11.11.2008

Essex confirms revenues

Essex Cranes the North American crawler crane rental company has now released its revenue numbers, following completion of its acquisition by Hyde Park Acquisition Corp, which has now changed its name to Essex Rental Corporation.

Total revenues for the nine months to the end of September rose by 17 percent to $64 million, while rental revenue jumped by over 31 percent to $46 million.

Growth in the third quarter continued at high levels with rental revenues up 28 percent to $16.3 million. The company says that its rental backlog as of the end of September stood at $37.4 million.

Income from operations – EBIT- for the nine months was $28.4 million, over 40 percent up on the same period in 2007.

Ron Schad, president and chief executive said: "We are very excited to be a publicly traded company and are also looking forward to completing our listing on the NASDAQ Capital Market, which we expect to take place over the next few weeks. The results for Essex Crane through the first nine months of 2008 reflect the continued strength of our end markets, the validity of our strategy to populate our fleet with higher lifting capacity equipment, which has historically produced higher monthly average rental rates and higher utilization rates, and the sustainability of our business model.”

“As we approach the end of the year, demand from our primary end markets and contract-related activity remain robust. We are encouraged by the increased national discussion about a federal fiscal stimulus program focused on infrastructure spending to address the country's current economic challenges. Such a program would create even greater demand for Essex's rental fleet."