United Rentals filed its annual reports on Form 10-K for 2004 and 2005 with the Securities and Exchange Commission March 31, bringing the company into compliance with the annual reporting requirements of the New York Stock Exchange.
The company also announced it anticipates completing its quarterly reports on Form 10-Q for the 2005 interim periods and expects to file these reports by mid-April. United has obtained a short-term amendment from the lenders under its senior credit facility to allow the company until April 28 to file these reports.
“The filing of our annual financial statements represents another significant step forward for our company,” said United CEO Wayland Hicks. “Our strong performance in 2005 has continued into the first quarter, with total revenues of $530 million for the first two months, an increase of 14 percent from 2005.
The company’s final results for 2005 include revenues of $3.56 billion, as previously announced, and diluted earnings per share of $1.80, compared with preliminary earnings per share of $1.81, reflecting an additional restatement related to the allocation of the purchase price of acquisitions completed since July 2001. A review of those transactions indicated that a portion of the purchase price allocated to goodwill — which is not amortized — should have been recorded as a separate intangible asset (customer relationships), which is amortized. As a result of this additional re-statement, United’s financial results filed last week reflect an annual decrease in reported pre-tax income of about $3 million in 2005 and 2004, $2 million in 2003 and $1 million in 2002.
