<SEC-DOCUMENT>0001171843-17-002505.txt : 20170502
<SEC-HEADER>0001171843-17-002505.hdr.sgml : 20170502
<ACCEPTANCE-DATETIME>20170502160013
ACCESSION NUMBER:		0001171843-17-002505
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170502
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170502
DATE AS OF CHANGE:		20170502

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MCGRATH RENTCORP
		CENTRAL INDEX KEY:			0000752714
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EQUIPMENT RENTAL & LEASING, NEC [7359]
		IRS NUMBER:				942579843
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-13292
		FILM NUMBER:		17804907

	BUSINESS ADDRESS:	
		STREET 1:		5700 LAS POSITAS RD
		CITY:			LIVERMORE
		STATE:			CA
		ZIP:			94551
		BUSINESS PHONE:		925-606-9200

	MAIL ADDRESS:	
		STREET 1:		5700 LAS POSITAS RD
		CITY:			LIVERMORE
		STATE:			CA
		ZIP:			94551
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k_050217.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<html><head><title></title></head><body><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%;"><font style="font-size: 10pt;">&#160;</font></div></div><p style="text-align: center;"><font style="font-size: 14pt;"><strong>UNITED STATES</strong><br><strong>SECURITIES AND EXCHANGE COMMISSION</strong><br><strong>Washington, D.C. 20549</strong><br>_____________________</font></p><p style="text-transform: uppercase; text-align: center;"><font style="font-size: 14pt;"><strong>Form 8-K</strong><br>_____________________</font></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>CURRENT REPORT</strong></font></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</strong></font></p><p align="center"><font style="font-size: 10pt;">Date of Report (Date of earliest event Reported): <!--May 2, 2017-->May 2, 2017 &#160;</font></p><p align="center"><font style="font-size: 12pt;"><strong>McGRATH RENTCORP</strong></font><br><font style="font-size: 10pt;">(Exact Name of Registrant as Specified in Charter)</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td align="center" width="33%"><font style="font-size: 10pt;"><strong>California</strong></font></td><td align="center" width="34%"><font style="font-size: 10pt;"><strong>000-13292</strong></font></td><td align="center" width="33%"><font style="font-size: 10pt;"><strong>94-2579843</strong></font></td></tr><tr valign="top"><td align="center" width="33%"><font style="font-size: 10pt;">(State or Other Jurisdiction of Incorporation)</font></td><td align="center" width="34%"><font style="font-size: 10pt;">(Commission File Number)</font></td><td align="center" width="33%"><font style="font-size: 10pt;">(I.R.S. 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[&#160;&#160;&#160;]</p><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%;"><font style="font-size: 10pt;">&#160;</font></div>&#160;</div><hr style="page-break-after: always;" noshade="noshade"><p><font style="font-size: 10pt;">  <strong>  </strong></font></p><p><font style="font-size: 10pt;"><strong>Item 2.02. Results of Operations and Financial Condition.</strong></font></p><p><font style="font-size: 10pt;"><p>On May 2, 2017, McGrath RentCorp (the &#8220;Company&#8221;) announced via press release the Company&#8217;s results for its first quarter ended March 31, 2017.&#160; A copy of the Company&#8217;s press release is attached hereto as Exhibit 99.1.&#160; This Form 8-K and the attached exhibit are provided under Items 2.02&#160; of Form 8-K and are furnished to, but not filed with, the Securities and Exchange Commission, and shall not be incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.</p></font></p><p><font style="font-size: 10pt;"><strong>  </strong></font></p><p><font style="font-size: 10pt;"><strong>Item 9.01. Financial Statements and Exhibits.</strong></font></p><p><font style="font-size: 10pt;"><p>(d)&#160;&#160; Exhibits.</p><table style="font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" class="mce-item-table"><tr><td style="text-decoration: underline;" valign="bottom"><font style="font-size: 10pt;"><strong>Exhibit No.</strong></font></td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td style="text-decoration: underline;" valign="bottom"><font style="font-size: 10pt;"><strong>Description</strong></font></td></tr><tr><td>&#160;</td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td><font style="font-size: 10pt;">&#160;</font></td></tr><tr><td><font style="font-size: 10pt;">99.1</font></td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td><font style="font-size: 10pt;">Press Release of McGrath RentCorp, dated May 2, 2017. </font></td></tr></table></font></p><p><font style="font-size: 10pt;"></font></p><p><font style="font-size: 10pt;"></font></p><hr style="page-break-after: always;" noshade="noshade"><p align="center"><font style="font-size: 10pt;"><strong>SIGNATURE</strong></font></p><p><font style="font-size: 10pt;">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.</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td valign="top" width="49%"><font style="font-size: 10pt;">&#160;</font></td><td style="font-size: 12pt;" colspan="2" valign="top"><font style="font-size: 10pt;"><strong>McGRATH RENTCORP</strong></font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">&#160;</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;"></font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">Dated: May 2, 2017</font></td><td width="2%"><font style="font-size: 10pt;">By:&#160;</font></td><td style="text-decoration: underline;" width="49%"><font style="font-size: 10pt;">/s/ Keith E. Pratt&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">Keith E. Pratt</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">Executive Vice President and Chief Financial Officer</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;"></font></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>McGrath RentCorp Announces Results for First Quarter 2017</strong></p><p style="text-align: center;"><p> <p align="justify">LIVERMORE, Calif., May  02, 2017  (GLOBE NEWSWIRE) -- McGrath RentCorp (NASDAQ:MGRC) (the &#8220;Company&#8221;), a diversified business to business rental company, today announced total revenues for the quarter ended March 31, 2017 of $94.8 million, an increase of 1%, compared to the first quarter of 2016.&#160; The Company reported net income of $8.0 million, or $0.33 per diluted share for the first quarter of 2017, compared to net income of $6.6 million, or $0.27 per diluted share, in the first quarter of 2016.</p>  <p align="justify"><strong>COMPANY&#160;</strong><strong>HIGHLIGHTS: </strong></p>  <ul type="disc"><li><strong><em>Income from operations</em></strong> increased 11% year-over-year to $15.8 million.</li><li><strong><em>Rental revenues</em></strong> increased 2% year-over-year to $68.0 million.</li><li><strong><em>Adjusted EBITDA<sup>1</sup></em></strong> increased $0.1 million to $36.3 million for the first quarter of 2017.&#160;&#160;&#160;</li><li><strong><em>Dividend rate</em></strong> increased 2% year-over-year to $0.26 per share for the first quarter of 2017. On an annualized basis, this dividend represents a 3.0% yield on the May 1, 2017 close price of $34.72 per share.</li></ul>  <p align="justify">Joe Hanna, President and CEO of McGrath RentCorp, made the following comments regarding these results and future expectations:</p>  <p align="justify">&#8220;We were pleased with our first quarter performance as each of our rental businesses achieved higher operating profit and contributed to the Company&#8217;s 11% operating profit increase compared to a year ago.</p>  <p align="justify">Mobile Modular rental revenues for the quarter increased 8% from a year ago as fleet utilization, rental rates and equipment on rent all increased.&#160; Rental revenue growth was healthy across education and commercial markets, as well as our Portable Storage business.</p>  <p align="justify">TRS-RenTelco rental revenues for the quarter declined 6%, driven primarily by lower communications test equipment business activity in what continues to be a highly competitive environment.&#160; Communications test equipment rental revenues declined by 15%, but were partly offset by a 3% increase for general-purpose test equipment.&#160; While average equipment utilization increased, average rental rates declined for the quarter, primarily due to the business activity mix shift from communications to general-purpose test equipment.&#160;</p>  <p align="justify">Adler Tank Rentals rental revenues for the quarter increased 1% from a year ago.&#160; Upstream oil and natural gas rental revenue declined from 11% to 6% of total Adler rental revenues, but was more than offset by growth in other market verticals.&#160; Average equipment on rent increased to $161 million from $155 million a year ago and average utilization improved, although rental rates continued to be under pressure.</p>  <p align="justify">During the quarter we continued our return on invested capital (or ROIC) work to identify initiatives that should improve long term Company performance, and we invested selectively in new rental equipment for modular buildings, portable storage units and general-purpose electronic test equipment.</p>  <p align="justify">While end market conditions remain challenging for Adler Tank Rentals, and to a lesser extent TRS-RenTelco, we are encouraged by our first quarter results and we will be working hard to build upon this good start to the year.&#8221;</p>  <p align="justify">___________________________<br>1. Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation, amortization and share-based compensation.&#160; A reconciliation of net income to Adjusted EBITDA and Adjusted EBITDA to net cash provided by operating activities can be found at the end of this release.</p>  <p align="justify"><strong>DIVISION HIGHLIGHTS:</strong></p>  <p align="justify">All comparisons presented below are for the quarter ended March 31, 2017 to the quarter ended March 31, 2016 unless otherwise indicated.</p>  <p align="justify"><strong>MOBILE MODULAR</strong></p>  <p align="justify">For the first quarter of 2017, the Company&#8217;s Mobile Modular division reported income from operations of $8.6 million, an increase of $0.5 million, or 6%.&#160; Rental revenues increased 8% to $33.7 million, depreciation expense increased 4% to $5.3 million and other direct costs increased 1% to $9.6 million, which resulted in an increase in gross profit on rental revenues of 13% to $18.7 million.&#160; Rental related services revenues increased 3% to $11.6 million, with associated gross profit decreasing 13% to $2.8 million.&#160; Sales revenues increased 12% to $3.0 million.&#160; Gross margin on sales decreased to 30% from 34% in 2016 due to lower margins on used equipment sales, resulting in comparable gross profit on sales revenues of $0.9 million.&#160; Selling and administrative expenses increased 11% to $13.8 million, primarily due to increased salaries and employee benefit costs and higher allocated corporate expenses.&#160;</p>  <p align="justify"><strong>TRS-RENTELCO</strong></p>  <p align="justify">For the first quarter of 2017, the Company&#8217;s TRS-RenTelco division reported income from operations of $5.7 million, an increase of $0.5 million, or 9%.&#160; Rental revenues decreased 6% to $19.7 million, depreciation expense decreased 14% to $8.1 million and other direct costs decreased 8% to $3.3 million, which resulted in an increase in gross profit on rental revenues of 5% to $8.3 million.&#160; Sales revenues decreased 25% to $4.4 million.&#160; Gross margin on sales increased to 57% from 43% in 2016 primarily due to higher margins on used equipment sales, resulting in a 2% decrease in gross profit on sales revenues to $2.5 million.&#160; Selling and administrative expenses decreased 2% to $5.7 million.</p>  <p align="justify"><strong>ADLER TANKS</strong></p>  <p align="justify">For the first quarter of 2017, the Company&#8217;s Adler Tanks division reported income from operations of $2.3 million, an increase of $0.6 million, or 36%.&#160; Rental revenues increased 1% to $14.6 million, depreciation expense decreased 2% to $4.0 million and other direct costs decreased 9% to $2.4 million, which together resulted in an increase in gross profit on rental revenues of 6% to $8.2 million.&#160; Rental related services revenues increased 2% to $5.7 million, with gross profit on rental related services increasing 19% to $1.3 million.&#160; Selling and administrative expenses were $7.3 million, which was comparable to the same period in 2016.</p>  <p align="justify"><strong>FINANCIAL OUTLOOK:</strong></p>  <p>The Company reconfirms its expectation that total Company operating profit for 2017 will increase 3% to 5% above 2016 results.&#160;</p>  <p align="justify"><strong>ABOUT MCGRATH RENTCORP:</strong></p>  <p align="justify">Founded in 1979, McGrath RentCorp is a diversified business-to-business rental company with four rental divisions. &#160;Mobile Modular rents and sells modular buildings to fulfill customers' temporary and permanent classroom and office space needs in California, Texas, Florida, and the Mid-Atlantic from Washington D.C. to Georgia. &#160;TRS-RenTelco rents and sells electronic test equipment and is one of the leading rental providers of general purpose and communications test equipment in the Americas. &#160;Adler Tank Rentals rents and sells containment solutions for hazardous and nonhazardous liquids and solids with operations serving key markets throughout the United States. &#160;Mobile Modular Portable Storage provides portable storage solutions in the California, Texas, Florida, Northern Illinois, New Jersey, North Carolina and Georgia markets. &#160;For more information on McGrath RentCorp and its operating units, please visit our websites:</p>  <p>Corporate &#8211; www.mgrc.com<br>Modular Buildings &#8211; www.mobilemodular.com<br>Electronic Test Equipment &#8211; www.trsrentelco.com<br>Tanks and Boxes &#8211; www.adlertankrentals.com<br>Portable Storage &#8211; www.mobilemodularcontainers.com<br>School Facilities Manufacturing &#8211; www.enviroplex.com</p>  <p align="justify">You should read this press release in conjunction with the financial statements and notes thereto included in the Company&#8217;s latest Forms 10-K, 10-Q and other SEC filings.&#160; You can visit the Company&#8217;s web site at www.mgrc.com&#160;to access information on McGrath RentCorp, including the latest Forms 10-K, 10-Q and other SEC filings.</p>  <p align="justify"><strong>CONFERENCE CALL NOTE:&#160;</strong></p>  <p align="justify">As previously announced in its press release of April 4, 2017, McGrath RentCorp will host a conference call at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) on May 2, 2017 to discuss the first quarter 2017 results.&#160; To participate in the teleconference, dial 1-844-707-0666 (in the U.S.), or 1-703-639-1220 (outside the U.S.), or to listen only, access the simultaneous webcast at the investor relations section of the Company&#8217;s website at www.mgrc.com. &#160;A 7-day replay will be available following the call by dialing 1-855-859-2056 (in the U.S.), or 1-404-537-3406 (outside the U.S.).&#160; The pass code for the call replay is 1809365.&#160; In addition, a live audio webcast and replay of the call may be found in the investor relations section of the Company&#8217;s website at http://mgrc.com/Investor/EventsAndArchive</p>  <p align="justify"><strong>FORWARD-LOOKING STATEMENTS:</strong></p>  <p align="justify">Statements in this press release which are not historical facts are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934.&#160; All statements, other than statements of historical facts, regarding McGrath RentCorp&#8217;s business strategy, future operations, financial position, estimated revenues or losses, projected costs, prospects, plans and objectives are forward looking statements.&#160; These forward-looking statements appear in a number of places and can be identified by the use of forward-looking terminology such as &#8220;may,&#8221; &#8220;will,&#8221; &#8220;should,&#8221; &#8220;expect,&#8221; &#8220;plan,&#8221; &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;estimate,&#8221; &#8220;predict,&#8221; &#8220;future,&#8221; &#8220;intend,&#8221; &#8220;hopes,&#8221; &#8220;goals&#8221; or &#8220;certain&#8221; or the negative of these terms or other variations or comparable terminology.&#160; In particular, the full year 2017 operating profit outlook in the &#8220;Financial Outlook&#8221; section is forward-looking.</p>  <p align="justify">Management cautions that forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause our actual results to differ materially from those projected in such forward-looking statements including, without limitation, the following:&#160; the extent of and timetable for the recovery underway in our modular building division; the continued recovery of the California market; the impact of the bond initiative passed in California on the modular building division;&#160; the state of the wireless communications network upgrade environment; the utilization levels of our Adler Tanks liquid and sold containment tank and box rental assets; the potential for continuing softness in communications test equipment rental demand in our electronics division; our customers&#8217; need and ability to rent our products; failure by third parties to manufacture and deliver our products in a timely manner and to our specifications; our ability to successfully integrate and operate acquisitions, as well as manage expansions; our ability to effectively manage our rental assets; the risk that we may be subject to litigation under environmental, health and safety and product liability laws and claims from employees, vendors and other third parties; effect on our businesses from reductions to the price of oil or gas or the volatility of the oil industry generally; new or modified statutory or regulatory requirements; success of our strategic growth initiatives; risks associated with doing business with government entities; seasonality of our businesses; intense industry competition including increasing price pressure; our ability to timely deliver, install and redeploy our rental products; significant increases in raw materials, labor, and other costs; and risks associated with operating internationally.&#160;</p>  <p align="justify">Our future business, financial condition and results of operations could differ materially from those anticipated by such forward-looking statements and are subject to risks and uncertainties including the risks set forth above, those discussed in Part II&#8212;Item 1A &#8220;Risk Factors&#8221; and elsewhere in our Form 10-K for the year ended December 31, 2016, and those that may be identified from time to time in our reports and registration statements filed with the SEC.&#160; Forward-looking statements are made only as of the date of this press release and are based on management&#8217;s reasonable assumptions; however, these assumptions can be wrong or affected by known or unknown risks and uncertainties.&#160; Readers should not place undue reliance on these forward-looking statements and are cautioned that any such forward-looking statements are not guarantees of future performance.&#160; Except as otherwise required by law, we do not undertake any duty to update any of the forward-looking statements after the date of this press release to conform such statements to actual results or to changes in our expectations.</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; border-collapse: collapse; "><tr><td colspan="8" style="vertical-align: bottom ; ">&#160;</td></tr><tr><td colspan="8" style="vertical-align: bottom ; text-align: center ;  vertical-align: bottom; "><strong>MCGRATH RENTCORP</strong></td></tr><tr><td colspan="8" style="vertical-align: bottom ; text-align: center ;  vertical-align: bottom; 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">&#160;</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">3,333</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">2,379</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#8212;</td><td style="border-bottom: solid black 1pt ; 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">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">(5,286</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">)</td></tr><tr><td style="vertical-align: bottom ; vertical-align: bottom;   text-align: left;   padding-left: 25.0px; ">Net income</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">$</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">7,973</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; 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">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td colspan="2" style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; ">Rental</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">16,468</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; 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">&#160;</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">3,215</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">148</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">1,048</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; 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">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">542</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; vertical-align: bottom;   text-align: left;   padding-left: 25.0px; ">Total gross profit</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">20,653</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">11,016</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">8,942</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td colspan="2" style="vertical-align: bottom ; ">&#160;</td><td style="border-top: solid black 1pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">44</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">40,655</td><td style="vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; ">Selling and administrative expenses</td><td style="vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">12,462</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">5,797</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">7,262</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td colspan="2" style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">876</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; 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">&#160;</td></tr><tr><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td></tr></table> <ol type="1"><li>Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation, amortization, and share-based compensation.</li><li>Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by total revenues for the period.</li></ol></p><p>FOR INFORMATION CONTACT:<br>Keith E. Pratt<br>EVP & Chief Financial Officer<br>925-606-9200<br></p></body></html>
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</DOCUMENT>
</SEC-DOCUMENT>
