PRESS RELEASE
Rush Enterprises Announces Acquisition of Denver Peterbilt
5 March 1997
Rush Enterprises Completes Acquisition of Denver Peterbilt, Inc.SAN ANTONIO, March 4 -- Rush Enterprises, Inc. today announced that it has completed the previously announced acquisition of Denver Peterbilt, Inc. The transaction was valued at approximately $7.9 million, plus a contingent payment based on future performance of the purchased dealership. The purchase price was paid in a combination of cash and the assumption of certain liabilities. RUSH will continue to operate the Denver-based company as a full-service Peterbilt franchise in Denver and Greeley and integrate its operations with the Rush Truck Center system. RUSH reported revenue of $262 million in 1995 and $251 million through the first nine months of 1996. Denver Peterbilt had revenues of $35 million and $25 million for the same two periods. W. Marvin Rush, Chairman and Chief Executive Officer of Rush Enterprises, Inc., stated, "This acquisition demonstrates our commitment to continued profitable growth. We will join forces with a very well-run operation and offer our consistently high-quality products and service over a much larger service territory." Rush Enterprises is one of the largest heavy-duty truck dealers in the country. Its current operations include a network of truck centers located in Texas, California, Oklahoma, Louisiana and now Colorado. These truck centers provide an integrated, one-stop source for the retail sale of new Peterbilt and used heavy-duty trucks of various makes; aftermarket parts, service and body shop facilities; and a wide array of financial services, including the financing of truck sales, insurance products, and truck leasing and rentals. Certain statements contained herein are "forward-looking" 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. 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, those discussed in filings made by the Company with the Securities and Exchange Commission. SOURCE Rush Enterprises, Inc.
CONTACT: Martin A. Naegelin, Jr., Vice President & CFO of Rush Enterprises, 210-829-1050
or fax, 210-826-8218; or Tom Ennis of Cameron Associates, 212-245-8800