Rush Enterprises Inc., whose operations includes the largest network of Peterbilt heavy-duty truck dealerships in North America and a John Deere construction equipment dealership in Texas, has announced results for the quarter ended March 31, 2003.
In the first quarter, the company's gross revenues totaled $159.6 million, a 1.8% decrease from gross revenues of $162.6 million reported for the first quarter ended March 31, 2002.
Income from continuing operations was $873,000 or $0.06 per share during the first quarter of 2003 compared to $1.1 million or $.08 per share in the first quarter of 2002.
Net income for the quarter was $326,000, or $0.02 per diluted share, compared with net income of $434,000, or $0.03 per share reported in the quarter ended March 31, 2002.
The company's heavy-duty truck segment recorded revenues of $156.3 million in the first quarter of 2003, compared to $152.0 million in the first quarter of 2002. The company delivered 795 and 519 new and used trucks, respectively, during the first quarter of 2003 compared to 975 and 482 new and used trucks, respectively, for the same period in 2002.
In announcing the results, W. Marvin Rush, chairman and chief executive officer of Rush Enterprises, said, "We are very pleased to announce our first quarter results. As expected, new truck deliveries decreased during the first quarter due to the new truck pre-buy experienced in the third and fourth quarters of 2002. However, the industry expects new truck deliveries to increase in the last half of 2003 and for the truck market to be strong in 2004 through 2006."
In the first quarter, the company's gross revenues totaled $159.6 million, a 1.8% decrease from gross revenues of $162.6 million reported for the first quarter ended March 31, 2002.
Income from continuing operations was $873,000 or $0.06 per share during the first quarter of 2003 compared to $1.1 million or $.08 per share in the first quarter of 2002.
Net income for the quarter was $326,000, or $0.02 per diluted share, compared with net income of $434,000, or $0.03 per share reported in the quarter ended March 31, 2002.
The company's heavy-duty truck segment recorded revenues of $156.3 million in the first quarter of 2003, compared to $152.0 million in the first quarter of 2002. The company delivered 795 and 519 new and used trucks, respectively, during the first quarter of 2003 compared to 975 and 482 new and used trucks, respectively, for the same period in 2002.
In announcing the results, W. Marvin Rush, chairman and chief executive officer of Rush Enterprises, said, "We are very pleased to announce our first quarter results. As expected, new truck deliveries decreased during the first quarter due to the new truck pre-buy experienced in the third and fourth quarters of 2002. However, the industry expects new truck deliveries to increase in the last half of 2003 and for the truck market to be strong in 2004 through 2006."
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