<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): June 29, 2000
NEFF CORP.
(Exact name of registrant as specified in its charter)
Delaware 001-14145 65-0626400
____________________________ ________________________ ____________________
(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) identification Number)
3750 N.W. 87th Avenue, Suite 400, Miami, Florida 33178
(Address or principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (305) 513-3350
<PAGE>
ITEM 5. OTHER EVENTS.
During 1999 the Company had three active subsidiaries: Neff Rental, Inc.
("Rental"), Neff Machinery, Inc. ("Machinery") and Sullair Argentina S.A.
("Sullair"). The Company sold all of its interests in Sullair and Machinery in
November 1999 and December 1999, respectively. The pro forma consolidated
statements of operations reflecting the results of the Company for the quarters
and periods ended for June 30, 1999, September 30, 1999 and December 31, 1999,
respectively were prepared assuming that the sales of Sullair and Machinery
occurred on January 1, 1999. This pro forma data does not necessarily reflect
the results of operations that would have existed had the sales of Sullair and
Machinery occurred as of January 1, 1999.
The pro forma consolidated statements of operations have been prepared by
adjusting the historical statements for the effects that the sales of Sullair
and Machinery might have had on revenues, expenses, assets, and liabilities, if
the sales of Sullair and Machinery had been effected as of January 1, 1999.
Pro forma adjustments primarily include adjustments to remove the results
of operations for Sullair and Machinery, and adjustments to reflect the
reduction of interest expense assuming debt repayment with the proceeds from the
sales of Sullair and Machinery.
<PAGE>
NEFF CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands)
<TABLE>
<CAPTION>
For the Three Months Ended For the Six Months Ended
June 30, June 30,
_____________________________ ___________________________
<S> <C> <C> <C> <C>
Pro Forma Pro Forma
1999 1999 1999 1999
-------- -------- -------- --------
Revenues
Rental revenues ................................... $ 56,138 $ 44,720 (a) $105,146 $ 82,978 (a)
Equipment sales ..................................... 34,539 15,451 (a) 66,237 28,282 (a)
Parts and service ............................ 12,424 3,852 (a) 23,338 6,982 (a)
-------- -------- -------- --------
Total revenues ............................ 103,101 64,023 194,721 118,242
-------- -------- -------- --------
Cost of revenues
Cost of equipment sold ............................ 27,620 12,222 (a) 53,419 22,562 (a)
Depreciation of rental equipment ..................... 13,485 9,840 (a) 26,627 19,410 (a)
Maintenance of rental equipment....................... 15,620 13,024 (a) 30,793 25,843 (a)
Cost of parts and service ........................... 8,085 2,399 (a) 14,920 4,226 (a)
-------- -------- -------- --------
Total cost of revenues ......................... 64,810 37,485 125,759 72,041
-------- -------- -------- --------
Gross profit .............................................. 38,291 26,538 68,962 46,201
-------- -------- -------- --------
Other operating expenses
Selling, general and administrative expenses ........ 17,731 13,794 (a) 34,874 26,546 (a)
Other depreciation and amortization .................. 2,691 2,143 (a) 5,090 4,098 (a)
-------- -------- -------- --------
Total other operating expenses ................. 20,422 15,937 39,964 30,644
-------- -------- -------- --------
Income from operations .................................. 17,869 10,601 28,998 15,557
-------- -------- -------- --------
Other expenses
Interest Expense .................................... 9,710 6,656 (a,b) 18,862 13,277 (a,b)
Amortization of debt issue costs .................... 309 297 (a) 566 542 (a)
-------- -------- -------- --------
Total other expenses ............................ 10,019 6,953 19,428 13,819
-------- -------- -------- --------
Income before income taxes and minority interest .......... 7,850 3,648 9,570 1,738
Provision for income taxes ............................... (3,029) (1,492) (3,637) (712)
-------- -------- -------- --------
Income before minority interest .......................... 4,821 2,156 5,933 1,026
Minority Interest ........................................ (602) - (1,040) -
-------- -------- -------- --------
Net Income ................................................ $ 4,219 $ 2,156 $ 4,893 $ 1,026
======== ======== ======== ========
FOOTNOTES:
(a) Excludes the results of operations of Sullair and Machinery
(b) Reflects reduction of interest expense at an average rate of
7.9% assuming debt repayment of $106,595 by the Company from a
portion of the proceeds from the sales of Sullair and Machinery.
</TABLE>
<PAGE>
NEFF CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands)
<TABLE>
<CAPTION>
For the Three Months Ended For the Nine Months Ended
September 30, September 30,
_____________________________ ___________________________
<S> <C> <C> <C> <C>
Pro Forma Pro Forma
1999 1999 1999 1999
-------- -------- -------- --------
Revenues
Rental revenues ................................... 60,808 47,861 (a) 165,954 130,839 (a)
Equipment sales ..................................... 29,848 11,269 (a) 96,085 39,551 (a)
Parts and service ................................... 13,124 4,186 (a) 36,494 11,168 (a)
-------- -------- -------- --------
Total revenues .................................. 103,780 63,316 298,533 181,558
-------- -------- -------- --------
Cost of revenues
Cost of equipment sold ............................ 25,131 9,772 (a) 78,544 32,334 (a)
Depreciation of rental equipment ..................... 14,989 10,767 (a) 41,615 30,177 (a)
Maintenance of rental equipment....................... 18,310 15,286 (a) 49,221 41,129 (a)
Cost of parts and service ........................... 8,527 2,505 (a) 23,477 6,731 (a)
-------- -------- -------- --------
Total cost of revenues ......................... 66,957 38,330 192,857 110,371
-------- -------- -------- --------
Gross profit .............................................. 36,823 24,986 105,676 71,187
-------- -------- -------- --------
Other operating expenses
Selling, general and administrative expenses ........ 19,900 14,887 (a) 54,729 41,433 (a)
Other depreciation and amortization .................. 3,045 2,320 (a) 8,016 6,418 (a)
Writedown of Assets held for sale ................... 1,444 1,444 1,444 1,444
-------- -------- -------- --------
Total other operating expenses ................. 24,389 18,651 64,189 49,295
-------- -------- -------- --------
Income from operations ................................... 12,434 6,335 41,487 21,892
-------- -------- -------- --------
Other expenses
Interest Expense ..................................... 10,920 7,477 (a,b) 29,782 20,754 (a,b)
Amortization of debt issue costs .................... 305 293 (a) 871 835 (a)
-------- -------- -------- --------
Total other expense ............................. 11,225 7,770 30,653 21,589
-------- -------- -------- --------
Income (loss) before income taxes and minority interest ... 1,209 (1,435) 10,834 303
(Provision for) benefit from income taxes ................. (445) 586 (4,104) (126)
-------- -------- -------- --------
Income (loss) before minority interest .................... 764 (849) 6,730 177
Minority Interest ........................................ (428) - (1,468) -
-------- -------- -------- --------
Net Income (loss) ......................................... $ 336 $ (849) $ 5,262 $ 177
======== ======== ======== ========
FOOTNOTES:
(a) Excludes the results of operations of Sullair and Machinery
(b) Reflects reduction of interest expense at an average rate of
7.9% assuming debt repayment of $106,595 by the Company from a
portion of the proceeds from the sales of Sullair and Machinery.
</TABLE>
<PAGE>
NEFF CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands)
<TABLE>
<CAPTION>
For the Three Months Ended For the Twelve Months Ended
December 31, December 31,
_____________________________ ___________________________
<S> <C> <C> <C> <C>
Pro Forma Pro Forma
1999 1999 1999 1999
-------- -------- -------- --------
Revenues
Rental revenues ................................... 56,909 48,223 (a) 222,862 179,062 (a)
Equipment sales ..................................... 25,779 14,683 (a) 121,865 54,234 (a)
Parts and service ................................... 10,790 4,089 (a) 47,284 15,257 (a)
-------- -------- -------- --------
Total revenues .................................. 93,478 66,995 392,011 248,553
-------- -------- -------- --------
Cost of revenues
Cost of equipment sold ............................ 22,327 12,752 (a) 100,871 45,086 (a)
Depreciation of rental equipment ..................... 13,544 10,644 (a) 55,159 40,821 (a)
Maintenance of rental equipment....................... 17,542 15,427 (a) 66,763 56,556 (a)
Cost of parts and service ........................... 6,689 2,014 (a) 30,166 8,745 (a)
-------- -------- -------- --------
Total cost of revenues ......................... 60,102 40,837 252,959 151,208
-------- -------- -------- --------
Gross profit .............................................. 33,376 26,158 139,052 97,345
-------- -------- -------- --------
Other operating expenses
Selling, general and administrative expenses ........ 20,164 15,122 (a) 74,893 56,555 (a)
Other depreciation and amortization .................. 2,715 2,289 (a) 10,731 8,707 (a)
Writedown of Assets held for sale ................... - - 1,444 1,444
-------- -------- -------- --------
Total other operating expenses ................. 22,879 17,411 87,068 66,706
-------- -------- -------- --------
Income from operations ........................... 10,497 8,747 51,984 30,639
-------- -------- -------- --------
Other expenses
Interest Expense .................................... 10,119 7,754 (a,b) 39,901 28,508 (a,b)
Loss on Sale of Subsidiaries ........................ 422 - 422 -
Amortization of debt issue costs .................... 326 348 (a) 1,197 1,183 (a)
-------- -------- -------- --------
Total other expenses ............................ 10,867 8,102 41,520 29,691
-------- -------- -------- --------
Income (loss) before income taxes and minority interest ... (370) 645 10,464 948
(Provision for) benefit from income taxes ................. 227 (241) (3,877) (367)
-------- -------- -------- --------
Income (loss) before minority interest ................... (143) 404 6,587 581
Minority Interest ........................................ (265) - (1,733) -
-------- -------- -------- --------
Net Income (loss) ......................................... $ (408) $ 404 $ 4,854 $ 581
======== ======== ======== ========
FOOTNOTES:
(a) Excludes the results of operations of Sullair and Machinery
(b) Reflects reduction of interest expense at an average rate of
7.9% assuming debt repayment of $106,595 by the Company from a
portion of the proceeds from the sales of Sullair and Machinery.
</TABLE>
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Neff Corp.
Registrant
Date: June 29, 2000
/s/ Mark Irion
_______________________________
Mark Irion
Chief Financial Officer
On behalf of the registrant and as
Principal Financial and Accounting
Officer
