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SAN ANTONIO, Feb. 12, 2020 (GLOBE NEWSWIRE) — Rush Enterprises, Inc. (NASDAQ: RUSHA & RUSHB), which operates the better arrangement of bartering agent dealerships in North America, today appear that for the year concluded December 31, 2019, the Company accomplished almanac revenues of $5.8 billion and net assets of $141.6 million, or $3.77 per adulterated share, compared with revenues of $5.5 billion and net assets of $139.1 million, or $3.45 per adulterated share, for the year concluded December 31, 2018.  During 2018, the Company incurred a non-cash allegation to acquittal bulk and a allegation to selling, accustomed and authoritative bulk accretion $20.9 actor associated with the advancement and backup of assertive apparatus of the Company’s Enterprise Resource Planning software belvedere (ERP Platform).  Excluding the allegation accompanying to the ERP Platform, the Company’s adapted net assets in 2018 was $154.9 million, or $3.85 per adulterated share.  Additionally, the Company’s Board of Directors declared a banknote allotment of $0.13 per allotment of Class A and Class B Accustomed Stock, to be paid on March 17, 2020, to all shareholders of almanac as of February 25, 2020.

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“We are admiring with our able banking achievement in 2019,” said W.M. “Rusty” Rush, Chairman, Chief Executive Officer and President of Rush Enterprises, Inc.  “Though we accomplished declines in new Class 8 barter sales and aftermarket articles and casework sales in the fourth quarter, our all-embracing achievement for the abounding year 2019 was strong, primarily due to a advantageous abridgement and action throughout the markets we support.  In addition, the acknowledged beheading of our cardinal initiatives continues to accord to our genitalia and account acquirement growth, and we acquired bazaar allotment in our new medium-duty barter sales,” he added.

“I appetite to acknowledge our advisers who abide to affect me with their adherence to our barter and to our company’s success.  It is alone because of their adamantine assignment that we were able to accomplish such a acknowledged year,” Rush said.

Aftermarket articles and casework accounted for about 64.9% of the Company’s absolute gross profits in 2019, with parts, account and blow centermost revenues extensive $1.8 billion, up 5.5% compared to 2018.  The Company accomplished an anniversary assimilation arrangement of 120.2% in 2019. 

“Our aftermarket articles and casework acquirement advance remained able in 2019, primarily due to our connected focus on our cardinal initiatives.  In 2019, we connected to advance in centralized and customer-facing technologies, such as our ecommerce belvedere and RushCare Genitalia Connect.  We additionally connected to abound our all-makes genitalia artefact offerings and advertisement our aftermarket articles and casework sales force,” said Rush.  “Despite our able aftermarket articles and casework sales advance for the abounding year 2019, action from our action barter beneath throughout 2019, abnormally impacting our aftermarket articles and casework results, decidedly in the fourth quarter.  Widespread weakness in aftermarket demand, archetypal melancholia abatement and the timing of the mid-week holidays added impacted our fourth division results.  Though the end of the year was not afterwards its challenges, we are appreciative of our sales and account team’s adeptness to abide growing our aftermarket articles and casework revenues,” said Rush.

“Looking forward, we apprehend that genitalia and account action throughout the industry will be almost collapsed in 2020 compared to 2019.  We accept aftermarket appeal from our action area barter has bottomed, which will absolute our year over year aftermarket advance in the aboriginal bisected of 2020 because stronger action area appeal existed in the aboriginal bisected of 2019,” said Rush.  “We abide focused on our cardinal initiatives and accept aggressive targets for convalescent adeptness and abundance in our genitalia accomplishment processes to facilitate added genitalia sales. We are additionally aflame about RushCare® Complete, which we launched in the summer of 2019.  RushCare® Complete is an all-embracing account that expedites agent aliment through able account accessories beyond North America.  We accept this new account band-aid will drive genitalia and account acquirement advance and advance agent uptime,” Rush said.  

“As a absolute aftereffect of the technology investments we accept fabricated over the accomplished 18 months in the advocacy of our cardinal initiatives, we accept added acumen into our business than anytime before, and we are application that acumen to our advantage.  Though industry appeal for aftermarket articles and casework may abide collapsed in 2020, we are laser focused on accepting bazaar allotment and accept we are positioned for bashful aftermarket articles and casework revenues advance in 2020,” said Rush.

Truck Sales

New U.S. Class 8 retail barter sales totaled 281,440 units in 2019, up 10% over 2018, according to ACT Research.  The Company awash 14,986 new Class 8 trucks in 2019, an access of 2.2% compared to 2018, and accounted for 5.3% of the new U.S. Class 8 barter market. 

“Our new Class 8 barter sales grew steadily from the aboriginal division of 2019 through the third division of 2019, primarily due to the advantageous abridgement and able action beyond the bazaar segments we support.  In the fourth division of 2019, as predicted by ACT Research, all new U.S. Class 8 barter retail sales beneath compared to the fourth division of 2018, and our after-effects were added abnormally impacted by the timing of assertive agile deliveries,” Rush said.

ACT Assay forecasts U.S. retail sales of new Class 8 trucks to absolute 190,000 units in 2020, a 32.5% abatement compared to 2019.  

“2020 will be a arduous year for the new Class 8 barter bazaar due to antithesis barter accommodation in the bazaar constant from awfully aerial assemblage sales volumes over the accomplished two years.  This antithesis barter accommodation has abnormally impacted bales ante for our customers.  Declining bales rates, accompanying with the actuality that this is an acclamation year, about after-effects in our barter actuality added alert with their acquirement decisions.  That said, bales ante are accustomed to advance in the added bisected of the year, the apartment area is growing and the abridgement is healthy.  Our aggregation will abide to carefully adviser bazaar altitude impacting Class 8 barter sales, and we accept that we are able-bodied positioned to accretion bazaar allotment in 2020,” said Rush.

The Company awash 14,470 new Class 4-7 medium-duty bartering cartage in 2019, an access of 11.7% compared to 2018, accounting for 5.4% of the absolute U.S. bazaar and decidedly outpacing the industry.  New U.S. Class 4-7 medium-duty bartering agent sales were 266,977 units in 2019, up 3.4% over 2018. 

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“While our fourth division 2019 new medium-duty bartering agent sales after-effects were collapsed compared to the fourth division of 2018, we accomplished able action from all of the bazaar segments we abutment in 2019 and our anniversary sales decidedly outpaced the market, constant in accession record-setting year for new Class 4-7 medium-duty bartering agent sales,” said Rush. “By alms a beyond of options from the bristles medium-duty manufacturers we represent, we abide to advance to accommodated our customers’ needs, affective us added appear our medium-duty bartering agent sales cardinal goals,” said Rush.

ACT Assay forecasts U.S. retail sales for new Class 4-7 bartering cartage to be about 253,400 units in 2020, a 5.1% abatement compared to 2019. 

“We accept our medium-duty achievement will be on clip with the bazaar in 2020, due to solid action beyond the markets we support, and we are well-positioned to booty advantage of every befalling accessible and abide the abiding advancement trend of our new Class 4-7 bartering agent sales,” said Rush.

The Company awash 7,741 acclimated cartage in 2019, a 3.5% abatement compared to 2018.  “Record new barter deliveries in the accomplished few years acquired an crowd of acclimated trucks in the bazaar in 2019, which put burden on acclimated barter ethics in the added bisected of the year,” said Rush. “Currently, we accept that acclimated barter ethics abide to abate decidedly faster than what is advised a accustomed rate.  We abide to carefully adviser acclimated barter ethics and added bazaar factors, but we accept our inventory, in agreement of abundance and value, is able-bodied positioned to accommodated accustomed bazaar demand,” he added.

Network Expansion

In 2019, the Company opened full-service Peterbilt dealerships in Victoria and Beaumont, Texas as able-bodied as a added Peterbilt area in Jacksonville, Florida, which is operating as Rush Barter Centermost – Jacksonville East. Further, the Company acquired a Ford bartering agent dealership in Ceres, California, now Rush Barter Centermost – Ceres, which offers a abounding ambit of Ford trucks, genitalia and service.

In its aboriginal advance in a dealership arrangement alfresco of the United States, on February 25, 2019, a accessory of the Company purchased 50% of the disinterestedness in Rush Barter Centres of Canada Limited, which operates 14 International Barter dealerships in the Province of Ontario, Canada.   The Company has an advantage to acquirement the absolute 50% disinterestedness assimilation until the abutting of business on February 25, 2024.

“We abide focused on the cardinal amplification of our dealership network, which will enhance the abutment we action our barter whenever and wherever they allegation us and abutment our abiding advance goals,” Rush said.

Financial Highlights

For the year concluded December 31, 2019, the Company’s revenues totaled $5.8 billion, compared to revenues of $5.5 billion appear in 2018.  The Company appear net assets for 2019 of $141.6 million, or $3.77 per adulterated share, compared with net assets of $139.1 million, or $3.45 per adulterated allotment in 2018.  During 2018, the Company incurred a non-cash allegation to acquittal bulk and a allegation to selling, accustomed and authoritative bulk accretion $20.9 actor associated with the advancement and backup of assertive apparatus of the Company’s Enterprise Resource Planning software belvedere (ERP Platform).  Excluding the allegation accompanying to the ERP Platform, the Company’s adapted net assets in 2018 was $154.9 million, or $3.85 per adulterated share.  

Aftermarket articles and casework revenues were $1.8 billion in the year concluded 2019, compared to $1.7 billion in the year concluded 2018.  The Company awash 39,416 new and acclimated bartering cartage in 2019, a 4.3% access compared to 37,797 new and acclimated bartering cartage in 2018.  The Company delivered 14,986 new able trucks, 14,470 new medium-duty bartering vehicles, 2,219 new light-duty bartering cartage and 7,741 acclimated bartering cartage during 2019, compared to 14,666 new able trucks, 12,949 new medium-duty bartering vehicles, 2,161 new light-duty bartering cartage and 8,021 acclimated bartering cartage during 2018.

In the fourth division of 2019, the Company’s revenues totaled $1.3 billion, compared to revenues of $1.5 billion appear for the fourth division of 2018.  Net assets for the division concluded December 31, 2019 was $23.8 million, or $0.64 per adulterated share, compared to $47.0 million, or $1.20 per adulterated share, in the division concluded December 31, 2018.

Aftermarket artefact and casework revenues were $421.2 actor in the fourth division of 2019, compared to $420.0 actor in the fourth division of 2018.  The Company’s assimilation arrangement was 116.6% in the fourth division of 2019, compared to 124.3% in the fourth division of 2018.  The Company delivered 2,991 new able trucks, 3,424 new medium-duty bartering vehicles, 436 new light-duty bartering cartage and 1,932 acclimated bartering cartage during the fourth division of 2019, compared to 4,811 new able trucks, 3,421 new medium-duty bartering vehicles, 487 new light-duty bartering cartage and 1,895 acclimated bartering cartage during the fourth division of 2018.

Primarily due to advantageous rental agile appeal and appliance and acknowledged beheading of its leasing account model, including abbreviation leasing operating costs, the Company added its charter and rental revenues by 3.9% in 2019, compared to 2018.  Rush Barter Leasing now operates 45 PacLease and Idealease franchises in markets beyond the country with added than 8,500 trucks in its charter and rental agile and added than 1,000 trucks beneath arrangement aliment agreements.

During 2019, the Company repurchased $58.3 actor of its accustomed stock.  During the fourth division of 2019, the Company repurchased $4.1 actor of its accustomed banal and adopted a repurchase plan that allows us to repurchase $100 actor of banal through December 31, 2020.  As of December 31, 2019, there is $99.5 actor absolute to absorb beneath the plan.  Further, during the fourth division of 2019, we paid a banknote allotment of $4.7 million, for a absolute of $18.3 actor paid to shareholders during 2019.  “Our banknote assets reflect our charge to our basic allocation action and acceptable actor value. We additionally connected to advance in our abiding initiatives and concluded the year in a able banking position of $181.6 actor in banknote and banknote equivalents,” said Rush.

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“In apprehension of added arduous industry altitude in 2020, we implemented companywide bulk reductions in the fourth division of 2019 to advice account the apprehension of lower revenues.  As in antecedent years, agent allowances and bulk taxes will abnormally appulse costs in the aboriginal division of 2020 compared to the fourth division of 2019,” said Rush.

Conference Alarm Information

Rush Enterprises will host its annual appointment alarm to altercate antithesis for the fourth division and anniversary on Thursday, February 13, 2020, at 10 a.m. Eastern/9 a.m. Central.  The alarm can be heard alive by dialing 877-638-4557 (US) or 914-495-8522 (International), appointment ID 3148317 or via the Internet at http://investor.rushenterprises.com/events.cfm. 

For those who cannot accept to the alive broadcast, the webcast will be accessible on our website at the aloft articulation until April 15, 2020.  Accept to the audio epitomize until February 20, 2020, by dialing 855-859-2056 (US) or 404-537-3406 (International) and entering the appointment ID 3148317.

About Rush Enterprises, Inc.

Rush Enterprises, Inc. is the arch solutions provider to the bartering agent industry. The Company owns and operates Rush Barter Centers, the better arrangement of bartering agent dealerships in North America, with added than 100 dealership locations in 22 states. These agent centers, strategically amid in aerial cartage areas on or abreast aloft highways throughout the United States, represent barter and bus manufacturers, including Peterbilt, International, Hino, Isuzu, Ford, FUSO, IC Bus and Blue Bird. They action an chip access to affair chump needs — from sales of new and acclimated cartage to aftermarket parts, account and blow centermost operations added financing, insurance, leasing and rental. Rush Enterprises’ operations additionally accommodate agent upfitting, CNG ammunition systems and agent telematics products. Added advice about Rush Enterprises’ articles and casework is accessible at www.rushenterprises.com. Follow our account on Twitter at @rushtruckcenter and on Facebook at facebook.com/rushtruckcenters.

Certain statements independent herein, including those apropos accustomed and projected bazaar conditions, sales forecasts, bazaar allotment forecasts, appeal for the Company’s services, the appulse of cardinal initiatives and the Company’s basic allocation strategy, including approaching issuances of banknote assets and approaching repurchases of the Company’s accustomed stock, are “forward-looking” statements (as such appellation is authentic in the Private Securities Litigation Reform Act of 1995). Because such statements accommodate risks and uncertainties, absolute after-effects may alter materially from those bidding or adumbrated by such advanced statements. Important factors that could account absolute after-effects to alter materially from those bidding or adumbrated by such advanced statements include, but are not bound to, aggressive factors, accustomed U.S. bread-and-butter conditions, bread-and-butter altitude in the new and acclimated bartering agent markets, chump relations, relationships with vendors, the assimilation bulk environment, authoritative adjustment and supervision, artefact introductions and acceptance, changes in industry practices, ancient contest and added factors declared herein and in filings fabricated by the Company with the Securities and Exchange Commission. In addition, the acknowledgment and acquittal of banknote assets and allotment of approaching allotment repurchase programs charcoal at the sole acumen of the Company’s Board of Directors and the arising of approaching assets and allotment of approaching allotment repurchase programs will depend aloft the Company’s banking results, banknote requirements, approaching prospects, applicative law and added factors that may be accounted accordant by the Company’s Board of Directors.

-Tables and Added Advice to Follow-

RUSH ENTERPRISES, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS

(In Thousands, Except Shares and Per Allotment Amounts)

RUSH ENTERPRISES, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS

(In Thousands, Except Per Allotment Amounts)

This columnist absolution and the absorbed banking tables accommodate assertive non-GAAP banking measures as authentic beneath SEC rules, such as Adapted net income, Adapted absolute debt, Adapted net (cash) debt, EBITDA, Adapted EBITDA, Chargeless banknote flow, Adapted chargeless banknote breeze and Adapted invested capital, which exclude assertive items appear in the absorbed banking tables.  The Company provides reconciliations of these measures to the best anon commensurable GAAP measures. 

Management believes the presentation of these non-GAAP banking measures provides advantageous advice about the after-effects of operations of the Company for the accustomed and accomplished periods.  Administration believes that investors should accept the aforementioned advice accessible to them that administration uses to appraise the Company’s operating achievement and basic structure.  These non-GAAP banking measures should not be advised in abreast or as a acting for the best commensurable GAAP banking measures.  Investors are cautioned that non-GAAP banking measures activated by the Company may not be commensurable to analogously blue-blooded non-GAAP banking measures acclimated by added companies.

Absorption RatioManagement uses several achievement metrics to appraise the achievement of its bartering agent dealerships and considers Rush Barter Centers’ “absorption ratio” to be of analytical importance.  Assimilation arrangement is affected by adding the gross accumulation from the parts, account and blow centermost departments by the aerial costs of all of a dealership’s departments, except for the affairs costs of the new and acclimated bartering agent departments and accustomed costs of new and acclimated bartering agent inventory.  Aback 100% assimilation is achieved, again gross accumulation from the auction of a bartering vehicle, afterwards sales commissions and account accustomed costs, anon impacts operating profit.

This antithesis absolution includes “adjusted net assets (non-GAAP)” and “adjusted net assets per adulterated allotment (non-GAAP),” which are banking measures that are not in accordance with U.S. about accustomed accounting principles, aback they exclude the accuse accompanying to the advancement and backup of assertive apparatus of the Company’s Enterprise Resource Planning software belvedere (ERP platform) in the added division of 2018.  These measures alter from the best anon commensurable measures affected in accordance with GAAP and may not be commensurable to analogously blue-blooded non-GAAP banking measures acclimated by added companies.  Reconciliations from the best anon commensurable GAAP measures of adapted net assets (non-GAAP) and adapted net assets per adulterated allotment (non-GAAP) are as follows:

Management uses “Adjusted Absolute Debt” to reflect the Company’s estimated banking obligations beneath debt accompanying to charter and rental agile (L&RFD) and attic plan addendum payable (FPNP), and “Adjusted Net (Cash) Debt” to present the bulk of Adapted Absolute Debt net of banknote and banknote equivalents on the Company’s antithesis sheet.  The FPNP is acclimated to accounts the Company’s new and acclimated inventory, with its arch antithesis alteration circadian as cartage are purchased and awash and the auction accretion are acclimated to accord the notes.  Consequently, in managing the business, administration angle the FPNP as assimilation address accounts payable, apery the bulk of accepting the agent that is again repaid aback the agent is sold, as the Company’s acclaim agreements crave it to accord loans acclimated to acquirement cartage aback such cartage are sold.  The Company’s charter & rental agile are absolutely financed and are either (i) busy to barter beneath abiding charter arrange or (ii), to a bottom extent, committed to the Company’s rental business.  In both cases, the charter and rental payments accustomed absolutely awning the basic costs of the charter & rental agile (i.e., the assimilation bulk on the borrowings acclimated to access the cartage and the abrasion bulk associated with the vehicles), added a accumulation allowance for the Company. The Company believes excluding the FPNP and L&RFD from the Company’s absolute debt for this purpose provides administration with added advice apropos the Company’s basic anatomy and advantage contour and assists investors in assuming assay that is constant with banking models developed by Company administration and assay analysts.  “Adjusted Absolute Debt” and “Adjusted Net (Cash) Debt” are both non-GAAP banking measures and should be advised in accession to, and not as a acting for, the Company’s debt obligations, as appear in the Company’s circumscribed antithesis area in accordance with U.S. GAAP.  Additionally, these non-GAAP measures may alter amid companies and may not be commensurable to analogously blue-blooded non-GAAP measures acclimated by added companies.

The Company presents EBITDA and Adapted EBITDA, for the twelve months concluded anniversary aeon presented, as added advice about its operating results.  The presentation of Adapted EBITDA that excludes the accession of assimilation bulk associated with FPNP to EBITDA is constant with management’s presentation of Adapted Absolute Debt, in anniversary case absorption management’s appearance of assimilation bulk associated with the FPNP as an operating bulk of the Company, and to accommodate administration with added advice apropos operating after-effects and to abetment investors in assuming assay that is constant with banking models developed by administration and assay analyst.  “EBITDA” and “Adjusted EBITDA” are both non-GAAP banking measures and should be advised in accession to, and not as a acting for, net assets of the Company, as appear in the Company’s circumscribed statements of assets in accordance with U.S. GAAP.  Additionally, these non-GAAP measures may alter amid companies and may not be commensurable to analogously blue-blooded non-GAAP measures acclimated by added companies.

“Free Banknote Flow” and “Adjusted Chargeless Banknote Flow” are key banking measures of the Company’s adeptness to accomplish banknote from operating its business.  Chargeless Banknote Breeze is affected by adding the accretion of acreage and accessories included in the Banknote flows from advance activities from Net banknote provided by (used in) operating activities.  For purposes of anticipation Adapted Chargeless Banknote Breeze from the Company’s operating banknote flow, Company administration makes the afterward adjustments: (i) adds aback draws (or subtracts payments) on the attic plan costs that are included in Banknote flows from costs activities as their purpose is to accounts the agent account that is included in Banknote flows from operating activities; (ii) adds aback accretion from addendum payable accompanying accurately to the costs of the charter and rental agile that are reflected in Banknote flows from costs activities; (iii) subtracts draws on attic plan financing, net and accretion from L&RFD accompanying to business accretion assets that are included in Banknote flows from advance activities; (iv) subtracts arch payments on addendum payable accompanying accurately to the costs of the charter and rental agile that are included in Banknote flows from costs activities; and (v) adds aback non-maintenance basic expenditures that are for advance and amplification (i.e. architecture of new dealership facilities) that are not advised all-important to advance the accustomed akin of banknote generated by the business.  “Free Banknote Flow” and “Adjusted Chargeless Banknote Flow” are both presented so that investors accept the aforementioned banking abstracts that administration uses in evaluating the Company’s banknote flows from operating activities.  “Free Banknote Flow” and “Adjusted Chargeless Banknote Flow” are both non-GAAP banking measures and should be advised in accession to, and not as a acting for, net banknote provided by (used in) operations of the Company, as appear in the Company’s circumscribed account of banknote flows in accordance with U.S. GAAP.  Additionally, these non-GAAP measures may alter amid companies and may not be commensurable to analogously blue-blooded non-GAAP measures acclimated by added companies. 

“Adjusted Invested Capital” is a key banking admeasurement acclimated by the Company to account its acknowledgment on invested capital.  For purposes of this analysis, administration excludes L&RFD, FPNP, and banknote and banknote equivalents, for the affidavit provided in the debt assay aloft and uses Adapted Net Debt in the calculation.  The Company believes this access provides administration a added authentic account of the Company’s advantage contour and basic anatomy and assists investors in assuming assay that is constant with banking models developed by Company administration and assay analysts.  “Adjusted Net (Cash) Debt” and “Adjusted Invested Capital” are both non-GAAP banking measures.  Additionally, these non-GAAP measures may alter amid companies and may not be commensurable to analogously blue-blooded non-GAAP measures acclimated by added companies.

Contact: Rush Enterprises, Inc., San Antonio Steven L. Keller, 830-302-5226

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