$MGRC
MCGRATH RENTCORP

2014 Q2 Form 10-Q Financial Statement

#000119312514289581 Filed on July 31, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $95.75M $87.16M
YoY Change 9.85% 4.05%
Cost Of Revenue $53.67M $46.99M
YoY Change 14.21% 9.27%
Gross Profit $42.08M $40.17M
YoY Change 4.75% -1.5%
Gross Profit Margin 43.95% 46.09%
Selling, General & Admin $23.84M $21.79M
YoY Change 9.4% 2.79%
% of Gross Profit 56.66% 54.25%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $20.10M $18.80M
YoY Change 6.91% 5.62%
% of Gross Profit 47.77% 46.8%
Operating Expenses $23.84M $21.79M
YoY Change 9.4% 3.28%
Operating Profit $18.24M $18.38M
YoY Change -0.75% -6.32%
Interest Expense $2.335M $2.157M
YoY Change 8.25% -189.88%
% of Operating Profit 12.8% 11.74%
Other Income/Expense, Net
YoY Change
Pretax Income $16.79M $16.20M
YoY Change 3.69% -6.02%
Income Tax $6.589M $6.349M
% Of Pretax Income 39.23% 39.2%
Net Earnings $10.21M $9.848M
YoY Change 3.63% -6.02%
Net Earnings / Revenue 10.66% 11.3%
Basic Earnings Per Share $0.39 $0.39
Diluted Earnings Per Share $0.39 $0.38
COMMON SHARES
Basic Shares Outstanding 25.91M 25.35M shares
Diluted Shares Outstanding 26.22M 25.82M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.100M $700.0K
YoY Change 57.14% 133.33%
Cash & Equivalents $1.141M $707.0K
Short-Term Investments
Other Short-Term Assets $22.00M $19.70M
YoY Change 11.68% -26.22%
Inventory
Prepaid Expenses
Receivables $89.10M $87.30M
Other Receivables $0.00 $0.00
Total Short-Term Assets $112.2M $107.7M
YoY Change 4.18% -5.03%
LONG-TERM ASSETS
Property, Plant & Equipment $105.9M $838.8M
YoY Change -87.38% 3.48%
Goodwill $27.70M
YoY Change
Intangibles $10.45M
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $939.6M $877.6M
YoY Change 7.07% 3.21%
TOTAL ASSETS
Total Short-Term Assets $112.2M $107.7M
Total Long-Term Assets $939.6M $877.6M
Total Assets $1.052B $985.3M
YoY Change 6.75% 2.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $69.30M $62.50M
YoY Change 10.88% -3.55%
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 $69.30M $62.50M
YoY Change 10.88% -3.55%
LONG-TERM LIABILITIES
Long-Term Debt $307.0M $278.9M
YoY Change 10.08% -9.45%
Other Long-Term Liabilities $26.10M $25.90M
YoY Change 0.77% -9.76%
Total Long-Term Liabilities $333.1M $304.8M
YoY Change 9.28% -9.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $69.30M $62.50M
Total Long-Term Liabilities $333.1M $304.8M
Total Liabilities $645.3M $597.5M
YoY Change 8.0% -3.02%
SHAREHOLDERS EQUITY
Retained Earnings $303.3M
YoY Change
Common Stock $103.1M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $406.4M $387.8M
YoY Change
Total Liabilities & Shareholders Equity $1.052B $985.3M
YoY Change 6.75% 2.25%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $10.21M $9.848M
YoY Change 3.63% -6.02%
Depreciation, Depletion And Amortization $20.10M $18.80M
YoY Change 6.91% 5.62%
Cash From Operating Activities $17.10M $24.60M
YoY Change -30.49% -17.45%
INVESTING ACTIVITIES
Capital Expenditures -$39.60M -$33.70M
YoY Change 17.51% -25.61%
Acquisitions
YoY Change
Other Investing Activities $9.900M $7.600M
YoY Change 30.26% 40.74%
Cash From Investing Activities -$29.80M -$26.10M
YoY Change 14.18% -34.59%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 12.60M 1.800M
YoY Change 600.0% -82.18%
NET CHANGE
Cash From Operating Activities 17.10M 24.60M
Cash From Investing Activities -29.80M -26.10M
Cash From Financing Activities 12.60M 1.800M
Net Change In Cash -100.0K 300.0K
YoY Change -133.33% -2684354560000073.0%
FREE CASH FLOW
Cash From Operating Activities $17.10M $24.60M
Capital Expenditures -$39.60M -$33.70M
Free Cash Flow $56.70M $58.30M
YoY Change -2.74% -22.37%

Facts In Submission

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dei Trading Symbol
TradingSymbol
MGRC
dei Entity Registrant Name
EntityRegistrantName
MCGRATH RENTCORP
dei Amendment Flag
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dei Entity Filer Category
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dei Document Fiscal Year Focus
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dei Document Type
DocumentType
10-Q
dei Document Period End Date
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2014-06-30
dei Entity Central Index Key
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us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
1173000
us-gaap Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
86232000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
47251000
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
25354000 shares
CY2013Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
43000 shares
CY2013Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-23000
CY2013Q2 us-gaap Revenues
Revenues
87156000
CY2013Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
9848000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
11654000
mgrc Cost Of Rental Related Services
CostOfRentalRelatedServices
21673000
mgrc Rental Related Services
RentalRelatedServices
28658000
mgrc Sales And Other Revenue Net
SalesAndOtherRevenueNet
26408000
mgrc Rental
Rental
128239000
mgrc Property Subject To Or Available For Operating Lease Acquisition
PropertySubjectToOrAvailableForOperatingLeaseAcquisition
71656000
mgrc Cost Of Services Depreciation Of Rental Equipment
CostOfServicesDepreciationOfRentalEquipment
35821000
mgrc Indefinite Lived Intangible Assets Excluding Goodwill Description Of Term
IndefiniteLivedIntangibleAssetsExcludingGoodwillDescriptionOfTerm
Indefinite
CY2013Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.38
CY2013Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.240
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
25818000 shares
CY2013Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
464000 shares
CY2013Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.39
CY2013Q2 us-gaap Gross Profit
GrossProfit
40169000
CY2013Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
18377000
CY2013Q2 us-gaap Other Operating Income
OtherOperatingIncome
546000
CY2013Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
16197000
CY2013Q2 us-gaap Net Income Loss
NetIncomeLoss
9848000
CY2013Q2 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
75704000
CY2013Q2 us-gaap Sales Revenue Net
SalesRevenueNet
10906000
CY2013Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
7486000
CY2013Q2 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
13484000
CY2013Q2 us-gaap Interest Expense
InterestExpense
2157000
CY2013Q2 us-gaap Acquisition Costs
AcquisitionCosts
5500000
CY2013Q2 us-gaap Cost Of Revenue
CostOfRevenue
46987000
CY2013Q2 us-gaap Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
39501000
CY2013Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
21792000
CY2013Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
6349000
CY2013Q2 mgrc Cost Of Rental Related Services
CostOfRentalRelatedServices
9391000
CY2013Q2 mgrc Rental Related Services
RentalRelatedServices
12661000
CY2013Q2 mgrc Rental
Rental
63043000
CY2013Q2 mgrc Cost Of Services Depreciation Of Rental Equipment
CostOfServicesDepreciationOfRentalEquipment
16626000
CY2014Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.39
CY2014Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.245
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26220000 shares
CY2014Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
308000 shares
CY2014Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.39
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
25912000 shares
CY2014Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
15000 shares
CY2014Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
78000
CY2014Q2 us-gaap Revenues
Revenues
95745000
CY2014Q2 us-gaap Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
44478000
CY2014Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
9188000
CY2014Q2 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
15188000
CY2014Q2 us-gaap Interest Expense
InterestExpense
2335000
CY2014Q2 us-gaap Cost Of Revenue
CostOfRevenue
53666000
CY2014Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
10196000
CY2014Q2 us-gaap Gross Profit
GrossProfit
42079000
CY2014Q2 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
812000
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
18239000
CY2014Q2 us-gaap Other Operating Income
OtherOperatingIncome
620000
CY2014Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
16794000
CY2014Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-9000
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
10205000
CY2014Q2 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
80955000
CY2014Q2 us-gaap Sales Revenue Net
SalesRevenueNet
14170000
CY2014Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
-2000
CY2014Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
23840000
CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
6589000
CY2014Q2 mgrc Cost Of Rental Related Services
CostOfRentalRelatedServices
11366000
CY2014Q2 mgrc Rental Related Services
RentalRelatedServices
15146000
CY2014Q2 mgrc Rental
Rental
65809000
CY2014Q2 mgrc Cost Of Services Depreciation Of Rental Equipment
CostOfServicesDepreciationOfRentalEquipment
17924000

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