Neff's Q2 Results Drop

MIAMI - Neff's second-quarter results showed a decrease from the same quarter last year, partly reflecting the company's divestment of its equity interests in Sullair Argentina and Neff Machinery.

In results released last month for the quarter ended June 30, Neff announced rental revenue of $48.5 million, down from $56.1 million for the second quarter last year. Total revenue was $62.1 million compared with $103.1 million in Q2 1999. In pro forma results, assuming the sale of the two subsidiaries had taken place Jan. 1, 1999, rental revenue was $44.7 million and total revenue $64 million.

EBITDA decreased to $36.4 million for the six months ended June 30, down from $60.7 million for the same period last year. On a pro forma basis, however, EBITDA for the first six months this year was $36.4 million, a 6.8 percent decrease from the $39.1 million a year ago.

For the six-month period, rental revenue was $91.3 million, down from $105.1 million for the same period last year but up from $83 million on a pro forma basis. Total revenue decreased from $194.7 million to $121.2 million, but rose slightly from $118.2 on a pro forma basis.

Neff is No. 7 on the RER 100. It has 84 branches in 17 states.

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