MIAMI — Neff Corp. continued to lose money with a net loss of $2.7 million for the second quarter of 2002, compared with a net loss of $1.8 million for the same period last year. Neff reported second quarter revenues of $48.6 million, down from $57.7 million in Q201. Same store rental revenues decreased by 10.3 percent and rental revenues dropped from $47.7 million in last year's second quarter to $42.5 million this year, an 11 percent decrease.
EBITDA for the second quarter decreased 28 percent to $14.5 million, down from $20.1 million from Q201.
Neff has been successful in paying down debt. The company has reduced total outstanding debt by $24.4 million through the repurchase of notes and applying free cash flow to repay amounts outstanding under the company's revolving credit facility.
“We continue to operate in a challenging business environment,” said president and CEO Juan Carlos Mas. “We continue to experience reduced demand for our rental equipment and have seen a further decline of 4 to 5 percent in rental rates compared to the same quarter last year. Our operations continue to generate free cash flow and our strategy remains to preserve cash flow and reduce debt.”
No. 9 on the RER 100, Miami-based Neff has 74 locations in 16 states.
