<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 8-K/A
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): December 17, 1999
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 2. Acquisitions or Disposition of Assets
The historical consolidated financial statements of Neff Corp. (the
"Registrant") include the results of operations and financial position of Neff
Machinery Inc. ("Machinery") and Sullair Argentina Sociedad Anonima ("Sullair"),
two subsidiaries of the Registrant. On December 17, 1999, the Registrant sold
all of the capital stock of Machinery to a third party for $90.5 million (as
reported in the Registrant's current report on Form 8-K dated December 29, 1999,
as amended on December 30, 1999 and March 2, 2000). The Registrant's equity
interest in Sullair was also sold in the fourth quarter of fiscal year 1999 (as
reported in the Registrant's current report on Form 8-K dated December 2, 1999).
The pro forma condensed consolidated statement of operations for the nine months
ended September 30, 1999 was prepared assuming that the sales of Machinery and
Sullair occurred as of January 1, 1999. The pro forma consolidated balance sheet
as of September 30, 1999 was prepared assuming that the sales occurred as of
that date. The pro forma condensed consolidated statement of operations for the
year ended December 31, 1998 was prepared assuming the sales of Machinery and
Sullair occurred as of January 1, 1998. The value of net assets of Machinery and
Sullair at the historical sale dates differ from those used at September 30,
1999 and December 31, 1998. The Registrant will record a loss on the sales of
Machinery and Sullair in its fourth quarter of fiscal year 1999. Such loss is
not expected to differ materially from the after-tax loss of $0.42 million based
on the September 30, 1999 net assets of Machinery and Sullair.
The unaudited pro forma condensed consolidated financial statements for the
periods ended September 30, 1999 and the year ended December 31, 1998 are
presented for information purposes only and are not intended to reflect the
Registrant's expected future financial position or results of operations. The
pro forma condensed consolidated financial statements should be read in
conjunction with the Registrant's Annual Report on Form 10-K for the fiscal year
ended December 31, 1998, and the Registrant's Quarterly Report on Form 10-Q for
the nine months ended September 30, 1999.
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<PAGE>
NEFF CORP.
PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
NINE MONTHS ENDED SEPTEMBER 30, 1999
(unaudited, $ in thousands, except per share data)
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Pro Forma
As Reported Adjustments Pro Forma
----------- ----------- -----------
Revenues:
Rental revenues ...................................... $165,954 $(35,115) (a) $130,839
Equipment sales ...................................... 96,085 (56,534) (a) 39,551
Parts and service .................................... 36,494 (25,326) (a) 11,168
-------- -------- --------
Total revenues .................................. 298,533 (116,975) 181,558
-------- -------- --------
Cost of revenues:
Cost of equipment sold ............................... 78,544 (46,210) (a) 32,334
Depreciation of rental equipment ..................... 41,615 (11,438) (a) 30,177
Maintenance of rental equipment....................... 49,221 (8,092) (a) 41,129
Cost of parts and service ............................ 23,477 (16,746) (a) 6,731
-------- -------- --------
Total cost of revenues .......................... 192,857 (82,486) 110,371
-------- -------- --------
Gross profit .............................................. 105,676 (34,489) 71,187
-------- -------- --------
Other operating expenses:
Selling, general and administrative expenses ......... 54,729 (13,296) (a) 41,433
Other depreciation and amortization .................. 8,016 (1,598) (a,d) 6,418
Writedown of assets held for sale .................... 1,444 - 1,444
-------- -------- --------
Total other operating expenses .................. 64,189 (14,894) 49,295
-------- -------- --------
Incomefrom operations ..................................... 41,487 (19,595) 21,892
-------- -------- --------
Other expenses:
Interest expense ..................................... 29,782 (9,028) (a,b) 20,754
Amortization of debt issue costs ..................... 871 (36) (a) 835
-------- -------- --------
Total other expenses ............................ 30,653 (9,064) 21,589
-------- -------- --------
Income before income taxes and minority interest .......... 10,834 (10,531) 303
Provision for income taxes ................................ (4,104) 3,978 (a,c) (126)
-------- -------- --------
Income before minority interest ........................... 6,730 (6,553) 177
Minority interest ......................................... (1,468) 1,468 -
-------- -------- --------
Net income ................................................ $ 5,262 $ (5,085) $ 177
======== ======== ========
Earnings per share:
Basic .............................................. $ 0.25 $ 0.01
======== ========
Diluted ............................................ $ 0.24 $ 0.01
======== ========
Weighted average common shares outstanding:
Basic .............................................. 21,165 21,165
======== ========
Diluted ............................................ 21,931 21,931
======== ========
FOOTNOTES:
(a) To eliminate results of Machinery and Sullair for the nine months
ended September 30, 1999.
(b) To reflect reduction of interest expense at an average rate of 7.9%
assuming debt repayment by the Company from the proceeds of the sales
of Machinery and Sullair. The actual proceeds available for debt
repayment may differ.
(c) To reflect the income tax effect of pro forma adjustments.
(d) To eliminate items related to Machinery recorded on Neff Corp.'s
financial statements.
</TABLE>
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NEFF CORP.
PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
SEPTEMBER 30, 1999
(unaudited, $ in thousands)
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Pro Forma
As Reported Adjustments Pro Forma
-------- -------- --------
Assets:
Cash and cash equivalents ............................ $ 5,507 $ (1,210) (1) $ 4,297
Rental equipment, net ................................ 393,352 (92,146) (1) 301,206
Goodwill, net ........................................ 108,275 (19,699) (1) 88,576
Other assets ......................................... 158,480 (84,474) (1) 74,006
-------- -------- --------
Total assets .................................... $ 665,614 $ (197,529) (1) $ 468,085
======== ======== ========
Liabilities and stockholders' equity
Liabilities:
Senior credit facility ............................... $ 259,400 $ (135,142) (1,2) $ 124,258
10 1/4% sub notes .................................... 198,633 - 198,633
Other liabilities .................................... 88,445 (47,860) (1) 40,585
-------- -------- --------
Total liabilities ............................... 546,478 (183,002) 363,476
-------- -------- --------
Minority interest .......................................... 14,502 (14,502) -
-------- -------- --------
Stockholders' equity ....................................... 104,634 (25) 104,609
-------- -------- --------
Total liabilities and stockholders' equity ................. $ 665,614 $ (197,529) $ 468,085
======== ======== ========
Footnotes:
[1] To adjust for the assets and liabilities of Machinery and Sullair.
[2] To reflect the payment of debt by the company from the proceeds of the
sales of Machinery and Sullair. The actual proceeds available for debt
repayment may differ.
</TABLE>
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<PAGE>
NEFF CORP.
PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
Year Ended December 31, 1998
(unaudited, $ in thousands, except per share data)
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Pro Forma
As Reported Adjustments Pro Forma
-------- -------- --------
Revenues:
Rental revenues ...................................... $179,014 $(28,055) (a) $150,959
Equipment sales ...................................... 108,352 (63,965) (a) 44,387
Parts and service .................................... 36,724 (28,445) (a) 8,279
-------- -------- --------
Total revenues .................................. 324,090 (120,465) 203,625
-------- -------- --------
Cost of revenues:
Cost of equipment sold ............................... 83,783 (51,526) (a) 32,257
Depreciation of rental equipment ..................... 56,336 (16,463) (a) 39,873
Maintenance of rental equipment....................... 49,858 (4,334) (a) 45,524
Cost of parts and service ............................ 23,690 (18,806) (a) 4,884
-------- -------- --------
Total cost of revenues .......................... 213,667 (91,129) 122,538
-------- -------- --------
Gross profit .............................................. 110,423 (29,336) 81,087
-------- -------- --------
Other operating expenses:
Selling, general and administrative expenses ......... 60,347 (13,542) (a) 46,805
Other depreciation and amortization .................. 8,833 (1,477) (a,d) 7,356
Officer stock option compensation .................... 3,198 - 3,198
-------- -------- --------
Total other operating expenses .................. 72,378 (15,019) 57,359
-------- -------- --------
Income from operations .................................... 38,045 (14,317) 23,728
-------- -------- --------
Other expenses:
Interest expense ..................................... 32,677 (10,570) (a,b) 22,107
Amortization of debt issue costs ..................... 3,178 (730) (a) 2,448
-------- -------- --------
Total other expenses ............................ 35,855 (11,300) 24,555
-------- -------- --------
Income (loss) before income taxes and minority interest ... 2,190 (3,017) (827)
Provision for income taxes ................................ 134 177 (a,c) 311
-------- -------- --------
Income (loss) before minority interest and
extraordinary item ....................................... 2,324 (2,840) (516)
Minority interest ......................................... (1,111) 1,111 -
-------- -------- --------
Net income (loss) before extraordinary item ............... 1,213 (1,729) (516)
-------- -------- --------
Preferred stock dividend .................................. (1,010) - (1,010)
Accretion of preferred stock .............................. (4,093) - (4,093)
-------- ------- --------
Loss attributable to common stockholders before
extraordinary item ....................................... $ (3,890) $ (1,729) $ (5,619)
======== ======== ========
Earnings per Share:
Basic and diluted .................................. $ (0.23) $ (0.33)
======== ========
Weighted average common shares outstanding:
Basic and diluted .................................. 17,213 17,213
======== ========
FOOTNOTES:
(a) To eliminate results of Machinery and Sullair for the twelve months
ended December 31, 1998.
(b) To reflect reduction of interest expense at an average rate of 7.9%
assuming debt repayment by the Company from the proceeds of the sales
of Machinery and Sullair. The actual proceeds available for debt
repayment may differ.
(c) To reflect the income tax effect of pro forma adjustments.
(d) To eliminate items related to Machinery recorded on Neff Corp.'s
financial statements.
</TABLE>
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<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: November 27, 2000
/s/ Mark Irion
_______________________________
Mark Irion
Chief Financial Officer
On behalf of the registrant and as
Principal Financial and Accounting
Officer
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