02.04.2010

Ahern posts $71 million loss

Las Vegas based high reach and general rental company, Ahern Rentals has reported a $70 million loss for 2009.

The company reported a 25 percent decline in overall revenues to $284.3 million, with a pre tax loss of $70.9 million, compared to a $6.7 million profit in 2008.

The company has continued to expand operations during the current slowdown opening 17 locations in 2009 with plans to open a further five in 2010. It now has a fleet with an original cost of $821 million, including over 21,800 ‘high reach’ machines, which includes Scissor lifts, boom lifts and telehandlers.
Along with an extensive general rental fleet. The company now operates from 71 locations.

The company says that it is redeploying unutilised rental fleet to existing branch locations with higher demand and to new markets with high growth potential in an effort to improve utilisation and diversify its business.

It says that its new locations do not require significant capital because most of the fleet that will be deployed in a new branch is moved from existing branches, notably to help place equipment that came of the massive Las Vegas City Centre project.

Capital expenditures fro 2009 fell to $42 million, compared to $150
Million in 2008 and $240 million in 2007. It anticipates cutting this still further in 2010 and limited to fill-in equipment to meet specific customer needs, and support new branch openings.

In the first quarter of this year the company opened branches in Seattle (Lynnwood) and Fife, Washington, Philadelphia-Pennsylvania, Pahrump - Nevada and Newport News - Virginia.