UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A No. 1
(X) Quarterly Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the Quarterly Period Ended: June 30, 1998
or
[ ] Transition Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Commission File Number: 001-14145
NEFF CORP.
-----------
(Exact Name of registrant as specified in its charter)
DELAWARE 65-0626400
-------- ----------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) I.D. No.)
3750 N.W. 87th Avenue, Miami, Florida 33178
-------------------------------------------
(Address or principal executive offices) (Zip Code)
(305) 513-3350
--------------
(Registrant's telephone number, including area code)
---------------------
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports) and (2) has been subject to such filing
requirements for the past 90 days. Yes X No
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date. There were 16,065,350 shares of
Class A Common Stock, $.01 par value and 5,100,000 shares of Class B Common
Stock, $.01 par value, outstanding at August 10, 1998.
<PAGE>
NEFF CORP.
QUARTER ENDED JUNE 30, 1998
The registrant hereby amends Item 1 of the Report on Form 10-Q filed on August
12, 1998, to include Note 10 - Condensed Consolidating Financial Information.
INDEX
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheets
as of June 30, 1998 (unaudited) and December 31, 1997 .............. 3
Consolidated Statements of Operations
for the three months ended June 30, 1998 and June 17, 1997 (unaudited) 4
Consolidated Statements of Operations
for the six months ended June 30, 1998 and June 17, 1997 (unaudited). 5
Statement of Common Stockholders' Equity (Deficit)
for the six months ended June 30, 1998 (unaudited)................... 6
Consolidated Statements of Cash Flows
for the six months ended June 30, 1998 and June 17, 1998 (unaudited). 7
Notes to Consolidated Financial Statements (unaudited) ............... 8
Signature ............................................................. 14
2
<PAGE>
<TABLE>
<CAPTION>
PART I. FINANCIAL INFORMATION
ITEM I. FINANCIAL STATEMENTS
NEFF CORP.
CONSOLIDATED BALANCE SHEETS
(in thousands)
June 30, December 31,
1998 1997
---------- ------------
(Unaudited)
Assets
<S> <C> <C>
Cash and cash equivalents ...................................... $ 3,480 $ 2,885
Accounts receivable, net of allowance for doubtful accounts of
$1,980 in 1998 and $1,092 in 1997 ............................. 53,603 25,007
Inventories .................................................... 30,729 11,312
Rental equipment, net .......................................... 312,556 179,547
Property and equipment, net .................................... 40,505 23,737
Goodwill, net .................................................. 87,711 29,444
Deferred tax asset, net ........................................ 3,791 --
Prepaid expenses and other assets .............................. 7,839 8,858
---------- -----------
Total assets ......................................... $ 540,214 $ 280,790
========= ===========
Liabilities and Common Stockholders' Equity (Deficit)
Liabilities
Accounts payable .......................................... $ 30,068 $ 10,871
Accrued expenses .......................................... 25,198 11,248
Senior credit facility .................................... 259,770 161,825
Senior subordinated notes ................................. 100,000 --
Term loan payable ......................................... -- 49,916
Notes payable ............................................. 15,112 14,462
Capitalized lease obligations ............................. 1,884 2,320
Deferred income taxes ..................................... -- 1,136
---------- -----------
Total liabilities .................................... 432,032 251,778
---------- -----------
Redeemable preferred stock ..................................... -- 53,747
---------- -----------
Commitments and contingencies .................................. -- --
---------- -----------
Minority interest .............................................. 12,037 --
---------- -----------
Common stockholders' equity (deficit)
Class A Common Stock, $.01 par value; 100,000 shares
authorized; 16,065 and 8,465 shares issued and
outstanding in 1998 and 1997, respectively ................ 161 85
Class B Special Common Stock, $.01 par value, liquidation
preference $11.67; 20,000 shares authorized; 5,100 shares
issued and outstanding .................................... 51 --
Additional paid-in capital ..................................... 128,898 --
Accumulated deficit ............................................ (32,965) (24,820)
--------- -----------
Total common stockholders' equity (deficit) .......... 96,145 (24,735)
--------- -----------
Total liabilities and common stockholders' equity
(deficit) ........................................... $ 540,214 $ 280,790
========= ===========
</TABLE>
The accompanying notes are an integral part of these consolidated financial
statements.
3
<PAGE>
<TABLE>
<CAPTION>
NEFF CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except per share data)
For the Three Months Ended
--------------------------
June 30, June 17,
1998 1997
-------- --------
<S> <C> <C>
Revenues
Rental revenue ................................. $ 40,507 $ 11,010
Equipment sales ................................ 24,224 10,949
Parts and service .............................. 9,486 5,123
-------- --------
Total revenues ............................ 74,217 27,082
-------- --------
Cost of revenues
Cost of equipment sold ......................... 18,815 8,347
Depreciation of rental equipment ............... 13,522 3,055
Maintenance of rental equipment ................ 9,852 2,665
Cost of parts and service ...................... 6,863 3,080
-------- --------
Total cost of revenues .................... 49,052 17,147
-------- --------
Gross profit ........................................ 25,165 9,935
-------- --------
Other operating expenses
Selling, general and administrative expenses ... 13,169 7,639
Other depreciation and amortization ............ 2,087 341
Officer stock option compensation .............. 3,198 --
-------- --------
Total other operating expenses ............ 18,454 7,980
-------- --------
Income from operations .............................. 6,711 1,955
-------- --------
Other expenses
Interest expense ............................... 7,692 1,584
Amortization of debt issue costs ............... 922 197
-------- --------
Total other expenses ...................... 8,614 1,781
-------- --------
Income (loss) before income taxes and extraordinary
item ............................................... (1,903) 174
(Provision for) benefit from income taxes ........... 714 (37)
-------- --------
Income (loss) before extraordinary item ............. (1,189) 137
Extraordinary loss, net of income taxes ............. (2,675) --
-------- --------
Net income (loss) ................................... $ (3,864) $ 137
======== ========
Basic and diluted earnings per common share
Income (loss) before extraordinary item ............. $ (0.24) $ (0.20)
Extraordinary loss, net ............................. (0.15) --
-------- --------
Net income (loss) ................................... $ (0.39) $ (0.20)
======== ========
Weighted average common shares outstanding
(basic and diluted) ............................ 17,410 8,465
======== ========
</TABLE>
The accompanying notes are an integral part of these consolidated financial
statements.
4
<PAGE>
<TABLE>
<CAPTION>
NEFF CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except per share data)
For the Six Months Ended
--------------------------
June 30, June 17,
1998 1997
-------- --------
<S> <C> <C>
Revenues
Rental revenue ................................. $ 70,430 $ 19,902
Equipment sales ................................ 47,672 21,454
Parts and service .............................. 18,480 10,082
-------- --------
Total revenues ............................ 136,582 51,438
-------- --------
Cost of revenues
Cost of equipment sold ......................... 35,514 17,161
Depreciation of rental equipment ............... 24,843 7,498
Maintenance of rental equipment ................ 18,120 4,495
Cost of parts and service ...................... 12,859 6,081
-------- --------
Total cost of revenues .................... 91,336 35,235
-------- --------
Gross profit ........................................ 45,246 16,203
-------- --------
Other operating expenses
Selling, general and administrative expenses ... 25,194 11,608
Other depreciation and amortization ............ 3,836 690
Officer stock option compensation .............. 3,198 --
-------- --------
Total other operating expenses ............ 32,228 12,298
-------- --------
Income from operations .............................. 13,018 3,905
-------- --------
Other expenses
Interest expenses............................... 15,248 2,947
Amortization of debt issue costs ............... 2,787 384
-------- --------
Total other expenses ...................... 18,035 3,331
-------- --------
Income (loss) before income taxes and extraordinary
item ............................................... (5,017) 574
(Provision for) benefit from income taxes ........... 1,882 (187)
-------- --------
Income (loss) before extraordinary item ............. (3,135) 387
Extraordinary loss, net of income taxes ............. (2,675) --
-------- --------
Net income (loss) ................................... $ (5,810) $ 387
======== ========
Basic and diluted earnings per common share
Income (loss) before extraordinary item ............. $ (0.68) $ (0.39)
Extraordinary loss, net ............................. (0.15) --
-------- --------
Net income (loss) ................................... $ (0.83) $ (0.39)
======== ========
Weighted average common shares outstanding
(basic and diluted) ............................ 13,161 8,465
======== ========
</TABLE>
The accompanying notes are an integral part of these consolidated financial
statements.
5
<PAGE>
<TABLE>
<CAPTION>
NEFF CORP.
STATEMENT OF COMMON STOCKHOLDERS' EQUITY (DEFICIT)
FOR THE SIX MONTHS ENDED JUNE 30, 1998
(in thousands)
Common Stock A Common Stock B Additional
---------------- --------------- Paid-in Accumulated
Shares Amount Shares Amount Capital Deficit Total
------ ------ ------ ------ --------- ------------ ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Balance, December 31, 1997 ........ 8,465 $ 85 -- -- -- $ (24,820) $ (24,735)
Net loss .......................... -- -- -- -- -- (5,810) (5,810)
Preferred stock dividends accrued-
Series B and C ................... -- -- -- -- -- (736) (736)
Accretion of Series A, B and C
Preferred Stock .............. -- -- -- -- -- (1,325) (1,325)
Exchange of Preferred Stock
Series B and C for Class B
Common Stock ................. -- -- 6,000 $ 60 $ 44,876 -- 44,936
Conversion of Class B
Common Stock to Class A
Common Stock ................ 900 9 (900) (9) -- -- --
Preferred stock dividends accrued-
Series A ..................... -- -- -- -- -- (274) (274)
Net proceeds from Common Stock
offering ......................... 6,700 67 -- -- 86,790 -- 86,857
Redemption of Series A
Preferred Stock .............. -- -- -- -- (2,768) -- (2,768)
------ ------ ------ ------ --------- ------------ ---------
Balance, June 30, 1998 ............ 16,065 $ 161 5,100 $ 51 $128,898 $ (32,965) $ 96,145
====== ====== ===== ====== ======== =========== =========
</TABLE>
The accompanying notes are an integral part of these consolidated financial
statements.
6
<PAGE>
<TABLE>
<CAPTION>
NEFF CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)
For the Six Months Ended
------------------------
June 30, June 17,
1998 1997
-------- --------
<S> <C> <C>
Cash Flows from Operating Activities
Net income (loss) .................................... $ (5,810) $ 387
Adjustments to reconcile net income (loss) to net
cash provided by (used for) operating activities
Depreciation and amortization ................... 31,466 8,572
Officer stock option compensation ............... 3,198 --
Gain on sale of equipment ....................... (9,356) (3,884)
Extraordinary loss on debt extinguishment ....... 2,675 --
Provision for (benefit from) deferred income taxes (1,882) 187
Changes in operating assets and liabilities
Accounts receivable ............................. (7,932) (2,212)
Inventories ..................................... (3,118) (5,198)
Other assets .................................... (740) (2,771)
Accounts payable and accrued expenses ........... 15,774 5,100
Other ........................................... -- (315)
-------- --------
Net cash provided by (use for)operating activities 24,275 (134)
-------- --------
Cash Flows from Investing Activities
Purchases of equipment ............................... (101,597) (47,873)
Proceeds from sale of rental equipment ............... 31,576 10,815
Purchases of property and equipment .................. (8,231) (13,300)
Cash paid for acquisitions ........................... (144,890) --
Other ................................................ 573 --
-------- --------
Net cash used in investing activities ........... (222,569) (50,358)
-------- --------
Cash Flows from Financing Activities
Debt issue costs ..................................... (5,072) (144)
Net borrowings under Senior Credit Facility .......... 97,944 32,820
Borrowings (repayments) under capitalized lease
obligations ......................................... (436) 1,177
Proceeds from issuance of Senior Subordinated Notes .. 97,000 --
Proceeds from common stock offering .................. 86,857 --
Net borrowings (repayments) under term loan .......... (49,916) --
Net borrowings (repayments) under notes and mortgages
payable ............................................. (13,573) 19,066
Redemption of Series A Preferred Stock ............... (13,915) --
Distribution to stockholders ......................... -- (4,291)
-------- --------
Net cash provided by financing activities ....... 198,889 48,628
-------- --------
Net increase (decrease) in cash and cash equivalents . 595 (1,864)
Cash and cash equivalents, beginning of period ....... 2,885 4,989
-------- --------
Cash and cash equivalents, end of period ............. $ 3,480 $ 3,125
======== ========
</TABLE>
The accompanying notes are an integral part of these consolidated financial
statements.
7
<PAGE>
NEFF CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 1998
(unaudited)
NOTE 1 - UNAUDITED INTERIM INFORMATION
The accompanying interim consolidated financial data are unaudited;
however, in the opinion of management, the interim data include all adjustments
necessary for a fair presentation of the results for the interim periods. The
preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities as of the date of the
financial statements and the reported amounts of revenue and expenses during the
reporting periods. Actual results could differ from those estimates.
The results of operations for the six months ended June 30, 1998 are not
necessarily indicative of the results to be expected for the year ending
December 31, 1998.
The interim unaudited consolidated financial statements should be read in
conjunction with the consolidated financial statements and notes thereto for the
year ended December 31, 1997 appearing in the Company's Registration Statement
on Form S-1, as amended, and filed with the Securities and Exchange Commission.
NOTE 2 - FISCAL QUARTERS
Effective October 1, 1997, the Company changed its fiscal reporting periods
to calendar quarters. Prior to October 1997, the Company's fiscal quarters were
based on three four-week periods.
NOTE 3 - CHANGE IN ACCOUNTING POLICIES
During the first quarter of 1998, the Company adopted Statement No. 130
("SFAS 130"), Reporting Comprehensive Income, which establishes standards for
the reporting and display of comprehensive income and its components.
Comprehensive income includes certain non-owner changes in equity that are
currently excluded from net income. The adoption of SFAS 130 had no effect on
the Company's consolidated financial statements.
NOTE 4 - ACQUISITIONS
During January 1998, the Company acquired substantially all of the assets
of Richbourg's Sales and Rentals, Inc. ("Richbourg") for approximately $100
million. Richbourg has rental equipment operations similar to the Company's with
15 locations in three states. In connection with this acquisition, the Company
amended its Senior Credit Facility and executed a $100 million term loan (the
"Richbourg Term Loan") with terms and requirements similar to the Company's
Senior Credit Facility (See Note 6). This transaction was accounted for under
the purchase method. In connection with this purchase, goodwill of approximately
$40.8 million was recorded.
8
<PAGE>
NEFF CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 1998
(unaudited)
During May and June 1998, the Company acquired three equipment rental
companies for an aggregate purchase price of approximately $9.3 million. These
businesses have a total of three equipment rental locations in California,
Florida and Texas. Each of these transactions was accounted for under the
purchase method. In connection with these purchases, goodwill of approximately
$4.6 million was recorded.
On June 30, 1998, the Company acquired 65% of the outstanding stock of
Sullair Argentina Sociedad Anonima ("S.A. Argentina"), for approximately $36.1
million and earn-out payments equal to 83% of S. A. Argentina's net income for
1998 and 1999, with such earn-out payments not to exceed $12.6 million in the
aggregate. S.A. Argentina rents and sells industrial and construction equipment
throughout South America. In connection with this purchase, goodwill of
approximately $14.0 million was recorded.
The following pro forma information has been prepared to reflect the
Industrial Equipment Rentals, Inc. (August 1997) and Richbourg (January 1, 1998)
acquisitions as if they were consummated on January 1, 1997, after giving effect
to certain pro forma adjustments described below (in thousands):
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 17, 1997 June 17, 1997
----------------- ----------------
<S> <C> <C>
Revenues ...................... $ 45,789 $ 86,948
================ ================
Net (loss) income ............. $ 287 $ (646)
================ ================
Basic and diluted earnings
per common share ............. $ (0.19) $ (0.52)
================ ================
</TABLE>
Pro forma adjustments reflect amortization of intangible assets,
depreciation of property and equipment and increased interest on borrowings to
finance the acquisitions. The unaudited pro forma information is based upon
certain assumptions and estimates and does not necessarily represent operating
results that would have occurred had the acquisitions been consummated as of the
beginning of the periods presented, nor is it necessarily indicative of expected
future operating results.
NOTE 5 - COMMON STOCK
During May 1998, the Company consummated its initial public offering (the
"Offering") of 6.7 million shares of Class A Common Stock at $14 per share. The
Company received net proceeds of approximately $86.9 million.
9
<PAGE>
NEFF CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 1998
(unaudited)
NOTE 6 - DEBT
During May 1998, the Company completed the sale of $100 million of Senior
Subordinated Notes due 2008 (the "Senior Notes") as well as the Offering (see
Note 5). The net proceeds of approximately $183.9 million from the sale of the
Senior Notes and the Offering were used to repay the Richbourg Term Loan, redeem
the Series A Cumulative Redeemable Preferred Stock, repay the mortgage notes
payable and reduce the amount outstanding under the Company's New Credit
Facility.
The Senior Notes bear interest at 10 1/4% per annum, payable semiannually
beginning December 1, 1998. The Senior Notes are senior unsecured obligations of
the Company and are redeemable at the option of the Company, in whole or in
part, on or after June 1, 2003, at pre-established redemption prices together
with accrued and unpaid interest to the redemption date.
On May 1, 1998, the Company amended and restated its $250 million revolving
credit facility (as amended and restated, the "New Credit Facility"). Borrowings
under the New Credit Facility are based upon eligible accounts receivable,
rental fleet and inventory amounts. The interest rates on balances outstanding
under the New Credit Facility vary based upon the leverage ratio maintained by
the Company and range from Prime to Prime plus 1.25% or LIBOR plus 1% to LIBOR
plus 2.25%. As a result of the repayment of the Richbourg Term Loan, the New
Credit Facility was extended to April 30, 2003.
On June 30, 1998, the Company increased the New Credit Facility to $300
million. There were no other changes to the terms and requirements under the New
Credit Facility.
At June 30, 1998, the Company had approximately $10.5 million of letters of
credit outstanding.
NOTE 7 - PREFERRED STOCK
Effective March 25, 1998, General Electric Capital Corporation exchanged
Series B and Series C Cumulative Convertible Redeemable Preferred Stock for
Class B Common Stock, liquidation preference $11.67.
NOTE 8 - EARNINGS PER SHARE
The treasury stock method was used to determine the dilutive effect of
options and warrants on earnings per share data. For 1998 and 1997, common stock
equivalents were excluded since the effect would be anti-dilutive.
10
<PAGE>
NEFF CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 1998
(unaudited)
Net loss from continuing operations per share and the weighted average
number of shares outstanding used in the computations are summarized as follows
(in thousands, except per share data):
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
------------------ -----------------
June 30, June 17, June 30, June 17,
1998 1997 1998 1997
------- ------- ------- -------
<S> <C> <C> <C> <C>
Net income (loss) .................. $(3,864) $ 137 $(5,810) $ 387
Deduct:
Preferred stock dividend ...... 104 964 1,010 1,928
Accretion of preferred stock .. 2,857 898 4,093 1,796
Income (loss) per share
computations ................. (6,825) (1,725) (10,913) (3,337)
Number of shares:
Weighted average common shares
outstanding ................. 17,410 8,465 13,161 8,465
Add:
Net additional common shares
issued(1) ................... -- -- -- --
Weighted average common shares
used in the per share
computations ................ 17,410 8,465 13,161 8,465
Net income (loss) per common
share ........................ $ (0.39) $(0.20) $ (0.83) $ (0.39)
</TABLE>
- ------------
(1) Assumes exercise of outstanding common stock equivalents (options and
warrants) at the beginning of the period, net of 20% limitation, if
applicable, on the assumed repurchase of stock.
NOTE 9 - SUPPLEMENTAL STATEMENTS OF CASH FLOWS INFORMATION
<TABLE>
<CAPTION>
Six Months Ended
------------------
June 30, June 17,
1998 1997
------- -------
(in thousands)
<S> <C> <C>
Supplemental Disclosure of
Cash Flow Information
Cash paid for interest ......... $14,652 $2,516
Cash paid for taxes ............ $ 138 $ 608
</TABLE>
11
<PAGE>
NEFF CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 1998
(unaudited)
NOTE 10 - CONDENSED CONSOLIDATING FINANCIAL INFORMATION
Neff Corp. ("Parent") issued $100 million of senior subordinated unsecured
notes on May 22, 1998. On June 30, 1998, Neff Corp. acquired 65% of S.A.
Argentina (See Note 4). S.A. Argentina is not a guarantor of the unsecured notes
of the Parent and financial information for this subsidiary is presented
separately. All of the Parent's subsidiaries other than S.A. Argentina are
wholly owned. Parent and its subsidiaries other than S.A. Argentina have fully
and unconditionally guaranteed the unsecured notes on a joint and several basis.
The subsidiaries' financial information is presented on a combined basis and
Parent is shown separately. No consolidating income statement is presented
herein, since the acquisition of S.A. Argentina (the non-quarantor) was
consummated on June 30, 1998. Separate financial statements and other
disclosures for the individual guarantor subsidiaries are not presented because,
in the opinion of management, such information is not material to investors.
12
<PAGE>
<TABLE>
<CAPTION>
NEFF CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 1998
(unaudited)
NOTE 10 - CONDENSED CONSOLIDATING FINANCIAL INFORMATION (con't)
CONDENSED CONSOLIDATING BALANCE SHEET
AS OF JUNE 30, 1998
(in thousands)
Guarantor Non-Guarantor
Subsidiaries Subsidiary Parent Eliminations Consolidated
------------ ------------- -------- ------------ ------------
Assets
<S> <C> <C> <C> <C> <C>
Cash and cash equivalents ............................. $ 3,102 $ 378 $ -- $ -- $ 3,480
Accounts receivable, net .............................. 37,057 16,546 -- -- 53,603
Inventories ........................................... 15,056 15,673 -- -- 30,729
Rental equipment, net ................................ 293,811 18,745 -- -- 312,556
Property and equipment, net ........................... 20,994 9,211 10,300 -- 40,505
Goodwill, net ......................................... 73,685 -- -- 14,026 87,711
Deferred tax asset, net ............................... (1,440) (359) 5,590 -- 3,791
Prepaid expenses and other assets ..................... 3,755 303 67,180 (63,399) 7,839
(Due to) from affiliates .............................. (158,296) -- 158,296 -- --
----------- ------------ -------- ----------- -----------
Total assets ................................ $ 287,724 $ 60,497 $241,366 $ (49,373) $ 540,214
============ ============ ======== ========== ===========
Liabilities and Common Stockholders Equity (Deficit)
Liabilities
Accounts payable ................................. $ 19,095 $ 10,916 $ 57 $ -- $ 30,068
Accrued expenses ................................. 14,793 1,293 9,112 -- 25,198
Senior credit facility ........................... 223,718 -- 36,052 -- 259,770
10 1/4% senior subordinated notes ................ -- -- 100,000 -- 100,000
Notes payable .................................... 889 14,223 -- -- 15,112
Capitalized lease obligations .................... 1,884 -- -- -- 1,884
----------- ------------ -------- ----------- -----------
260,379 26,432 145,221 -- 432,032
----------- ------------ -------- ----------- -----------
Commitments and contingencies ......................... -- -- -- -- --
----------- ------------ -------- ----------- -----------
Minority interest ..................................... -- -- -- 12,037 12,037
----------- ------------ -------- ----------- -----------
Common stockholders' equity
Clss A Common stock; $.01 par value; 100,000 shares
authorized; 16,065 shares issued and outstanding ... -- -- 161 -- 161
Class B special common stock; $.01 par value; 20,000
shares authorized; 5,100 shares issued and
outstanding ........................................ -- -- 51 -- 51
Capital stock ......................................... -- 90 -- (90) --
Additional paid-in capital ............................ 37,077 13 128,898 (37,090) 128,898
Retained earnings (accumulated deficit) ............... (9,732) 33,962 (32,965) (24,230) (32,965)
----------- ------------ -------- ----------- -----------
Total common stockholders' equity ..................... 27,345 34,065 96,145 (61,410) 96,145
----------- ------------ -------- ----------- -----------
Total liabilities and common stockholders' equity ..... $ 287,724 $ 60,497 $241,366 $ (49,373) $ 540,214
============ ============ ========= ========== ===========
</TABLE>
13
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
NEFF CORP.
Registrant
Date: November 25, 1998 /s/Bonnie S. Biumi
------------------
BONNIE S. BIUMI
Chief Financial Officer
On behalf of the registrant and as
Principal Financial and Accounting Officer
14
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0001057725
<NAME> Neff Corp.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<CASH> 3,480
<SECURITIES> 0
<RECEIVABLES> 55,583
<ALLOWANCES> 1,980
<INVENTORY> 30,729
<CURRENT-ASSETS> 0
<PP&E> 427,125
<DEPRECIATION> 74,064
<TOTAL-ASSETS> 540,214
<CURRENT-LIABILITIES> 0
<BONDS> 376,766
0
0
<COMMON> 212
<OTHER-SE> 95,933
<TOTAL-LIABILITY-AND-EQUITY> 540,214
<SALES> 136,582
<TOTAL-REVENUES> 136,582
<CGS> 35,514
<TOTAL-COSTS> 91,336
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 787
<INTEREST-EXPENSE> 18,035
<INCOME-PRETAX> (5,017)
<INCOME-TAX> 1,882
<INCOME-CONTINUING> (3,135)
<DISCONTINUED> 0
<EXTRAORDINARY> (2,675)
<CHANGES> 0
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