<SEC-DOCUMENT>0001171843-16-007781.txt : 20160210
<SEC-HEADER>0001171843-16-007781.hdr.sgml : 20160210
<ACCEPTANCE-DATETIME>20160209182406
ACCESSION NUMBER:		0001171843-16-007781
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160209
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160210
DATE AS OF CHANGE:		20160209

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RUSH ENTERPRISES INC \TX\
		CENTRAL INDEX KEY:			0001012019
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500]
		IRS NUMBER:				741733016
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-20797
		FILM NUMBER:		161401503

	BUSINESS ADDRESS:	
		STREET 1:		555 IH 35 SOUTH
		CITY:			NEW BRAUNFELS
		STATE:			TX
		ZIP:			78130
		BUSINESS PHONE:		8306265200

	MAIL ADDRESS:	
		STREET 1:		555 IH 35 SOUTH
		CITY:			NEW BRAUNFELS
		STATE:			TX
		ZIP:			78130
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k_020916.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd"><html><head></head><body style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><div style="margin-top: 3pt; margin-bottom: 12pt;"><div style="font-size: 1pt; border-top: Black 2.5pt solid; border-bottom: Black 1.1pt solid; width: 100%;">&#160;</div></div><p style="font-size: 14pt;" align="center"><strong>UNITED STATES</strong><br><strong>SECURITIES AND EXCHANGE COMMISSION</strong><br><strong>Washington, D.C. 20549<br></strong>______________________</p><p style="font-size: 14pt; text-transform: uppercase;" align="center"><strong>Form 8-K<br></strong>______________________</p><p style="font-size: 12pt;" align="center"><strong>CURRENT REPORT</strong></p><p style="font-size: 12pt;" align="center"><strong>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</strong></p><p align="center">Date of Report (Date of earliest event Reported): <!--February 9, 2016-->February 9, 2016 &#160;</p><p align="center"><strong style="font-size: 14pt;">Rush Enterprises, Inc.</strong><br>(Exact Name of Registrant as Specified in Charter)</p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td align="center" width="33%"><strong>Texas</strong></td><td align="center" width="34%"><strong>0-20797</strong></td><td align="center" width="33%"><strong>74-1733016</strong></td></tr><tr valign="top"><td align="center" width="33%">(State or Other Jurisdiction of Incorporation)</td><td align="center" width="34%">(Commission File Number)</td><td align="center" width="33%">(I.R.S. Employer Identification Number)</td></tr></table><p>&#160;</p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="bottom"><td align="center" width="50%"><strong>555 IH-35 South, Suite 500, New Braunfels, Texas 78130<!----></strong></td></tr><tr valign="top"><td align="center" width="50%">(Address of Principal Executive Offices) (Zip Code)</td></tr></table><p align="center"><strong>(830) 626-5200</strong><br>(Registrant's telephone number, including area code)</p><p align="center"><strong></strong><br>(Former name or former address, if changed since last report)</p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td colspan="3">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:<br><br></td></tr><tr valign="top"><td width="21">&#160;</td><td width="40">[  ]</td><td nowrap="nowrap">&#160;&#160;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</td></tr><tr valign="top"><td width="21">&#160;</td><td width="40">[  ]</td><td nowrap="nowrap">&#160;&#160;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</td></tr><tr valign="top"><td width="21">&#160;</td><td width="40">[  ]</td><td nowrap="nowrap">&#160;&#160;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</td></tr><tr valign="top"><td width="21">&#160;</td><td width="40">[  ]</td><td nowrap="nowrap">&#160;&#160;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</td></tr></table><div style="margin-top: 12pt; margin-bottom: 3pt;"><div style="font-size: 1pt; border-top: Black 1.1pt solid; border-bottom: Black 2.5pt solid; width: 100%;">&#160;</div>&#160;</div><hr style="page-break-after: always;" noshade="noshade"><p>  <strong> &#160;</strong></p><p><strong>Item 2.02. Results of Operations and Financial Condition.</strong></p><p>On February 9, 2016, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.</p><p><strong>Item 9.01. Financial Statements and Exhibits.</strong></p><p>Exhibit 99.1.   Press release dated February 9, 2016</p><p><p> </p><p>&#160;</p><hr style="page-break-after: always;" noshade="noshade"><p align="center"><strong>SIGNATURE</strong></p><p>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td valign="top" width="49%">&#160;</td><td style="font-size: 12pt;" colspan="2" valign="top"><strong>Rush Enterprises, Inc.</strong></td></tr><tr valign="top"><td width="49%">&#160;</td><td width="2%">&#160;</td><td width="49%">&#160;</td></tr><tr valign="top"><td width="49%">&#160;</td><td width="2%">&#160;</td><td width="49%">&#160;</td></tr><tr valign="top"><td width="49%">Date:&#160;February 9, 2016</td><td width="2%">By:&#160;</td><td style="text-decoration: underline;" width="49%">/s/ Steven L. Keller&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td></tr><tr valign="top"><td width="49%">&#160;</td><td width="2%">&#160;</td><td width="49%">Name: Steven L. Keller</td></tr><tr valign="top"><td width="49%">&#160;</td><td width="2%">&#160;</td><td width="49%">Title: Senior Vice President, Chief Financial Officer and Treasurer</td></tr><tr valign="top"><td width="49%">&#160;</td><td width="2%">&#160;</td><td width="49%"></td></tr></table><p></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh_991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"><html lang="en-US"><head><title>EdgarFiling</title><meta content="text/html; charset=windows-1252"><meta name="GENERATOR" content="MSHTML 8.00.7601.18094"></head><body bgcolor="#ffffff"><p style="text-align: right;"><strong>EXHIBIT 99.1</strong></p><p style="text-align: center;"><strong>Rush&#160;Enterprises,&#160;Inc.&#160;Reports&#160;Fourth&#160;Quarter&#160;and&#160;Year-End&#160;2015&#160;Results</strong></p><p style="text-align: center;"><p> <ul type="disc"><li><em>Revenues of $5.0 billion, $66.1 million net income</em></li><li><em>Rush Truck Centers network expands to 21 states</em></li><li><em>Rush&#8217;s annual Class 4-7 new truck sales outpace industry</em></li><li><em>Declining oil prices continue to negatively impact energy sector truck sales and aftermarket revenues<br><br></em></li></ul>  <p>SAN ANTONIO, Feb.  09, 2016  (GLOBE NEWSWIRE) -- Rush Enterprises, Inc. (NASDAQ:RUSHA) (NASDAQ:RUSHB), which operates the largest network of commercial vehicle dealerships in North America, today announced that for the year ended December 31, 2015, the Company achieved revenues of $5.0 billion and net income of $66.1 million, or $1.61 per diluted share, compared with revenues of $4.7 billion and net income of $80.0 million, or $1.96 per diluted share, in the year ended December 31, 2014.</p>  <p>&#8220;We were able to offset lost revenues from declining energy-related Class 8 truck sales with lower margin truck sales to large fleets throughout 2015.&#160; This lower margin business combined with declining demand for aftermarket services from the energy sector and a significant decline in used truck values in the fourth quarter had a negative impact on net income and earnings,&#8221; explained W. M. &#8220;Rusty&#8221; Rush, Chairman, Chief Executive Officer and President of Rush Enterprises. &#8220;To help offset this decline in business we are implementing broad and significant expense reductions. However, as in past years, the cost of employee benefits and payroll taxes will negatively impact expenses in the first quarter of 2016.&#8221; &#160;</p>  <p>&#8220;During 2015, we continued to invest in our long-term growth strategy.&#160; We expanded our network to 21 states through acquisitions in Georgia, Illinois and Nevada and increased service capacity in existing markets through expansion of existing facilities in California and Tennessee and construction of new facilities in Ohio and Texas.&#160; In the area of aftermarket solutions, we substantially completed the rollout of our RushCare Rapid Parts call centers and introduced our new Momentum Fuel Technologies compressed natural gas fuel system and a new telematics offering.&#160; We also implemented an advanced service management system throughout our network that will lead to real-time and transparent communications for customers with vehicles in our service shops,&#8221; Rush said.&#160; &#8220;We also continue to implement improved practices in procurement, asset management, process standardization and customer satisfaction.&#8221;</p>  <p>&#8220;As always, I extend my thanks and congratulations to our family of employees throughout the organization for their efforts this year and continued dedication to providing our customers with exceptional service to help keep them up and running,&#8221; Rush added.</p>  <p align="center"><strong><em>Operations</em></strong></p>  <p><strong><u>Aftermarket Solutions</u></strong></p>  <p>Aftermarket services accounted for 64.1% of the Company&#8217;s total gross profits in 2015 with parts, service and body shop revenues reaching $1.4 billion, up 5.1% over 2014.&#160; The Company achieved an annual absorption ratio of 115.6%.&#160;</p>  <p>We began to see a negative impact to overall parts and service revenues from decreased activity in the energy sector in October.&#160; Demand from the energy sector continued to deteriorate throughout the fourth quarter as oil prices continued to fall.&#160; We expect decreased activity in the energy sector will negatively impact aftermarket revenues in 2016.</p>  <p><strong><u>Truck Sales</u></strong></p>  <p>In 2015, Rush Class 8 retail sales accounted for 6.7% of the total U.S. Class 8 market, compared to 7.1% in 2014.&#160; The Company sold 16,874 Class 8 trucks in 2015, an increase of 7% compared to 2014.</p>  <p>&#8220;Our geographic diversity and hard work allowed us to replace lost energy-related new Class 8 truck sales with incremental sales to large over-the-road fleets throughout the year.&#160; However, in the fourth quarter, our Class 8 new vehicle sales decreased approximately 28%, compared to the fourth quarter of 2014,&#8221; said Rush.&#160;</p>  <p>ACT Research forecasts U.S. retail sales of Class 8 trucks to total 222,000 units in 2016, a 12.2% decrease from 2015 retail sales.&#160;</p>  <p>&#8220;Additionally, an increased supply of used trucks resulted in a sharp decrease in used truck values during the second half of 2015.&#160; As a result, we incurred a significant write-down to used truck inventory values in the fourth quarter,&#8221; Rush explained.&#160;</p>  <p>&#8220;Given the decreasing freight trends, increased capacity as a result of 2015 being the best truck sales year since 2006, lower used truck values and ongoing slowness in the energy sector, we believe 2016 U.S. retail sales of Class 8 trucks could be significantly less than ACT Research currently forecasts,&#8221; explained Rush.</p>  <p>Rush&#8217;s U.S. Class 4-7 medium-duty truck sales reached 11,241 units in 2015, up 13% over 2014, outpacing the industry&#8217;s Class 4-7 new truck sales, which were up 8.3% in 2015.&#160;&#160; Rush&#8217;s medium-duty new truck sales accounted for 5.2% of the total U.S. Class 4-7 market.&#160; &#8220;Our investment in work-ready medium-duty inventory at our dealerships continues to drive strong sales performance because we can meet the immediate needs of medium-duty vocational customers.&#160; &#160;Sales to large medium-duty fleets, primarily in the lease and rental and food and beverage industries, also contributed to our strong sales performance,&#8221; said Rush.</p>  <p>ACT Research forecasts U.S. retail sales for Class 4-7 vehicles are forecast to reach 218,350 units in 2016, a 0.1% increase over 2015.&#160; &#8220;We believe our Class 4-7 truck sales will remain stable through 2016,&#8221; said Rush.</p>  <p align="center"><strong><em>Financial Highlights</em></strong></p>  <p>In the fourth quarter of 2015, the Company&#8217;s gross revenues totaled $1.2 billion compared to gross revenues of $1.3 billion reported for the fourth quarter of 2014. Net income for the quarter was $9.8 million, or $0.24 per diluted share, compared to $24.6 million, or $0.60 per diluted share, in the quarter ended December 31, 2014.&#160; These results included a $6.1 million write-down of new and used truck inventory in the fourth quarter of 2015, which reduced quarterly and 2015 earnings by $.09 per diluted share.&#160; The Company recognized a pre-tax charge of $3.4 million in its depreciation and amortization expense related to the impairment of the Company&#8217;s aircraft in the fourth quarter of 2014, which reduced quarterly and 2014 earnings by $.05 per diluted share.&#160;</p>  <p>For the year ended December 31, 2015, the Company&#8217;s gross revenues totaled $5.0 billion compared to gross revenues of $4.7 billion reported in 2014. The Company reported net income for the year of $66.1 million, or $1.61 per diluted share, compared with a net income of $80.0 million, or $1.96 per diluted share in 2014.&#160;</p>  <p>Aftermarket services revenues were $331.4 million in the fourth quarter of 2015, compared to $335.1 million in the fourth quarter of 2014.&#160; The fourth quarter absorption ratio was 111.8% as compared to 119.3% in the fourth quarter of 2014.&#160; The Company delivered 3,686 new heavy-duty trucks, 2,764 new medium-duty commercial vehicles, 518 new light-duty commercial vehicles and 1,882 used commercial vehicles during the fourth quarter of 2015, compared to 5,119 new heavy-duty trucks, 2,393 new medium-duty commercial vehicles, 352 new light-duty commercial vehicles and 2,213 used commercial vehicles in the fourth quarter of 2014.&#160; &#160;Fourth quarter Class 8 retail sales accounted for 6.1% of the U.S. market as compared to 8.1% for the same time period in 2014.&#160; Class 4-7 retail sales in the fourth quarter of 2015 accounted for 4.6% of the U.S. market as compared to 4.5% for the same time period in 2014.</p>  <p>Aftermarket services revenues were $1.4 billion in the year ended 2015, compared to $1.3 billion in the year ended 2014.&#160; The Company sold 37,702 new and used commercial vehicles in 2015, a 7% increase compared to 35,352 new and used commercial vehicles in 2014.&#160; The Company delivered 16,874 new heavy-duty trucks, 11,241 new medium-duty commercial vehicles, 1,665 new light-duty commercial vehicles and 7,922 used commercial vehicles during 2015, compared to 15,833 new heavy-duty trucks, 9,922 new medium-duty commercial vehicles, 1,704 new light-duty commercial vehicles and 7,893 used commercial vehicles during 2014.&#160;</p>  <p>The Company&#8217;s Rush Truck Leasing operations increased revenues by 12.6% in 2015 compared to 2014, primarily as a result of acquisitions and a successful service model that attempts to maximize uptime for contracted customers.&#160; Including newly acquired franchises, Rush Truck Leasing now operates 72 Paclease and Idealease franchises in markets across the country with more than 7,800 trucks in its lease and rental fleet and an additional 1,345 trucks under contract maintenance agreements.&#160;<strong><strong>&#160;</strong></strong></p>  <p align="center"><strong><strong>Conference Call Information</strong></strong></p>  <p>Rush Enterprises will host its quarterly conference call to discuss earnings for the fourth quarter and year-end on <strong>Wednesday, February 10, 2016, at 10 a.m. Eastern/9 a.m. Central</strong>.&#160; The call can be heard live by dialing <strong>877-638-4557 (US) or 914-495-8522 (International), conference ID 29334340 </strong>or via the Internet at http://investor.rushenterprises.com/events.cfm.&#160;</p>  <p>For those who cannot listen to the live broadcast, the webcast will be available on our website at the above link until April 10, 2016.&#160; Listen to the audio replay until February 17, 2016, by dialing <strong>855-859-2056 (US) or 404-537-3406 (International)</strong> and entering the conference ID 29334340.</p>  <p><strong><strong>About Rush Enterprises, Inc.</strong></strong></p>  <p align="justify">Rush Enterprises, Inc. is the premier solutions provider to the commercial vehicle industry.&#160; The Company owns and operates Rush Truck Centers, the largest network of commercial vehicle dealerships in the United States, with 118 dealership locations in 21 states.&#160; These vehicle centers, strategically located in high traffic areas on or near major highways throughout the United States, represent truck and bus manufacturers, including Peterbilt, International, Hino, Isuzu, Ford, IC Bus and Blue Bird. They offer an integrated approach to meeting customer needs &#8212; from sales of new and used vehicles to aftermarket parts, service and body shop operations plus financing, insurance, leasing and rental.&#160; Rush Enterprises' operations also provide vehicle up-fitting, CNG fuel systems, vehicle telematics products, chrome accessories, and tires.&#160; For more information, please visit www.rushenterprises.com.&#160;</p>  <p align="left"><em>Certain statements contained herein, including those concerning current and projected market conditions, sales forecasts, demand for the Company&#8217;s services and the impact of decreased energy sector activity are &#8220;forward-looking&#8221; statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, competitive factors, general U.S. economic conditions, economic conditions in the new and used commercial vehicle markets, customer relations, relationships with vendors, the interest rate environment, governmental regulation and supervision, product introductions and acceptance, changes in industry practices, one-time events and other factors described herein and in filings made by the Company with the Securities and Exchange Commission.&#160;</em></p>  <p align="center">-Tables to Follow-</p> <table style="border-collapse: collapse; border-collapse: collapse; border-collapse: collapse; border-collapse: collapse; border-collapse: collapse; border-collapse: collapse; border-collapse: collapse; border-collapse: collapse; border-collapse: collapse; "><tr><td colspan="8" style="text-align: center ;  vertical-align: bottom; vertical-align: top ; ">&#160;</td></tr><tr><td colspan="8" style="vertical-align: top ; text-align: center ;  vertical-align: bottom; "><strong><u>RUSH ENTERPRISES, INC. 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">619,268</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: top ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: top ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: top ; ">573,670</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: top ; ">&#160;</td></tr><tr><td style="vertical-align: top ; ">Depreciation and amortization</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: top ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: top ; ">11,808</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: top ; ">&#160;</td><td style="text-align: right ; 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padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: top ; ">43,045</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: top ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: top ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: top ; ">121,276</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: top ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: top ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: top ; ">141,741</td><td style="padding-left: 0 ; 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&#8220;Adjusted Net (Cash) Debt&#8221; and &#8220;Adjusted Invested Capital&#8221; are both non-GAAP financial measures.&#160; Additionally, these non-GAAP measures may vary among companies and may not be comparable to similarly titled non-GAAP measures used by other companies.</p></p><p>Contact:&#160;<br>Rush&#160;Enterprises,&#160;Inc.,&#160;San&#160;Antonio&#160;<br>Steven&#160;L.&#160;Keller,&#160;830-302-5226</p></body></html>
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</DOCUMENT>
</SEC-DOCUMENT>
