He Equipment Services, Inc. (HEES) 10-K Annual Report Thu Feb 23 2017

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.

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

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

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

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

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

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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.

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

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

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

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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 - Cash Flow Highlight
We generate cash primarily from our operating activities and, historically, we have used cash flows from operating activities, manufacturer floor plan financings and available borrowings under the Credit Facility as the primary sources of funds to purchase inventory and to fund working capital and capital expenditures, growth and expansion opportunities see also Liquidity and Capital Resources below.

Revenue - Product Highlight
For the year ended December 31, 2016, approximately 45.5% of our total revenues were attributable to equipment rentals, 20.1% of our total revenues were attributable to new equipment sales, 9.9% were attributable to used equipment sales, 11.2% were attributable to parts sales, 6.6% were attributable to our services revenues and 6.7% were attributable to non-segmented other revenues.
Financial - Expense Highlight
For purposes of the sensitivity analysis above, we elected not to decrease the useful lives of other equipment, which are primarily three-year estimated useful life assets rather, we have held the depreciation expense constant at the actual amount of depreciation expense.
Financial - Cash Flow Highlight
Future deterioration in the macroeconomic environment, adverse changes within our industry, further deterioration in our common stock price, downward revisions to our projected cash flows based on new information, or other factors, some of which are beyond our ability to control, could result in a future impairment charge that could materially impact our future results of operations and financial position in the reporting period identified.
Revenue - Product Highlight
This full service approach provides us with multiple points of customer contact, enables us to maintain a high quality rental fleet, as well as an effective distribution channel for fleet disposal and provides cross-selling opportunities among our new and used equipment sales, rental, parts sales and services operations.
Financial - Debt
Our failure to comply with...Read more
Financial - Shares
We may redeem up to...Read more
Financial - Expense
Our selling, general and administrative...Read more
Financial - Cash Flow
Partially offsetting these positive cash...Read more
Financial - Income
The Company recognizes both interest...Read more
Legal - Other
Effective February 3, 2006, H&E...Read more
Revenue - Product
Our work force includes distinct,...Read more
Financial - Expense
assets and a $1.7 million...Read more
M & A - Other
The original acquisition cost of...Read more
Other - Other
At February 16, 2017, we...Read more
Other - Other
As of February 16, 2017,...Read more
M & A - Other
We expect to face competition...Read more
Other - Other
Although we cannot accurately anticipate...Read more
Other - Other
As a result of our...Read more
Financial - Shares
The WACC is an estimate...Read more
Financial - Expense
Interest expense also includes interest...Read more
Revenue - Product
This was a result of...Read more
Financial - Expense
Additionally, a one-year decrease in...Read more
M & A - Other
Application of the goodwill impairment...Read more
Financial - Debt
At December 31, 2016, the...Read more
Financial - Expense
A change of 5%, either...Read more
Other - Other
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Financial - Cash Flow
Based on our current level...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

He Equipment Services, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 10.3: Material Contract

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

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

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