Maxim Crane Works, formerly Anthony Crane Rental, has reported total revenues of $113.7m for the first quarter of 2001, compared to $97.6m for the first quarter 2000.
Rental revenues, which exclude revenues from equipment sales, increased to $104.0m from last year’s first quarter figure of $85.5m.
Earnings before interest, taxes, depreciation and amortisation (EBITDA – defined as income from operations less the net gain on sales of used rental equipment, plus depreciation and amortisation) were $29.1m, up from $26.7m. EBITDA from equipment rentals (which excludes gains on the sale of new equipment) increased to $28.5m from $24.9m for the corresponding first quarter of 2000.
The USA’s biggest crane rental company continues to grow strongly, roughly doubling its revenues in three years, but is still failing to make a net profit – something chief executive officer Jeff Fenton has previously described as a deliberate move to minimise tax liabilities. For the first quarter this year (the three months ending 31 March 2001) Maxim made a net loss of $7.7m, compared to a net loss of $5.3m for the first quarter of 2000. The company said that the increase in the net loss was primarily a result of increased depreciation, amortisation and interest expense associated with its capital expenditure programme as well as the acquisitions completed in 2000. Depreciation and amortisation increased from 2000 Q1’s $14.5m to $16.7m.
Operating debt is also growing, from $693.1m last year to $750.2m.
Net capital expenditure also continued to rise, in spite of widespread expectation of a spending slowdown this year among the major crane buyers. Maxim’s net capex was $14.4m in the first quarter, compared with $9.4m in the first quarter last year.
