EVANSTON, Ill. — Although revenue increased in the second quarter of 2003 on a year-over-year basis, losses continued to mount for the Evanston, Ill.-based consolidator.
Total revenues were $161.6 million in the second quarter ended June 30, 2002, up from $150.8 million for the same period in 2001. Rental revenues rose year over year from $108.5 million to $116.0 million. However, operating income dropped from $17.5 million to $12.9 million year over year, and net loss from continuing operations rose from $1.1 million, or 6 cents per share in Q201 to $4.3 million or 21 cents per share this year.
Total revenues for the first half of 2002 were $300.1 million compared with $278.2 for the same period of 2001, with rental revenues jumping from $207.5 million to $221.8 million. The 2002 net loss from continuing operations was $19.2 million, or 92 cents per share, compared with a net loss of $8.7 million, or 43 cents per share, in 2001.
Earnings before interest, taxes, depreciation and amortization totaled $44.2 million for the second quarter, $76 million year to date, compared to last year's EBITDA of $46.5 million and $80.6 million for the same periods.
NES continued its emphasis on debt reduction, selling its trench shoring business in a deal which closed on the last day of the quarter, for $110 million. NES repaid $108.9 million in debt the following day.
“Selling the trench shoring business was an important step in our effort to reduce debt and improve our operating leverage,” said NES CEO Kevin Rodgers. “As the economy recovers more slowly than expected, we will continue to focus on cost reduction strategies and explore financing alternatives to strengthen our position in the market.”
NES is No. 4 on the RER 100.
