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He Equipment Services, Inc. (HEES) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

He Equipment Services, Inc.

CIK: 1339605 Ticker: HEES

Exhibit 99.1

 

LOGO    News Release

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 Third Quarter 2018 Results

BATON ROUGE, Louisiana — (October 25, 2018)

H&E Equipment Services, Inc. (NASDAQ: HEES) today announced results for the third quarter ended September 30, 2018.

THIRD QUARTER 2018 SUMMARY

 

   

Revenues increased 24.3% to $322.1 million versus $259.2 million a year ago.

 

   

Net income was $21.3 million in the third quarter compared to net income of $8.5 million and adjusted net income of $27.1 million a year ago.1 The effective income tax rate was 26.4% in the third quarter of 2018 and (11.7)% in the third quarter of 2017.

 

   

Adjusted EBITDA increased 22.2% to $108.2 million in the third quarter compared to $88.5 million a year ago, yielding a margin of 33.6% of revenues compared to 34.2% a year ago.

 

   

Rental revenues increased 24.2% to $156.0 million in the third quarter compared to $125.6 million a year ago.

 

   

New equipment sales increased 39.4% to $68.2 million in the third quarter compared to $48.9 million a year ago.

 

   

Used equipment sales increased 36.2% to $30.3 million in the third quarter compared to $22.3 million a year ago.

 

   

Gross margin was 35.6% compared to 36.3% a year ago. The decrease in gross margin was primarily a result of a shift in revenue mix to lower margin new equipment sales revenue.

 

1 

In the third quarter of 2017, the Company completed its offering of new 8-year 5.625% senior unsecured notes and the repurchase and redemption of its previously outstanding 7% senior unsecured notes. The Company’s operating results for the third quarter of 2017 include a $25.4 million non-recurring item associated with the premiums paid to repurchase and redeem the old notes and the write-off of unamortized note discount and deferred transaction costs associated therewith and $8.7 million of income, net of merger costs, resulting from the termination of our merger agreement with Neff Corporation.

 

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The following information was filed by He Equipment Services, Inc. (HEES) on Thursday, October 25, 2018 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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He Equipment Services, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:

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Inside He Equipment Services, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Income (Unaudited)
Acquisitions
Acquisitions (Tables)
Acquisitions - Additional Information (Detail)
Acquisitions - Summary Of Estimated Fair Values Of Assets Acquired And Liabilities Assumed (Detail)
Acquisitions - Summary Of Estimated Fair Values Of Assets Acquired And Liabilities Assumed (Parenthetical) (Detail)
Acquisitions - Unaudited Pro Forma Consolidated Statements Of Income Information (Detail)
Acquisitions - Unaudited Pro Forma Consolidated Statements Of Income Information (Detail) (Parenthetical)
Condensed Consolidating Financial Information Of Guarantor Subsidiaries
Condensed Consolidating Financial Information Of Guarantor Subsidiaries (Tables)
Condensed Consolidating Financial Information Of Guarantor Subsidiaries - Condensed Consolidating Balance Sheet (Detail)
Condensed Consolidating Financial Information Of Guarantor Subsidiaries - Condensed Consolidating Statement Of Cash Flows (Detail)
Condensed Consolidating Financial Information Of Guarantor Subsidiaries - Condensed Consolidating Statement Of Income (Detail)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Tables)
Fair Value Of Financial Instruments - Additional Information (Detail)
Fair Value Of Financial Instruments - Estimated Incremental Borrowing Rates For Similar Types Of Borrowing Arrangements (Detail)
Fair Value Of Financial Instruments - Estimated Incremental Borrowing Rates For Similar Types Of Borrowing Arrangements (Parenthetical) (Detail)
Income Per Share
Income Per Share (Tables)
Income Per Share - Additional Information (Detail)
Income Per Share - Summary Of Computation Of Basic And Diluted Net Income Per Common Share (Detail)
Organization And Nature Of Operations
Organization And Nature Of Operations (Policies)
Segment Information
Segment Information (Tables)
Segment Information - Additional Information (Detail)
Segment Information - Schedule Of 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)
Significant Accounting Policies
Significant Accounting Policies (Tables)
Significant Accounting Policies - Additional Information (Detail)
Significant Accounting Policies - Recast Of Our Results For Prior Year (Detail)
Significant Accounting Policies - Summary Of Revenue By Type And By Applicable Accounting Standard (Detail)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Additional Information (Detail)
Stock-Based Compensation - Schedule Of Compensation Expense Related To Non-Vested Stock (Detail)
Stock-Based Compensation - Schedule Of Non-Vested Stock Activity (Detail)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Summary Of Activity In Stockholders' Equity (Detail)
Stockholders' Equity - Summary Of Activity In Stockholders' Equity (Parenthetical) (Detail)

Material Contracts, Statements, Certifications & more

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

Ticker: HEES
CIK: 1339605
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-18-025114
Submitted to the SEC: Thu Oct 25 2018 4:07:36 PM EST
Accepted by the SEC: Thu Oct 25 2018
Period: Sunday, September 30, 2018
Industry: Miscellaneous Equipment Rental And Leasing

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