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News Article | May 16, 2017
Site: www.prnewswire.com

Shaun Neff on the acquisition, "This is a great thing for Neff.  Mad Engine has a phenomenal team, they're strong financially, and they've got superior supply chain capabilities.  Most importantly, they have a deep passion for our business."  He added, "And in this new role, I'm super motivated to bring fresh, out-of-the-box opportunities to the Mad Engine team." Neff will operate under Mad Engine's growing branded division in Orange County, CA. The company launched this division with its acquisition of Lifted Research Group (LRG) in March 2017. The two companies have a number of synergies, and will serve as the foundation to bring on additional brands in the future. Mad Engine would like to specially thank Moss Adams, Buchalter and Wells Fargo for their assistance with this acquisition and their continuous support. Mad Engine has expanded substantially since its founding in 1987. The company has grown from a small t-shirt supplier to a best-in-class designer and distributor of licensed apparel, catering to the needs of a wide spectrum of retailers. The company has gained full vertical capabilities over the past 30 years, enabling greater control over sourcing and the supply chain, as well as providing reliability and predictability to customers. In more recent years, Mad Engine has diversified product offerings by launching additional divisions outside of its core male apparel business to include female apparel and loungewear. The branded division is the company's newest venture. Launched in 2002 by Shaun Neff in Southern California, Neff was the first authentic core snow and skate headwear company in the world. Neff is an active youth brand supported by some of the biggest action sports athletes in the world as well as key personalities across the globe. Neff is internationally sold in 45+ countries to select retailers. Neff continues to grow and stays on the pulse of youth culture while living by the anthem "Forever Fun." To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/mad-engine-acquires-neff-headwear-300458590.html


BATON ROUGE, La. & MIAMI--(BUSINESS WIRE)--H&E Equipment Services, Inc. (NASDAQ: HEES) and Neff Corporation (NYSE: NEFF) today announced that they have entered into a definitive merger agreement under which H&E Equipment Services (“H&E”) will acquire Neff Corporation (“Neff”). Under the terms of the agreement, which has been unanimously approved by the boards of directors of both companies, H&E will pay $21.07 in cash per share of Neff common stock, for a total enterprise value of approximately $1.2 billion, including approximately $690 million of net debt. The per share merger consideration payable to Neff stockholders is subject to certain downward adjustments, not to exceed $0.44 per share, in the event that H&E incurs certain increased financing costs due to the transaction not being consummated on or prior to January 14, 2018. The transaction is expected to close in the late third quarter or early fourth quarter of 2017, and is subject to customary closing conditions including Hart-Scott-Rodino Act clearance. John Engquist, H&E’s Chief Executive Officer, said, “This agreement accelerates our stated strategy to expand our footprint across the United States as we seek to penetrate and grow our business in strategic business segments. Further, this transaction will bring together what we believe to be two highly complementary businesses that share a commitment to addressing the increasingly complex equipment needs of our customers. Our broader geographic footprint and enhanced capabilities in strategic markets, coupled with complementary expertise across equipment categories, are expected to help us to achieve our growth goals. We look forward to welcoming Neff’s talented employee base to the H&E family, and to offering more coverage and capabilities to support our combined customer base.” Graham Hood, Chief Executive Officer of Neff, commented, “We are looking forward to joining an industry leader who shares our core values, including our commitment to providing customers with best-in-class equipment services and solutions. Neff offers H&E a talented, experienced and knowledgeable employee base that we expect will continue to maintain and develop relationships with key customers and contribute to the combined company’s growth. I would like to thank our 1,160 employees across the country, who are the driving force behind our business. Today’s announcement is a testament to the value that they have helped to create for our stakeholders.” H&E’s management will hold a conference call to discuss the Neff acquisition on Tuesday, July 18, 2017. Specific details regarding the meeting will be provided in advance of the conference call. Wells Fargo Securities, LLC acted as financial advisor to H&E and Dechert LLP acted as H&E's legal advisor. Deutsche Bank Securities Inc. and Akin Gump Strauss Hauer & Feld LLP served as advisors to the special committee of Neff’s board of directors. About H&E Equipment Services, Inc. H&E is one of the largest integrated equipment services companies in the United States with 78 full-service facilities throughout the West Coast, Intermountain, Southwest, Gulf Coast, Mid-Atlantic and Southeast regions. H&E is focused on heavy construction and industrial equipment and rents, sells and provides parts and services support for four core categories of specialized equipment: (1) hi-lift or aerial platform equipment; (2) cranes; (3) earthmoving equipment; and (4) industrial lift trucks. By providing a multitude of services including equipment rental, sales, on-site parts and repair and maintenance, H&E is a one-stop provider for its customers' varied equipment needs. This full service approach provides H&E with multiple points of customer contact, enabling it to maintain a high quality rental fleet, as well as an effective distribution channel for fleet disposal and provides cross-selling opportunities among its new and used equipment sales, rental, parts sales and services operations. Neff is a leading regional equipment rental company in the United States, focused on the fast growing Sunbelt States. Based in Miami, FL, the company offers a broad array of equipment rental solutions for its more than 15,000 customers, focusing on key end user markets including infrastructure, non-residential construction, energy and municipal and residential construction. Neff has 69 branches, approximately 1,160 employees and a broad fleet of equipment, including earthmoving, material handling, aerial and other rental equipment to meet specific customer needs. Statements contained in this press release that are not historical facts, including statements about H&E’s or Neff’s beliefs and expectations, are forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include statements preceded by, followed by or that include the words “may”, “could”, “would”, “should”, “believe”, “expect”, “anticipate”, “plan”, “estimate”, “target”, “project”, “intend”, “foresee” and similar expressions, as well as other statements, including statements about the anticipated benefits to H&E and Neff from the merger, H&E’s and Neff’s anticipated financial and operating results, the impact of the merger on H&E’s earnings and capital structure and H&E’s and Neff’s respective plans, objectives and intentions. All forward-looking statements are subject to risks, uncertainties and other factors that may cause the actual results, performance and achievements of H&E and Neff to differ materially from the anticipated results expressed or implied by any forward-looking statements. These risks, uncertainties and other factors include, among others: (1) the risk that the savings and synergies anticipated from the merger are not realized or take longer than anticipated to be realized; (2) disruption or reputational harm as a result of the merger with H&E’s or Neff’s customers, suppliers, employees or others business partner relationships; (3) the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement, the failure of the closing conditions included in the merger agreement to be satisfied (or any material delay in satisfying such conditions), or any other failure to consummate the transactions contemplated thereby, including in circumstances in which one party would be obligated to pay the other a termination fee or other damages or expenses; (4) the risk of unsuccessful integration of H&E’s and Neff’s businesses, or that such integration will be materially delayed or will be more costly or difficult than anticipated; (5) the amount of the costs, fees, expenses and charges related to the merger; (6) the ability to obtain required governmental approvals of the proposed merger, including approval under the Hart-Scott-Rodino Antitrust Improvements Act of 1976; (7) any additional costs related to the merger or the other transactions contemplated thereby as a result of unexpected factors or events; (8) the significant indebtedness of the combined company, including the indebtedness incurred in the proposed financing of the merger; (9) any negative effects of this announcement or the consummation of the merger, the proposed financing thereof or any of the other transactions contemplated thereby on the market price of H&E’s or Neff’s common stock or other securities; (10) the diversion of management time on transaction-related issues; (11) other business effects, including the effects of general industry, market, economic, political or regulatory conditions, future exchange or interest rates or changes in tax laws, regulations, rates and policies, including the uncertainty regarding rules and regulations with respect to the foregoing that may be affected by the United States Congress and Trump administration; and (12) the expected business outlook, anticipated financial and operating results generally. For a more detailed discussion of some of the foregoing risks and uncertainties, see H&E’s and Neff’s respective Annual Reports on Form 10-K and other reports and other documents filed with the U.S. Securities and Exchange Commission. Forward-looking statements are only predictions and are not guarantees of performance. These statements are based on the current beliefs and assumptions of H&E’s and Neff’s management, which in turn are based on currently available information and important, underlying assumptions. H&E and Neff are under no obligation to publicly update or revise any forward-looking statements after this press release, whether as a result of any new information, future events or otherwise. Investors, potential investors, security holders and other readers are urged to consider the above mentioned factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. Although H&E and Neff believe that the expectations reflected in the forward-looking statements are reasonable, they cannot guarantee future results or performance, including the consummation of the transactions contemplated by the merger agreement or the proposed financing thereof or any anticipated effects of the merger. Additional Information and Where to Find It In connection with the proposed acquisition, Neff intends to prepare an information statement in preliminary and definitive form for its stockholders containing the information with respect to the proposed merger specified in Schedule 14C promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and describing the proposed merger. Neff’s stockholders are urged to carefully read the information statement regarding the proposed merger and any other relevant documents in their entirety when they become available because they will contain important information about the proposed acquisition. You may obtain copies of all documents filed with the SEC regarding the proposed merger, free of charge, at the SEC’s website, http://www.sec.gov, or on the Investor Relations section of Neff’s website (www.neffrental.com), or by directing a request to Neff by mail or telephone as set forth above. Investors are also urged to read the current reports on Form 8-K to be filed by each of H&E and Neff regarding the proposed merger, which will also contain important information.


LONDON, UK / ACCESSWIRE / July 18, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for H&E Equipment Services, Inc. (NASDAQ: HEES) ("H&E"), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=HEES. The Company announced on July 14, 2017, that it has entered into a definitive merger agreement with Neff Corp. (NYSE: NEFF) under which H&E will acquire Neff to create a leading Equipment Rental Company. For immediate access to our complimentary reports, including today's coverage, register for free now at: At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on HEES and NEFF. Go directly to your stock of interest and access today's free coverage at: As a part of the agreement, H&E has committed to pay $21.07 in cash per share of Neff's common stock, i.e. a total enterprise value of around $1.2 billion, which includes about $690 million of net debt. However, the per-share consideration payable to Neff's stockholders is subject to certain downward adjustments. It is not to exceed $0.44 per share, in case H&E incurs certain increased financing costs due to the transaction not being concluded on or prior to January 14, 2018. The Board of Directors of both the companies has already approved the agreement. However, the transaction is still subject to customary closing conditions including Hart-Scott-Rodino Act clearance and it is anticipated to close in the late third quarter or early fourth quarter of 2017. Deal to Enable H&E to Achieve its Long Term Growth Objectives John Engquist, H&E's Chief Executive Officer announced that the deal with Neff would enable H&E to expand its footprint across the United States and grow its business in strategic business segments. This deal brings together two complementary businesses with the common goal of addressing increasingly complex equipment needs of customers. He believed that H&E's vast geographic footprint and superior capabilities in strategic markets coupled with Neff's expertise across equipment categories would boost growth. He was positive about the deal and welcomed Neff's talented employee base to the H&E family. The strategic rationale behind the deal can be categorized into following four points: Economies of scale: As a result of the deal, the number of H&E branches is expected to increase from 78 to 147 in its strategically important regions i.e. Gulf Coast, Mid-Atlantic, Southeast, and West Coast regions. This will lead to best-in-class practices and a wide range of equipment in more locations, which would eventually benefit both H&E's and Neff's customers. Improvement in fleet utilization: Addition of Neff's fleet will compliment H&E's concentration in aerial work platform equipment. The combined Company is expected to have one of the largest earthmoving rental fleets in the industry. As on March 31, 2017, the companies' combined fleet totaled $2.2 billion based on original equipment cost (OEC) and consisted of 43,749 units. And the earthmoving fleet of H&E and Neff on a combined OEC basis totaled $727 million and consisted of 8,736 units. This increase in density and geographic coverage will enable H&E to position its fleet to regional pockets of higher demand and thus improve the overall fleet utilization. End-user Market Diversification: The transaction will help H&E penetrate in the non-residential construction market. With its large earthmoving fleet, H&E will be in a good position to gain from government infrastructure spending initiatives and will also have a greater exposure to new regional and local customers in construction markets. The earthmoving segment is an underpenetrated segment that offers great opportunities for growth. Increased industry expertise: H&E will get access to Neff's talented employees who will bring with them significant industry expertise. Both companies share a best-in-class commitment to customer service and safety. Financial implications of the deal The acquisition is expected to create $25 million to $30 million of synergies annually related to corporate overhead, systems, and operational efficiencies, as well as scale benefits for equipment purchases. H&E expects Neff's acquisition to enhance its gross tax assets by more than $800 million. Private investment funds managed by Wayzata Investment Partners LLC holding approximately 62.7% of the outstanding common shares of Neff have affected a written consent to approve the transaction, thus providing the required stockholder's approval for the transaction. However, the agreement covers a "go-shop" period, which runs through August 20, 2017, during which a special committee of Neff's Board of Directors, with the assistance of its financial and legal advisors, may seek alternative proposals to acquire Neff. Though there is no assurance that this process will result in a superior offer or that any other transactions will be approved or concluded. Financial and legal advisors for the deal Wells Fargo Securities, LLC served as the financial advisor to H&E, while Dechert LLP acted as its legal advisor. Deutsche Bank Securities Inc. and Akin Gump Strauss Hauer & Feld LLP acted as the advisors to the special committee of Neff's Board of Directors. Wells Fargo Bank along with affiliate entities have agreed to finance the transaction, subject to certain customary conditions. About H&E Equipment Services Inc. H&E is among the largest integrated equipment services companies in the United States with 78 full-service facilities throughout the West Coast, Intermountain, Southwest, Gulf Coast, Mid-Atlantic, and Southeast regions. H&E emphasizes on heavy construction and industrial equipment and rents, sells and provides parts and services support for four core categories of specialized equipment: hi-lift or aerial platform equipment; cranes; earthmoving equipment; and industrial lift trucks. Neff, based in Miami, is a leading regional equipment rental Company in the United States. The Company offers a broad array of equipment rental solutions for its more than 15,000 customers, focusing on key end user markets including infrastructure, nonresidential construction, energy, and municipal and residential construction. On Monday, July 17, 2017, the stock closed the trading session at $21.59, slipping 1.42% from its previous closing price of $21.90. A total volume of 370.93 thousand shares has exchanged hands, which was higher than the 3-month average volume of 285.44 thousand shares. H&E Equipment Services' stock price rallied 13.69% in the last one month and 12.57% in the previous twelve months. The stock is trading at a PE ratio of 20.74 and has a dividend yield of 5.09%. The stock currently has a market cap of $714.84 million. At the closing bell, on Monday, July 17, 2017, Neff Corp.'s stock rose slightly by 0.48%, ending the trading session at $20.90. A total volume of 1.81 million shares has exchanged hands, which was higher than the 3-month average volume of 117.78 thousand shares. The Company's stock price skyrocketed 8.01% in the last three months, 48.75% in the past six months, and 90.17% in the previous twelve months. Moreover, the stock soared 48.23% since the start of the year. The stock is trading at a PE ratio of 15.85 and currently, has a market cap of $471.29 million. Pro-Trader Daily (Pro-TD) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. PRO-TD has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles, and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below. PRO-TD has not been compensated; directly or indirectly; for producing or publishing this document. The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email contact@protraderdaily.com. Rohit Tuli, a CFA® charter holder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by PRO-TD. PRO-TD is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way. PRO-TD, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. PRO-TD, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, PRO-TD, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice. This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither PRO-TD nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://protraderdaily.com/disclaimer/. For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at: CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute. LONDON, UK / ACCESSWIRE / July 18, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for H&E Equipment Services, Inc. (NASDAQ: HEES) ("H&E"), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=HEES. The Company announced on July 14, 2017, that it has entered into a definitive merger agreement with Neff Corp. (NYSE: NEFF) under which H&E will acquire Neff to create a leading Equipment Rental Company. For immediate access to our complimentary reports, including today's coverage, register for free now at: At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on HEES and NEFF. Go directly to your stock of interest and access today's free coverage at: As a part of the agreement, H&E has committed to pay $21.07 in cash per share of Neff's common stock, i.e. a total enterprise value of around $1.2 billion, which includes about $690 million of net debt. However, the per-share consideration payable to Neff's stockholders is subject to certain downward adjustments. It is not to exceed $0.44 per share, in case H&E incurs certain increased financing costs due to the transaction not being concluded on or prior to January 14, 2018. The Board of Directors of both the companies has already approved the agreement. However, the transaction is still subject to customary closing conditions including Hart-Scott-Rodino Act clearance and it is anticipated to close in the late third quarter or early fourth quarter of 2017. Deal to Enable H&E to Achieve its Long Term Growth Objectives John Engquist, H&E's Chief Executive Officer announced that the deal with Neff would enable H&E to expand its footprint across the United States and grow its business in strategic business segments. This deal brings together two complementary businesses with the common goal of addressing increasingly complex equipment needs of customers. He believed that H&E's vast geographic footprint and superior capabilities in strategic markets coupled with Neff's expertise across equipment categories would boost growth. He was positive about the deal and welcomed Neff's talented employee base to the H&E family. The strategic rationale behind the deal can be categorized into following four points: Economies of scale: As a result of the deal, the number of H&E branches is expected to increase from 78 to 147 in its strategically important regions i.e. Gulf Coast, Mid-Atlantic, Southeast, and West Coast regions. This will lead to best-in-class practices and a wide range of equipment in more locations, which would eventually benefit both H&E's and Neff's customers. Improvement in fleet utilization: Addition of Neff's fleet will compliment H&E's concentration in aerial work platform equipment. The combined Company is expected to have one of the largest earthmoving rental fleets in the industry. As on March 31, 2017, the companies' combined fleet totaled $2.2 billion based on original equipment cost (OEC) and consisted of 43,749 units. And the earthmoving fleet of H&E and Neff on a combined OEC basis totaled $727 million and consisted of 8,736 units. This increase in density and geographic coverage will enable H&E to position its fleet to regional pockets of higher demand and thus improve the overall fleet utilization. End-user Market Diversification: The transaction will help H&E penetrate in the non-residential construction market. With its large earthmoving fleet, H&E will be in a good position to gain from government infrastructure spending initiatives and will also have a greater exposure to new regional and local customers in construction markets. The earthmoving segment is an underpenetrated segment that offers great opportunities for growth. Increased industry expertise: H&E will get access to Neff's talented employees who will bring with them significant industry expertise. Both companies share a best-in-class commitment to customer service and safety. Financial implications of the deal The acquisition is expected to create $25 million to $30 million of synergies annually related to corporate overhead, systems, and operational efficiencies, as well as scale benefits for equipment purchases. H&E expects Neff's acquisition to enhance its gross tax assets by more than $800 million. Private investment funds managed by Wayzata Investment Partners LLC holding approximately 62.7% of the outstanding common shares of Neff have affected a written consent to approve the transaction, thus providing the required stockholder's approval for the transaction. However, the agreement covers a "go-shop" period, which runs through August 20, 2017, during which a special committee of Neff's Board of Directors, with the assistance of its financial and legal advisors, may seek alternative proposals to acquire Neff. Though there is no assurance that this process will result in a superior offer or that any other transactions will be approved or concluded. Financial and legal advisors for the deal Wells Fargo Securities, LLC served as the financial advisor to H&E, while Dechert LLP acted as its legal advisor. Deutsche Bank Securities Inc. and Akin Gump Strauss Hauer & Feld LLP acted as the advisors to the special committee of Neff's Board of Directors. Wells Fargo Bank along with affiliate entities have agreed to finance the transaction, subject to certain customary conditions. About H&E Equipment Services Inc. H&E is among the largest integrated equipment services companies in the United States with 78 full-service facilities throughout the West Coast, Intermountain, Southwest, Gulf Coast, Mid-Atlantic, and Southeast regions. H&E emphasizes on heavy construction and industrial equipment and rents, sells and provides parts and services support for four core categories of specialized equipment: hi-lift or aerial platform equipment; cranes; earthmoving equipment; and industrial lift trucks. Neff, based in Miami, is a leading regional equipment rental Company in the United States. The Company offers a broad array of equipment rental solutions for its more than 15,000 customers, focusing on key end user markets including infrastructure, nonresidential construction, energy, and municipal and residential construction. On Monday, July 17, 2017, the stock closed the trading session at $21.59, slipping 1.42% from its previous closing price of $21.90. A total volume of 370.93 thousand shares has exchanged hands, which was higher than the 3-month average volume of 285.44 thousand shares. H&E Equipment Services' stock price rallied 13.69% in the last one month and 12.57% in the previous twelve months. The stock is trading at a PE ratio of 20.74 and has a dividend yield of 5.09%. The stock currently has a market cap of $714.84 million. At the closing bell, on Monday, July 17, 2017, Neff Corp.'s stock rose slightly by 0.48%, ending the trading session at $20.90. A total volume of 1.81 million shares has exchanged hands, which was higher than the 3-month average volume of 117.78 thousand shares. The Company's stock price skyrocketed 8.01% in the last three months, 48.75% in the past six months, and 90.17% in the previous twelve months. Moreover, the stock soared 48.23% since the start of the year. The stock is trading at a PE ratio of 15.85 and currently, has a market cap of $471.29 million. Pro-Trader Daily (Pro-TD) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. PRO-TD has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles, and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below. PRO-TD has not been compensated; directly or indirectly; for producing or publishing this document. The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email contact@protraderdaily.com. Rohit Tuli, a CFA® charter holder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by PRO-TD. PRO-TD is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way. PRO-TD, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. PRO-TD, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, PRO-TD, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice. This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither PRO-TD nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://protraderdaily.com/disclaimer/. For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at: CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.


LONDON, UK / ACCESSWIRE / July 18, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for H&E Equipment Services, Inc. (NASDAQ: HEES) ("H&E"), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=HEES. The Company announced on July 14, 2017, that it has entered into a definitive merger agreement with Neff Corp. (NYSE: NEFF) under which H&E will acquire Neff to create a leading Equipment Rental Company. For immediate access to our complimentary reports, including today's coverage, register for free now at: At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on HEES and NEFF. Go directly to your stock of interest and access today's free coverage at: As a part of the agreement, H&E has committed to pay $21.07 in cash per share of Neff's common stock, i.e. a total enterprise value of around $1.2 billion, which includes about $690 million of net debt. However, the per-share consideration payable to Neff's stockholders is subject to certain downward adjustments. It is not to exceed $0.44 per share, in case H&E incurs certain increased financing costs due to the transaction not being concluded on or prior to January 14, 2018. The Board of Directors of both the companies has already approved the agreement. However, the transaction is still subject to customary closing conditions including Hart-Scott-Rodino Act clearance and it is anticipated to close in the late third quarter or early fourth quarter of 2017. Deal to Enable H&E to Achieve its Long Term Growth Objectives John Engquist, H&E's Chief Executive Officer announced that the deal with Neff would enable H&E to expand its footprint across the United States and grow its business in strategic business segments. This deal brings together two complementary businesses with the common goal of addressing increasingly complex equipment needs of customers. He believed that H&E's vast geographic footprint and superior capabilities in strategic markets coupled with Neff's expertise across equipment categories would boost growth. He was positive about the deal and welcomed Neff's talented employee base to the H&E family. The strategic rationale behind the deal can be categorized into following four points: Financial implications of the deal The acquisition is expected to create $25 million to $30 million of synergies annually related to corporate overhead, systems, and operational efficiencies, as well as scale benefits for equipment purchases. H&E expects Neff's acquisition to enhance its gross tax assets by more than $800 million. Private investment funds managed by Wayzata Investment Partners LLC holding approximately 62.7% of the outstanding common shares of Neff have affected a written consent to approve the transaction, thus providing the required stockholder's approval for the transaction. However, the agreement covers a "go-shop" period, which runs through August 20, 2017, during which a special committee of Neff's Board of Directors, with the assistance of its financial and legal advisors, may seek alternative proposals to acquire Neff. Though there is no assurance that this process will result in a superior offer or that any other transactions will be approved or concluded. Financial and legal advisors for the deal Wells Fargo Securities, LLC served as the financial advisor to H&E, while Dechert LLP acted as its legal advisor. Deutsche Bank Securities Inc. and Akin Gump Strauss Hauer & Feld LLP acted as the advisors to the special committee of Neff's Board of Directors. Wells Fargo Bank along with affiliate entities have agreed to finance the transaction, subject to certain customary conditions. About H&E Equipment Services Inc. H&E is among the largest integrated equipment services companies in the United States with 78 full-service facilities throughout the West Coast, Intermountain, Southwest, Gulf Coast, Mid-Atlantic, and Southeast regions. H&E emphasizes on heavy construction and industrial equipment and rents, sells and provides parts and services support for four core categories of specialized equipment: hi-lift or aerial platform equipment; cranes; earthmoving equipment; and industrial lift trucks. Neff, based in Miami, is a leading regional equipment rental Company in the United States. The Company offers a broad array of equipment rental solutions for its more than 15,000 customers, focusing on key end user markets including infrastructure, nonresidential construction, energy, and municipal and residential construction. On Monday, July 17, 2017, the stock closed the trading session at $21.59, slipping 1.42% from its previous closing price of $21.90. A total volume of 370.93 thousand shares has exchanged hands, which was higher than the 3-month average volume of 285.44 thousand shares. H&E Equipment Services' stock price rallied 13.69% in the last one month and 12.57% in the previous twelve months. The stock is trading at a PE ratio of 20.74 and has a dividend yield of 5.09%. The stock currently has a market cap of $714.84 million. At the closing bell, on Monday, July 17, 2017, Neff Corp.'s stock rose slightly by 0.48%, ending the trading session at $20.90. A total volume of 1.81 million shares has exchanged hands, which was higher than the 3-month average volume of 117.78 thousand shares. The Company's stock price skyrocketed 8.01% in the last three months, 48.75% in the past six months, and 90.17% in the previous twelve months. Moreover, the stock soared 48.23% since the start of the year. The stock is trading at a PE ratio of 15.85 and currently, has a market cap of $471.29 million. Pro-Trader Daily (Pro-TD) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. PRO-TD has two distinct and independent departments. 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BATON ROUGE, La.--(BUSINESS WIRE)--H&E Equipment Services, Inc. (NASDAQ: HEES) today announced that it will hold a conference call to discuss the acquisition of the Neff Corporation (NYSE: NEFF). The Company will hold the conference call to discuss the details of the acquisition on Tuesday, July 18, 2017, at 2:00 p.m. (Eastern Time). To listen to the call, participants should dial 719-325-2412 approximately 10 minutes prior to the start of the call. A telephonic replay will become available after 4:00 p.m. (Eastern Time) on July 18, 2017, and will continue through July 25, 2017, by dialing 719-457-0820 and entering the confirmation code 4606153. The live broadcast of the acquisition conference call will be available online at www.he-equipment.com on July 18, 2017, beginning at 2:00 p.m. (Eastern Time) and will continue to be available for 30 days. Related presentation materials will be posted to the “Investor Relations” section of the Company’s web site at www.he-equipment.com prior to the call. The presentation materials will be in Adobe Acrobat format. About H&E Equipment Services, Inc. H&E is one of the largest integrated equipment services companies in the United States with 78 full-service facilities throughout the West Coast, Intermountain, Southwest, Gulf Coast, Mid-Atlantic and Southeast regions. H&E is focused on heavy construction and industrial equipment and rents, sells and provides parts and services support for four core categories of specialized equipment: (1) hi-lift or aerial platform equipment; (2) cranes; (3) earthmoving equipment; and (4) industrial lift trucks. By providing a multitude of services including equipment rental, sales, on-site parts and repair and maintenance, H&E is a one-stop provider for its customers' varied equipment needs. This full service approach provides H&E with multiple points of customer contact, enabling it to maintain a high quality rental fleet, as well as an effective distribution channel for fleet disposal and provides cross-selling opportunities among its new and used equipment sales, rental, parts sales and services operations. Neff is a leading regional equipment rental company in the United States, focused on the fast growing Sunbelt States. Based in Miami, FL, the company offers a broad array of equipment rental solutions for its more than 15,000 customers, focusing on key end user markets including infrastructure, non-residential construction, energy and municipal and residential construction. Neff has 69 branches, approximately 1,160 employees and a broad fleet of equipment, including earthmoving, material handling, aerial and other rental equipment to meet specific customer needs. Statements contained in this press release that are not historical facts, including statements about H&E’s or Neff’s beliefs and expectations, are forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include statements preceded by, followed by or that include the words “may”, “could”, “would”, “should”, “believe”, “expect”, “anticipate”, “plan”, “estimate”, “target”, “project”, “intend”, “foresee” and similar expressions, as well as other statements, including statements about the anticipated benefits to H&E and Neff from the merger, H&E’s and Neff’s anticipated financial and operating results, the impact of the merger on H&E’s earnings and capital structure and H&E’s and Neff’s respective plans, objectives and intentions. All forward-looking statements are subject to risks, uncertainties and other factors that may cause the actual results, performance and achievements of H&E and Neff to differ materially from the anticipated results expressed or implied by any forward-looking statements. These risks, uncertainties and other factors include, among others: (1) the risk that the savings and synergies anticipated from the merger are not realized or take longer than anticipated to be realized; (2) disruption or reputational harm as a result of the merger with H&E’s or Neff’s customers, suppliers, employees or others business partner relationships; (3) the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement, the failure of the closing conditions included in the merger agreement to be satisfied (or any material delay in satisfying such conditions), or any other failure to consummate the transactions contemplated thereby, including in circumstances in which one party would be obligated to pay the other a termination fee or other damages or expenses; (4) the risk of unsuccessful integration of H&E’s and Neff’s businesses, or that such integration will be materially delayed or will be more costly or difficult than anticipated; (5) the amount of the costs, fees, expenses and charges related to the merger; (6) the ability to obtain required governmental approvals of the proposed merger, including approval under the Hart-Scott-Rodino Antitrust Improvements Act of 1976; (7) any additional costs related to the merger or the other transactions contemplated thereby as a result of unexpected factors or events; (8) the significant indebtedness of the combined company, including the indebtedness incurred in the proposed financing of the merger; (9) any negative effects of this announcement or the consummation of the merger, the proposed financing thereof or any of the other transactions contemplated thereby on the market price of H&E’s or Neff’s common stock or other securities; (10) the diversion of management time on transaction-related issues; (11) other business effects, including the effects of general industry, market, economic, political or regulatory conditions, future exchange or interest rates or changes in tax laws, regulations, rates and policies, including the uncertainty regarding rules and regulations with respect to the foregoing that may be affected by the United States Congress and Trump administration; and (12) the expected business outlook, anticipated financial and operating results generally. For a more detailed discussion of some of the foregoing risks and uncertainties, see H&E’s and Neff’s respective Annual Reports on Form 10-K and other reports and other documents filed with the U.S. Securities and Exchange Commission. Forward-looking statements are only predictions and are not guarantees of performance. These statements are based on the current beliefs and assumptions of H&E’s and Neff’s management, which in turn are based on currently available information and important, underlying assumptions. H&E and Neff are under no obligation to publicly update or revise any forward-looking statements after this press release, whether as a result of any new information, future events or otherwise. Investors, potential investors, security holders and other readers are urged to consider the above mentioned factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. Although H&E and Neff believe that the expectations reflected in the forward-looking statements are reasonable, they cannot guarantee future results or performance, including the consummation of the transactions contemplated by the merger agreement or the proposed financing thereof or any anticipated effects of the merger. Additional Information and Where to Find It In connection with the proposed acquisition, Neff intends to prepare an information statement in preliminary and definitive form for its stockholders containing the information with respect to the proposed merger specified in Schedule 14C promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and describing the proposed merger. Neff’s stockholders are urged to carefully read the information statement regarding the proposed merger and any other relevant documents in their entirety when they become available because they will contain important information about the proposed acquisition. You may obtain copies of all documents filed with the SEC regarding the proposed merger, free of charge, at the SEC’s website, http://www.sec.gov, or on the Investor Relations section of Neff’s website (www.neffrental.com), or by directing a request to Neff by mail or telephone as set forth above. Investors are also urged to read the current reports on Form 8-K to be filed by each of H&E and Neff regarding the proposed merger, which will also contain important information.


News Article | July 19, 2017
Site: www.businesswire.com

MIAMI--(BUSINESS WIRE)--Neff Corporation (the “Company”) (NYSE: NEFF) today announced that Graham Hood, Chief Executive Officer, and Mark Irion, Chief Financial Officer, expect to discuss the Company's results for the second quarter ended June 30, 2017, during a conference call scheduled for Thursday, August 3, 2017, at 10:00 a.m. ET. The Company expects to release the financial results for the second quarter on Wednesday, August 2, 2017, following the market close. Shareholders and other interested parties may participate in the conference call by dialing +1 877-201-0168 (domestic) or +1 647-788-4901 (international) and entering access code 46673718, a few minutes before 10:00 a.m. ET on August 3, 2017. Those who wish to listen to the live conference call and view the accompanying presentation slides should visit the Investors section of the Neff Corporation website at: http://investor.neffrental.com. A telephonic replay will be available from 1:00 p.m. ET on the day of the conference call through Sunday, October 8, 2017. To listen to the archived call, dial +1 800-585-8367 or +1 416-621-4642 and enter conference ID number 46673718. The replay of the conference call will also be available via webcast on the Company's website at: http://investor.neffrental.com, where it will be archived for 12 months after the conference call. Neff Corporation is a leading regional equipment rental company in the United States, focused on the fast-growing Sunbelt states. The Company offers a broad array of equipment rental solutions for its diverse customer base, including non-residential construction, oil and gas and residential construction customers. Neff Corporation’s broad fleet of equipment includes earthmoving, material handling, aerial and other rental equipment to meet specific customer needs.


News Article | July 7, 2017
Site: www.greenbiz.com

Its initial energy storage installations in California, which should be online in 2018, will automate demand response services more seamless for tenants.


MIAMI--(BUSINESS WIRE)--Neff Corporation (the “Company”) (NYSE:NEFF) today reported its financial results for the fourth quarter and full year ended December 31, 2016. Graham Hood, Chief Executive Officer of Neff Corporation, commented, "We were pleased with the growth we generated in our fourth quarter and full year 2016 results. During 2016, we grew our rental revenues and operating income in our core construction driven end-markets. We anticipate continued growth in these markets in 2017. Our approach for 2017 is to remain focused and selective with our CAPEX spending as we take advantage of strong rental demand in our core construction end-markets." Total revenues decreased 3.6% to $102.3 million, down from $106.1 million in the fourth quarter of 2015. Rental revenues increased 6.0% to $91.7 million, up from $86.5 million in the fourth quarter of 2015. Equipment sales decreased to $7.0 million from $16.3 million in the fourth quarter of 2015. Parts and service revenues increased slightly to $3.6 million from $3.4 million in the fourth quarter of 2015. Net income attributable to Neff Corporation for the quarter was $5.4 million compared to $4.0 million in the fourth quarter of 2015. Adjusted EBITDA, a non-US GAAP financial measure that includes the adjustments noted in the reconciliation below, for the fourth quarter of 2016 increased to $49.9 million from $49.4 million in the fourth quarter of 2015. Adjusted EBITDA, as a percentage of revenues, was 48.8% compared to 46.5% in the fourth quarter of 2015. Total revenues increased 3.4% to $397.0 million, up from $383.9 million in 2015. Rental revenues increased 7.2% to $360.1 million, up from $336.0 million in 2015. Equipment sales decreased to $23.3 million from $34.8 million in 2015. Parts and service revenues increased to $13.6 million from $13.1 million in 2015. At December 31, 2016, the OEC of the Company’s rental fleet was $824.7 million, up 7.7% when compared to 2015. The average age of the rental fleet was 48 months at December 31, 2016, which increased from the average age at December 31, 2015. Time utilization, which we define as the daily average OEC of equipment on rent, divided by the OEC of all equipment in the rental fleet during the relevant period, was 67.1%, up 30 basis points when compared with 2015. The weighted average decline of our rental rates, which we calculate as the change in weighted average rental rate over the applicable period, was 0.5% in 2016. Net income attributable to Neff Corporation for 2016 decreased to $10.7 million from $15.6 million in 2015. Adjusted EBITDA, a non-US GAAP financial measure that includes adjustments noted in the reconciliation below, in 2016 was $193.8 million compared to $186.2 million in 2015. Adjusted EBITDA, as a percentage of revenues, was 48.8% compared to 48.5% in 2015. ROIC was 10.8% for the year ended December 31, 2016, a decrease of 10 basis points from the year ended December 31, 2015. The Company’s ROIC metric uses after-tax operating income for the trailing 12 months divided by average stockholders’ equity (deficit) and debt and deferred taxes, net of average cash. To mitigate the volatility related to fluctuations in the Company’s tax rate from period to period, a federal statutory tax rate of 35% is used to calculate after-tax operating income. The size of the rental fleet was $824.7 million of OEC at December 31, 2016, compared to $765.7 million at December 31, 2015. During the fourth quarter of 2016, the Company repurchased approximately 52 thousand shares of Class A common stock for $0.5 million under the 2 year share repurchase program authorized in November 2015. Since the authorization of the share repurchase program, the Company has purchased 1.7 million shares of Class A common stock for a total cost of $11.8 million, including commissions. Mr. Hood concluded, "We are optimistic about our markets for 2017. We believe the multi-year expansion for our industry will continue and we have potential for our earthmoving fleet to continue to gain market share as more customers are making the decision to rent versus own. We are confident that our diverse end-markets and our focus on high growth geographies will enable us to execute and deliver another year of solid growth in 2017. The diminishing impact of the slowdown in our oil and gas markets and the outlook for increased infrastructure spending add to our already positive industry outlook." The Company’s management will hold a conference call to discuss the 2016 fourth quarter and full year results on March 3, 2017, at 11:00 a.m. (Eastern Daylight Time). To participate in the conference call, participants should dial +1 877-201-0168 (domestic) or +1 647-788-4901 (international) and enter access code 51788436, a few minutes prior to the start of the call. Those who wish to listen to the live conference call and view the accompanying presentation slides should visit the "Investor Relations" portion of the Neff Corporation website at: http://investor.neffrental.com. A telephonic replay will be available from 1:00 p.m. ET on the day of the conference call through Friday, March 10, 2017. To listen to the archived call, dial +1 855-859-2056 or +1 404-537-3406 and enter conference ID number 51788436. The replay of the conference call will also be available via webcast on the Company's website at: http://investor.neffrental.com, where it will be archived for 12 months after the conference call. Earnings before interest, taxes, depreciation and amortization ("EBITDA"), adjusted EBITDA, and adjusted earnings per share are non-US GAAP financial measures as defined under the rules of the Securities and Exchange Commission ("SEC"). EBITDA represents the sum of net income, interest expense, provision for income taxes, depreciation of rental equipment and other depreciation and amortization. Adjusted EBITDA represents EBITDA further adjusted to give effect to other items that we do not consider to be indicative of our ongoing operations, including for the periods presented rental split expense, equity-based compensation, adjustment to tax receivable agreement and (gain) loss on interest rate swap. Adjusted earnings per share ("EPS") represents the sum of diluted earnings per share of Class A common stock, as reported, adjusted for the impact of items that we believe are not indicative of ongoing operations, including for the periods presented (gain) loss on interest rate swap and non-cash adjustment to tax receivable agreement. The company believes that EBITDA, Adjusted EBITDA and adjusted EPS provide useful information about operating performance and period-over-period growth and is useful to securities analysts, investors and other interested parties in evaluating our operating performance compared to that of other companies in the industry. However, none of these measures should be considered as alternatives to net income, cash flows from operating activities or diluted EPS under US GAAP as indicators of operating performance or liquidity. Because EBITDA, Adjusted EBITDA and adjusted EPS are not calculated in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. OEC and rental rate are two of the key performance measures we use in evaluating our business and results of operations. We present OEC, defined as the first cost of acquiring the equipment, or in the case of used equipment purchases and rental splits, an estimate of the first cost that would have been paid to acquire the equipment if it had been purchased new in its year of manufacture, as the daily average OEC of equipment on rent, divided by the OEC of all equipment in the rental fleet during the relevant period. We define rental rates as the rates charged to our customers on rental contracts that typically are for daily, weekly or monthly terms. Rental rates change over time based on a combination of pricing, the mix of equipment on rent and the mix of rental terms with customers. Period over period changes in rental rates are calculated on a weighted average with the weighting based on prior period revenue mix. Neff Corporation is a leading regional equipment rental company in the United States, focused on the fast growing Sunbelt states. The Company offers a broad array of equipment rental solutions for its diverse customer base. Neff Corporation’s broad fleet of equipment includes earthmoving, material handling, aerial and other rental equipment to meet specific customer needs. This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical facts should be considered forward-looking statements, including statements regarding our 2017 outlook, including without limitation, statements regarding our forecasted revenue and Adjusted EBITDA and our expected rental rates, time utilization and net capital expenditures; expectations regarding the execution of our strategy; expectations regarding seasonality and expectations regarding the slowdown in oil and gas exploration and the Company’s ability to offset such slowdown. We use words such as "could," "may," "should," "will," "expect," "believe," "continue," "anticipate," "estimate," "intend," "project," "plan," "forecast" and other similar expressions to identify some but not all forward-looking statements. Forward-looking statements involve estimates and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. The forward-looking statements contained in this press release are based on assumptions that we have made in light of our industry experience and our perceptions of historical trends, current conditions, current plans, expected future developments and other important factors we believe are appropriate under the circumstances. As you read and consider this press release, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (many of which are beyond our control) and assumptions. Although we believe that these forward-looking statements are based on reasonable assumptions, you should be aware that many important factors could affect our actual operating and financial performance and cause our performance to differ materially from the performance anticipated in the forward-looking statements. We believe these important factors include, but are not limited to, the following: the fact that the future economic downturns could have a material adverse impact on our business; trends in oil and gas prices and the impact on the level of exploration, development and production activity of certain of the Company's customers and the demand for the Company's service and products; the fact that the Company’s revenues and operating results will fluctuate, which could affect the volatility of the trading of its Class A common stock; the highly cyclical nature of the equipment rental industry; decreases in construction or industrial activities and resulting decreases in the demand for the Company’s equipment or the rental rates or prices it can charge; competition in the equipment rental industry which could lead to a decrease in the Company’s market share or in rental rates and its ability to sell equipment at favorable prices; Wayzata, the Company’s largest shareholder, as a result of its ownership stake in the Company, may have the ability to exert substantial influence over actions to be taken or approved by the Company's Board of Directors or shareholders; the Company's substantial indebtedness, its ability to generate cash to meet its debt service obligations and the restrictions the Company's indebtedness imposes on the Company's current and future operations; the Company’s need to obtain additional capital, which may not be available, to fund the capital outlays required for the success of its business, including those relating to purchasing equipment, opening new rental locations, making acquisitions and refinancing existing indebtedness; significantly higher maintenance costs in connection with increases in the weighted average age of the Company’s rental fleet; fluctuations in the price of the Company's Class A common stock, the Company's ability to complete share repurchases under the Company's share repurchase program on favorable terms or at all, dilution of existing shareholders by future issuances of additional Class A common stock in connection with any redemption of common units or new issuances of Class A common stock and any decline in the stock price resulting from these issuances or any future sale of shares of Class A common stock by Wayzata pursuant to the effective Form S-3 or otherwise; environmental and health and safety laws and regulations that may result in liabilities for the Company; termination of one or more of the Company’s relationships with any of its equipment manufacturers; residual value risk of the Company’s rental fleet upon disposition; the rising cost of new equipment and supplier constraints; disruptions in the Company’s information technology and customer relationship management systems; potential acquisitions and expansions into new markets; payments under our tax receivable agreement; the Company's dependence on key personnel, any labor disputes, work stoppages and/or slowdowns; and increased costs as a result of operating as a public company. These and other important factors described under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's annual report on Form 10-K for the fiscal year ended December 31, 2016 and similar disclosures in subsequent reports filed with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Should one or more of these risks or uncertainties materialize, or should any of these assumptions prove incorrect, our actual operating and financial performance may vary in material respects from the performance projected in these forward-looking statements. Further, any forward-looking statement speaks only as of the date on which it is made, and except as required by law, we undertake no obligation to update any forward-looking statement contained in this press release to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances. New important factors that could cause our business not to develop as we expect emerge from time to time, and it is not possible for us to predict all of them. We define “adjusted earnings per share” as the sum of diluted earnings per share of Class A common stock, as reported, adjusted for the impact of the items that we believe are not indicative of our ongoing operations, including for the periods presented (gain) loss on interest rate swap and non-cash adjustment to the tax receivable agreement. Management believes that including adjusted EPS in this press release is appropriate because securities analysts, investors and other interested parties use this non-US GAAP financial measure as an important measure to assess our operating performance compared to that of other companies in the industry. However, adjusted EPS is not a measure of financial performance under US GAAP. Accordingly, adjusted EPS should not be considered an alternative to diluted EPS of Class A common stock. The table below provides a reconciliation between diluted EPS of Class A common stock, as reported, and adjusted EPS. Because adjusted EPS is not calculated in the same manner by all companies, it may not be comparable to other similarly titled measures used by other companies. (a) Represents after tax impact of (gain) loss on interest rate swap related to adjustments to fair value. (b) Represents non-cash adjustment to tax receivable agreement related to changes in estimates used in the calculation of the tax receivable agreement. EBITDA is defined as net income plus interest expense, provision for income taxes, depreciation of rental equipment and other depreciation and amortization. Adjusted EBITDA is defined as EBITDA further adjusted to give effect to non-cash and other items that management does not consider to be indicative of our ongoing operations, including for the periods presented rental split expense, equity-based compensation, adjustment to tax receivable agreement and (gain) loss on interest rate swap. EBITDA and Adjusted EBITDA are not measures of performance in accordance with US GAAP and should not be considered as alternatives to net income or operating cash flows determined in accordance with US GAAP. Additionally, EBITDA and Adjusted EBITDA are not intended to be measures of cash flow for management's discretionary use, as they exclude certain cash requirements such as interest payments, tax payments and debt service requirements. Management believes that EBITDA and Adjusted EBITDA in this press release is appropriate because securities analysts, investors and other interested parties use these non-US GAAP financial measures as important measures of assessing our operating performance across periods on a consistent basis. EBITDA and Adjusted EBITDA have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our results as reported under US GAAP. The table below provides a reconciliation between net income and EBITDA and Adjusted EBITDA. Because EBITDA and Adjusted EBITDA are not calculated in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. (a) Represents cash payments made to suppliers of equipment in connection with rental split expense, which payments are credited against the purchase price of the applicable equipment if Neff Holdings elects to purchase that equipment. (b) Represents non-cash equity-based compensation expense recorded in the periods presented in accordance with US GAAP. (c) Represents adjustment to tax receivable agreement related to changes in estimates used in the calculation of the tax receivable agreement. (d) Represents (gain) loss on interest rate swap related to adjustments to fair value. (e) Our EBITDA margin was 53.4% and 47.4% for the three months ended December 31, 2016 and 2015, respectively, and 47.4% and 47.6% for the years ended December 31, 2016 and 2015, respectively. (f) Our Adjusted EBITDA margin was 48.8% and 46.5% for the three months ended December 31, 2016 and 2015, respectively, and 48.8% and 48.5% for the years ended December 31, 2016 and 2015, respectively.


News Article | February 17, 2017
Site: www.businesswire.com

MIAMI--(BUSINESS WIRE)--Neff Corporation (the “Company”) (NYSE: NEFF) today announced that Graham Hood, Chief Executive Officer, and Mark Irion, Chief Financial Officer, expect to discuss the Company's results for the fourth quarter and year ended December 31, 2016, during a conference call scheduled for Friday, March 3, 2017, at 11:00 a.m. ET. The Company expects to release the financial results for the fourth quarter and year ended on Thursday, March 2, 2017, following the market close. Shareholders and other interested parties may participate in the conference call by dialing +1 877-201-0168 (domestic) or +1 647-788-4901 (international) and entering access code 51788436, a few minutes before 11:00 a.m. ET on March 3, 2017. Those who wish to listen to the live conference call and view the accompanying presentation slides should visit the Investors section of the Neff Corporation website at: http://investor.neffrental.com. A telephonic replay will be available from 1:00 p.m. ET on the day of the conference call through Friday, March 10, 2017. To listen to the archived call, dial +1 855-859-2056 or +1 404-537-3406 and enter conference ID number 51788436. The replay of the conference call will also be available via webcast on the Company's website at: http://investor.neffrental.com, where it will be archived for 12 months after the conference call. Neff Corporation is a leading regional equipment rental company in the United States, focused on the fast-growing Sunbelt states. The Company offers a broad array of equipment rental solutions for its diverse customer base, including non-residential construction, oil and gas and residential construction customers. Neff Corporation’s broad fleet of equipment includes earthmoving, material handling, aerial and other rental equipment to meet specific customer needs.


Collagenase clostridium histolyticum is the first and only United States Food and Drug Association approved nonsurgical treatment for patients with a palpable Dupuytren's contracture cord. However, the Food and Drug Association has only approved injection of 0.58 mg of this enzyme into one palpable Dupuytren's contracture cord at a time. This review reports on the early outcome of 144 patients treated with the entire bottle of enzyme, approximately 0.78 mg, along with use of a novel slow intracord multi-cord technique. Use of 0.78 mg of enzyme, with the slow intracord multi-cord technique is safe and allows one to inject multiple Dupuytren's contracture cords at one setting. Correction at metacarpophalangeal and proximal interphalangeal joints, taken individually, are comparable with the Collagenase Option for the Reduction of Dupuytren's studies at 43° and 33°, respectively, however due to the multi-cord injection, we achieved 94° average immediate and 76° average final combined metacarpophalangeal and proximal interphalangeal contracture releases per bottle of enzyme. Implementation of the slow intracord multi-cord technique has the potential to improve current treatment for Dupuytren's contracture with resultant significant healthcare savings. © The Author(s) 2014.

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