Toronto rental chain Stephenson’s Rental Services posted a 35-percent revenue increase for the three months ended March 31, grossing CA $13.5 million (about U.S. $12.3 million). Stephenson’s officials credited the increase to the return of normal weather patterns and the contribution from the acquisition of A-1 Equipment Rental in May 2006.
EBITDA for the first quarter jumped 89.1 percent to $2.3 million or 16.9 percent of revenue compared with $1.2 million or 12.1 percent of revenue for the same period in 2006. Rental volume grew 30.5 percent year over year, from $7.6 million in Q106 to $9.9 million this year.
As previously reported, Stephenson’s board of trustees engaged Scotia Capital to identify and evaluate strategic alternatives to maximize unitholder value. The board and Scotia are currently evaluating non-binding expressions of interest received from interested parties who have submitted proposals to acquire the units or the company’s business assets.
Based in Mississauga, Ontario, Stephenson’s Rental Services is No. 40 on the new RER 100.
