Neff Stock Delisted By NYSE, Company Announces Third Quarter Operating Results

Dec. 1, 2001
MIAMI Miami-based Neff Corp. announced last month that it was advised by the New York Stock Exchange that the Exchange will suspend the company's stock

MIAMI — Miami-based Neff Corp. announced last month that it was advised by the New York Stock Exchange that the Exchange will suspend the company's stock from trading on the Exchange, and will seek to delist the common stock from the Exchange.

Neff expects that its stock will soon be traded on the OTC Bulletin Board. In the interim, the company's stock will begin trading on the inter-dealer network known as The Pink Sheets. The Pink Sheets is an Internet-based electronic exchange that can be accessed at www.pinksheets.com.

The company announced its revenues and results from operations for the third quarter ended Sept. 30, 2001.

The company reported third quarter revenues of $56.7 million, a 22.4 percent decrease from third quarter 2000 revenues of $73 million. On a same store basis, rental revenues decreased by 3.4 percent for the third quarter of 2001 when compared to the same period of 2000. Earnings before interest, income taxes, depreciation and amortization for the quarter was $19.1 million, a decrease of 24.3 percent from EBITDA of $25.3 million for the quarter ended Sept. 30, 2000. The company reported a net loss for the third quarter of 2001 of $2.4 million or 11 cents per diluted share, compared to net income of $1.1 million or 5 cents per diluted share for the same period last year.

The company reported revenues of $173.5 million for the nine months ended Sept. 30, 2001, a decrease of 10.7 percent from revenues of $194.2 million for the nine months ended Sept. 30, 2000. On a same store basis, rental revenues increased by 1.5 percent for the nine months ended Sept. 30, 2001, when compared to the same period of 2000. EBITDA decreased by 9.3 percent to $55.9 million, compared to EBITDA of $61.7 million for the nine months ended Sept. 30, 2000. The net loss for the nine months ended Sept. 30, 2001, was 47 cents compared with 13 cents for the same period of last year. Results for the nine months ended Sept. 30, 2001, exclude charges of $9.1 million or 43 cents per diluted share. Results for the same period of 2000 exclude pre-tax charges of $4.2 million or 12 cents after taxes per diluted share.

Neff is No. 8 on the RER 100.

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