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-Rush Truck Centers Signs Dealer/Installer Agreement for Initial 14 State Coverage- -APG Adds Momentum Fuel Technologies To Their Qualified CNG Tank Program- LYNNFIELD, Mass., Nov. 07, 2016 (GLOBE NEWSWIRE) -- American Power Group Corporation (OTCQB:APGI), announced today that its subsidiary, American Power Group, Inc. (“APG”), has signed a multi-year Dual Fuel Dealer/Installer Agreement with Rush Truck Centers to initially cover fourteen states (AL,CA, CO, FL, GA, IL, IN, MO, NC, OH, OK, TN, VA, and TX). APG has also added Momentum Fuel Technologies’ CNG fueling tanks and systems to APG’s Qualified CNG Tank Program. Lyle Jensen, American Power Group Corporation’s Chief Executive Officer stated, “The addition of Rush Truck Centers and Momentum Fuel Technologies to APG’s existing network of dual fuel dealer/installers and natural gas tank suppliers provides APG’s dual fuel customers with un-paralleled sales, service and support across North America. With over 100 locations from coast to coast, no one can match Rush Truck Centers’ network reach and scale in supporting the heavy-duty trucking industry.” Mr. Jensen added, “Several Rush Truck Centers locations have already completed installation and service certification training and have completed installations for one of our largest customers in Oklahoma utilizing the Momentum CNG Fuel System. Rush Truck Centers has made significant investments in expanding the sales and service of natural gas vehicles and we look forward to mutually growing the natural gas conversion market with specific focus on the 13L to 15L heavy-haul segment where APG’s dual fuel technology is the only effective alternative fuel solution.” “We are pleased to be able to support APG customers at Rush Truck Centers in 14 states,” said W.M. “Rusty” Rush, Chairman, Chief Executive Officer and President, Rush Enterprises. “APG’s efforts to grow the CNG market align with our focus on our Momentum CNG Fuel System and other vehicle technologies,” he added. About Rush Enterprises, Inc. Rush Enterprises, Inc. is the premier solutions provider to the commercial vehicle industry. The Company owns and operates Rush Truck Centers, the largest network of commercial vehicle dealerships in the United States, with more than 100 dealership locations in 21 states. These vehicle centers, strategically located in high traffic areas on or near major highways throughout the United States, represent truck and bus manufacturers, including Peterbilt, International, Hino, Isuzu, Ford, Mitsubishi, IC Bus and Blue Bird. They offer an integrated approach to meeting customer needs — from sales of new and used vehicles to aftermarket parts, service and body shop operations plus financing, insurance, leasing and rental. Rush Enterprises' operations also provide CNG fuel systems, telematics products, vehicle up-fitting, chrome accessories and tires. For more information, please visit us at www.rushtruckcenters.com, www.rushenterprises.com and www.rushtruckcentersracing.com, on Twitter @rushtruckcenter and Facebook.com/rushtruckcenters. About Momentum Fuel Technologies Momentum Fuel Technologies, headquartered in the Dallas-Fort Worth Metroplex, is the industry’s first complete compressed natural gas (CNG) fuel system solution for Class 6-8 vehicles. A division of Rush Enterprises, the company officially launched in 2015 and is a vertically-integrated provider of fuel system solutions, featuring state-of-the-art engineering, design and manufacturing processes, complete system installation capabilities, and the industry’s most comprehensive sales, service and support network. About American Power Group Corporation American Power Group’s subsidiary, American Power Group, Inc. provides cost effective products and services that promote the economic and environmental benefits of our alternative fuel and emission reduction technologies. Our patented Turbocharged Natural Gas® Dual Fuel Conversion Technology is a unique non-invasive software driven solution that converts existing vehicular and stationary diesel engines to run concurrently on diesel and various forms of natural gas including compressed natural gas, liquefied natural gas, conditioned well-head/ditch gas or bio-methane gas with the flexibility to return to 100% diesel fuel operation to avoid any natural gas range anxiety. Depending on the fuel source and operating profile, our EPA and CARB approved dual fuel conversions seamlessly displace 45% - 65% of diesel fuel with cleaner burning natural gas resulting in measurable reductions in nitrous oxides (NOx) and other diesel-related emissions. Through our Trident Associated Gas Capture and Recovery Technology, we provide oil and gas producers a flare capture service solution for associated gases produced at their remote and stranded well sites. These producers are under tightening regulatory pressure to capture and liquefy the flared gases at their remote and stranded well sites or face significant oil output reductions. With our proprietary Flare to Fuel™ process technology we can convert these captured gases into natural gas liquids (“NGL”) which can be sold as heating fluids, emulsifiers, or be further processed by refiners. Given pending federal methane capture regulations, we anticipate our next generation NGL processing systems will have the capability to convert the residual flared methane into pipeline quality natural gas that can be sold for a variety of dedicated and dual fuel vehicular, stationary, industrial and household uses. See additional information at: www.americanpowergroupinc.com Caution Regarding Forward-Looking Statements and Opinions With the exception of the historical information contained in this release, the matters described herein contain forward-looking statements and opinions, including, but not limited to, statements relating to new markets, development and introduction of new products, and financial and operating projections. These forward-looking statements and opinions are neither promises nor guarantees, but involve risk and uncertainties that may individually or mutually impact the matters herein, and cause actual results, events and performance to differ materially from such forward-looking statements and opinions. These risk factors include, but are not limited to: the fact that our dual fuel conversion business has lost money in the last seven consecutive fiscal years and our flare gas capture and recovery business has yet to generate measurable revenues; the risk that we may require additional financing to grow our business; the fact that we rely on third parties to manufacture; distribute and install our products; we may encounter difficulties or delays in developing or introducing new products and keeping them on the market; we may encounter lack of product demand and market acceptance for current and future products; we may encounter adverse events economic conditions; we operate in a competitive market and may experience pricing and other competitive pressures; we are dependent on governmental regulations with respect to emissions, including whether EPA approval will be obtained for future products and additional applications; the risk that we may not be able to protect our intellectual property rights; factors affecting the Company's future income and resulting ability to utilize its NOLs; the fact that our stock is thinly traded and our stock price may be volatile; the fact that we have preferred stock outstanding with substantial preferences over our common stock; the fact that the conversion of the preferred stock and the exercise of stock options and warrants will cause dilution to our shareholders; the fact that we incur substantial costs to operate as a public reporting company and other factors that are detailed from time to time in the Company's SEC reports, including the report on Form 10-K for the year ended September 30, 2015 and the Company's quarterly reports on Form 10-Q. Readers are cautioned not to place undue reliance on these forward-looking statements and opinions, which speak only as of the date hereof. The Company undertakes no obligation to release publicly the result of any revisions to these forward-looking statements and opinions that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.


-Rush Truck Centers Signs Dealer/Installer Agreement for Initial 14 State Coverage- -APG Adds Momentum Fuel Technologies To Their Qualified CNG Tank Program- LYNNFIELD, Mass., Nov. 07, 2016 (GLOBE NEWSWIRE) -- American Power Group Corporation (OTCQB:APGI), announced today that its subsidiary, American Power Group, Inc. (“APG”), has signed a multi-year Dual Fuel Dealer/Installer Agreement with Rush Truck Centers to initially cover fourteen states (AL,CA, CO, FL, GA, IL, IN, MO, NC, OH, OK, TN, VA, and TX). APG has also added Momentum Fuel Technologies’ CNG fueling tanks and systems to APG’s Qualified CNG Tank Program. Lyle Jensen, American Power Group Corporation’s Chief Executive Officer stated, “The addition of Rush Truck Centers and Momentum Fuel Technologies to APG’s existing network of dual fuel dealer/installers and natural gas tank suppliers provides APG’s dual fuel customers with un-paralleled sales, service and support across North America. With over 100 locations from coast to coast, no one can match Rush Truck Centers’ network reach and scale in supporting the heavy-duty trucking industry.” Mr. Jensen added, “Several Rush Truck Centers locations have already completed installation and service certification training and have completed installations for one of our largest customers in Oklahoma utilizing the Momentum CNG Fuel System. Rush Truck Centers has made significant investments in expanding the sales and service of natural gas vehicles and we look forward to mutually growing the natural gas conversion market with specific focus on the 13L to 15L heavy-haul segment where APG’s dual fuel technology is the only effective alternative fuel solution.” “We are pleased to be able to support APG customers at Rush Truck Centers in 14 states,” said W.M. “Rusty” Rush, Chairman, Chief Executive Officer and President, Rush Enterprises. “APG’s efforts to grow the CNG market align with our focus on our Momentum CNG Fuel System and other vehicle technologies,” he added. About Rush Enterprises, Inc. Rush Enterprises, Inc. is the premier solutions provider to the commercial vehicle industry. The Company owns and operates Rush Truck Centers, the largest network of commercial vehicle dealerships in the United States, with more than 100 dealership locations in 21 states. These vehicle centers, strategically located in high traffic areas on or near major highways throughout the United States, represent truck and bus manufacturers, including Peterbilt, International, Hino, Isuzu, Ford, Mitsubishi, IC Bus and Blue Bird. They offer an integrated approach to meeting customer needs — from sales of new and used vehicles to aftermarket parts, service and body shop operations plus financing, insurance, leasing and rental. Rush Enterprises' operations also provide CNG fuel systems, telematics products, vehicle up-fitting, chrome accessories and tires. For more information, please visit us at www.rushtruckcenters.com, www.rushenterprises.com and www.rushtruckcentersracing.com, on Twitter @rushtruckcenter and Facebook.com/rushtruckcenters. About Momentum Fuel Technologies Momentum Fuel Technologies, headquartered in the Dallas-Fort Worth Metroplex, is the industry’s first complete compressed natural gas (CNG) fuel system solution for Class 6-8 vehicles. A division of Rush Enterprises, the company officially launched in 2015 and is a vertically-integrated provider of fuel system solutions, featuring state-of-the-art engineering, design and manufacturing processes, complete system installation capabilities, and the industry’s most comprehensive sales, service and support network. About American Power Group Corporation American Power Group’s subsidiary, American Power Group, Inc. provides cost effective products and services that promote the economic and environmental benefits of our alternative fuel and emission reduction technologies. Our patented Turbocharged Natural Gas® Dual Fuel Conversion Technology is a unique non-invasive software driven solution that converts existing vehicular and stationary diesel engines to run concurrently on diesel and various forms of natural gas including compressed natural gas, liquefied natural gas, conditioned well-head/ditch gas or bio-methane gas with the flexibility to return to 100% diesel fuel operation to avoid any natural gas range anxiety. Depending on the fuel source and operating profile, our EPA and CARB approved dual fuel conversions seamlessly displace 45% - 65% of diesel fuel with cleaner burning natural gas resulting in measurable reductions in nitrous oxides (NOx) and other diesel-related emissions. Through our Trident Associated Gas Capture and Recovery Technology, we provide oil and gas producers a flare capture service solution for associated gases produced at their remote and stranded well sites. These producers are under tightening regulatory pressure to capture and liquefy the flared gases at their remote and stranded well sites or face significant oil output reductions. With our proprietary Flare to Fuel™ process technology we can convert these captured gases into natural gas liquids (“NGL”) which can be sold as heating fluids, emulsifiers, or be further processed by refiners. Given pending federal methane capture regulations, we anticipate our next generation NGL processing systems will have the capability to convert the residual flared methane into pipeline quality natural gas that can be sold for a variety of dedicated and dual fuel vehicular, stationary, industrial and household uses. See additional information at: www.americanpowergroupinc.com Caution Regarding Forward-Looking Statements and Opinions With the exception of the historical information contained in this release, the matters described herein contain forward-looking statements and opinions, including, but not limited to, statements relating to new markets, development and introduction of new products, and financial and operating projections. These forward-looking statements and opinions are neither promises nor guarantees, but involve risk and uncertainties that may individually or mutually impact the matters herein, and cause actual results, events and performance to differ materially from such forward-looking statements and opinions. These risk factors include, but are not limited to: the fact that our dual fuel conversion business has lost money in the last seven consecutive fiscal years and our flare gas capture and recovery business has yet to generate measurable revenues; the risk that we may require additional financing to grow our business; the fact that we rely on third parties to manufacture; distribute and install our products; we may encounter difficulties or delays in developing or introducing new products and keeping them on the market; we may encounter lack of product demand and market acceptance for current and future products; we may encounter adverse events economic conditions; we operate in a competitive market and may experience pricing and other competitive pressures; we are dependent on governmental regulations with respect to emissions, including whether EPA approval will be obtained for future products and additional applications; the risk that we may not be able to protect our intellectual property rights; factors affecting the Company's future income and resulting ability to utilize its NOLs; the fact that our stock is thinly traded and our stock price may be volatile; the fact that we have preferred stock outstanding with substantial preferences over our common stock; the fact that the conversion of the preferred stock and the exercise of stock options and warrants will cause dilution to our shareholders; the fact that we incur substantial costs to operate as a public reporting company and other factors that are detailed from time to time in the Company's SEC reports, including the report on Form 10-K for the year ended September 30, 2015 and the Company's quarterly reports on Form 10-Q. Readers are cautioned not to place undue reliance on these forward-looking statements and opinions, which speak only as of the date hereof. The Company undertakes no obligation to release publicly the result of any revisions to these forward-looking statements and opinions that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.


News Article | December 9, 2015
Site: www.greencarcongress.com

« VW’s Diess keynoting CES, introducing new electric concept car | Main | Mainstay Fuel Technologies delivers 30 CNG fuel systems to Virginia Transportation for car carriers for Honda » Swift Navigation, a startup building centimeter-accurate GPS technology for autonomous vehicles, raised an $11-million series-A round led by Lior Susan and Pierre Lamond of Eclipse, with participation from New Enterprise Associates and Promus Ventures. By moving GPS positioning from custom hardware to a flexible software-based receiver, Swift Navigation delivers Real Time Kinematics (RTK) GPS that is 100 times more accurate than the GPS in a cell phone at a fraction of the price of the competition. With more than 1,200 customers for its first product, Piksi, the company has already experienced high demand for its low-cost, high-performance GPS receiver. A conventional GPS receiver determines its position by calculating its distance to four or more GPS satellites by measuring the phase of unique codes continuously transmitted by the satellites. By comparing the relative phase offsets of the received codes, the receiver can determine the relative distance to each satellite—i.e. the distance to each satellite plus a common offset. Once the relative distances to the satellites are known, the three-dimensional coordinates of the receiver and the time of the measurement can then be solved for. The accuracy of conventional GPS is limited by the precision of the measurement of the distance to the satellite as well as any ionospheric delays to the GPS signals. These result in horizontal accuracy of about 3-5 meters and vertical accuracy of about 12-15 meters. Signal’s RTK GPS basically mitigates the sources of error in conventional GPS systems. In addition to measuring the code phase, an RTK GPS receiver measures the phase of the carrier wave upon which the code is modulated. The carrier has a wavelength of about 19 centimeters, making it possible to measure to a much greater degree of accuracy than the 300 meter code. Second, RTK GPS uses an additional reference receiver to reduce ionospheric error. As long as the receivers are located relatively close to each other, the ionospheric delay will be approximately the same for both receivers, and the difference in distance between the receivers to the satellite can be computed. Having the relative distances between the receivers to 4 satellites, a relative position between the receivers free of ionospheric error can then be calculated. RTK delivers centimeter-accurate relative positions between two receivers. To get a position that is centimeter-accurate with respect to the earth, one unit must be a stationary base station. To get an absolute position in a coordinate system such as ECEF (Earth-Centered, Earth-Fixed), a CORS (Continuously Operating Reference Station) base station must be used or the base station must be placed at a known geodetic location. If both receivers are in motion, RTK will provide the relative position between the two but not fixed position relative to the environment. Series-A participants from the original seed round include First Round Capital, Felicis Ventures, Fall Line Capital, Qualcomm Ventures and Lemnos Labs. Swift Navigation’s Board of Directors expanded to include Lior Susan. To date, the company has raised a total of $13.6 million in funding. Swift Navigation plans to use the funds to take current customers to scale while growing its team, and investing in core engineering and R&D. The company looks forward to introducing two next-generation products in 2016. This is not your cell phone’s GPS, which is accurate to about 10 feet. That’s good enough if you’re looking for a restaurant, but doesn’t come close to helping autonomous vehicles navigate the world. With our centimeter-accurate GPS, a car knows what lane it’s in, a tractor knows what row it’s in, and a drone can drop the package on your doorstep, not in your neighbor’s pool.


Muchnik D.A.,Fuel Technologies
Coke and Chemistry | Year: 2010

The relation between the CSR and CRI values of coke and its familiar characteristics is analyzed. The strength and reactivity of coke differ over the blast-furnace height. The economic importance of each of these properties may only be established for specified blast-furnace conditions and technology. The systems for coke stabilization must be selected on the basis of the specific properties of the coke. There can never be a general solution. The optimal stability must be determined for each coke-furnace combination. Literature sources that address the following issues are identified: the equipment for improving coke properties; the necessary processes and their regulation; and the method for determining optimal blast-furnace conditions on the basis of the characteristics of the specific coke-furnace system. © 2010 Allerton Press, Inc.


Muchnik D.A.,Fuel Technologies
Coke and Chemistry | Year: 2012

Dynamic calculations of coke disintegration are considered. The change in mean piece size (geometric and harmonic means) corresponds to the coke quality. The relative ease of crushing (or erosion) shows how one coke compares to another. These characteristics provide improved ability to distinguish between batches of coke and are readily interpreted. © 2012 Allerton Press, Inc.


News Article | December 22, 2016
Site: www.businesswire.com

DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "European Road Freight 2016" report to their offering. The 2016 edition of the 'European Road Freight Transport' report includes the latest research on the dynamics of the road freight sector. It examines the economic drivers of the road freight industry as well as highlighting what is considered as a typical cost structure for European hauliers. Not only this, the report includes comprehensive profiles of 20 European countries. Included within these is an overview of the road freight market within that country as well as analysis of the infrastructure. In addition, on a country-level basis, we have collated Top 10s, wherever possible, of the top logistics providers within the countries, as well as insight into the origin and destinations of road freight within each country. European Road Freight Transport 2016 also includes our bespoke market size data, forecasts and analysis of the domestic and international road freight markets from both a regional and country-level perspective. - The road freight sector is not one single market. Rather, it is divided up into a number of different segments that may overlap, yet operate in distinctly different patterns and serve different customer types. - The European road freight transport market is highly fragmented. The top 10 players are estimated to have accounted for only 10% of the market in 2015. - The economy in Europe has experienced some recovery in the Eurozone and continued growth in the UK, Sweden and parts of Central Europe. Despite this, the road freight market remains muted. - In 2015, the European road freight market is estimated to have grown by 2.5% in nominal terms, slightly lower than 2.8% growth in 2014. - Market growth has been driven by volume growth in 2016, whereas the impact of changing transport prices is thought to have been smaller than the previous year, but slightly negative overall. - European road freight industry is on the threshold of a period of systemic change which will transform operating models and disrupt markets. - Several competing alternative fuels are being developed and although still not competitive against fossil fuels at the moment, they have the potential to transform the industry in the near future. - Manufacturers are investing huge sums in battery technology and it seems inevitable that in the next five years it will become feasible for even the largest trucks to be powered by electricity. - Central Europe has emerged as an important location for manufacturing operations. These are usually serving markets in Western Europe or are reliant on supply chains based in Western Europe. This has the effect of increasing demand for international road freight. - Implementation of a minimum hourly wage for drivers in France and Germany is likely to affect the cost structure of road freight providers operating in these markets. 1.1 What are the Economic Drivers of the Road Freight Industry? 1.2 What Effect Have Driver Wages Had on the Market? 1.3 What Has the Impact Been on Freight Rates? 2.1 Which Technological Developments Have Had Most Impact on Road Freight? 2.2 What are the Pros and Cons of Utilising New Fuel Technologies? 3.1 How Have European Economies Fared, With Regards to FTK, During 2016? 4.1 Which European Countries are Forecast to Grow the Most Between 2015 and 2019? 4.2 What are the Growth Rates of Each European Country Year-Over-Year? 4.3 What Proportion of the Road Freight Market is Domestic? 5.1 What Were the 2014 Key Origins and Destinations of Inbound and Outbound Road Freight in Each Country? 5.2 Which of the 20 European Countries Profiled Have Seen the Most Activity from LSPS? 5.3 Who are the Top 10 LSPS Operating in These Countries? 6.1 How are the Major Lsps Performing Financially? 6.2 Where are These Road Freight Providers Focussing Their Strategies? For more information about this report visit http://www.researchandmarkets.com/research/kbb93x/european_road


Research and Markets has announced the addition of the "European Road Freight 2016" report to their offering. The 2016 edition of the 'European Road Freight Transport' report includes the latest research on the dynamics of the road freight sector. It examines the economic drivers of the road freight industry as well as highlighting what is considered as a typical cost structure for European hauliers. Not only this, the report includes comprehensive profiles of 20 European countries. Included within these is an overview of the road freight market within that country as well as analysis of the infrastructure. In addition, on a country-level basis, we have collated Top 10s, wherever possible, of the top logistics providers within the countries, as well as insight into the origin and destinations of road freight within each country. European Road Freight Transport 2016 also includes our bespoke market size data, forecasts and analysis of the domestic and international road freight markets from both a regional and country-level perspective. - The road freight sector is not one single market. Rather, it is divided up into a number of different segments that may overlap, yet operate in distinctly different patterns and serve different customer types. - The European road freight transport market is highly fragmented. The top 10 players are estimated to have accounted for only 10% of the market in 2015. - The economy in Europe has experienced some recovery in the Eurozone and continued growth in the UK, Sweden and parts of Central Europe. Despite this, the road freight market remains muted. - In 2015, the European road freight market is estimated to have grown by 2.5% in nominal terms, slightly lower than 2.8% growth in 2014. - Market growth has been driven by volume growth in 2016, whereas the impact of changing transport prices is thought to have been smaller than the previous year, but slightly negative overall. - European road freight industry is on the threshold of a period of systemic change which will transform operating models and disrupt markets. - Several competing alternative fuels are being developed and although still not competitive against fossil fuels at the moment, they have the potential to transform the industry in the near future. - Manufacturers are investing huge sums in battery technology and it seems inevitable that in the next five years it will become feasible for even the largest trucks to be powered by electricity. - Central Europe has emerged as an important location for manufacturing operations. These are usually serving markets in Western Europe or are reliant on supply chains based in Western Europe. This has the effect of increasing demand for international road freight. - Implementation of a minimum hourly wage for drivers in France and Germany is likely to affect the cost structure of road freight providers operating in these markets. 1. European Road Freight Market Structure 1.1 What are the Economic Drivers of the Road Freight Industry? 1.2 What Effect Have Driver Wages Had on the Market? 1.3 What Has the Impact Been on Freight Rates? 2. The Role of Supply Chain Technologies 2.1 Which Technological Developments Have Had Most Impact on Road Freight? 2.2 What are the Pros and Cons of Utilising New Fuel Technologies? 3. European Road Freight Market Data 3.1 How Have European Economies Fared, With Regards to FTK, During 2016? 4. Market Size and Forecasts 4.1 Which European Countries are Forecast to Grow the Most Between 2015 and 2019? 4.2 What are the Growth Rates of Each European Country Year-Over-Year? 4.3 What Proportion of the Road Freight Market is Domestic? 5. Transport and Logistics Profiles of European Countries 5.1 What Were the 2014 Key Origins and Destinations of Inbound and Outbound Road Freight in Each Country? 5.2 Which of the 20 European Countries Profiled Have Seen the Most Activity from LSPS? 5.3 Who are the Top 10 LSPS Operating in These Countries? 6. Major European Road Freight Provider Profiles 6.1 How are the Major Lsps Performing Financially? 6.2 Where are These Road Freight Providers Focussing Their Strategies? For more information about this report visit http://www.researchandmarkets.com/research/tzlpdq/european_road


News Article | February 15, 2017
Site: globenewswire.com

SAN ANTONIO, Feb. 15, 2017 (GLOBE NEWSWIRE) -- Rush Enterprises, Inc. (NASDAQ:RUSHA) (NASDAQ:RUSHB), which operates the largest network of commercial vehicle dealerships in North America, today announced that for the year ended December 31, 2016, the Company achieved revenues of $4.2 billion and net income of $40.6 million, or $1.00 per diluted share, compared with revenues of $5.0 billion and net income of $66.1 million, or $1.61 per diluted share, in the year ended December 31, 2015. “New heavy-duty truck sales were off significantly in 2016, as several of our large fleet customers delayed purchases due to excess capacity, an erratic freight environment and low used truck trade-in valuations caused by an oversupply of used trucks,” said W.M. “Rusty” Rush, Chairman, Chief Executive Officer and President, Rush Enterprises, Inc.  “However, our solid performance in medium-duty new truck sales was a bright spot for the year,” Rush added. “In 2016, we made progress on aftermarket strategic initiatives including all-makes parts sales growth and vehicle technologies.  We also continued to expand our compressed natural gas fuel system product offerings.  While most of our efforts in these areas in the past year were about building the foundation, we remain committed to expanding these aftermarket solutions and expect to see a positive impact on our financial results from these initiatives in 2017.  In 2016, we also strengthened our nationwide network of Rush Truck Centers by opening new locations in California and Kentucky and increasing service capabilities in California, Colorado, Illinois, Ohio and Texas,” said Rush. “Early in 2016, we instituted extensive expense reductions to offset declining revenue, including consolidating several locations in our Rush Truck Centers network.  These efforts allowed us to manage costs and remain nimble in a down market.  Additionally, we formed a Business Process Management group that has been tasked with improving efficiencies in the way we do business throughout the organization to enable us to increase productivity, decrease expenses and better ensure a consistent experience for both our customers and our employees,” Rush explained. “I am grateful to our leadership team for helping us manage our way through a difficult year and to all of our employees for their unwavering commitment to our customers.  As always, but especially in a challenging year, their efforts are sincerely appreciated,” said Rush. Aftermarket services accounted for 67% of the Company’s total gross profits in 2016, with parts, service and body shop revenues reaching $1.3 billion, down 3.6% over 2015.  The Company achieved an annual absorption ratio of 112.2%. “The decline in demand for aftermarket services from the energy sector that began in late 2015 continued through the first quarter of 2016, and activity remained at decreased levels through 2016.  We were able to recoup some of those lost revenues in other areas, including parts and service support for construction, refuse and other business sectors, and we continued to aggressively pursue aftermarket initiatives in an effort to help offset lost energy sector revenues,” Rush explained. “In 2016, we strengthened our all-makes parts focus by expanding the product lines we offer, introducing a comprehensive parts catalog and implementing a marketing campaign of frequent communication to customers.  We believe these efforts position us well to achieve our goal of being the market leader in all-makes parts.  We also expanded distribution of our Rig Tough Truck Parts proprietary line of parts and accessories to additional Rush Truck Centers locations, and we grew our parts sales organization to support our strategic focus,” Rush said. “In 2016, we launched our RushCare Service Connect customer portal and expanded our telematics offerings; both have been well received by our customers.  We also expanded our Momentum Fuel Technologies product offering, and now offer compressed natural gas fuel systems to meet the needs of the most popular compressed natural gas applications, including waste, transit and over-the-road customers,” said Rush. “As we look ahead, we are beginning to see a slight increase in parts and service activity from the energy sector, notably an increase in our mobile services supporting energy customers.  Aftermarket business in construction, refuse and other vocational areas is expected to remain stable.  We anticipate increased adoption of RushCare Service Connect and our telematics offerings, and we remain committed to our long-term initiatives; we expect to realize positive impact from these efforts in 2017,” said Rush. In 2016, Rush Class 8 retail sales accounted for 5.5% of the total U.S. Class 8 market, compared to 6.7% in 2015.  The Company sold 10,816 Class 8 trucks in 2016, a decrease of 35.9% compared to 2015. “2016 was a tough year for heavy-duty truck sales across the industry, as U.S. Class 8 retail sales were down 22.2% compared to 2015.  Throughout 2016, significantly reduced demand from several large fleet customers negatively impacted our new Class 8 truck sales.  We saw some moderate increases in vocational activity in 2016, particularly in Texas, California and Florida, but over-the-road truck sales were sluggish throughout 2016. “Additionally, an oversupply of used trucks throughout the industry continues to suppress used truck trade-in values, negatively impacting new truck sales.  We expect used truck valuations will remain soft for most of 2017, which will continue to negatively impact new Class 8 truck sales,” said Rush. ACT Research forecasts U.S. retail sales of Class 8 trucks to total 154,000 units in 2017, a 21.8% decrease compared to 2016 retail sales.  “We believe 2017 is going to be another tough year for Class 8 truck sales.  That said, many customers are cautiously optimistic about potential economic improvements, and as a result, we are seeing an increase in quoting activity.  Our sales force is focused, and we will compete aggressively for every truck sales opportunity that we have,” said Rush.  “We are confident that, at a minimum, our Class 8 truck sales will be on pace with the industry.” Rush’s U.S. Class 4-7 medium-duty truck sales reached 11,135 units in 2016, flat compared to 2015.   Rush’s medium-duty new truck sales accounted for 4.9% of the total U.S. Class 4-7 market in 2016. “Our nationwide inventory of ready-to-roll medium-duty trucks and wide range of products, including Peterbilt, International, Hino, Isuzu, Ford and Mitsubishi Fuso gives us the ability to support customers in a wide variety of business sectors.  This enabled another strong year for us in Class 4-7 truck sales in 2016,” said Rush. ACT Research forecasts U. S. retail sales of Class 4-7 vehicles to reach 232,800 units in 2017, a 2.9% increase over 2016.  “There was an uptick in quoting activity in the fourth quarter, particularly coming from the infrastructure sector and from ancillary businesses that support the infrastructure sector.  We expect this to be a key driver for medium-duty new truck sales in 2017, and we remain focused on providing work-ready inventory at our dealerships to meet the immediate needs of these customers.  We believe our Class 4-7 truck sales will remain consistent with the industry in 2017,” said Rush. For the year ended December 31, 2016, the Company’s gross revenues totaled $4.2 billion, compared to gross revenues of $5.0 billion reported in 2015.  The Company reported net income for the year of $40.6 million, or $1.00 per diluted share, compared with a net income of $66.1 million, or $1.61 per diluted share in 2015. Aftermarket services revenues were $1.3 billion in the year ended 2016, compared to $1.4 billion in the year ended 2015.  The Company sold 30,635 new and used commercial vehicles in 2016, an 18.7% decrease compared to 37,702 new and used commercial vehicles in 2015.  The Company delivered 10,816 new heavy-duty trucks, 11,135 new medium-duty commercial vehicles, 1,676 new light-duty commercial vehicles and 7,008 used commercial vehicles during 2016, compared to 16,874 new heavy-duty trucks, 11,241 new medium-duty commercial vehicles, 1,665 new light-duty commercial vehicles and 7,922 used commercial vehicles during 2015. In the fourth quarter of 2016, the Company’s gross revenues totaled $1.0 billion, compared to gross revenues of $1.2 billion reported for the fourth quarter of 2015.  Net income for the quarter ended December 31, 2016 was $12.5 million, or $0.31 per diluted share, compared to $9.8 million, or $0.24 per diluted share, in the quarter ended December 31, 2015.  The fourth quarter of 2015 results included a $6.1 million write-down of new and used truck inventory, which reduced quarterly and 2015 earnings by $.09 per diluted share. Aftermarket services revenues were $325.3 million in the fourth quarter of 2016, compared to $331.4 million in the fourth quarter of 2015.  The absorption ratio was 120.6% in the fourth quarter of 2016, compared to 111.8% in the fourth quarter of 2015.  The Company delivered 2,521 new heavy-duty trucks, 2,581 new medium-duty commercial vehicles, 380 new light-duty commercial vehicles and 1,728 used commercial vehicles during the fourth quarter of 2016, compared to 3,686 new heavy-duty trucks, 2,764 new medium-duty commercial vehicles, 518 new light-duty commercial vehicles and 1,882 used commercial vehicles during the fourth quarter of 2015.  Fourth quarter 2016 Class 8 retail sales accounted for 5.7% of the U.S. market, compared to 6.1% for the same time period in 2015.  Class 4-7 retail sales in the fourth quarter of 2016 accounted for 4.7% of the U.S. market, compared to 4.6% for the same time period in 2015. “We ended 2016 in a strong financial position with $82 million in cash, and we continue to invest in our long-term strategic initiatives.  In the fourth quarter of 2016, we completed a $40 million stock repurchase plan and adopted a new $40 million stock repurchase plan, reflecting our confidence in continued growth and our commitment to return capital to our shareholders,” said Rush. Rush Enterprises will host its quarterly conference call to discuss earnings for the fourth quarter and year-end on Thursday, February 16, 2017, at 10 a.m. Eastern/9 a.m. Central.  The call can be heard live by dialing 877-638-4557 (US) or 914-495-8522 (International), conference ID 59764681 or via the Internet at http://investor.rushenterprises.com/events.cfm. For those who cannot listen to the live broadcast, the webcast will be available on our website at the above link until April 10, 2017.  Listen to the audio replay until February 23, 2017, by dialing 855-859-2056 (US) or 404-537-3406 (International) and entering the conference ID 59764681. Rush Enterprises, Inc. is the premier solutions provider to the commercial vehicle industry.  The Company owns and operates Rush Truck Centers, the largest network of commercial vehicle dealerships in the United States, with more than 100 dealership locations in 21 states. These vehicle centers, strategically located in high traffic areas on or near major highways throughout the United States, represent truck and bus manufacturers, including Peterbilt, International, Hino, Isuzu, Ford, Mitsubishi Fuso, IC Bus and Blue Bird.  They offer an integrated approach to meeting customer needs — from sales of new and used vehicles to aftermarket parts, service and body shop operations plus financing, insurance, leasing and rental.  Rush Enterprises' operations also provide CNG fuel systems, telematics products and other vehicle technologies, as well as vehicle up-fitting, chrome accessories and tires.  For more information, please visit us at www.rushenterprises.com. Certain statements contained herein, including those concerning current and projected market conditions, sales forecasts, market share forecasts, demand for the Company’s services and the impact of strategic initiatives are “forward-looking” statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, competitive factors, general U.S. economic conditions, economic conditions in the new and used commercial vehicle markets, customer relations, relationships with vendors, the interest rate environment, governmental regulation and supervision, product introductions and acceptance, changes in industry practices, one-time events and other factors described herein and in filings made by the Company with the Securities and Exchange Commission. This press release and the attached financial tables contain certain non-GAAP financial measures as defined under SEC rules, such as Absorption Ratio, Adjusted total debt, Adjusted net (cash) debt, EBITDA, Adjusted EBITDA, Free cash flow, Adjusted free cash flow and Adjusted invested capital, which exclude certain items disclosed in the attached financial tables.  The Company provides reconciliations of these measures to the most directly comparable GAAP measures. Management believes the presentation of these non-GAAP financial measures provides useful information about the results of operations of the Company for the current and past periods.  Management believes that investors should have the same information available to them that management uses to assess the Company’s operating performance and capital structure.  These non-GAAP financial measures should not be considered in isolation or as a substitute for the most comparable GAAP financial measures.  Investors are cautioned that non-GAAP financial measures utilized by the Company may not be comparable to similarly titled non-GAAP financial measures used by other companies. Absorption Ratio Management uses several performance metrics to evaluate the performance of its commercial vehicle dealerships and considers Rush Truck Centers’ “absorption ratio” to be of critical importance.  Absorption ratio is calculated by dividing the gross profit from the parts, service and body shop departments by the overhead expenses of all of a dealership’s departments, except for the selling expenses of the new and used commercial vehicle departments and carrying costs of new and used commercial vehicle inventory.  When 100% absorption is achieved, then gross profit from the sale of a commercial vehicle, after sales commissions and inventory carrying costs, directly impacts operating profit. Management uses “Adjusted Total Debt” to reflect the Company’s estimated financial obligations less debt related to lease and rental fleet (L&RFD) and floor plan notes payable (FPNP), and “Adjusted Net (Cash) Debt” to present the amount of Adjusted Total Debt net of cash and cash equivalents on the Company’s balance sheet.  The FPNP is used to finance the Company’s new and used inventory, with its principal balance changing daily as vehicles are purchased and sold and the sale proceeds are used to repay the notes.  Consequently, in managing the business, management views the FPNP as interest bearing accounts payable, representing the cost of acquiring the vehicle that is then repaid when the vehicle is sold, as the Company’s credit agreements require it to repay loans used to purchase vehicles when such vehicles are sold.  The Company’s lease & rental fleet are fully financed and are either (i) leased to customers under long-term lease arrangements or (ii), to a lesser extent, dedicated to the Company’s rental business.  In both cases, the lease and rental payments fully cover the capital costs of the lease & rental fleet (i.e., the principal repayments and interest expense on the borrowings used to acquire the vehicles and the depreciation expense associated with the vehicles), plus a profit margin for the Company. The Company believes excluding the FPNP and L&RFD from the Company’s total debt for this purpose provides management with supplemental information regarding the Company’s capital structure and leverage profile and assists investors in performing analysis that is consistent with financial models developed by Company management and research analysts.  “Adjusted Total Debt” and “Adjusted Net (Cash) Debt” are both non-GAAP financial measures and should be considered in addition to, and not as a substitute for, the Company’s debt obligations, as reported in the Company’s consolidated balance sheet in accordance with U.S. GAAP.  Additionally, these non-GAAP measures may vary among companies and may not be comparable to similarly titled non-GAAP measures used by other companies. The Company presents EBITDA and Adjusted EBITDA as additional information about its operating results.  The presentation of Adjusted EBITDA that excludes the addition of interest expense associated with FPNP to EBITDA is consistent with management’s presentation of Adjusted Total Debt, in each case reflecting management’s view of interest expense associated with the FPNP as an operating expense of the Company, and to provide management with supplemental information regarding operating results and to assist investors in performing analysis that is consistent with financial models developed by management and research analysis.  Management recorded a charge to selling, general and administrative expense during the first and second quarters of 2016 related to the closing of certain dealerships and the disposition of excess real estate.  Management believes adding back this charge to EBITDA provides both the investors and management with supplemental information regarding the Company’s core operating results. “EBITDA” and “Adjusted EBITDA” are both non-GAAP financial measures and should be considered in addition to, and not as a substitute for, net income of the Company, as reported in the Company’s consolidated statements of income in accordance with U.S. GAAP.  Additionally, these non-GAAP measures may vary among companies and may not be comparable to similarly titled non-GAAP measures used by other companies. “Free Cash Flow” and “Adjusted Free Cash Flow” are key financial measures of the Company’s ability to generate cash from operating its business.  Free Cash Flow is calculated by subtracting the acquisition of property and equipment included in the Cash flows from investing activities from Net cash provided by (used in) operating activities.  For purposes of deriving Adjusted Free Cash Flow from the Company’s operating cash flow, Company management makes the following adjustments: (i) adds back draws (or subtracts payments) on the floor plan financing that are included in Cash flows from financing activities, as their purpose is to finance the vehicle inventory that is included in Cash flows from operating activities; (ii) adds back proceeds from notes payable related specifically to the financing of the lease and rental fleet that are reflected in Cash flows from financing activities; (iii) subtracts draws on floor plan financing, net and proceeds from L&RFD related to business acquisition assets that are included in Cash flows from investing activities; (iv) subtracts principal payments on notes payable related specifically to the financing of the lease and rental fleet that are included in Cash flows from financing activities; and (v) adds back non-maintenance capital expenditures that are for growth and expansion (i.e. building of new dealership facilities) that are not considered necessary to maintain the current level of cash generated by the business.  “Free Cash Flow” and “Adjusted Free Cash Flow” provides management with supplemental information regarding the Company’s cash flows from operating activities and assists investors in performing analysis that is consistent with the financial models developed by Company management. “Free Cash Flow” and “Adjusted Free Cash Flow” are both non-GAAP financial measures and should be considered in addition to, and not as a substitute for, net cash provided by (used in) operations of the Company, as reported in the Company’s consolidated statement of cash flows in accordance with U.S. GAAP.  Additionally, these non-GAAP measures may vary among companies and may not be comparable to similarly titled non-GAAP measures used by other companies. “Adjusted Invested Capital” is a key financial measure used by the Company to calculate its return on invested capital.  For purposes of this analysis, management excludes L&RFD, FPNP, and cash and cash equivalents, for the reasons provided in the debt analysis above and uses Adjusted Net Debt in the calculation.  The Company believes this approach provides management with supplemental information regarding the Company’s leverage profile and capital structure, and assists investors in performing analysis that is consistent with financial models developed by Company management and research analysts.  “Adjusted Net (Cash) Debt” and “Adjusted Invested Capital” are both non-GAAP financial measures and should be considered in addition to, and not as a substitute for, total shareholders’ equity, as reported in the Company’s consolidated statements of income in accordance with U.S. GAAP.  Additionally, these non-GAAP measures may vary among companies and may not be comparable to similarly titled non-GAAP measures used by other companies.


« Mainstay Fuel Technologies delivers 30 CNG fuel systems to Virginia Transportation for car carriers for Honda | Main | High-performance, cost-effective nanoparticle electrocatalyst for fuel cells outperforms commercial Pt/C catalyst » University of Massachusetts Amherst computational chemist Scott Auerbach has been awarded a three-year, $330,000 grant from the National Science Foundation to improve basic understanding and optimize the catalytic process of producing fuels such as gasoline from plant biomass instead of from petroleum. The study involves theoretical calculations aimed at understanding the complex catalysis involved in converting biomass-derived organic compounds to liquid fuel precursors in the confined spaces of zeolites while avoiding deactivation due to coke formation. Auerbach will employ a novel theoretical approach and benchmark it against experimental data. For more than 50 years, Auerbach explains, chemists and chemical engineers have refined crude oil using synthetic catalysts inspired by zeolites. Zeolites feature uniform arrays of tiny, molecule-sized pores with the right size and shape to convert the hydrocarbon molecules that make up petroleum into high-octane gasoline via shape-selective catalysis. Auerbach and others who study zeolites across the globe are asking whether zeolites may also be used to convert plant biomass such as cellulose into gasoline. The challenge in applying zeolites to make biofuels, he says, is that biomass is made of carbohydrates, sugars such as glucose and starches such as cellulose, and these react very differently within the pores of zeolites. Auerbach will apply computational chemistry to understand how carbohydrates react in zeolite pores. Another problem that must be overcome—in both petroleum and biomass refining—is that zeolites promote side reactions that create sheets of carbon known as coke. Coking can deactivate zeolite catalysts by clogging the microscopic pores. We could turn off the chemical pathways that lead to coke if we knew what they are, but we don’t. If we can discover how the undesirable coke molecules are formed, we can imagine ways to block them. The problem of coke formation in zeolite-based refining has been around for a long time. Auerbach is taking a fresh look at understanding this process using a unique theoretical approach—“metadynamics in reverse”—by examining the more-straightforward carbon-carbon bond breaking process and appealing to microscopic reversibility to gain insight into the carbon addition reactions. Auerbach will employ and extend several aspects of computational catalysis developed in his lab (in collaboration with the software firm SCHROEDINGER) to obtain accurate energetics of carbon bond forming and breaking while incorporating effects of framework dynamics and long-range forces, all while keeping simulation times manageable.


« Swift Navigation raises $11M Series-A round for high-accuracy RTK GPS for autonomous vehicles | Main | UMass Amherst computationl chemist to optimize zeolite biofuel production catalysts; more gasoline, less coke » Mainstay Fuel Technologies, Inc. and Virginia Transportation Corporation announced the completion and delivery of 30 custom fuel systems for use in Virginia Transportation’s new fleet of CNG-powered car haulers. The CNG-powered fleet will be utilized as part of a collaboration between Virginia Transportation and American Honda Motor Co. in Alabama. The trucks will be dedicated to routes moving automobiles from Honda’s Lincoln, Alabama factory to a new CSX rail facility. Mainstay and Virginia Transportation worked closely with The Pete Store, Peterbilt, Cottrell and Fontaine Modification on this project to insure the system’s integration with the truck’s unique configuration. Mainstay engineered the fuel system utilizing a dual side-mounted alignment with two Type IV cylinders to meet the fleet’s range requirements. Peterbilt lowered the cab and chassis of the 365 Daycab, and Fontaine Modification further reduced the height of the roof and installed Mainstay’s fuel system on the chassis within an envelope required for body installation. Cottrell completed the truck by adding the carrier body to the chassis.

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