Ahern Rentals increased rental revenue 23.6 percent in the first quarter, according to documents filed Friday with the Securities and Exchange Commission. Ahern Rentals increased from $63.5 million in the first quarter of 2007 to $78.5 million this year. Total revenues jumped 31.5 percent from $71.1 million in the year-ago period to $93.5 million this year.
Retained earnings leapt 30 percent from $35.7 million in Q107 to $46.5 million this year. EBITDA increased 23 percent year over year from $30.3 million in the first quarter of 2007 to $37.2 million in this year’s first quarter, with EBITDA margin dropping from 42.5 percent to 39.8 percent.
The company said increased revenues resulted from an increase in the number of units available for rent as a result of capital expenditures that increased the average original cost of its rental fleet to $747 million in 2008, compared with $580 million in 2007, offset slightly by a decrease in average dollar utilization to 42 percent in 2008 from 44 percent in 2007. Although average rental rates increased 1 percent, average time utilization remained at 67 percent in the first quarter, the same as last year’s first quarter.
In March 2008, the company increased its revolving credit facility from $300 million to $350 million.
Ahern last month opened a branch in El Paso, Texas, the company’s 44th location.
Based in Las Vegas, Ahern Rentals is No. 8 on the new RER 100.
