"Utilization trends have remained strong thus far in the third quarter and as a result, we believe an opportunity exists over the next six months to continue to increase rental rates on a selective basis on certain asset classes where utilization exceeds 60%.
"We continue to identify opportunities to sell rental fleet assets and use the proceeds to reduce outstanding debt," said Schad. "The rental assets being actively marketed for sale are non-core assets such as aerial work platforms and forklifts, where we lack a competitive advantage and do not leverage our crane expertise, and crawler cranes that were underutilized during historic peak demand periods. During the first six months of 2012, we have sold $12.7 million of non-core and excess rental fleet assets."
"Liquidity has increased by $5.1 million to $49.2 million on a sequential quarterly basis, which includes $8.9 million in cash," said Schad. "We intend to continue to focus on debt reduction for the remainder of the year."