NES Rentals posted first quarter rental revenue of $98.9 million, down from $106.6 million in the first quarter of 2003. Total revenue dropped from $129.6 million for the first three months of 2003 to $120 million in this year’s first quarter. Net income was a $14.6 million loss, an improvement year over year over the $29.6 million net loss the company suffered in Q103.
The company’s losses have decreased since filing for Chapter 11 reorganization in June 2003, emerging from bankruptcy protection February 11 of this year.
NES segmented its reporting, separating traffic safety revenues from general rental. Traffic safety rental revenue totaled $12.9 million for the first quarter, compared to $15 million in Q103. General rental dropped from $91.6 in the first quarter of 2003 to $86 million in this year’s first quarter.
Chicago-based NES Rentals is No. 5 on the RER 100.
