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Baltimore, MD - August 3, 2007 - Williams Scotsman International, Inc. (NASDAQ: WLSC), a leading provider of modular space solutions, reported today its financial results for the second quarter of 2007. Second Quarter Results Total revenue for the 2007 second quarter was $203.7 million, compared to $159.1 million a year ago. Leasing revenues increased 18.1% to $82.9 million from $70.2 million in the prior year quarter, driven primarily by a 2.1% increase in average units on rent in North America, and an increase in the average rental rate of $22 to $309 from $287. North American utilization showed a decline to 80% from 82% a year ago due to idle classroom capacity and storage fleet growth. The increase in units on rent and average rental rates is attributable to continued strong performance throughout the Company's U.S. regions and Canada. The remaining increase in leasing revenue was driven by the Company's European subsidiary, Wiron, which was acquired in the third quarter of 2006 and accounted for $5.3 million of the increase. Sales of new units and rental equipment increased 54.8% compared to the prior year quarter primarily as a result of increased sales activities including a large classroom project in Louisiana and a military project in Hawaii. Delivery and installation revenues increased 23.6% compared to the prior year quarter as a result of the above mentioned items. Gross profit increased by $13.9 million, or 20.5%, to $81.8 million, while the gross profit margin percentage decreased 2.5 percentage points to 40.2% as compared to the prior year second quarter due to a higher mix of sales related business. The Company reported net income for the quarter ended June 30, 2007 of $14.6 million, or $0.33 per diluted share, an increase of 26.4% or $0.05 per diluted share as compared to net income of $11.6 million or $0.27 per diluted share for the quarter ended June 30, 2006. Gerry Holthaus, Chairman, President and CEO, commented, "We are very pleased with the results of our second quarter financial performance. Our results for the period reflect continued growth in our U.S regions as well as our focus on our international markets including the benefit of our European acquisition and continued growth from our Canadian operations. As a result of these activities, the Company reported record net income for its second quarter." "We also announced on July 19, 2007, that the Company agreed to be acquired by the parent company of Algeco Group, the European space rental company, in an all-cash transaction for $2.2 billion, which includes the refinancing of outstanding debt. Under the terms of the agreement, Williams Scotsman International, Inc. shareholders will receive $28.25 in cash for each share of Williams Scotsman International, Inc. common stock they own." Six Months ended June 30, 2007 Results Revenues for the six months ended June 30, 2007 were $365.7 million, a 12.8% increase from $324.1 million in the comparable period of 2006. Gross profit was $155.8 million, a 16.9% increase as compared to $133.3 million for the prior year period. The Company reported net income for the six months ended June 30, 2007 of $25.1 million or $0.57 per share as compared to net income of $22.0 million or $0.53 per share for the six months ended June 30, 2006. Williams Scotsman International, Inc. has scheduled a conference call for August 3, 2007 at 10:00 AM Eastern Time to discuss its second quarter results. To participate in the conference call, dial 888-633-8284 for domestic (212-231-6012 for international) and ask to be placed into the Williams Scotsman call. To listen to a live webcast of the call, go to www.willscot.com and click on the Investor Relations section. Please go to the website 15 minutes early to download and install any necessary audio software. A replay of the call will be available approximately two hours after the live broadcast ends and will be accessible until 11:59 PM on September 2, 2007. To access the replay, domestic callers can dial 800-633-8284 and enter access code 21345015 (international callers can dial 402-977-9140). About Williams Scotsman International, Inc. Full Release (pdf) with complete details on Second Quarter Results |