<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): 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>
Neff Corp. hereby ammends its annual report on Form 8-K as follows:
ITEM 5. OTHER EVENTS.
During 1999 Neff Corp. (the "Registrant") had three active subsidiaries:
Neff Rental, Inc. ("Rental"), Neff Machinery, Inc. ("Machinery") and Sullair
Argentina Sociedad Anonima ("Sullair"). The Registrant sold all of its interests
in Sullair and Machinery in November 1999 and December 1999, respectively. The
adjusted consolidated statements of operations reflecting the results of the
Registrant 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. These adjusted
consolidated statements of operations do 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 adjusted 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. The
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.
The Registrant is releasing this information in this Form 8-K to investors
and interested third parties because information will be used in presentations
by the company to analysts and other third parties.
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<PAGE>
NEFF CORP.
ADJUSTED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands)
<TABLE>
<CAPTION>
For the Three Months Ended
June 30,
______________________________________
<S> <C> <C>
Adjusted
1999 Adjustments 1999
-------- -------- --------
Revenues:
Rental revenues ...................................... $ 56,138 (11,418) (a) $ 44,720
Equipment sales ...................................... 34,539 (19,088) (a) 15,451
Parts and service .................................... 12,424 (8,572) (a) 3,852
-------- -------- --------
Total revenues .................................. 103,101 (39,078) 64,023
-------- -------- --------
Cost of revenues:
Cost of equipment sold ............................ 27,620 (15,398) (a) 12,222
Depreciation of rental equipment ..................... 13,485 (3,645) (a) 9,840
Maintenance of rental equipment....................... 15,620 (2,596) (a) 13,024
Cost of parts and service ........................... 8,085 (5,686) (a) 2,399
-------- -------- --------
Total cost of revenues ......................... 64,810 (27,325) 37,485
-------- -------- --------
Gross profit .............................................. 38,291 (11,753) 26,538
-------- -------- --------
Other operating expenses:
Selling, general and administrative expenses ........ 17,731 (3,937) (a) 13,794
Other depreciation and amortization .................. 2,691 (548) (a,d) 2,143
-------- -------- --------
Total other operating expenses ................. 20,422 (4,485) 15,937
-------- -------- --------
Income from operations .................................. 17,869 (7,268) 10,601
-------- -------- --------
Other expenses:
Interest expense .................................... 9,710 (3,054) (a,b) 6,656
Amortization of debt issue costs .................... 309 (12) (a) 297
-------- -------- --------
Total other expenses ............................ 10,019 (3,066) 6,953
-------- -------- --------
Income before income taxes and minority interest .......... 7,850 (4,202) 3,648
Provision for income taxes ............................... (3,029) 1,537 (a,c) (1,492)
-------- -------- --------
Income before minority interest .......................... 4,821 (2,665) 2,156
Minority interest ........................................ (602) 602 -
-------- -------- --------
Net income ................................................ $ 4,219 (2,063) $ 2,156
======== ======== ========
FOOTNOTES:
(a) Excludes the results of operations of Sullair and Machinery for
the three months ended June 30, 1999.
(b) Reflects reduction of interest expense at an average rate of
7.9% assuming debt repayment by the Company from the proceeds
from the sales of Sullair and Machinery. The actual proceeds
available for debt repayment may differ.
(c) To reflect the income tax effect of adjustments
(d) To eliminate items related to Machinery recorded on Neff Corp.'s
financial statements
</TABLE>
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<PAGE>
NEFF CORP.
ADJUSTED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands)
<TABLE>
For the Six Months Ended
June 30,
_______________________________________
<CAPTION>
<S> <C> <C> <C>
Adjusted
1999 Adjustments 1999
-------- -------- --------
Revenues:
Rental revenues ................................... $105,146 (22,168) (a) $ 82,978
Equipment sales ..................................... 66,237 (37,955) (a) 28,282
Parts and service .................................... 23,338 (16,356) (a) 6,982
-------- -------- --------
Total revenues .................................. 194,721 (76,479) 118,242
-------- -------- --------
Cost of revenues:
Cost of equipment sold ............................ 53,419 (30,857) (a) 22,562
Depreciation of rental equipment ..................... 26,627 (7,217) (a) 19,410
Maintenance of rental equipment....................... 30,793 (4,950) (a) 25,843
Cost of parts and service ........................... 14,920 (10,694) (a) 4,226
-------- -------- --------
Total cost of revenues ......................... 125,759 (53,718) 72,041
-------- -------- --------
Gross profit .............................................. 68,962 (22,761) 46,201
-------- -------- --------
Other operating expenses:
Selling, general and administrative expenses ........ 34,874 (8,328) (a) 26,546
Other depreciation and amortization .................. 5,090 (992) (a,d) 4,098
-------- -------- --------
Total other operating expenses ................. 39,964 (9,320) 30,644
-------- -------- --------
Income from operations .................................. 28,998 (13,441) 15,557
-------- -------- --------
Other expenses:
Interest expense .................................... 18,862 (5,585) (a,b) 13,277
Amortization of debt issue costs .................... 566 (24) (a) 542
-------- -------- --------
Total other expenses ............................ 19,428 (5,609) 13,819
-------- -------- --------
Income before income taxes and minority interest .......... 9,570 (7,832) 1,738
Provision for income taxes ............................... (3,637) 2,925 (a,c) (712)
-------- -------- --------
Income before minority interest .......................... 5,933 (4,907) 1,026
Minority interest ........................................ (1,040) 1,040 -
-------- -------- --------
Net income ................................................ $ 4,893 (3,867) $ 1,026
======== ======== ========
FOOTNOTES:
(a) Excludes the results of operations of Sullair and Machinery for
the six months ended June 30, 1999.
(b) Reflects reduction of interest expense at an average rate of
7.9% assuming debt repayment by the Company from the proceeds
from the sales of Sullair and Machinery. The actual proceeds
available for debt repayment may differ.
(c) To reflect the income tax effect of adjustments
(d) To eliminate items related to Machinery recorded on Neff Corp.'s
financial statements
</TABLE>
-4-
<PAGE>
NEFF CORP.
ADJUSTED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands)
<TABLE>
<CAPTION>
For the Three Months Ended
September 30,
______________________________________
<S> <C> <C> <C>
Adjusted
1999 Adjustments 1999
-------- -------- --------
Revenues:
Rental revenues ...................................... 60,808 (12,947) (a) 47,861
Equipment sales ...................................... 29,848 (18,579) (a) 11,269
Parts and service .................................... 13,124 (8,938) (a) 4,186
-------- -------- --------
Total revenues .................................. 103,780 (40,464) 63,316
-------- -------- --------
Cost of revenues:
Cost of equipment sold ............................ 25,131 (15,359) (a) 9,772
Depreciation of rental equipment ..................... 14,989 (4,222) (a) 10,767
Maintenance of rental equipment....................... 18,310 (3,024) (a) 15,286
Cost of parts and service ........................... 8,527 (6,022) (a) 2,505
-------- -------- --------
Total cost of revenues ......................... 66,957 (28,627) 38,330
-------- -------- --------
Gross profit .............................................. 36,823 (11,837) 24,986
-------- -------- --------
Other operating expenses:
Selling, general and administrative expenses ........ 19,900 (5,013) (a) 14,887
Other depreciation and amortization .................. 3,045 (725) (a,d) 2,320
Writedown of assets held for sale ................... 1,444 - 1,444
-------- -------- --------
Total other operating expenses ................. 24,389 (5,738) 18,651
-------- -------- --------
Income from operations ................................... 12,434 (6,099) 6,335
-------- -------- --------
Other expenses:
Interest expense ..................................... 10,920 (3,443) (a,b) 7,477
Amortization of debt issue costs .................... 305 (12) (a) 293
-------- -------- --------
Total other expense ............................. 11,225 (3,455) 7,770
-------- -------- --------
Income (loss) before income taxes and minority interest ... 1,209 (2,644) (1,435)
(Provision for) benefit from income taxes ................. (445) 1,031 (a,c) 586
-------- -------- --------
Income (loss) before minority interest .................... 764 (1,613) (849)
Minority interest ........................................ (428) 428 -
-------- -------- --------
Net income (loss) ......................................... $ 336 (1,185) $ (849)
======== ======== ========
FOOTNOTES:
(a) Excludes the results of operations of Sullair and Machinery for
the three months ended September 30, 1999
(b) Reflects reduction of interest expense at an average rate of
7.9% assuming debt repayment by the Company from the proceeds
from the sales of Sullair and Machinery. The actual proceeds
available for debt repayment may differ.
(c) To reflect the income tax effect of adjustments
(d) To eliminate items related to Machinery recorded on Neff Corp.'s
financial statements
</TABLE>
-5-
<PAGE>
NEFF CORP.
ADJUSTED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands)
<TABLE>
For the Nine Months Ended
September 30,
______________________________________
<S> <C> <C> <C>
Adjusted
1999 Adjustments 1999
-------- -------- --------
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
-------- -------- --------
Income from 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 expense ............................. 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
======== ======== ========
FOOTNOTES:
(a) Excludes the results of operations of Sullair and Machinery for
the nine months ended September 30, 1999
(b) Reflects reduction of interest expense at an average rate of
7.9% assuming debt repayment by the Company from the proceeds
from the sales of Sullair and Machinery. The actual proceeds
available for debt repayment may differ.
(c) To reflect the income tax effect of adjustments
(d) To eliminate items related to Machinery recorded on Neff Corp.'s
financial statements
</TABLE>
-6-
<PAGE>
NEFF CORP.
ADJUSTED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands)
<TABLE>
<CAPTION>
For the Three Months Ended
December 31,
______________________________________
<S> <C> <C> <C>
Adjusted
1999 Adjustments 1999
-------- -------- --------
Revenues:
Rental revenues ...................................... 56,909 (8,686) (a) 48,223
Equipment sales ..................................... 25,779 (11,096) (a) 14,683
Parts and service .................................... 10,790 (6,701) (a) 4,089
-------- -------- --------
Total revenues .................................. 93,478 (26,483) 66,995
-------- -------- --------
Cost of revenues:
Cost of equipment sold ............................ 22,327 (9,575) (a) 12,752
Depreciation of rental equipment ..................... 13,544 (2,900) (a) 10,644
Maintenance of rental equipment....................... 17,542 (2,115) (a) 15,427
Cost of parts and service ........................... 6,689 (4,675) (a) 2,014
-------- -------- --------
Total cost of revenues ......................... 60,102 (19,265) 40,837
-------- -------- --------
Gross profit .............................................. 33,376 (7,218) 26,158
-------- -------- --------
Other operating expenses:
Selling, general and administrative expenses ........ 20,164 (5,042) (a) 15,122
Other depreciation and amortization .................. 2,715 (426) (a,d) 2,289
Writedown of assets held for sale .................... - - -
-------- -------- --------
Total other operating expenses .................. 22,879 (5,468) 17,411
-------- -------- --------
Income from operations .................................... 10,497 (1,750) 8,747
-------- -------- --------
Other expenses:
Interest Expense ..................................... 10,119 (2,365) (a,b) 7,754
Loss on Sale of Subsidiaries ......................... 422 (422) (a) -
Amortization of debt issue costs ..................... 326 22 (a) 348
-------- -------- --------
Total other expenses ............................ 10,867 (2,765) 8,102
-------- -------- --------
Income (loss) before income taxes and minority interest ... (370) 1,015 645
(Provision for) benefit from income taxes ................. 227 (468) (a,c) (241)
-------- -------- --------
Income (loss) before minority interest ................... (143) 547 404
Minority Interest ......................................... (265) 265 -
-------- -------- --------
Net Income (loss) ......................................... $ (408) 812 $ 404
======== ======== ========
FOOTNOTES:
(a) Excludes the results of operations of Sullair and Machinery for
the three months ended December 31, 1999.
(b) Reflects reduction of interest expense at an average rate of
7.9% assuming debt repayment by the Company from the proceeds
from the sales of Sullair and Machinery. The actual proceeds
available for debt repayment may differ.
(c) To reflect the income tax effect of adjustments
(d) To eliminate items related to Machinery recorded on Neff Corp.'s
financial statements
</TABLE>
-7-
<PAGE>
NEFF CORP.
ADJUSTED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands)
<TABLE>
<CAPTION>
For the Twelve Months Ended
December 31,
______________________________________
<S> <C> <C> <C>
Adjusted
1999 Adjustments 1999
-------- -------- --------
Revenues:
Rental revenues ...................................... 222,862 (43,800) (a) 179,062
Equipment sales ..................................... 121,865 (67,631) (a) 54,234
Parts and service ................................... 47,284 (32,027) (a) 15,257
-------- -------- --------
Total revenues .................................. 392,011 (143,458) 248,553
-------- -------- --------
Cost of revenues
Cost of equipment sold ............................ 100,871 (55,785) (a) 45,086
Depreciation of rental equipment ..................... 55,159 (14,338) (a) 40,821
Maintenance of rental equipment....................... 66,763 (10,207) (a) 56,556
Cost of parts and service ........................... 30,166 (21,421) (a) 8,745
-------- -------- --------
Total cost of revenues ......................... 252,959 (101,751) 151,208
-------- -------- --------
Gross profit .............................................. 139,052 (41,707) 97,345
-------- -------- --------
Other operating expenses:
Selling, general and administrative expenses ........ 74,893 (18,338) (a) 56,555
Other depreciation and amortization .................. 10,731 (2,024) (a,d) 8,707
Writedown of assets held for sale ................... 1,444 - 1,444
-------- -------- --------
Total other operating expenses ................. 87,068 (20,362) 66,706
-------- -------- --------
Income from operations .................................... 51,984 (21,345) 30,639
-------- -------- --------
Other expenses:
Interest expense .................................... 39,901 (11,393) (a,b) 28,508
Loss on sale of subsidiaries ........................ 422 (422) (a) -
Amortization of debt issue costs .................... 1,197 (14) (a) 1,183
-------- -------- --------
Total other expenses ............................ 41,520 (11,829) 29,691
-------- -------- --------
Income before income taxes and minority interest .......... 10,464 (9,516) 948
Provision for income taxes ................................ (3,877) 3,510 (a,c) (367)
-------- -------- --------
Income before minority interest ........................... 6,587 (6,006) 581
Minority interest ........................................ (1,733) 1,733 -
-------- -------- --------
Net income ................................................ $ 4,854 (4,273) $ 581
======== ======== ========
FOOTNOTES:
(a) Excludes the results of operations of Sullair and Machinery for
the twelve months ended December 31, 1999.
(b) Reflects reduction of interest expense at an average rate of
7.9% assuming debt repayment by the Company from the proceeds
from the sales of Sullair and Machinery. The actual proceeds
available for debt repayment may differ.
(c) To reflect the income tax effect of adjustments
(d) To eliminate items related to Machinery recorded on Neff Corp.'s
financial statements.
</TABLE>
-8-
<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: January 12, 2001
/s/ Mark Irion
_______________________________
Mark Irion
Chief Financial Officer
On behalf of the registrant and as
Principal Financial and Accounting
Officer
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