CHICAGO - National Equipment Services, No. 7 on the RER 100, reported that rental revenues increased 106 percent to $342 million for the year ended Dec. 31, 1999, including 20 percent growth on a same-store basis.
NES reported that net income for the year rose 54 percent to $21 million, or 72 cents per diluted share, compared with $14 million, or 68 cents per diluted share, excluding an extraordinary item in 1998.
"In 2000, we will focus on maximizing returns at existing operations, reducing total debt, and making acquisition only when they represent exceptional value," said NES CEO Kevin Rodgers.
Rodgers said NES expects to meet four fiscal goals this year: 15-20 percent internal revenue growth; at least 25 percent growth in earnings per share; at least 20 percent operating margin; and 40 percent EPITDA margin.
NES, based here, completed 19 acquisitions in 1999, increasing its network to 181 branches in 35 states.
