Rollins Truck Leasing Corp. posted record net earnings of $14.4 million for its second fiscal quarter ending March 31 -- up 29% from the same period last year and a company record.
Revenues were $175.9 million, up 17% from second quarter 1999.
Full-service leasing, commercial rental and guaranteed maintenance services all recorded double-digit revenue increases, the company said. Accelerated internal growth coupled with the impact of recent acquisitions, particularly UPS Truck leasing, increased the overall revenue growth rate to the highest in several years.
Second quarter pre-tax results reflected $4.2 million in transition expenses and charges related to the integration of UPS truck leasing. Pre-tax results also benefited from higher than normal gains from the sale of equipment. Rollins said it sold nearly twice the number of vehicles it had in the previous year and book values were substantially lower.
For its first fiscal six months, net earnings were $29.2 million, up 16% from the first six months of 1999. Revenues were $345.5 million versus $306.3 million the previous year.
The company said that, based on current commercial rental demand and strong lease sales, it is optimistic for the remainder of the year.