Both of the publicly traded equipment rental companies are reporting substantial losses amid restructuring efforts.
Neff is reporting a net loss of $14.7 million, or 70 cents a share, on total revenue of $59.2 million for the three months ended March 31, compared with a net loss of $3.8 million, or 18 cents a share, on total revenue of $59.1 million for the same period in 2000.
The Miami-based company closed nine under-performing stores during the quarter, taking a one-time restructuring charge of $9.1 million.
NationsRent is reporting net losses of $27.4 million, or 48 cents a share, on total revenue of $149 million for the three-month period, compared with a net gain of $3.3 million, or 5 cents per diluted share, on revenue of $142 million for the same period in 2000.
The Fort Lauderdale-based company recorded a one-time restructuring charge of $11.3 million in pre-tax dollars as part of its reorganization effort.
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