View Filing Data

Print Document View Excel Document

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2013	May 03, 2013
Common Class A [Member]
Entity Common Stock, Shares Outstanding		28,651,968
Common Class B [Member]
Entity Common Stock, Shares Outstanding		10,818,478
Entity Registrant Name	RUSH ENTERPRISES INC \TX\
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001012019
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Well-known Seasoned Issuer	No
Document Period End Date	Mar. 31, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q1

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2013	Dec. 31, 2012
Current assets:
Cash and cash equivalents	$ 205,049	$ 198,773
Accounts receivable, net	76,598	89,615
Inventories, net	676,594	690,953
Prepaid expenses and other	10,026	12,088
Deferred income taxes, net	13,037	14,630
Total current assets	981,304	1,006,059
Investments	6,628	6,628
Property and equipment, net	627,261	622,112
Goodwill, net	198,282	198,257
Other assets, net	47,840	48,510
Total assets	1,861,315	1,881,566
Current liabilities:
Floor plan notes payable	498,265	534,520
Current maturities of long-term debt	80,524	80,030
Current maturities of capital lease obligations	10,200	10,673
Trade accounts payable	80,771	62,270
Accrued expenses	64,618	100,953
Total current liabilities	734,378	788,446
Long-term debt, net of current maturities	326,966	319,634
Capital lease obligations, net of current maturities	38,965	39,300
Other long-term liabilities	2,883	2,484
Deferred income taxes, net	125,232	123,756
Shareholders’ equity:
Preferred stock, par value $.01 per share; 1,000,000 shares authorized; 0 shares outstanding in 2013 and 2012	0	0
Common stock, par value $.01 per share; 60,000,000 class A shares and 20,000,000 class B shares authorized; 28,609,036 class A shares and 10,835,219 class B shares outstanding in 2013; and 27,999,068 class A shares and 10,792,223 class B shares outstanding in 2012	411	404
Additional paid-in capital	233,847	222,627
Treasury stock, at cost: 1,639,843 class B shares	(17,948)	(17,948)
Retained earnings	418,166	404,619
Accumulated other comprehensive loss, net of tax	(1,585)	(1,756)
Total shareholders’ equity	632,891	607,946
Total liabilities and shareholders’ equity	$ 1,861,315	$ 1,881,566

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2013	Dec. 31, 2012
Common Class A [Member]
Common stock, shares authorized	60,000,000	60,000,000
Common stock, shares outstanding	28,609,036	27,999,068
Common Class B [Member]
Common stock, shares authorized	20,000,000	20,000,000
Common stock, shares outstanding	10,835,219	10,792,223
Preferred stock, par value (in Dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares outstanding	0	0
Common stock, par value (in Dollars per share)	$ 0.01	$ 0.01
Treasury stock, shares	1,639,843	1,639,843

Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Revenues:
New and used commercial vehicle sales	$ 489,610	$ 551,928
Parts and service sales	231,479	196,646
Lease and rental	30,140	23,476
Finance and insurance	3,133	3,137
Other	2,426	2,142
Total revenue	756,788	777,329
Cost of products sold:
New and used commercial vehicle sales	452,574	510,807
Parts and service sales	145,713	118,256
Lease and rental	24,713	20,006
Total cost of products sold	623,000	649,069
Gross profit	133,788	128,260
Selling, general and administrative	102,106	93,015
Depreciation and amortization	7,110	5,884
Gain on sale of assets	41	19
Operating income	24,613	29,380
Interest expense, net	2,513	3,304
Income before taxes	22,100	26,076
Provision for income taxes	8,553	10,170
Net income	$ 13,547	$ 15,906
Earnings per common share:
Earnings per common share - Basic (in Dollars per share)	$ 0.35	$ 0.41
Earnings per common share - Diluted (in Dollars per share)	$ 0.34	$ 0.40
Weighted average shares outstanding:
Basic (in Shares)	39,119	38,387
Diluted (in Shares)	40,269	39,607
Comprehensive income	$ 13,718	$ 15,905

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 13,547	$ 15,906
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	21,683	16,641
Gain on sale of property and equipment	(41)	(19)
Stock-based compensation expense related to employee stock options and employee stock purchases	3,251	3,118
Provision for deferred income tax expense	2,963	756
Excess tax benefits from stock-based compensation	(1,679)	(1,515)
Change in accounts receivable, net	13,017	7,869
Change in inventories	20,602	(152,012)
Change in prepaid expenses and other, net	2,062	5,715
Change in trade accounts payable	18,501	8,300
(Payments) on floor plan notes payable – trade, net	(2,178)
Change in accrued expenses	(34,656)	(34,970)
Net cash provided by (used in) operating activities	57,072	(130,211)
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property and equipment	(30,169)	(38,010)
Proceeds from the sale of property and equipment	192	61
Business acquisitions	(25)	(36)
Change in other assets	573	(461)
Net cash (used in) investing activities	(29,429)	(38,446)
CASH FLOWS FROM FINANCING ACTIVITIES:
(Payments) draws on floor plan notes payable – non-trade, net	(34,077)	107,887
Proceeds from long-term debt	30,621	31,230
Principal payments on long-term debt	(22,795)	(17,488)
Principal payments on capital lease obligations	(3,092)	(2,375)
Issuance of shares relating to employee stock options and employee stock purchases	6,297	3,903
Excess tax benefits from stock-based compensation	1,679	1,515
Net cash (used in) provided by financing activities	(21,367)	124,672
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	6,276	(43,985)
CASH AND CASH EQUIVALENTS, beginning of period	198,773	207,775
CASH AND CASH EQUIVALENTS, end of period	205,049	163,790
Cash paid during the period for:
Interest	5,628	5,435
Income taxes, net of refunds	32	265
Noncash investing and financing activities:
Assets acquired under capital leases	$ 2,284	$ 1,075

Note 1 - Principles of Consolidation and Basis of Presentation

3 Months Ended

Mar. 31, 2013

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

1 – Principles of Consolidation and Basis of Presentation

The interim consolidated financial statements included herein have been prepared by Rush Enterprises, Inc. and its subsidiaries (collectively referred to as the “Company”), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). All adjustments have been made to the accompanying interim consolidated financial statements, which, in the opinion of the Company’s management, are necessary for a fair presentation of the Company’s operating results. All adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. It is recommended that these interim consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. Results of operations for interim periods are not necessarily indicative of results that may be expected for any other interim periods or the full fiscal year.

Note 2 - Other Assets (Detail) - USD ($) $ in Thousands	3 Months Ended
Note 2 - Other Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2013	Mar. 31, 2012	Dec. 31, 2012
Franchise Rights [Member]
Other Assets, Noncurrent	$ 4,500
Sales Revenue, Services, Net [Member]
Concentration Risk, Percentage	38.00%
Computer Software, Intangible Asset [Member]
Other Assets, Noncurrent	$ 40,600
Finite-Lived Intangible Assets, Accumulated Amortization	$ 4,800
Finite-Lived Intangible Asset, Useful Life	15 years
Depreciation, Depletion and Amortization	$ 700	$ 500
Other Assets, Noncurrent	47,840		$ 48,510
Depreciation, Depletion and Amortization	$ 21,683	$ 16,641

Note 4 - Earnings Per Share (Detail) - Basic and Diluted Earnings Per Share - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Numerator for basic and diluted earnings per share-
Net income available to common shareholders (in Dollars)	$ 13,547	$ 15,906
Denominator-
Denominator for basic earnings per share, weighted average shares outstanding	39,119	38,387
Effect of dilutive securities-
Employee and Director stock options and restricted share awards	1,150	1,220
Denominator for diluted earnings per share, adjusted weighted average shares and assumed conversions	40,269	39,607
Basic earnings per common share (in Dollars per share)	$ 0.35	$ 0.41
Diluted earnings per common share and common share equivalents (in Dollars per share)	$ 0.34	$ 0.40

Note 4 - Earnings Per Share (Detail) - Options to Purchase Common Stock - shares shares in Thousands	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Stock Options [Member]
Anti-dilutive Securities	1,107	1,114
Anti-dilutive Securities	1,107	1,114

Note 5 - Stock Options and Restricted Stock Awards (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Share-based Compensation	$ 3,251	$ 3,118
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	$ 17,300
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition	2 years 149 days

Note 6 - Financial Instruments and Fair Value (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2011	Mar. 31, 2013	Dec. 31, 2012
Available-for-sale Securities, Debt Securities, Noncurrent		$ 6,628	$ 6,628
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis		$ 7,600
Derivative, Basis Spread on Variable Rate (in Basis Points)		2.25%
Asset Impairment Charges	$ 1,000
Notional Amount of Interest Rate Cash Flow Hedge Derivatives		$ 40,900
Interest Rate Cash Flow Hedge Liability at Fair Value		$ 1,600

Note 6 - Financial Instruments and Fair Value (Detail) - Investment in Auction Rate Securities - Auction Rate Securities [Member] - USD ($) $ in Thousands	Mar. 31, 2013	Dec. 31, 2012
Fair Value, Inputs, Level 3 [Member]
Investment in auction rate securities, fair value	$ 6,628	$ 6,628
Investment in auction rate securities, cost basis	$ 7,575	$ 7,575

Note 6 - Financial Instruments and Fair Value (Detail) - Derivative Financial Instruments $ in Thousands	3 Months Ended
	Mar. 31, 2013 USD ($)
Interest Rate Swap Agreement 1 [Member]
Notional Amount	$ 1,993
Fixed Interest Rate	5.075%
Underlying Rate	3 month LIBOR
Expiration Date	Jul. 01, 2015
Fair Value	$ (79)
Interest Rate Swap Agreement 2 [Member]
Notional Amount	$ 4,116
Fixed Interest Rate	5.075%
Underlying Rate	3 month LIBOR
Expiration Date	Jul. 01, 2015
Fair Value	$ (162)
Interest Rate Swap Agreement 3 [Member]
Notional Amount	$ 7,143
Fixed Interest Rate	5.39%
Underlying Rate	1 month LIBOR
Expiration Date	Dec. 31, 2014
Fair Value	$ (239)
Interest Rate Swap Agreement 4 [Member]
Notional Amount	$ 1,381
Fixed Interest Rate	5.39%
Underlying Rate	1 month LIBOR
Expiration Date	Dec. 31, 2014
Fair Value	$ (46)
Interest Rate Swap Agreement 5 [Member]
Notional Amount	$ 2,457
Fixed Interest Rate	5.39%
Underlying Rate	1 month LIBOR
Expiration Date	Dec. 31, 2014
Fair Value	$ (82)
Interest Rate Swap Agreement 6 [Member]
Notional Amount	$ 5,561
Fixed Interest Rate	5.39%
Underlying Rate	1 month LIBOR
Expiration Date	Dec. 31, 2014
Fair Value	$ (186)
Interest Rate Swap Agreement 7 [Member]
Notional Amount	$ 5,096
Fixed Interest Rate	5.38%
Underlying Rate	1 month LIBOR
Expiration Date	Jun. 29, 2015
Fair Value	$ (242)
Interest Rate Swap Agreement 8 [Member]
Notional Amount	$ 784
Fixed Interest Rate	5.29%
Underlying Rate	1 month LIBOR
Expiration Date	Jun. 30, 2015
Fair Value	$ (36)
Interest Rate Swap Agreement 9 [Member]
Notional Amount	$ 1,503
Fixed Interest Rate	5.29%
Underlying Rate	1 month LIBOR
Expiration Date	Jun. 30, 2015
Fair Value	$ (69)
Interest Rate Swap Agreement 10 [Member]
Notional Amount	$ 7,579
Fixed Interest Rate	5.29%
Underlying Rate	1 month LIBOR
Expiration Date	Jun. 30, 2015
Fair Value	$ (347)
Interest Rate Swap Agreement 11 [Member]
Notional Amount	$ 653
Fixed Interest Rate	5.29%
Underlying Rate	1 month LIBOR
Expiration Date	Jun. 30, 2015
Fair Value	$ (30)
Interest Rate Swap Agreement 12 [Member]
Notional Amount	$ 2,626
Fixed Interest Rate	5.29%
Underlying Rate	1 month LIBOR
Expiration Date	Jun. 30, 2015
Fair Value	$ (120)
Notional Amount	$ 40,900

Note 6 - Financial Instruments and Fair Value (Detail) - Derivative Financial Instruments - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Interest rate swaps	$ 277	$ 9
Interest rate swaps	$ (86)	$ (105)

Note 7 - Segment Information (Detail)	3 Months Ended
Note 7 - Segment Information (Detail)	Mar. 31, 2013
Number of Reportable Segments	1
Number of Operating Segments	3

Note 8 - Income Taxes (Detail) - USD ($)	Mar. 31, 2013	Mar. 31, 2012
Unrecognized Tax Benefits	$ 1,400,000	$ 1,300,000
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	1,000,000	1,300,000
Unrecognized Tax Benefits, Interest on Income Taxes Accrued	49,000	51,000
Unrecognized Tax Benefits, Income Tax Penalties Accrued	$ 0	$ 0

Note 9 - Accumulated Other Comprehensive Income (Detail) - Accmulated Other Comprehensive (Loss) $ in Thousands	3 Months Ended
	Mar. 31, 2013 USD ($)
Total	$ (1,756)
Changes in fair value	118
Changes in fair value	118
Amounts reclassified from accumulated other comprehensive loss	53
Net current period other comprehensive income	171
Cash Flow Swaps	(1,007)
Available for Sale Securities	(578)
Total	$ (1,585)

Note 9 - Accumulated Other Comprehensive Income (Detail) - Loss Reclassified From Accumulated Other Comprehensive (Loss) Into Earnings - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Losses on cash flow swaps to:
Interest expense	$ 86	$ 105
Income tax benefit	(33)	(40)
Total reclassifications	$ 53	$ 65

Label	Element	Value
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax	us-gaap_AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax	$ (1,178,000)
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax	us-gaap_AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax	$ (578,000)