Rush’s 2009 Gross Revenues Down 25%
Feb 11, 2010 1:56 PM
Rush Enterprises, Inc. (Nasdaq:RUSHA) (Nasdaq:RUSHB), which operatesthe largest network of commercial vehicle dealerships in North Americaand two John Deere construction equipment dealerships in SoutheastTexas, today announced that gross revenues for 2009 totaled $1.2 billion, a 25.1% decrease, compared to gross revenues of $1.7 billion reported in 2008.
Net income was $5.9 million, or $0.16per diluted share, a 79.6% decrease versus net income of $28.9 million,or $0.75 per diluted share, in 2008. These results include a $3million pre-tax impairment charge, which equates to a net loss of($0.05) per diluted share, related to the General Motors Corporation'sdecision to stop manufacturing medium-duty trucks and wind-down theCompany's GMC Medium-Duty Dealership Agreements.
In the fourth quarter, the Company's gross revenues totaled $295.6million, a 22.7% decrease from gross revenues of $382.7 millionreported for the quarter ended December 31, 2008. Net income was $1.5million, or $0.04 per diluted share, during the fourth quarter of 2009,compared to $5.1 million, or $0.14 per diluted share, in the fourthquarter of 2008.
The company's truck segment recorded revenues of $1.2 billion in 2009,compared to $1.6 billion in 2008. Overall, the company sold 9,490 newand used trucks in 2009, a 24.2% decrease compared to 12,523 new andused trucks in 2008. The company delivered 3,972 new heavy-duty trucks,2,643 new medium-duty trucks and 2,875 used trucks during 2009,compared to 5,516 new heavy-duty trucks, 3,773 new medium-duty trucksand 3,234 used trucks during 2008. Parts, service and body shop salesdecreased to $384 million in 2009 from $445.8 million in 2008.
The company's truck segment recorded revenues of $281.7 million in thefourth quarter of 2009, compared to $356.5 million in the fourthquarter of 2008. The company delivered 956 new heavy-duty trucks, 614new medium-duty trucks and 762 used trucks during the fourth quarter of2009, compared to 1,235 new heavy-duty trucks, 903 new medium-dutytrucks and 603 used trucks during the fourth quarter of 2008. Parts,service and body shop sales decreased to $90.5 million in the fourthquarter of 2009 from $108.1 million in the fourth quarter of 2008.
"While 2009 was one of the most difficult operating environments sincethe 1980s, and even worse than originally anticipated, Rush Enterpriseswas able to remain profitable. Our experienced management team,dedicated workforce, strong corporate culture and proven business modelmade this possible. I am grateful to our employees for theirperseverance and hard work during yet another extremely challengingyear," said W. Marvin Rush, Chairman of Rush Enterprises, Inc.
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