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He Equipment Services, Inc. (HEES) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 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 Fourth Quarter 2018 Results

BATON ROUGE, Louisiana — (February 21, 2019)

H&E Equipment Services, Inc. (NASDAQ: HEES) today announced results for the fourth quarter and year ended December 31, 2018.

FOURTH QUARTER 2018 SUMMARY

 

   

Revenues increased 17.4% to $346.0 million versus $294.7 million a year ago.

 

   

Pre-tax income was $34.8 million, an increase of $7.2 million, or 26.1%, from a year ago.

 

   

Net income was $25.1 million in the fourth quarter compared to net income of $85.9 million a year ago. We recorded income tax expense of $9.7 million versus an income tax benefit of $58.4 million a year ago. The prior period $58.4 million tax benefit was due to a one-time revaluation of our deferred tax assets and liabilities resulting from the decrease in the corporate federal income tax rate enacted in December 2017. The effective income tax rate was 27.9% in the fourth quarter of 2018 and (211.7)% in the fourth quarter of 2017.

 

   

Adjusted EBITDA increased 26.2% to $114.6 million in the fourth quarter compared to $90.7 million a year ago, yielding a margin of 33.1% of revenues compared to 30.8% a year ago.

 

   

Rental revenues increased 27.6% to $163.0 million in the fourth quarter compared to $127.7 million a year ago.

 

   

New equipment sales increased 7.1% to $79.7 million in the fourth quarter compared to $74.4 million a year ago.

 

   

Used equipment sales increased 17.8% to $37.8 million in the fourth quarter compared to $32.1 million a year ago.

 

   

Gross margin was 35.6% compared to 34.2% a year ago. The increase in gross margin was the result of a shift in revenue mix to higher margin rental revenues combined with strong operating performance from several business segments.

 

   

Rental gross margins were 51.5% in the fourth quarter of 2018 compared to 51.0% a year ago.

 

- MORE -


The following information was filed by He Equipment Services, Inc. (HEES) on Thursday, February 21, 2019 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)
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)
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 (Benefit) (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 - 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)
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)
Summarized Quarterly Financial Data (Unaudited) - Summary Of Unaudited Quarterly Financial Results Of Operations (Parenthetical) (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 - 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 - Recast Of Our Results For Prior Year (Detail)
Summary Of Significant Accounting Policies - Schedule Of Changes In Carrying Amount Of Goodwill (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 - Summary Of Computation Of Basic And Diluted Net Income Per Common Share (Detail)
Summary Of Significant Accounting Policies - Summary Of Revenue By Type And By Applicable Accounting Standard (Detail)
Validation And Qualifying Accounts
Valuation And Qualifying Accounts (Detail)
Ticker: HEES
CIK: 1339605
Form Type: 10-K Annual Report
Accession Number: 0001564590-19-003669
Submitted to the SEC: Thu Feb 21 2019 11:07:24 AM EST
Accepted by the SEC: Thu Feb 21 2019
Period: Monday, December 31, 2018
Industry: Miscellaneous Equipment Rental And Leasing

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