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Micro-Cap on the Move; Essex Rental Corp. (ESSX)

Shares of Essex Rental Corp. (NASDAQ: ESSX), a provider of cranes for a range of construction projects, surged in trading today.

ESSX shares ended the day 17.63% higher at $3.47 on volume of 84,003. The stock touched an intra-day high of $3.50 in trading today.

Essex Rental last month reported its first-quarter financial results. The company’s average monthly crawler crane rental rates rose by $717 to $16,233 for the first quarter ended March 31, 2012.

Utilization of ESSX’s rough terrain fleet was 54.8%. Utilization of the company’s larger tower cranes and elevator lifts improved 10.6% on a sequential basis in the first quarter.

The company’s equipment rentals segment revenue, which account for 76.3% of total revenue, were $18.1 million in the first quarter of 2012, compared to $13.2 million reported for the same period last year.


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