$MGRC
MCGRATH RENTCORP

2014 Q3 Form 10-Q Financial Statement

#000119312514387188 Filed on October 29, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2013 Q3
Revenue $113.0M $108.8M
YoY Change 3.85% 9.46%
Cost Of Revenue $63.73M $63.65M
YoY Change 0.12% 14.09%
Gross Profit $49.30M $45.19M
YoY Change 9.09% 3.55%
Gross Profit Margin 43.62% 41.52%
Selling, General & Admin $24.20M $22.38M
YoY Change 8.12% 7.36%
% of Gross Profit 49.09% 49.53%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $20.40M $19.50M
YoY Change 4.62% 5.98%
% of Gross Profit 41.38% 43.15%
Operating Expenses $24.20M $22.38M
YoY Change 8.12% 7.36%
Operating Profit $25.10M $22.81M
YoY Change 10.05% 0.06%
Interest Expense -$2.500M $2.148M
YoY Change -216.39% -7.09%
% of Operating Profit -9.96% 9.42%
Other Income/Expense, Net
YoY Change
Pretax Income $22.61M $20.68M
YoY Change 9.33% 0.97%
Income Tax $8.863M $8.106M
% Of Pretax Income 39.2% 39.2%
Net Earnings $13.75M $12.57M
YoY Change 9.33% 0.98%
Net Earnings / Revenue 12.16% 11.55%
Basic Earnings Per Share $0.53 $0.49
Diluted Earnings Per Share $0.53 $0.48
COMMON SHARES
Basic Shares Outstanding 25.95M shares 25.65M shares
Diluted Shares Outstanding 26.15M shares 26.10M shares

Balance Sheet

Concept 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $800.0K $700.0K
YoY Change 14.29% 75.0%
Cash & Equivalents $774.0K $651.0K
Short-Term Investments
Other Short-Term Assets $22.00M $20.60M
YoY Change 6.8% -26.16%
Inventory
Prepaid Expenses
Receivables $103.6M $92.80M
Other Receivables $0.00 $0.00
Total Short-Term Assets $126.4M $114.1M
YoY Change 10.78% -11.76%
LONG-TERM ASSETS
Property, Plant & Equipment $106.9M $103.0M
YoY Change 3.85% -87.44%
Goodwill $27.70M $27.70M
YoY Change 0.0%
Intangibles $10.24M $10.87M
YoY Change -5.79%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $962.7M $895.3M
YoY Change 7.53% 4.24%
TOTAL ASSETS
Total Short-Term Assets $126.4M $114.1M
Total Long-Term Assets $962.7M $895.3M
Total Assets $1.089B $1.009B
YoY Change 7.9% 2.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $75.10M $68.80M
YoY Change 9.16% 11.69%
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 $75.10M $68.80M
YoY Change 9.16% 11.69%
LONG-TERM LIABILITIES
Long-Term Debt $322.3M $280.9M
YoY Change 14.74% -10.6%
Other Long-Term Liabilities $32.80M $27.10M
YoY Change 21.03% -23.88%
Total Long-Term Liabilities $355.1M $308.0M
YoY Change 15.29% -11.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $75.10M $68.80M
Total Long-Term Liabilities $355.1M $308.0M
Total Liabilities $674.6M $613.7M
YoY Change 9.92% -2.97%
SHAREHOLDERS EQUITY
Retained Earnings $310.7M $292.5M
YoY Change 6.23%
Common Stock $103.9M $103.2M
YoY Change 0.63%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $414.5M $395.7M
YoY Change
Total Liabilities & Shareholders Equity $1.089B $1.009B
YoY Change 7.9% 2.14%

Cashflow Statement

Concept 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income $13.75M $12.57M
YoY Change 9.33% 0.98%
Depreciation, Depletion And Amortization $20.40M $19.50M
YoY Change 4.62% 5.98%
Cash From Operating Activities $29.80M $33.70M
YoY Change -11.57% 31.13%
INVESTING ACTIVITIES
Capital Expenditures -$47.90M -$41.00M
YoY Change 16.83% 17.14%
Acquisitions
YoY Change
Other Investing Activities $9.100M $11.00M
YoY Change -17.27% 30.95%
Cash From Investing Activities -$38.80M -$30.00M
YoY Change 29.33% 12.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 8.600M -3.700M
YoY Change -332.43% -470.0%
NET CHANGE
Cash From Operating Activities 29.80M 33.70M
Cash From Investing Activities -38.80M -30.00M
Cash From Financing Activities 8.600M -3.700M
Net Change In Cash -400.0K 0.0000000009313
YoY Change -42949672960001890.0%
FREE CASH FLOW
Cash From Operating Activities $29.80M $33.70M
Capital Expenditures -$47.90M -$41.00M
Free Cash Flow $77.70M $74.70M
YoY Change 4.02% 23.06%

Facts In Submission

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MCGRATH RENTCORP
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us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
7370000
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26152000 shares
us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
43693000
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
40000000
us-gaap Proceeds From Sale Of Machinery And Equipment
ProceedsFromSaleOfMachineryAndEquipment
22864000
mgrc Cost Of Services Depreciation Of Rental Equipment
CostOfServicesDepreciationOfRentalEquipment
54119000
mgrc Indefinite Lived Intangible Assets Excluding Goodwill Description Of Term
IndefiniteLivedIntangibleAssetsExcludingGoodwillDescriptionOfTerm
Indefinite
mgrc Rental
Rental
197881000
mgrc Sales And Other Revenue Net
SalesAndOtherRevenueNet
51920000
mgrc Property Subject To Or Available For Operating Lease Acquisition
PropertySubjectToOrAvailableForOperatingLeaseAcquisition
117091000
mgrc Rental Related Services
RentalRelatedServices
46529000
mgrc Cost Of Rental Related Services
CostOfRentalRelatedServices
35179000
CY2013 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2013Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.48
CY2013Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
446000 shares
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 Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.240
CY2013Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
25649000 shares
CY2013Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-2148000
CY2013Q3 us-gaap Gross Profit
GrossProfit
45189000
CY2013Q3 us-gaap Sales Revenue Net
SalesRevenueNet
26515000
CY2013Q3 us-gaap Other Operating Income
OtherOperatingIncome
525000
CY2013Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
22806000
CY2013Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
21000
CY2013Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
12573000
CY2013Q3 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
81799000
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 Revenues
Revenues
108839000
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
12573000
CY2013Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
22383000
CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
8106000
CY2013Q3 us-gaap Cost Of Goods Sold
CostOfGoodsSold
18778000
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 Acquisition Costs
AcquisitionCosts
4400000
CY2013Q3 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
16361000
CY2013Q3 mgrc Cost Of Services Depreciation Of Rental Equipment
CostOfServicesDepreciationOfRentalEquipment
17233000
CY2013Q3 mgrc Rental
Rental
65941000
CY2013Q3 mgrc Rental Related Services
RentalRelatedServices
15858000
CY2013Q3 mgrc Cost Of Rental Related Services
CostOfRentalRelatedServices
11278000
CY2014Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.53
CY2014Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
199000 shares
CY2014Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.53
CY2014Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.245
CY2014Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9000 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
25953000 shares
CY2014Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-40000
CY2014Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-2386000
CY2014Q3 us-gaap Gross Profit
GrossProfit
49298000
CY2014Q3 us-gaap Sales Revenue Net
SalesRevenueNet
24998000
CY2014Q3 us-gaap Other Operating Income
OtherOperatingIncome
514000
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
25098000
CY2014Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-103000
CY2014Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
13706000
CY2014Q3 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
87513000
CY2014Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
22609000
CY2014Q3 us-gaap Revenues
Revenues
113025000
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
13746000
CY2014Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
24200000
CY2014Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
8863000
CY2014Q3 us-gaap Cost Of Goods Sold
CostOfGoodsSold
16968000
CY2014Q3 us-gaap Cost Of Revenue
CostOfRevenue
63727000
CY2014Q3 us-gaap Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
46759000
CY2014Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
8000
CY2014Q3 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
14955000
CY2014Q3 mgrc Cost Of Services Depreciation Of Rental Equipment
CostOfServicesDepreciationOfRentalEquipment
18298000
CY2014Q3 mgrc Rental
Rental
69642000
CY2014Q3 mgrc Rental Related Services
RentalRelatedServices
17871000
CY2014Q3 mgrc Cost Of Rental Related Services
CostOfRentalRelatedServices
13506000

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