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Essex Rental Corp.

SEC Form 10-Q filed 2010-07-30 for the period ending 2010-06-30

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Table 0

Financial table in standard format

E
SSEX RENTAL CORP.
TABLE OF CONTENTS

		Page
PART I. FINANCIAL INFORMATION

Item1. Financial Statements:

Essex Rental Corp. Consolidated Balance Sheets as of June 30, 2010 (Unaudited) and December31, 2009		2

Essex Rental Corp. Consolidated Statements of Operations (Unaudited) for the Three and Six Months ended June 30, 2010 and 2009		3

Essex Rental Corp. Consolidated Statements of Cash Flows (Unaudited) for the Six Months ended June 30, 2010 and 2009		4

Notes to Consolidated Financial Statements (Unaudited)		5

Item2. Managements Discussion and Analysis of Financial Condition and Results of Operations		18

Item3. Quantitative and Qualitative Disclosures About Market Risk		27

Item4. Controls and Procedures		27

PART II. OTHER INFORMATION

Item1. Legal Proceedings		28

Item1A. Risk Factors		28

Item2. Unregistered Sales of Equity Securities and Use of Proceeds		28

Item3. Defaults upon Senior Securities		29

Item4. Reserved		29

Item5. Other Information		29

Item6. Exhibits		29

Signatures		30

Essex Rental Corp. CIK:1373988

Notes to Consolidated Financial Statements (Unaudited)	5
Item2. Managements Discussion and Analysis of Financial Condition and Results of Operations	18
Item3. Quantitative and Qualitative Disclosures About Market Risk	27
Item4. Controls and Procedures	27
PART II. OTHER INFORMATION
Item1. Legal Proceedings	28
Item1A. Risk Factors	28
Item2. Unregistered Sales of Equity Securities and Use of Proceeds	28
Item3. Defaults upon Senior Securities	29
Item4. Reserved	29
Item5. Other Information	29
Item6. Exhibits	29
Signatures	30

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Table 1

Financial table in standard format

PART I.FINANCIAL INFORMATION
Item 1.Financial Statements
ESSEX RENTAL CORP.
CONSOLIDATED BALANCE SHEETS

	June30,			December31,
	2010			2009
	(Unaudited)
ASSETS

CURRENT ASSETS
Cash and cash equivalents	$	502,148		$	199,508
Accounts receivable, net of allowances for doubtful accounts andcredit memos of $1,231,000 and $1,545,000, respectively		4,806,697			4,973,995
Other receivables		3,504,157			3,791,845
Deferred tax assets		1,657,493			1,724,621
Prepaid expenses and other assets		640,629			410,198
TOTAL CURRENT ASSETS		11,111,124			11,100,167

Rental equipment, net		256,229,690			260,767,678
Property and equipment, net		6,579,085			6,981,660
Spare parts inventory, net		3,671,235			3,556,236
Restricted cash deposits		5,226,400			-
Identifiable finite lived intangibles, net		1,590,268			2,160,239
Loan acquisition costs, net		1,649,719			1,897,177

TOTAL ASSETS	$	286,057,521		$	286,463,157

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
Accounts payable	$	1,539,132		$	1,790,683
Accrued employee compensation and benefits		707,417			679,078
Accrued taxes		5,343,358			5,663,263
Accrued interest		310,425			303,186
Accrued other expenses		877,323			739,639
Unearned rental revenue		951,250			793,797
Short-term debt obligations		7,214,400			5,170,614
Current portion of capital lease obligation		6,489			6,269
TOTAL CURRENT LIABILITIES		16,949,794			15,146,529

LONG-TERM LIABILITIES
Revolving credit facility		134,561,795			131,919,701
Deferred tax liabilities		59,604,059			62,935,535
Interest rate swap		4,049,670			2,306,294
Capital lease obligation		13,767			17,067
TOTAL LONG-TERM LIABILITIES		198,229,291			197,178,597

TOTAL LIABILITIES		215,179,085			212,325,126

STOCKHOLDERS' EQUITY
Preferred stock, $.0001 par value, Authorized 1,000,000 shares, none issued		-			-
Common stock, $.0001 par value, Authorized 40,000,000 shares;issued and outstanding 17,154,846 shares at June 30, 2010and 14,124,563 shares at December 31, 2009		1,715			1,412
Paid in capital		86,626,378			84,589,119
Accumulated deficit		(13,238,861	)		(9,022,597	)
Accumulated other comprehensive loss, net of tax		(2,510,796	)		(1,429,903	)
TOTAL STOCKHOLDERS' EQUITY		70,878,436			74,138,031

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	286,057,521		$	286,463,157

Essex Rental Corp. CIK:1373988

(Unaudited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$502,148	$199,508
Accounts receivable, net of allowances for doubtful accounts andcredit memos of $1,231,000 and $1,545,000, respectively	4,806,697	4,973,995
Other receivables	3,504,157	3,791,845
Deferred tax assets	1,657,493	1,724,621
Prepaid expenses and other assets	640,629	410,198
TOTAL CURRENT ASSETS	11,111,124	11,100,167
Rental equipment, net	256,229,690	260,767,678
Property and equipment, net	6,579,085	6,981,660
Spare parts inventory, net	3,671,235	3,556,236
Restricted cash deposits	5,226,400
Identifiable finite lived intangibles, net	1,590,268	2,160,239
Loan acquisition costs, net	1,649,719	1,897,177
TOTAL ASSETS	$286,057,521	$286,463,157
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable	$1,539,132	$1,790,683
Accrued employee compensation and benefits	707,417	679,078
Accrued taxes	5,343,358	5,663,263
Accrued interest	310,425	303,186
Accrued other expenses	877,323	739,639
Unearned rental revenue	951,250	793,797
Short-term debt obligations	7,214,400	5,170,614
Current portion of capital lease obligation	6,489	6,269
TOTAL CURRENT LIABILITIES	16,949,794	15,146,529
LONG-TERM LIABILITIES
Revolving credit facility	134,561,795	131,919,701
Deferred tax liabilities	59,604,059	62,935,535
Interest rate swap	4,049,670	2,306,294
Capital lease obligation	13,767	17,067
TOTAL LONG-TERM LIABILITIES	198,229,291	197,178,597
TOTAL LIABILITIES	215,179,085	212,325,126
STOCKHOLDERS' EQUITY
Preferred stock, $.0001 par value, Authorized 1,000,000 shares, none issued
Common stock, $.0001 par value, Authorized 40,000,000 shares;issued and outstanding 17,154,846 shares at June 30, 2010and 14,124,563 shares at December 31, 2009	1,715	1,412
Paid in capital	86,626,378	84,589,119
Accumulated deficit	(13,238,861)	(9,022,597)
Accumulated other comprehensive loss, net of tax	(2,510,796)	(1,429,903)
TOTAL STOCKHOLDERS' EQUITY	70,878,436	74,138,031
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$286,057,521	$286,463,157

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Table 2

Financial table in standard format

ESSEX RENTAL CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
THREE AND SIX MONTHS ENDED JUNE 30, 2010 AND 2009
(Unaudited)

	ThreeMonthsEndedJune30,						SixMonthsEndedJune30,
	2010			2009			2010			2009
REVENUES
Equipment rentals	$	5,438,566		$	8,859,104		$	10,569,068		$	21,079,466
Used rental equipment sales		1,782,538			2,664,782			2,792,919			4,684,853
Transportation		969,109			1,515,115			2,008,167			2,907,790
Equipment repairs and maintenance		855,933			1,494,242			1,983,301			3,209,281

TOTAL REVENUES		9,046,146			14,533,243			17,353,455			31,881,390

COST OF REVENUES
Salaries, payroll taxes and benefits		1,296,685			1,502,691			2,649,916			3,202,102
Depreciation		2,901,722			2,787,032			5,754,125			5,555,237
Net book value of rental equipment sold		1,345,313			2,354,608			2,198,164			4,076,843
Transportation		934,387			1,065,912			1,795,942			2,114,376
Equipment repairs and maintenance		1,072,490			1,092,551			1,960,280			2,475,727
Yard operating expenses		341,239			349,378			649,476			764,794

TOTAL COST OF REVENUES		7,891,836			9,152,172			15,007,903			18,189,079

GROSS PROFIT		1,154,310			5,381,071			2,345,552			13,692,311

Selling, general and administrative expenses		2,628,330			2,728,168			5,128,427			5,833,898
Other depreciation and amortization		220,380			199,481			412,066			409,859

INCOME (LOSS) FROM OPERATIONS		(1,694,400	)		2,453,422			(3,194,941	)		7,448,554

OTHER INCOME (EXPENSES)
Other income		2,946			166			3,051			199
Interest expense		(1,658,186	)		(1,674,283	)		(3,277,907	)		(3,354,002	)
TOTAL OTHER INCOME (EXPENSES)		(1,655,240	)		(1,674,117	)		(3,274,856	)		(3,353,803	)

INCOME (LOSS) BEFORE INCOME TAXES		(3,349,640	)		779,305			(6,469,797	)		4,094,751

PROVISION (BENEFIT) FOR INCOME TAXES		(1,121,115	)		307,224			(2,253,533	)		1,572,647

NET INCOME (LOSS)	$	(2,228,525	)	$	472,081		$	(4,216,264	)	$	2,522,104

Weighted average shares outstanding:
Basic		14,535,982			14,108,186			14,332,142			14,108,143
Diluted		14,535,982			16,671,916			14,332,142			14,812,624

Earnings (loss) per share:
Basic	$	(0.15	)	$	0.03		$	(0.29	)	$	0.18
Diluted	$	(0.15	)	$	0.03		$	(0.29	)	$	0.17

Essex Rental Corp. CIK:1373988

REVENUES
Equipment rentals	$5,438,566	$8,859,104	$10,569,068	$21,079,466
Used rental equipment sales	1,782,538	2,664,782	2,792,919	4,684,853
Transportation	969,109	1,515,115	2,008,167	2,907,790
Equipment repairs and maintenance	855,933	1,494,242	1,983,301	3,209,281
TOTAL REVENUES	9,046,146	14,533,243	17,353,455	31,881,390
COST OF REVENUES
Salaries, payroll taxes and benefits	1,296,685	1,502,691	2,649,916	3,202,102
Depreciation	2,901,722	2,787,032	5,754,125	5,555,237
Net book value of rental equipment sold	1,345,313	2,354,608	2,198,164	4,076,843
Transportation	934,387	1,065,912	1,795,942	2,114,376
Equipment repairs and maintenance	1,072,490	1,092,551	1,960,280	2,475,727
Yard operating expenses	341,239	349,378	649,476	764,794
TOTAL COST OF REVENUES	7,891,836	9,152,172	15,007,903	18,189,079
GROSS PROFIT	1,154,310	5,381,071	2,345,552	13,692,311
Selling, general and administrative expenses	2,628,330	2,728,168	5,128,427	5,833,898
Other depreciation and amortization	220,380	199,481	412,066	409,859
INCOME (LOSS) FROM OPERATIONS	(1,694,400)	2,453,422	(3,194,941)	7,448,554
OTHER INCOME (EXPENSES)
Other income	2,946	166	3,051	199
Interest expense	(1,658,186)	(1,674,283)	(3,277,907)	(3,354,002)
TOTAL OTHER INCOME (EXPENSES)	(1,655,240)	(1,674,117)	(3,274,856)	(3,353,803)
INCOME (LOSS) BEFORE INCOME TAXES	(3,349,640)	779,305	(6,469,797)	4,094,751
PROVISION (BENEFIT) FOR INCOME TAXES	(1,121,115)	307,224	(2,253,533)	1,572,647
NET INCOME (LOSS)	$(2,228,525)	$472,081	$(4,216,264)	$2,522,104
Weighted average shares outstanding:
Basic	14,535,982	14,108,186	14,332,142	14,108,143
Diluted	14,535,982	16,671,916	14,332,142	14,812,624
Earnings (loss) per share:
Basic	$(0.15)	$0.03	$(0.29)	$0.18
Diluted	$(0.15)	$0.03	$(0.29)	$0.17

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Table 3

Financial table in standard format

ESSEX RENTAL CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
For the six months ended June 30, 2010, the change in net unrealized loss on derivatives designated as cash flow hedges reported as a component of other accumulated comprehensive income (loss) was an increase of $1,743,376 ($1,080,893 net of tax).Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Companys variable-rate debt.During the twelve month period ending June 30, 2011, the Company estimates that an additional $2.2 million will be reclassified as an increase to interest expense.
The weighted average interest rate of the revolving credit facility, including the impact of the interest rate swaps was 4.39% and 4.35% at June 30, 2010 and 2009, respectively.The impact of the interest rate swap resulted in an increase in interest expense of approximately $612,000 and $580,000 for the three months ended June 30, 2010 and 2009, respectively.The impact of the interest rate swap resulted in an increase in interest expense of approximately $1,233,000 and $1,146,000 for the six months ended June 30, 2010 and 2009, respectively.
The table below presents the fair value of the Companys derivative financial instruments as adjusted for the risk of non-performance as well as their classification on the Balance Sheet as of June 30, 2010 and December 31, 2009:

		FairValueasof
	BalanceSheet	June30,		December31,
	Location	2010		2009
Derivativesdesignated as hedging instruments

Interest Rate Swap	Long-term Liabilities	$	4,049,670	$	2,306,294

Essex Rental Corp. CIK:1373988

Derivativesdesignated as hedging instruments
Interest Rate Swap	$4,049,670	$2,306,294

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Table 4

Financial table in standard format

FairValueasof
BalanceSheet
June30,
December31,
Location
2010
2009
Derivativesdesignated as hedging instruments
Interest Rate Swap
Long-term Liabilities
$
4,049,670
$
2,306,294
The table below presents the effect of the Companys derivative financial instruments on the Income Statement for the six months ended June 30, 2010 and 2009.These amounts are presented as other comprehensive income (OCI).

DerivativesinCashFlow HedgingRelationships	AmountofGain or(Loss) Recognizedin OCIon Derivative (Effective Portion)			LocationofGain or(Loss) Reclassifiedfrom AccumulatedOCI intoIncome (EffectivePortion)	AmountofGain or(Loss) Reclassifiedfrom Accumulated OCIintoIncome (Effective Portion)			LocationofGainor (Loss)Recognizedin IncomeonDerivative (IneffectivePortion andAmountExcluded fromEffectiveness Testing)	AmountofGainor (Loss)Recognized inIncomeon Derivative (IneffectivePortion andAmount Excludedfrom Effectiveness Testing)

For the Six Months Ended June 30, 2010

Interest Rate Swap	$	(2,976,229	)	Interest expense	$	(1,232,853	)	Other income / (expense)	$	-

For the Six Months Ended June 30, 2009

Interest Rate Swap	$	501,122		Interest expense	$	1,146,680		Other income / (expense)	$	-

Essex Rental Corp. CIK:1373988

Interest Rate Swap	$501,122	$1,146,680

Data column 1: "numyear" is ambiguous (2010 or 2009)
Data column 1: "month" is ambiguous (6 or 6)
Data column 1: "dayofmonth" is ambiguous (30 or 30)
Data column 1: Unable to interpret date in column header
Data column 2: "numyear" is ambiguous (2010 or 2009)
Data column 2: "month" is ambiguous (6 or 6)
Data column 2: "dayofmonth" is ambiguous (30 or 30)
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Data column 3: "numyear" is ambiguous (2010 or 2009)
Data column 3: "month" is ambiguous (6 or 6)
Data column 3: "dayofmonth" is ambiguous (30 or 30)
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Data column 4: "numyear" is ambiguous (2010 or 2009)
Data column 4: "month" is ambiguous (6 or 6)
Data column 4: "dayofmonth" is ambiguous (30 or 30)
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Data column 5: "numyear" is ambiguous (2010 or 2009)
Data column 5: "month" is ambiguous (6 or 6)
Data column 5: "dayofmonth" is ambiguous (30 or 30)
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Data column 6: "numyear" is ambiguous (2010 or 2009)
Data column 6: "month" is ambiguous (6 or 6)
Data column 6: "dayofmonth" is ambiguous (30 or 30)
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Original filing from SEC EDGAR system.