RERMAG

Neff Reports 3Q02 Loss

Neff Corp., Miami, recently reported a net loss of $3.5 million, or 17 cents per diluted share for the third quarter of 2002, compared with a net loss of $2.4 million or 11 cents per diluted share for the same quarter last year.

The company reported 3Q revenues of $50.9 million, compared to revenues of $56.6 million for the third quarter of 2001. Same store rental revenues decreased by 7.6 percent. EBITDA for the quarter decreased by 24.4 percent to $14.5 million, compared to EBITDA of $19.1 million for 3Q 2001.

For the nine months ended Sept. 30, the company reported revenues of $142.9 million, a decrease of 17.6 percent from revenues of $173.5 million for the same period in 2001. Neff reported a net loss of $4.7 million, or 22 cents per diluted share for the nine months compared with a net loss of $19 million, or 90 cents per diluted share a year ago.

The net loss for the nine months includes a gain on the extinguishments of debt of $12.3 million, or 58 cents per diluted share related to Neff's repurchase of $43.7 million in an aggregate principal amount of its senior subordinated notes.

Neff is No. 9 on the RER 100.

TAGS: Ar Syndicate
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