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As of 8:10 PM 04/17/14 All times are local (Market data is delayed by at least 15 minutes).

essex rental corp (ESSX) Key Developments

Essex Rental Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended Dec. 31, 2013; Provides Earnings Guidance for the Year of 2014

Essex Rental Corp. reported unaudited consolidated earnings results for the fourth quarter and year ended Dec. 31, 2013. For the quarter, the company reported total revenues of $22,451,088 compared to $23,191,595 a year ago. Loss from operations was $1,860,773 compared to $903,285 a year ago. Loss before income taxes was $5,102,094 compared to $3,651,355 a year ago. Net loss was $3,646,771 or $0.15 per basic and diluted share compared to $3,004,990 or $0.12 per basic and diluted share a year ago. Adjusted EBITDA was $3,067,204 compared to $4,383,126 a year ago. EBITDA before non-cash compensation and non-recurring expenses decreased to $3.9 million for the three month period ended December 31, 2013 compared to $5.0 million for the three month period ended December 31, 2012. For the year, the company reported total revenues of $95,537,435 compared to $98,260,854 a year ago. Loss from operations was $3,228,532 compared to $6,929,143 a year ago. Loss before income taxes was $14,708,723 compared to $18,217,134 a year ago. Net loss was $9,644,597 or $0.39 per basic and diluted share compared to $12,652,955 or $0.52 per basic and diluted share a year ago. Adjusted EBITDA was $16,473,542 compared to $14,804,107 a year ago. Adjusted EBITDA before noncash compensation and nonrecurring expenses was $18.3 million, a 6.5% increase compared to $17.2 million for the year ended December 31, 2012. For the year 2014, the company is not projecting any significant revenue increases, but instead forecasting conservative growth throughout the year. The company anticipates that 2014 EBITDA before non-cash compensation and non-recurring items will be in the range of $18 million to $22 million. The company expects consolidated interest expense in 2014 to be approximately $11 million. The company is not projecting any significant net capital expenditures in excess of anticipated equipment sales in 2014.

Essex Rental Corp. Announces Management Changes

Essex Rental Corp. announced that its Board of Directors has appointed Nicholas Matthews, 41, formerly Chief Operating Officer, to President and Chief Executive Officer effective tomorrow. Mr. Matthews will also serve as a director on Essex's Board. Prior to joining Essex in 2013, he served as Vice President and Group Executive for Railcar Operations at GATX.

Essex Rental Corp. Appoints William Fox to Board of Directors

Essex Rental Corp. announced that William Fox, most recently the Senior Vice President and General Manager of Cranes at H&E Equipment Services Inc., has been appointed to Essex's Board of Directors. As SVP and General Manager of H&E Crane Division, Bill was integrally involved in all aspects of this leading integrated equipment services company. He has over 40 years of experience in the crane industry and is familiar with all aspects of Essex's business, including rental, new and used equipment sales, and parts and service support.

Essex Rental Corp. Announces Modification of Revolving Credit Facility

Essex Rental Corp. announced that it entered into an amendment to its Coast Crane credit agreement. The modification to the credit agreement provides Essex with greater flexibility to capitalize on opportunities to increase revenues associated with the sale of new equipment. The modification also amends language in the existing credit agreement related to the application of asset sale proceeds from new and used equipment sales. The amendment to the revolving credit facility will allow to take advantage of opportunities to grow new equipment distribution business. Prior to amending loan agreement, the company was limited in the amount of new equipment for resale that it could purchase, because such purchases were deemed capital expenditures, and therefore, were included in the calculation of its fixed charges. As a result of the loan amendment, these purchases are now deemed inventory and are not included in fixed charge ratio. The loan modification will provide with greater flexibility to capitalize on opportunities within this segment of its business.

Essex Rental Corp. to Report Q4, 2013 Results on Mar 13, 2014

Essex Rental Corp. announced that they will report Q4, 2013 results at 9:00 AM, Eastern Standard Time on Mar 13, 2014

 

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