02.03.2015

Essex delays results

US based crawler crane rental specialist has announced an open ended delay to the release of its 2014 results which were originally scheduled for February 25th.

The delay is in order to allow the company time to evaluate the classification of its revolving credit facilities as current liabilities or long-term obligations - even though the facilities do not mature within the next 12 months. Any change in classification of the revolving credit facilities could require a restatement of last year’s results and balance sheets.

Vertikal Comment

Essex has been struggling for some years, and has not managed to get back on a firm footing since its acquisition of Coast Crane in 2010. With the chance of returning to a healthy profit position and paying down its substantial debt in the near term, this move might just trigger a longer term change?