Neff Corp., Miami, reported net income of $1.5 million for the first quarter ended March 31, compared with a net loss of $14.7 million for the first quarter 2001. The results included a gain on the extinguishments of debt of $7 million related to the repurchase of senior subordinated notes.
First quarter net income also included the reversal of $1.8 million of costs incurred in connection with the proposed sale of the company that were recorded in 2000. The company successfully managed to get fees associated with the sale reduced.
Total first quarter revenues were $43.4 million, compared to revenues of $59.2 million for 1Q '01. Same-store rental revenues decreased by 11.2 percent.
EBITA decreased by 29.4 percent to $11.8 million, compared to EBITA of $16.7 million for the quarter of 2001.
Neff Rental is No. 9 on the new RER 100.