Rush Enterprises, Inc. Reports First Quarter Results
20 April 1999
Rush Enterprises, Inc. Reports First Quarter Results
SAN ANTONIO--April 19, 1999--Rush Enterprises, Inc. , which operates the largest network of Peterbilt heavy-duty truck dealerships in North America and John Deere construction equipment dealerships in Texas and Western Michigan, today announced results for the first quarter ended March 31, 1999.
In the first quarter, the Company's gross revenues totaled $177.8 million, a 41 percent increase over gross revenues of $126.1 million reported for the first quarter ended March 31, 1998. Net income for the quarter increased 148.2 percent to $3.3 million, or $0.50 per share, compared with net income of $1.3 million, or $0.20 per share reported in the quarter ended March 31, 1998.
In announcing the results, W. Marvin Rush, Chairman and Chief Executive Officer of Rush Enterprises, said, "These increases are a result of our management's focus on increasing the profitability of every profit center in our dealerships. Our investment in training personnel and technology is proving to be very successful, not only in growing our sales, but in widening our margins as well. We remain committed to improving our operations and growing our dealership network, and look forward to the remainder of 1999."
Rush Enterprises operates the largest network of Peterbilt heavy-duty truck dealerships in North America and John Deere construction equipment dealerships in Texas and Michigan. Its current operations include a network of dealerships located in Texas, California, Oklahoma, Louisiana, Colorado and Michigan. 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. The Company also operates a retail farm and ranch superstore that serves the greater San Antonio, Texas area.
Certain statements contained herein are "forward-looking" statements (as such term is defined int he 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 www.kcsa.com.
Rush Enterprises, Inc. and Subsidiaries
Consolidated Statements of Income
(In thousands, except earning per share)
(Unaudited)
Three Months Ended
March 31,
1999 1998
Revenues:
New and used truck sales $121,684 $ 84,987
Parts and service 30,141 23,329
Construction equipment sales 11,792 7,951
Lease and rental 5,058 4,830
Finance and insurance 3,628 2,358
Retail sales 4,612 1,390
Other 928 1,230
Total Revenues 177,843 126,075
Cost of Products Sold 146,533 104,363
Gross Profit 31,310 21,712
Selling, General and Administrative 22,889 17,231
Depreciation and Amortization 1,405 955
Operating Income 7,016 3,526
Interest Expense 1,484 1,298
Income Before Income Taxes 5,532 2,228
Provision for Income Taxes 2,213 891
Net Income $ 3,319 $ 1,337
Basic and diluted income from
operations per share $ 0.50 $ 0.20
Weighted average shares outstanding:
Basic 6,646 6,644
Diluted 6,681 6,645