UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
(X( Amendment to Quarterly Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Amendment For the Quarterly Period Ended: September 30, 1999
or
( ( Transition Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Commission File Number: 001-14145
NEFF CORP.
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(Exact Name of registrant as specified in its charter)
DELAWARE 65-0626400
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization I.D. No.)
3750 N.W. 87th Avenue, Miami, Florida 33178
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(Address or principal executive offices) (Zip Code)
(305) 513-3350
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(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 _________________, 1999.
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NEFF CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except per share data)
For the Nine Months Ended
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September 30, September 30,
1999 1998
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Revenues
Rental revenue ....................................................... $ 165,954 $ 124,285
Equipment sales ...................................................... 96,085 75,208
Parts and service .................................................... 36,494 26,058
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Total revenues .................................................. 298,533 225,551
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Cost of revenues
Cost of equipment sold ............................................... 78,544 57,646
Depreciation of rental equipment ..................................... 41,615 40,338
Maintenance of rental equipment ...................................... 49,221 34,219
Cost of parts and service ............................................ 23,477 16,985
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Total cost of revenues .......................................... 192,857 149,188
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Gross profit ................................................................. 105,676 76,363
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Other operating expenses
Selling, general and administrative expenses ......................... 54,729 42,149
Other depreciation and amortization .................................. 8,016 6,091
Officer stock option compensation .................................... -- 3,198
Writedown of assets held for sale .................................... 1,444 --
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Total other operating expenses .................................. 64,189 51,438
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Income from operations ....................................................... 41,487 24,925
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Other expenses
Interest expense ..................................................... 29,782 24,065
Amortization of debt issue costs ..................................... 871 2,955
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Total other expenses ............................................ 30,653 27,020
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Income (loss) before income taxes, minority interest and extraordinary item 10,834 (2,095)
(Provision for) benefit from income taxes .................................... (4,104) 1,043
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Income (loss) before minority interest and extraordinary item ................ 6,730 (1,052)
Minority interest ............................................................ (1,468) (412)
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Income (loss) before extraordinary item ...................................... 5,262 (1,464)
Extraordinary loss, net of income taxes ...................................... -- (2,675)
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Net income (loss) ............................................................ $ 5,262 $ (4,139)
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Basic earnings (loss) per common share
Income (loss) before extraordinary item ...................................... $ 0.25 $ (0.41)
Extraordinary loss, net ..................................................... -- (0.17)
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Net income (loss) ............................................................ $ 0.25 $ (0.58)
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Diluted earnings (loss) per common share
Income (loss) before extraordinary item ...................................... $ 0.24 $ (0.41)
Extraordinary loss, net ..................................................... -- (0.17)
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Net income (loss) ............................................................ $ 0.24 $ (0.58)
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Weighted average common shares outstanding
Basic ................................................................... 21,165 15,834
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Diluted ................................................................. 21,931 15,834
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The accompanying notes are an integral part of these consolidated financial
statements.
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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: December ___, 1999 /s/ Mark H. Irion
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MARK H. IRION
Chief Financial Officer
On behalf of the registrant and as
Principal Financial and Accounting Officer
