Current Report Filing (8-k)
February 23 2017 - 8:12AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 23, 2017
H&E Equipment Services, Inc.
(Exact name of registrant as specified in its charter)
Commission
File
Number: 000-51759
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Delaware
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81-0553291
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(State or other jurisdiction
of incorporation)
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(IRS Employer
Identification No.)
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7500 Pecue Lane
Baton Rouge, LA 70809
(Address of principal executive offices, including zip code)
(225)
298-5200
(Registrants telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form
8-K
filing is intended to simultaneously satisfy the filing obligation
of the registrant under any of the following provisions:
☐
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule
14a-12
under the Exchange Act (17 CFR
240.14a-12)
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☐
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Pre-commencement
communications pursuant to Rule
14d-2(b)
under the Exchange Act (17 CFR
240.14d-2(b))
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☐
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Pre-commencement
communications pursuant to Rule
13e-4(c)
under the Exchange Act (17 CFR
240.13e-4(c))
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Item 2.02
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Results of Operations and Financial Condition.
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On February 23, 2017, we issued a
press release announcing our financial results for the quarter and year ended December 31, 2016. A copy of the press release is attached as Exhibit 99.1.
The information in this Form
8-K
and the attached exhibit shall not be deemed filed for
purposes of Section 18 of the Securities Exchange Act of 1934 (the Exchange Act) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of
1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
We define EBITDA as net income (loss) before interest expense, income
taxes, depreciation and amortization. We use EBITDA in our business operations to, among other things, evaluate the performance of our business, develop budgets and measure our performance against those budgets. We also believe that analysts and
investors use EBITDA as a supplemental measure to evaluate a companys overall operating performance. However, EBITDA has material limitations as an analytical tool and you should not consider EBITDA in isolation, or as a substitute for
analysis of our results as reported under generally accepted accounting principles in the United States (GAAP). We consider EBITDA a useful tool to assist us in evaluating performance because it eliminates items related to capital
structure, taxes and
non-cash
charges. The items that we have eliminated in determining EBITDA for the periods presented are interest expense, income taxes, depreciation of fixed assets (which includes rental
equipment and property and equipment), and amortization of intangible assets. However, some of these eliminated items are significant to our business. For example, (i) interest expense is a necessary element of our costs and ability to generate
revenue because we incur a significant amount of interest expense related to our outstanding indebtedness; (ii) payment of income taxes is a necessary element of our costs; and (iii) depreciation is a necessary element of our costs and
ability to generate revenue because rental equipment is the single largest component of our total assets and we recognize a significant amount of depreciation expense over the estimated useful life of this equipment. Any measure that eliminates
components of our capital structure and costs associated with carrying significant amounts of fixed assets on our consolidated balance sheet has material limitations as a performance measure. In light of the foregoing limitations, we do not rely
solely on EBITDA as a performance measure and also consider our GAAP results. EBITDA is not a measurement of our financial performance under GAAP and should not be considered an alternative to net income (loss), operating income (loss) or any other
measures derived in accordance with GAAP. Because EBITDA is not calculated in the same manner by all companies, it may not be comparable to other similarly titled measures used by other companies.
Item 9.01
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Financial Statements and Exhibits.
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99.1 Press Release, dated
February 23, 2017, announcing financial results for the quarter and year ended December 31, 2016.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
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Date: February 23, 2017
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By:
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/s/ Leslie S. Magee
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Leslie S. Magee
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Chief Financial Officer
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