<SEC-DOCUMENT>0001171843-18-001491.txt : 20180227
<SEC-HEADER>0001171843-18-001491.hdr.sgml : 20180227
<ACCEPTANCE-DATETIME>20180227160131
ACCESSION NUMBER:		0001171843-18-001491
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180227
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180227
DATE AS OF CHANGE:		20180227

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:		18645009

	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_022718.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): <!--February 27, 2018-->February 27, 2018 &#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; ]</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><font style="font-size: 10pt;">&#160; &#160; &#160;On February 27, 2018, McGrath RentCorp (the &#8220;Company&#8221;) announced via press release the Company&#8217;s results for its fourth quarter ended December 31, 2017. A copy of the Company&#8217;s press release is attached hereto as Exhibit 99.1. This Form 8-K and the attached exhibit are provided under Items 2.02 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.</font></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 style="text-indent: 45pt; margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;">(d)&#160;&#160; Exhibits.</font></p><p style="text-indent: 45pt; margin: 0in 0in 0.0001pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><br /></font></p><table class="mce-item-table" style="font-size: 10pt;" border="0" cellspacing="0" cellpadding="0"><tr><td style="text-decoration-line: underline;" valign="bottom"><font style="font-size: 10pt;">Exhibit No.</font></td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td style="text-decoration-line: underline;" valign="bottom"><font style="font-size: 10pt;">Description</font></td></tr><tr><td><font style="font-size: 10pt;">&#160;</font></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;"><a href="exh_991.htm">99.1</a></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 February 27, 2018.</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: February 27, 2018</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>
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<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 Fourth Quarter 2017</strong></p><p style="text-align: center;" ></p><p>
 <p align="justify">LIVERMORE, Calif., Feb.  27, 2018  (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 December 31, 2017 of $122.2 million, an increase of 16%, compared to the fourth quarter of 2016.&#160; The Company reported net income of $117.7 million, or $4.82 per diluted share for the fourth quarter of 2017, compared to net income of $9.7 million, or $0.40 per diluted share, in the fourth quarter of 2016. &#160;The fourth quarter of 2017 includes a net income benefit of $102.5 million, or $4.20 per diluted share, associated with the enactment of the Tax Cut and Jobs Act discussed below.<br ></p>  <p align="justify"><strong>FOURTH QUARTER 2017 COMPANY&#160;HIGHLIGHTS: </strong></p>  <ul type="disc"><li><em><strong>Income from operations</strong></em> increased 18% year-over-year to $26.8 million.</li><li><em><strong>Rental revenues</strong></em> increased 10% year-over-year to $77.7 million.</li><li><em><strong>Adjusted EBITDA<sup>1</sup></strong></em> increased 15% to $49.4 million for the fourth quarter of 2017.&#160;&#160;&#160;</li><li><em><strong>Dividend rate</strong></em> increased 2% year-over-year to $0.26 per share for the fourth quarter of 2017. &#160;On an annualized basis, this dividend represents a 2.1% yield on the February 26, 2018 close price of $48.52 per share.</li><li><em><strong>United States Tax Reform</strong></em> &#8211; On December 22, 2017, the U.S. government enacted the Tax Cut and Jobs Act (&#8220;the Tax Act&#8221;), which among other things, reduces the federal income tax rate from 35% to 21% effective January 1, 2018, and requires mandatory repatriation of foreign earnings. As a result of the Tax Act, the Company re-measured its net deferred tax liabilities and recognized a net benefit of $102.8 million.&#160; In addition, a one-time transition income tax estimated at $0.3 million related to repatriation of foreign earnings was recorded.&#160; The Company&#8217;s 2018 effective tax rate is estimated to be approximately 27%.&#160;</li></ul>  <p align="justify">The Company also announced that the board of directors declared a quarterly cash dividend of $0.34 per share for the quarter ending March 31, 2018, an increase of $0.08, or 31%, over the prior year period.&#160; On an annualized basis, the 2018 dividend represents a 2.8% yield, based on the February 26, 2018 closing stock price.&#160; The cash dividend will be payable on April 30, 2018 to all shareholders of record on April 16, 2018. This marks the 26th consecutive year the Company has increased its annual dividend.</p>  <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 fourth quarter performance.&#160; The Company&#8217;s 18% operating profit increase was driven by a $2.6 million increase in gross profit from rental operations, and an additional $2.6 million increase in sales gross profit.</p>  <p align="justify">Mobile Modular rental revenues for the quarter increased 9% from a year ago, primarily driven by 7% improvement in average rental rates.&#160; Rental revenue growth continued to be healthy across commercial and education markets, as well as in our Portable Storage business.&#160; Modular sales revenues increased significantly year over year, primarily due to higher used equipment sales.</p>  <p align="justify">TRS-RenTelco rental revenues for the quarter increased 7%, primarily driven by 5% higher average rental equipment and improved utilization.&#160; Test equipment rental revenues for general-purpose and communications increased by 8% and 7%, respectively.&#160;</p>  <p align="justify">Adler Tank Rentals rental revenues for the quarter increased 18% from a year ago.&#160; Rental revenue growth occurred across a broad mix of vertical markets, including upstream oil and natural gas, which increased from 8% to 10% of total rental revenues.&#160; Average equipment on rent increased 18%, and average utilization increased to 60%. Despite ongoing competitive price pressure, average rental rates remained flat.</p>  <p align="justify">For the full year, the Company&#8217;s operating profit grew by 20% compared to a year ago.&#160; Mobile Modular, TRS-RenTelco and Adler Tank Rentals delivered operating profit growth of 14%, 18% and 40%, respectively, compared to a year ago.&#160; Our teams executed effectively throughout 2017, and our performance improvement initiatives delivered results, despite some challenging market conditions.&#160; The improved Company performance and anticipated earnings and cash flow benefits from tax reform support the 31% dividend increase announced today.</p>  <p align="justify">Entering 2018, I believe that our businesses are well positioned and we will be working hard to build upon our solid 2017 performance.&#8221;</p>  <p align="justify">__________________________</p>  <ol type="1"><li>Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation, amortization, non-cash impairment costs 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.</li></ol>  <p align="justify"><strong>DIVISION&#160;HIGHLIGHTS:</strong></p>  <p align="justify">All comparisons presented below are for the quarter ended December 31, 2017 to the quarter ended December 31, 2016 unless otherwise indicated.</p>  <p align="justify"><strong>MOBILE MODULAR</strong></p>  <p align="justify">For the fourth quarter of 2017, the Company&#8217;s Mobile Modular division reported income from operations of $12.6 million, a decrease of $0.6 million, or 5%.&#160; Rental revenues increased 9% to $37.7 million, depreciation expense decreased $0.1 million to $5.3 million and other direct costs increased $4.8 million to $12.0 million, which resulted in a decrease in gross profit on rental revenues of 7% to $20.4 million.&#160; The increased other direct costs in 2017 was partly attributable to a $1.6 million impairment of rental assets, deemed beyond economic repair in the Southern California region. Rental related services revenues were flat at $12.2 million, with associated gross profit increasing 2% to $3.2 million.&#160; Sales revenues increased 74% to $7.4 million and gross margin on sales increased to 30% compared to 29% in 2016, resulting in increased gross profit on sales revenues of $1.0 million, or 79%.&#160; Selling and administrative expenses increased 1% to $13.4 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 fourth quarter of 2017, the Company&#8217;s TRS-RenTelco division reported income from operations of $8.2 million, an increase of $1.9 million, or 29%.&#160; Rental revenues increased 7% to $22.2 million, depreciation expense increased 3% to $8.6 million and other direct costs decreased 7% to $3.5 million, which resulted in an increase in gross profit on rental revenues of 18% to $10.1 million.&#160; Sales revenues increased 20% to $5.4 million.&#160; Gross margin on sales decreased to 58% from 60% in 2016 primarily due to lower margins on used equipment sales, resulting in an 18% increase in gross profit on sales revenues to $3.2 million.&#160; Selling and administrative expenses increased 4% to $5.7 million, primarily due to increased salaries and employee benefit costs.</p>  <p align="justify"><strong>ADLER TANKS</strong></p>  <p align="justify">For the fourth quarter of 2017, the Company&#8217;s Adler Tanks division reported income from operations of $4.1 million, an increase of $1.9 million, or 86%.&#160; Rental revenues increased 18% to $17.8 million, depreciation expense was flat at $3.9 million and other direct costs were flat at $3.1 million, which resulted in an increase in gross profit on rental revenues of 33% to $10.7 million.&#160; Rental related services revenues increased 10% to $6.6 million, with gross profit on rental related services decreasing 16% to $0.9 million.&#160; Selling and administrative expenses increased 13% to $7.7 million, primarily due to increased salaries and employee benefit costs.</p>  <p align="justify"><strong>FINANCIAL OUTLOOK:</strong></p>  <p align="justify">For the full-year 2018, the Company expects:</p>  <ul type="disc"><li>Rental revenues to increase between 3% and 5% over 2017.&#160;</li><li>Sales revenues to be between flat and 10% lower compared to 2017.&#160;</li><li>Rental equipment depreciation expense to be between $70 and $72 million.&#160;</li><li>&#8220;Other&#8221; direct costs of rental operations, primarily for rental equipment maintenance and repair, to be between $64 and $66 million.&#160;</li><li>Selling and administrative costs to be between $113 and $115 million.&#160;</li><li>Operating profit to increase between 8% and 12% over 2017.&#160;</li><li>Full year interest expense to be approximately $12 million.&#160;</li><li>Effective tax rate to be approximately 27%.</li><li>Diluted share count to be between 24.4 and 24.6 million shares.&#160;</li></ul>  <p align="justify">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<br >These forward-looking statements reflect McGrath RentCorp&#8217;s expectations as of February 27, 2018.&#160; Actual 2018 results may be materially different and affected by many factors, including those factors outlined in the &#8220;forward-looking statements&#8221; paragraph at the end of this press release.</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 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:</strong></p>  <p align="justify">As previously announced in its press release of January 25, 2018, McGrath RentCorp will host a conference call at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) on February 27, 2018 to discuss the fourth 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 6597128.&#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://www.mgrc.com/investors#events-archives.</p>  <p align="justify"><strong>FORWARD-LOOKING STATEMENTS:</strong></p>  <p align="justify">This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.&#160; All statements, other than statements of historical facts, regarding McGrath RentCorp&#8217;s expectations, strategies, prospects or targets are forward looking statements.&#160; These forward-looking statements also can be identified by the use of forward-looking terminology such as &#8220;believes,&#8221; &#8220;expects,&#8221; &#8220;will,&#8221; or &#8220;anticipates&#8221; or the negative of these terms or other comparable terminology.&#160; In particular, Mr. Hanna&#8217;s comment that the Company&#8217;s businesses are well-positioned for 2018, and the full year 2018 outlook in the &#8220;Financial Outlook&#8221; section are forward-looking.</p>  <p align="justify">These forward-looking statements are not guarantees of future performance and involve significant risks and uncertainties that could cause our actual results to differ materially from those projected including: the extent of the recovery underway in our modular building division; the state of the wireless communications network upgrade environment; the utilization levels and rental rates 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; and our ability to effectively manage our rental assets, as well as the factors disclosed under &#8220;Risk Factors&#8221; in the Company&#8217;s Form 10-K and other SEC filings.</p>  <p align="justify">Forward-looking statements are made only as of the date hereof.&#160; 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vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">49,323</td><td style="vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">206,345</td><td style="vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">184,167</td><td style="vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Selling and administrative expenses</td><td style="border-bottom: solid black 1pt ; 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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 ; ">3,820</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 ; ">3,137</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 ; 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="text-align: right ;  vertical-align: bottom; 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="text-align: right ;  vertical-align: bottom; 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="text-align: right ;  vertical-align: bottom; 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 ; ">21,953</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 ; ">8,608</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 ; ">8,045</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 ; ">&#8212;</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 ; ">38,606</td><td style="vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; ">Rental related services</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 ; ">3,150</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 ; ">15</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 ; ">1,050</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 ; 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 ; ">4,215</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">&#160; Rental operations</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 ; ">25,103</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 ; ">8,623</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 ; ">9,095</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 ; ">&#8212;</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 ; ">42,821</td><td style="vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; ">Sales</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 ; ">1,251</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 ; ">2,700</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 ; ">(80</td><td style="vertical-align: bottom ; ">)</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 ; ">2,025</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 ; ">5,896</td><td style="vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; ">Other</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 ; ">133</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 ; ">441</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 ; 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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 ; 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><tr><td style="vertical-align: bottom ; "><em><u>(dollar amounts in thousands)</u></em></td><td style="vertical-align: bottom ; 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">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; 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="text-align: right ;  vertical-align: bottom; 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="text-align: right ;  vertical-align: bottom; 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 ; ">71,143</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 ; ">32,730</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 ; ">32,518</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 ; ">&#8212;</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 ; ">136,391</td><td style="vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; ">Rental related services</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 ; ">14,484</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 ; ">206</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 ; ">4,795</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="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">32,936</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 ; ">37,313</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 ; ">&#8212;</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 ; ">155,876</td><td style="vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; ">Sales</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 ; ">7,772</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 ; ">10,979</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 ; ">(28</td><td style="vertical-align: bottom ; ">)</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 ; ">7,145</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 ; ">25,868</td><td style="vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; ">Other</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 ; ">417</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 ; ">1,882</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 ; ">124</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 ; 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 ; ">2,423</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom;   text-align: left;   padding-left: 25.0px; 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Pratt<br >EVP &amp; Chief Financial Officer<br >925-606-9200</p> </p><p ></p></body></html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
