Rush Enterprises, Inc. Reports Q1 Results
20 April 1998
Rush Enterprises, Inc. Reports First Quarter Results; Revenues Increase 52.2%; Net Income Up 70.3%
SAN ANTONIO, April 20 -- Rush Enterprises, Inc.
, which operates the largest network of Peterbilt heavy-duty
truck dealerships in North America and a John Deere construction equipment
dealership in Houston, today announced results for the first quarter ended
March 31, 1998.
In the first quarter, the Company's gross revenues totaled $126.1 million,
a 52.2 percent increase over gross revenues of $82.9 million reported for the
first quarter ended March 31, 1997. Net income for the quarter increased
70.3 percent to $1.3 million, or $0.20 per share, compared with net income of
$785,000, or $0.12 per share reported in the quarter ended March 31, 1997.
In announcing the results, W. Marvin Rush, Chairman and Chief Executive
Officer of Rush Enterprises, said, "We are pleased with the significant
increases in both revenues and earnings. The growth in same store sales is
particularly gratifying, as is the increase in our parts, service and body
shop operations, which are high margin businesses."
Mr. Rush added, "We continue to see strength in all of our operations
which demonstrates the success of our strategy of industry consolidation and
broadening our product lines to existing customers. We are now poised to
become the leader in the truck and equipment dealership industry."
Rush Enterprises operates the largest network of Peterbilt heavy-duty
truck dealerships in North America and a John Deere construction equipment
dealership in Houston, Texas. Its current operations include a network of
dealerships located in Texas, California, Oklahoma, Louisiana and Colorado.
These dealerships provide an integrated, one-stop source for the retail sale
of new and used heavy-duty trucks and construction equipment; aftermarket
parts, service and body shop facilities; and a wide array of financial
services, including the financing of truck and equipment sales, insurance
products and 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 may by the company with the
Securities and Exchange Commission.
This release is available on the KCSA Worldwide website at http://www.kcsa.com.
Rush Enterprises, Inc. and Subsidiaries
Consolidated Statements of Income
(In thousands, except earning per share)
(Unaudited)
Three Months Ended
March 31,
1998 1997
Revenues:
New and used truck sales $84,987 $61,805
Parts and service 23,329 16,295
Construction equipment sales 7,951 ---
Lease and rental 4,830 3,208
Finance and insurance 2,358 1,025
Other 2,620 579
Total Revenues 126,075 82,912
Cost of Products Sold 104,363 69,743
Gross Profit 21,712 13,169
Selling, General and Administrative 17,231 10,784
Depreciation and Amortization 955 628
Operating Income 3,526 1,757
Interest Expense 1,298 490
Income Before Income Taxes 2,228 1,267
Provision for Income Taxes 891 482
Net Income $ 1,337 $ 785
Basic and diluted income from operations per share $ 0.20 $ 0.12
Weighted average shares outstanding:
Basic 6,644 6,644
Diluted 6,645 6,644
SOURCE Rush Enterprises, Inc.