Payments (detail)
Commitments And Contingencies
Commitments And Contingencies (tables)
Commitments And Contingencies - Additional Information (detail)
Commitments And Contingencies - Future Minimum Operating Lease Payments (detail)
Consolidating Financial Information Of Guarantor Subsidiaries
Consolidating Financial Information Of Guarantor Subsidiaries (tables)
Consolidating Financial Information Of Guarantor Subsidiaries - Condensed Consolidating Balance Sheet (detail)
Consolidating Financial Information Of Guarantor Subsidiaries - Condensed Consolidating Statement Of Cash Flows (detail)
Consolidating Financial Information Of Guarantor Subsidiaries - Condensed Consolidating Statement Of Income (detail)
Deferred Compensation Plans
Deferred Compensation Plans - Additional Information (detail)
Employee Benefit Plan
Employee Benefit Plan - Additional Information (detail)
Income Taxes
Income Taxes (tables)
Income Taxes - Actual Income Tax Expense (benefit) (detail)
Income Taxes - Additional Information (detail)
Income Taxes - Amounts Of Gross Unrecognized Tax Benefits (detail)
Income Taxes - Deferred Income Tax Assets And Liabilities (detail)
Income Taxes - Income Tax Provision (detail)
Inventories
Inventories (tables)
Inventories - Additional Information (detail)
Inventories - Summary Of Inventories (detail)
Manufacturer Flooring Plans Payable
Manufacturer Flooring Plans Payable (tables)
Manufacturer Flooring Plans Payable - Additional Information (detail)
Manufacturer Flooring Plans Payable - Maturities Of Manufacturer Flooring Plans Payable (detail)
Organization And Nature Of Operations
Property And Equipment
Property And Equipment (tables)
Property And Equipment - Additional Information (detail)
Property And Equipment - Summary Of Net Property And Equipment (detail)
Receivables
Receivables (tables)
Receivables - Summary Of Receivables (detail)
Related Party Transactions
Related Party Transactions - Additional Information (detail)
Segment Information
Segment Information (tables)
Segment Information - Additional Information (detail)
Segment Information - Information About Reportable Segments (detail)
Senior Secured Credit Facility
Senior Secured Credit Facility - Additional Information (detail)
Senior Unsecured Notes
Senior Unsecured Notes (tables)
Senior Unsecured Notes - Additional Information (detail)
Senior Unsecured Notes - Reconciliation Of Senior Unsecured Notes To Condensed Consolidated Balance Sheets (detail)
Summarized Quarterly Financial Data (unaudited)
Summarized Quarterly Financial Data (unaudited) (tables)
Summarized Quarterly Financial Data (unaudited) - Summary Of Unaudited Quarterly Financial Results Of Operations (detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies - Additional Information (detail)
Summary Of Significant Accounting Policies - Changes In Total Assets And Liabilities Due To Presentation Of Debt Issuance Costs Guidance Adopted (detail)
Summary Of Significant Accounting Policies - Estimated Incremental Borrowing Rates For Similar Types Of Borrowing Arrangements (detail)
Summary Of Significant Accounting Policies - Estimated Incremental Borrowing Rates For Similar Types Of Borrowing Arrangements (parenthetical) (detail)
Summary Of Significant Accounting Policies - Estimated Useful Lives Of Property Plant And Equipment (detail)
Summary Of Significant Accounting Policies - Schedule Of Compensation Expense Related To Non-vested Stock (detail)
Summary Of Significant Accounting Policies - Schedule Of Non-vested Stock Activity (detail)
Summary Of Significant Accounting Policies - Schedule Of Share Based Compensation Stock Options Activity (detail)
Summary Of Significant Accounting Policies - Schedule Of Share Based Compensation Stock Options Activity (parenthetical) (detail)
Summary Of Significant Accounting Policies - Summary Of Computation Of Basic And Diluted Net Income Per Common Share (detail)
Validation And Qualifying Accounts
Valuation And Qualifying Accounts (detail)
Ticker: HEES
CIK: 1339605
Form Type: 10-K Annual Report
Accession Number: 0001564590-17-002205
Submitted to the SEC: Thu Feb 23 2017 4:07:00 PM EST
Accepted by the SEC: Thu Feb 23 2017
Period: Saturday, December 31, 2016
Industry: Miscellaneous Equipment Rental And Leasing

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