The USA’s biggest crane hire company, Maxim Crane Works, is reporting mounting losses and declining EBITDA (earnings before interest, taxes, depreciation and amortisation).
For the third quarter of 2001, ending 30 September 2001, Maxim posted total revenues of $101.6m, compared to $100.1m for the third quarter of 2000. Rental revenues, which exclude revenues from equipment sales, increased to $96.5m from $93.3m for the third quarter of 2000.
EBITDA for the quarter fell to $24.4m compared to $34.5m for the corresponding third quarter of 2000. EBITDA from equipment rentals (as further defined to exclude gains on the sale of new equipment) decreased to $24.2m as compared to $33.8m for the corresponding third quarter of 2000.
Maxim reported a net loss of $11.3m for the quarter, as compared to a net loss of $1.2m for the third quarter of 2000.
For the nine months ended 30 September 2001, Maxim posted total revenues of $321.4m, a rise of 8.3% on the $296.8m revenue for the first nine months of 2000.
Rental revenues, which exclude revenues from equipment sales, increased 7.6% to $298.7m for the first nine months of 2001.
EBITDA for the nine-month period were $82.0m compared to $93.1 million for the corresponding nine-month period of 2000, a fall of 12%.
EBITDA from equipment rentals decreased 10% to $80.5m compared to $89.9m for the first nine months of 2000.
Maxim reported a net loss for the nine months ended 30 September 2001 of $25.9m compared to a net loss of $9.2m for the first nine months last year.
