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He Equipment Services, Inc. (HEES) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

He Equipment Services, Inc.

CIK: 1339605 Ticker: HEES

Exhibit 99.1

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 First Quarter 2020 Results and Announces Non-Cash Goodwill Impairment Charge

 

BATON ROUGE, Louisiana -- (May 8, 2020)

-- H&E Equipment Services, Inc. (NASDAQ: HEES) today announced results for the first quarter ended March 31, 2020, including a $62.0 million non-cash goodwill impairment charge.

 

FIRST QUARTER 2020 SUMMARY

 

 

Revenues decreased 8.8% to $285.9 million versus $313.6 million a year ago.

 

Included in the first quarter 2020 net loss was a $62.0 million pre-tax non-cash goodwill impairment charge.  Net loss was $37.0 million in the first quarter compared to net income of $14.2 million a year ago.  The effective income tax rate was 21.9% in the first quarter of 2020 and 26.4% in the first quarter of 2019.  Excluding the impairment charge, net income was $10.8 million in the first quarter compared to net income of $14.2 million a year ago.  Excluding the impairment charge, the effective income tax rate was 26.2% in the first quarter of 2020 and 26.4% in the first quarter of 2019.

 

Adjusted EBITDA decreased 1.7% to $99.2 million in the first quarter compared to $100.9 million a year ago, yielding a margin of 34.7% of revenues compared to 32.2% a year ago.  

 

Total equipment rental revenues for the first quarter of 2020 were $174.5 million, a decrease of $1.6 million, or 0.9%, compared to $176.1 million a year ago. Rental revenues for the first quarter of 2020 were $158.6 million, a decrease of approximately $1.0 million, or 0.7%, compared to $159.7 million in the first quarter of 2019.

 

New equipment sales decreased 47.8% to $30.9 million in the first quarter compared to $59.1 million a year ago.

 

Used equipment sales increased 5.3% to $31.2 million in the first quarter compared to $29.6 million a year ago.

 

Gross margin was 36.9% compared to 36.3% a year ago.  The increase in gross margin was largely the result of a shift in revenue mix to rentals.

 

Total equipment rental gross margins were 41.3% in the first quarter of 2020 compared to 44.3% a year ago.  Rental gross margins were 46.1% in the first quarter of 2020 compared to 48.7% last year.  The decrease was primarily due to lower time utilization.  

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The following information was filed by He Equipment Services, Inc. (HEES) on Friday, May 8, 2020 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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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 Operations (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 Operations Information (Detail)
Condensed Consolidating Financial Information Of Guarantor Subsidiaries
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 Operations (Detail)
Consolidating Financial Information Of Guarantor Subsidiaries (Tables)
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 (Loss) Per Share
Income (Loss) Per Share (Tables)
Income (Loss) Per Share - Additional Information (Detail)
Income (Loss) Per Share - Summary Of Computation Of Basic And Diluted Net Income (Loss) Per Common Share (Detail)
Income Taxes
Leases
Leases - Additional Information (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 - Reconciliation Of Senior Unsecured Notes To Condensed Consolidated Balance Sheets (Detail)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Significant Accounting Policies (Tables)
Significant Accounting Policies - Additional Information (Detail)
Significant Accounting Policies - Schedule Of Changes In Carrying Amount Of Goodwill (Detail)
Significant Accounting Policies - Summary Of Revenue By Type And By Applicable Accounting Standard (Detail)
Stock-Based Compensation
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Stock-Based Compensation - Additional Information (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)

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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: 0001564590-20-023551
Submitted to the SEC: Fri May 08 2020 4:07:34 PM EST
Accepted by the SEC: Fri May 08 2020
Period: Tuesday, March 31, 2020
Industry: Miscellaneous Equipment Rental And Leasing

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