Summary
This filing from UNITED RENTALS, INC. (URI) is an amendment to its 10-K report, primarily addressing a restatement of its earnings per share calculation for the year ended December 31, 2002. The restatement resulted from the correct inclusion of a gain from repurchasing preferred securities at a discount, which had a positive impact of $0.47 per share on the 2002 EPS. The amendment clarifies that no other financial statements were affected. The company experienced a significant net loss of $397.8 million in 2002, largely due to substantial non-cash charges, including a goodwill impairment of $247.9 million and restructuring charges totaling $28.3 million. Despite the net loss, the company generated $517.9 million in cash flow from operations and maintained significant liquidity, with $493.1 million in available borrowing capacity on its revolving credit facility at year-end 2002.
Key Highlights
- 1Restatement of 2002 EPS to include a gain from preferred security repurchases, improving EPS by $0.47.
- 2Significant net loss of $397.8 million in 2002, impacted by non-cash charges.
- 3Substantial goodwill impairment charge of $247.9 million recorded in Q4 2002.
- 4Restructuring charges totaled $28.3 million in 2002 and $28.9 million in 2001, impacting operating results.
- 5Total revenues decreased by 2.2% to $2.82 billion in 2002, driven by a 4.8% decline in rental rates due to weakness in non-residential construction.
- 6Gross profit margins declined across key segments (rentals and used equipment sales) in 2002.
- 7Company maintained ample liquidity with $493.1 million in available borrowing capacity on its revolving credit facility at year-end 2002.