15.11.2007

Neff Corp sees profits vanish

Neff Corp, North America’s eighth largest rental company now owned by Lightyear Capital has reported overall revenues for the first nine months, down two percent at $242million, while turning a $21 million pre tax profit last year into an $84.3 million loss.

Rental revenues fell three percent, while sales revenues were up by over seven percent to 29.7 million.

Neffs problems are driven by lower rental revenues, higher depreciation, higher sales costs and massively higher interest charges, thanks to the leveraged buy out by Lightyear capital.

Neff is hosting a conference call later today at which it will discuss its results which it has filed as required but not yet issued any dialogue on.