$MGRC
MCGRATH RENTCORP

2013 Q3 Form 10-Q Financial Statement

#000119312513418479 Filed on October 30, 2013

View on sec.gov

Income Statement

Concept 2013 Q3 2012 Q3
Revenue $108.8M $99.43M
YoY Change 9.46% -5.21%
Cost Of Revenue $63.65M $55.79M
YoY Change 14.09% -3.14%
Gross Profit $45.19M $43.64M
YoY Change 3.55% -7.74%
Gross Profit Margin 41.52% 43.89%
Selling, General & Admin $22.38M $20.85M
YoY Change 7.36% 4.24%
% of Gross Profit 49.53% 47.77%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $19.50M $18.40M
YoY Change 5.98% 7.6%
% of Gross Profit 43.15% 42.16%
Operating Expenses $22.38M $20.85M
YoY Change 7.36% 4.24%
Operating Profit $22.81M $22.79M
YoY Change 0.06% -16.51%
Interest Expense $2.148M $2.312M
YoY Change -7.09% -210.1%
% of Operating Profit 9.42% 10.14%
Other Income/Expense, Net
YoY Change
Pretax Income $20.68M $20.48M
YoY Change 0.97% -19.05%
Income Tax $8.106M $8.029M
% Of Pretax Income 39.2% 39.2%
Net Earnings $12.57M $12.45M
YoY Change 0.98% -19.15%
Net Earnings / Revenue 11.55% 12.52%
Basic Earnings Per Share $0.49 $0.50
Diluted Earnings Per Share $0.48 $0.50
COMMON SHARES
Basic Shares Outstanding 25.65M shares 24.79M shares
Diluted Shares Outstanding 26.10M shares 25.11M shares

Balance Sheet

Concept 2013 Q3 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $700.0K $400.0K
YoY Change 75.0% -42.86%
Cash & Equivalents $651.0K $362.0K
Short-Term Investments
Other Short-Term Assets $20.60M $27.90M
YoY Change -26.16% 97.87%
Inventory
Prepaid Expenses
Receivables $92.80M $101.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $114.1M $129.3M
YoY Change -11.76% 23.85%
LONG-TERM ASSETS
Property, Plant & Equipment $103.0M $819.6M
YoY Change -87.44% 9.19%
Goodwill $27.70M
YoY Change
Intangibles $10.87M
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $895.3M $859.0M
YoY Change 4.24% 8.63%
TOTAL ASSETS
Total Short-Term Assets $114.1M $129.3M
Total Long-Term Assets $895.3M $859.0M
Total Assets $1.009B $988.3M
YoY Change 2.14% 10.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $68.80M $61.60M
YoY Change 11.69% 1.32%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $68.80M $61.60M
YoY Change 11.69% 1.32%
LONG-TERM LIABILITIES
Long-Term Debt $280.9M $314.2M
YoY Change -10.6% 8.49%
Other Long-Term Liabilities $27.10M $35.60M
YoY Change -23.88% 40.16%
Total Long-Term Liabilities $308.0M $349.8M
YoY Change -11.95% 11.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $68.80M $61.60M
Total Long-Term Liabilities $308.0M $349.8M
Total Liabilities $613.7M $632.5M
YoY Change -2.97% 10.06%
SHAREHOLDERS EQUITY
Retained Earnings $292.5M
YoY Change
Common Stock $103.2M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $395.7M $355.8M
YoY Change
Total Liabilities & Shareholders Equity $1.009B $988.3M
YoY Change 2.14% 10.41%

Cashflow Statement

Concept 2013 Q3 2012 Q3
OPERATING ACTIVITIES
Net Income $12.57M $12.45M
YoY Change 0.98% -19.15%
Depreciation, Depletion And Amortization $19.50M $18.40M
YoY Change 5.98% 7.6%
Cash From Operating Activities $33.70M $25.70M
YoY Change 31.13% -22.36%
INVESTING ACTIVITIES
Capital Expenditures -$41.00M -$35.00M
YoY Change 17.14% -35.06%
Acquisitions
YoY Change
Other Investing Activities $11.00M $8.400M
YoY Change 30.95% 7.69%
Cash From Investing Activities -$30.00M -$26.70M
YoY Change 12.36% -42.08%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.700M 1.000M
YoY Change -470.0% -92.42%
NET CHANGE
Cash From Operating Activities 33.70M 25.70M
Cash From Investing Activities -30.00M -26.70M
Cash From Financing Activities -3.700M 1.000M
Net Change In Cash 0.0000000009313 0.000
YoY Change -100.0%
FREE CASH FLOW
Cash From Operating Activities $33.70M $25.70M
Capital Expenditures -$41.00M -$35.00M
Free Cash Flow $74.70M $60.70M
YoY Change 23.06% -30.23%

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CY2012Q3 us-gaap Other Operating Income
OtherOperatingIncome
620000
CY2012Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
20480000
CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
12451000
CY2012Q3 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
76428000
CY2012Q3 us-gaap Sales Revenue Net
SalesRevenueNet
22382000
CY2012Q3 us-gaap Cost Of Goods Sold
CostOfGoodsSold
16677000
CY2012Q3 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
12698000
CY2012Q3 us-gaap Interest Expense
InterestExpense
2312000
CY2012Q3 us-gaap Acquisition Costs
AcquisitionCosts
10300000
CY2012Q3 us-gaap Cost Of Revenue
CostOfRevenue
55790000
CY2012Q3 us-gaap Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
39113000
CY2012Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
20848000
CY2012Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
8029000
CY2012Q3 mgrc Cost Of Rental Related Services
CostOfRentalRelatedServices
10252000
CY2012Q3 mgrc Rental Related Services
RentalRelatedServices
13010000
CY2012Q3 mgrc Rental
Rental
63418000
CY2012Q3 mgrc Dilutive Securities Stock Options And Restrictive Stock Units
DilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
321000 shares
CY2012Q3 mgrc Cost Of Services Depreciation Of Rental Equipment
CostOfServicesDepreciationOfRentalEquipment
16163000
CY2013Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.48
CY2013Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.240
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26095000 shares
CY2013Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.49
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
25649000 shares
CY2013Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2013Q3 us-gaap Revenues
Revenues
108860000
CY2013Q3 us-gaap Gross Profit
GrossProfit
45210000
CY2013Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
22827000
CY2013Q3 us-gaap Other Operating Income
OtherOperatingIncome
546000
CY2013Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
20679000
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
12573000
CY2013Q3 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
81799000
CY2013Q3 us-gaap Sales Revenue Net
SalesRevenueNet
26515000
CY2013Q3 us-gaap Cost Of Goods Sold
CostOfGoodsSold
18778000
CY2013Q3 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
16361000
CY2013Q3 us-gaap Interest Expense
InterestExpense
2148000
CY2013Q3 us-gaap Acquisition Costs
AcquisitionCosts
4400000
CY2013Q3 us-gaap Cost Of Revenue
CostOfRevenue
63650000
CY2013Q3 us-gaap Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
44872000
CY2013Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
22383000
CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
8106000
CY2013Q3 mgrc Cost Of Rental Related Services
CostOfRentalRelatedServices
11278000
CY2013Q3 mgrc Rental Related Services
RentalRelatedServices
15858000
CY2013Q3 mgrc Rental
Rental
65941000
CY2013Q3 mgrc Dilutive Securities Stock Options And Restrictive Stock Units
DilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
446000 shares
CY2013Q3 mgrc Cost Of Services Depreciation Of Rental Equipment
CostOfServicesDepreciationOfRentalEquipment
17233000

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