FT. LAUDERDALE, Fla. — NationsRent announced its second quarter operating results last month. Total revenue was $157.8 million for the quarter and $306.6 million for the six months ended June 30, both below the comparable periods for 2000. Rental revenues were also down from the comparable period in 2000. Rental earnings were $134.4 million for the quarter and $243.7 million for the six months ended June 30, down from $141.5 for last year's first quarter and $170.5 for the first six months of 2000.
The company, No. 4 on the RER 100, recorded a net loss of 5.1 million or 9 cents per diluted share for the quarter compared to net income of $5.0 million or 7 cents per diluted share for the second quarter of 2000. Net loss for the six months ended June 30, was $21.6 million or 38 cents per diluted share, excluding the $10.9 million after-tax or 19 cents per diluted share charges recorded in the first quarter of 2001, compared to net income of $8.3 million or 11 cents per diluted share for the first six months of 2000.
“We continued to make solid progress on our operational restructuring plan to shed underutilized assets, reduce operating costs, reduce capital expenditures and reduce debt while continuing to focus on growing our alliance with Lowe's to operate NationsRent centers at Lowe's home improvement stores,” said James Kirk, chairman and CEO of NationsRent.
Fort Lauderdale, Fla.-based NationsRent now has 36 rental departments in Lowe's home improvement stores and is on track to have 40 operating by the end of the third quarter this year.
NationsRent also reduced its rental fleet capital expenditures to $9.3 million for the quarter and $13.1 million for the first six months, down from $125.1 million of fleet additions, including operating leases, for the six months ended June 30, 2000.
