NationsRent, headquartered in Fort Lauderdale, Fla., recently reported financial results for the fourth quarter and year ended Dec. 31, 1999. Fourth-quarter highlights include $170.9 million of revenue, a 38.2 percent increase over fourth quarter 1998; $40.6 million of operating income, an 84.2 percent increase over fourth quarter 1998; and diluted EPS of 15 cents, a 25 percent increase over fourth quarter 1998. Net income for the quarter was $11.1 million.

Full year highlights include $558.4 million of revenue; 74.4 percent rental revenue mix, up from 63.7 percent for 1998; 26.3 percent internal growth in rental revenue; an increase in operating margins to 22.5 percent of revenue from 18.1 percent for 1998 due primarily to the higher mix of rental revenue; and diluted EPS of 52 cents, a 41 percent increase over 1998 diluted EPS (excludes net pre-tax expenses of $3.9 million or three cents per share for unreimbursed expenses incurred by the company related to its abandoned merger with Rental Service Corp.). Net income for the year was $34.2 million.

The company also has acquired Holt Machinery Co., Sylvan Equipment, Rental City and Loveland Rental Center. Holt Machinery Co.'s five locations in Perth Amboy, Bayonne and Cranford, N.J. Freeport and Jamaica, N.Y., as well as Sylvan Equipment's two stores in Brooklyn, N.Y., and North Arlington, N.J., will expand their offerings to construction and industrial customers in the metropolitan New York/New Jersey market.

Rental City's three stores in Boulder, Broomfield and Longmont, Colo., and Loveland Rental Center's sole location in Loveland, Colo., will expand their offerings to construction and industrial customers in the Greater Denver market.

Holt Machinery Co. and Sylvan Equipment have served metropolitan New York and New Jersey for more than 40 years. Rental City and Loveland Rental Center have served the Colorado suburbs north of Denver for 30 years. Under the NationsRent brand, the stores will continue to serve the rental needs of area customers.

Mike Holt, son of founder Jim Holt and co-owner of Holt Machinery Co., will assist the company with the transition.

"NationsRent is known for offering its customers a broad selection of construction equipment and excellent customer service - including 24-hour emergency service," he said. "By joining the NationsRent team, these added resources will help us retain and even grow our customer base." His brother Scott, who has been active in the operation of the business, also will remain.

Elliot Prigozen, owner of Sylvan Equipment, will be involved in Sylvan's transition process. Prigozen stated, "We are excited to join the NationRent family. Now our customers will benefit from an even greater selection of equipment and deeper resources from the industry's leading construction equipment rental company."

Jim Ziegler, founder and owner of Rental City, will be part of the company's transition process. "As a new member of the NationsRent family, our customers can enjoy the benefits the NationsRent brand brings to the construction equipment rental industry, including a broader selection of equipment, 24-hour service and access to a nationwide network of knowledgeable and experienced staff," he said. Ziegler will act as a director for the Colorado and Utah markets. Bruce Dunn, who has served as Rental City's general manager, will join NationsRent as district manager.

Bill Mortellaro, owner of Loveland Rental Center, will be involved in that store's transition process and remain as the store manager. "Joining the NationsRent team allows us tremendous opportunity for growth, and the chance to better serve our customers with more types of equipment and better resources," he said. "The management and sales team at Loveland Rental Center is excited to join the ranks of a fast-growing company like NationsRent."

The acquisitions of Holt Machinery Co. and Sylvan Equipment provide NationsRent a foundation to further strengthen its brand presence in the high-growth New York and Denver markets and supports the NationsRent aggressive national growth strategy: acquiring platform companies in selected markets, then acquiring several other companies or building new rental centers clustered around the platform locations. This strategy enables the company to more effectively serve its customers, offer a wide selection and broad availability of equipment and leverage its brand-building efforts.

NationsRent is focused solely on renting a broad range of construction equipment and currently operates more than 160 locations in 24 states.

NationsRent offers construction and industrial equipment such as backhoes, bulldozers, skid-steer loaders, aerial lifts and work platforms, compressors and generators to customers including highway contractors, general contractors, subcontractors, manufacturing plants and distribution centers.