McGrath RentCorp Announces Results for Fourth Quarter 2010

McGrath RentCorp MGRC, a diversified business to business rental company, today announced revenues for the quarter ended December 31, 2010, of $79.9 million, an increase of 20%, compared to $66.5 million in the fourth quarter of 2009. The Company reported net income of $12.7 million, or $0.52 per diluted share for the fourth quarter of 2010, compared to net income of $8.9 million, or $0.37 per diluted share, in the fourth quarter of 2009. Total revenues for the year ended December 31, 2010, were $291.4 million, compared to $275.6 million in 2009. Rental revenues increased 8% to $200.6 million in 2010 compared to $186.4 million in 2009. Net income for the year ended December 31, 2010 increased 9% to $36.5 million, compared to net income of $33.3 million in the prior year. Diluted earnings per share increased 7% to $1.50 in 2010 from $1.40 in 2009.