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Timing Chain vs Timing Belt – What Are the Differences?
The timing chain and timing belt synchronize the rotation of a vehicle's camshaft and crankshaft. While they serve the same function, it's helpful to know the differences between them if your car or truck has issues.
The timing chain synchronizes the movement of specific engine parts. This is similar to the timing belt. The main difference is that the timing belt can drive the water pump on some car models.
The timing chain and timing belt are different in terms of their construction, location, and noise. A timing chain has metal as its component, is louder, and is within the engine. In contrast, a timing belt is made of reinforced rubber, quieter, and outside the engine.
Read on to learn more about the differences between a timing chain vs. timing belt.
Timing Chain vs Timing Belt
The timing chain and timing belt are both used to synchronize the movement of specific engine parts. The main difference between them is that the timing belt can drive the water pump on some car models.
Most people use the terms timing chain and timing belt interchangeably, thinking they mean the same thing.
Other similarities and differences between a timing belt and timing chain are as follows:
The main difference between a timing belt and a timing chain is the material. This is important because it directly impacts durability and performance.
Timing chains are made of metal. It is a thicker material compared to what is used in a timing belt, making it heavier and more durable.
Rubber is the main material in timing belts. However, traditional rubber easily degrades over time. It is vulnerable to damage, so it uses other materials to increase strength, such as fiberglass.
The two are also different in terms of their position in the engine. The timing chain is located within the engine, while a timing belt is located outside the engine.
3. Durability
The material and the location are also directly related to durability. A timing chain is more durable because of its high-strength material. To add, it is located inside the engine, which means that it receives lubrication.
In contrast, a timing belt is made of rubber. It is a flexible material that is more prone to breaking compared to timing chains. Additionally, since it is outside the engine, it dries out and cracks easily.
On average, a timing belt will last 60,000 to 100,000 miles. On the other hand, a timing chain will last 150,000 to 200,000 miles, which is almost as long as the lifespan of the car itself.
4. Noise
This is one thing that we can tie to the material used. As mentioned earlier, timing chains are made of metal. They create a louder sound when they move compared to timing belts, which are made of rubber. Some drivers may find this annoying, while most will not notice the difference.
Between the two, timing belts are cheaper to replace. While the timing chain is more expensive, the price difference is not that much.
6. Damage
Another major difference between a timing chain vs. a timing belt is the extent of the damage they inflict on the engine and your car. While problems with both can have serious repercussions, a broken timing chain has worse implications than a broken timing belt in most situations.
To learn more about a timing belt vs timing chain, see the below video:
We've looked at the difference between timing chains vs. timing belts: The timing chain is used to synchronize specific engine parts' movement. This is similar to the timing belt. The main difference is that the timing belt can drive the water pump on some car models.
Next, let's look at the specifics of the timing chain.
What Is a Timing Chain?
In the 1960s, the timing chain was the conventional option for most vehicles. It maintains the precision of the engine's timing.
Additionally, it links the crankshaft and camshaft to the engine, making sure that they turn at the same time. It allows the engine to operate based on the amount of power used.
You will find timing chains in older car models. They are built for overhead camshafts, which you will not often find in newer models. Most of these chains can outlive cars, but it causes significant damage to the engine once they break.
How Does a Timing Chain Work?
The pistons in an engine will move up and down. The crankshaft will then produce the power that is necessary to change the rotation. After this, the crankshaft will move the camshaft through the chain. Meanwhile, the transmission is on the other end, which will move the wheels.
What Happens When a Timing Chain Breaks?
The damage depends on the specific situation. If it happens when the engine is at a low speed, the timing chain will slide off. A quick adjustment fixes this problem.
On the other hand, when it breaks at high speed, it destroys almost everything it is in contact with. Repairs are sure to be expensive!
We have earlier noted that a timing chain is made of metal. It is heavy, so once it breaks while the engine is at full speed, it can destroy other engine components. And when this happens, there are times when it is cheaper to replace the engine than repair each broken part.
When to Replace a Timing Chain?
Do I need a new timing chain?
If you are curious, the easiest way to answer this question is to pay attention to mileage. Experts recommend replacing a timing chain after 80,000 to 120,000 miles or as soon as you experience a problem that limits the engine's performance.
In most cases, a timing chain will last as long as the engine. However, there are also instances when the chain experiences damage first, and so, it warrants an immediate replacement.
Some of the most common symptoms of a failing timing chain include loud noise from the metal, engine misfire, dismal performance, the "check engine light" is illuminating, engine vibration, and failure to start. This is similar to a timing belt or chain.
How to Change a Timing Chain?
While it is a job best handled by professionals, some people replace timing chains by themselves. Yes, it can be a DIY task, but you might think twice if you are not a handyman. You might end up making the problem worse.
If you are curious about how to replace a timing chain, here's how to replace it:
Look at the manual and religiously follow what the manufacturer states;
Before you start, clean the engine by spraying a degreaser. This minimizes mess and makes it easier to remove any component you need to get rid of;
Disconnect the battery cables. Working with the battery plugged in puts you at risk;
Open the radiator cap and drain the coolant. Use a screwdriver to remove the drain cock;
Locate the radiator hose, squeeze the clamp, wiggle, and remove;
Loosen the serpentine belt, slide it off the pulley, and remove;
Remove the heater hoses, water pump, and crankshaft pulley;
At this point, you will already see the timing chain. Remove the cover by unbolting it from the engine block;
Loosen the tension gear using a ratchet or wrench and pull the timing chain;
If you are going to replace the chain, make sure to lube all components before their assembly;
Position the chain into the gear, making sure of proper alignment;
Tighten the chain depending on the torque specified in the manual; and
Replace the seal of the crankshaft and reassemble the components earlier removed.
Next, in our comparison of the timing chain vs. timing belt, let's take a closer look at the timing belt.
What Is a Timing Belt?
A timing belt works like the chain in a bicycle. Its main function is to synchronize the movement of all the internal parts. In some cars, it also powers the injection, oil, and water pumps.
This rubber belt has hard teeth, making sure that the intake and exhaust valves move along with the pistons.
As the modern equivalent of a timing chain, a timing belt is more common in newer car models. If you have recently bought a brand-new car, chances are, it has a timing belt. It has advanced features that can maximize your engine's performance.
How Does a Timing Belt Work?
To understand the mechanisms of a timing belt, you must know the four strokes or phases in a four-stroke engine, which include the following:
Intake Stroke: At this point, the air-fuel mixture gets into the combustion chamber. The piston goes down, and the intake valve opens, allowing the fuel to penetrate the cylinder;
Compression Stroke: This is the time when the air-fuel mixture is compressed. This happens after the piston moves up while the valves stay closed;
Combustion Strike: This is a rapid and oxidizing chemical reaction that results in the piston's moving down and delivering the power that a valve needs; and
Exhaust Stroke: The exhaust valve will open, which will allow the excess air and fuel to leave the engine.
While the four phases above are happening, the timing belt is also functioning. It turns both the camshaft and crankshaft pulley.
If the timing belt is not working, then the two parts will be out of sync, resulting in a serious problem. The valve timing will be off, and it can damage different parts of the engine.
What Happens When a Timing Belt Breaks?
The timing belt often breaks when you start or stop an engine. When the tension on the belt is at its highest, putting a strain on the rubber.
When the timing belt breaks, the crankshaft and camshaft will no longer have synchronized movements. While the pistons still rise, the valve cylinder will no longer open.
Aside from the valve, the cylinder wall, pistons, and cam heads are also damaged. Repairing the engine will cost anywhere from $3,000 to $4,000.
If you have a non-interference engine, a timing belt is easy to replace. In contrast, when you have an interference engine, the damage is more severe. You will have broken valves and cylinders. In some instances, you might even need to replace the entire engine.
When to Replace a Timing Belt
Do I need a new timing belt?
There's no easy way to answer this question. Among others, mileage is one of the most important indicators. If your car has anywhere from 60,000 to 100,000 miles, you will need a new timing belt.
The most common signs that you need a timing belt replacement include engine misfire, engine vibration, overheating, leaking oil, problem starting the engine, "check engine" light is lit, and unusual noise. Most of these signs are similar to the symptoms of a failing timing chain.
So when it comes to replacing a timing belt or timing chain, both produce similar signs. Usually, the noise you hear or unusual engine vibration will be a tell-tale sign of an issue for both.
How to Change a Timing Belt?
The replacement of a timing belt is a complicated task that is best reserved for the pros. However, if you want to know how to do it, take note of the steps listed below:
Disconnect the negative terminal of the car's battery;
Depending on the model of the vehicle, it is necessary to remove the alternator or serpentine belt. Undo the nuts, push the alternator, and pull the belt;
Access to the timing belt covers requires the removal of the other accessories, including the air conditioning compressor and steering pump;
Using a socket or wrench, align the timing marks. After this, remove the harmonic balancer pulley then pull the cover of the timing belt;
Remove the screws that hold the timing belt cover;
Loosen the bolts that secure the belt tensioner. Obliterate it if you will be replacing the belt;
Check the pulley, making sure that there are no damages, such as cracks. Otherwise, you will need to replace the pulley as well;
After removing the timing belt, it's time to install a new one. Slide the new belt on the sprocket;
Tighten the belt depending on the torque the manufacturer recommends; and
Return all the parts you have earlier removed.
Conclusion – Timing Belt vs Timing Chain
The timing belt or chain are both used to synchronize the movement of specific engine parts. The main difference between the two is that the timing belt can drive the water pump on some car models.
Your car will either have a timing chain or timing belt, which is a component responsible for synchronizing the crankshaft and camshaft rotation. They make sure that the valve opens and closes when the cylinders fire, which is crucial for a vehicle's performance.
As noted in this quick timing chain vs. timing belt comparison, the two have notable differences. A timing chain is made of metal and is stronger. However, it is quite louder. On the other hand, a timing belt is made of rubber, making it more vulnerable but quieter.
Both the timing belt and timing chain can result in significant damage. In most cases, however, the damage caused by the timing chain is worse, to the point that you might need to replace the entire engine.
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Segways on uphill struggle in Colorado's high country
While most areas in colorado have embraced segways eco friendly electric concept…the states most liberal town..Boulder has been bullying segway owners as toy operators.
Sanford Greenberg, who sells Segways at First Class Imports in Boulder, said the city is "backward" when it comes to the two-wheeled, battery-powered devices. Boulder's "environmentally friendly, sophisticated, affluent" residents, he said, should like the products.
"Boulder is supposed to be a progressive town, but I think it's behind in an area where I'd think they would be up front," said Greenberg, a 30-year resident.
However, a Boulder ordinance prohibits "motorized toy vehicles" on public streets, paths and sidewalks and puts Segways in that category, said Carl Castillo, the city's policy adviser.
The city will enforce it, too. Greenberg says he once was given a citation by a Boulder police officer for standing on a Segway on a sidewalk.
Charlotte Sorenson, who heads a group called Walk Boulder and refers to herself as a "pedestrian advocate," is among those stubbornly opposed to Segways.
She said the company has won the support of state governments with its "shrewd marketing blitz" but argues that the gizmos belong on streets designed for motorized traffic, not on footpaths.
"Sidewalks are meant for walking," she said. "Not an onslaught of motorized toys that would jeopardize the safety of countless people who use them for health and recreation and community enjoyment."
July 21, 2006 genwhy
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redpajama_set_name: RedPajamaCommonCrawl


Godtear is a brand new, fast-paced, high-action combat game for two players featuring a variety of classic fantasy miniatures. Missed the Kickstarter?
2,865 backers pledged £340,153 to help bring this project to life.
In our previous update which showed you all the amazing pre-production miniatures of Nia and her followers. At the tail end of the update we left our backers the choice of which miniatures they wanted to see next, the choices being Titus, Sneaky Peet and Mournblade.
It was close run, but Titus came out on top! Just as a reminder, all images shown are pre-production miniatures.
Just as our previous update we'll leave you folks the choice of which you wish to see next. This one is between Sneaky Peet and Mournblade, who's your pick?!
As you may have read here we've updated out customer support system. If you have a query for our customer support team, please submit an enquiry request by clicking the button at the bottom of this page.
We understand those that may be frustrated from having not received a resolution from an enquiry that was sent in upwards of a month ago having to resubmit a query. We hear you, but a consistent level of information is the only way we can ensure a higher standard of support can be achieved, and outstanding tickets from the current system simply don't provide what is required.
Jesse Stern, Andrew Massoura, and 15 more people like this update.
Good grief what happens to that man's sword pommel? Did he unscrew it to end a foe rightly? In all seriousness his sword might have a very short hilt that he's gripping further down but one of the helpful things that a pommel does is to make it harder for the weapon to slip from the wielder's hand.
+1 on the hilt looking weird.
Mournblade, definitely. I've decided what my starting line up for my first game will be and Mournblade is on the team so I'm excited for the model for sure.
Have to agree with others here, generally great figures but you need to sort out the pommel on that sword, just no way he could hold it as is.
All these sculpts have been really great, but with one tiny issue (bow not pulled back enough for lorsann, weird hanging plate on Nia, sword has no hilt for the follower here)... Hopefully they can use the feedback from here to catch and fix these before they print them! Aside from those issues, they're looking great!
I have to agree with Matias. The sword follower looks off. It almost looks like the sword has no hilt in his hand from the front side. The back side looks about right. The hilt in the original kickstarter sculpt looked too long and this one looks too short. Just an outside observation.
Everything else looks great. I love the detail put into them. On side note, HOW HAVE I NEVER NOTICED THE HORNS ON TITUS?!?!?! The testing cards didn't have any on him but the original model did. I never noticed!!!
I love how Titus looks but the sword follower's grip on the sword looks awful. It's like the blade is hovering and there's no hilt or something. I mean, just look at that last pic and the dude on the right - what is going on there?
Sneaky Peet; the subtle details in Titus look great!
These look great. Nice job, SFG. I vote for Mournblade next.
Only because we've seen the LE Mourneblade, my vote is for Sneaky Peet.
Only other comment is I'm a bit iffy on the size of the banner.. I guess last update with Nia, because she is short, it didn't seem so much of an issue... but Titus's banner is no taller than his followers... just seems unimpressive for something that is so important in the game mechanics... although now I can't recall if a friendly model can stand in the same hex as a banner without crushing it or not... I guess if that is the case, it's okay.. but if it's Banner or Model in each hex, definitely going to have to modify those banners to be more impressive.


Airport Parking Reimbursement $3.00 a day when you book with us!
A Family and Friends Group can be any size and the benefits start at 8 cabins (double occupancy).
Get the Team away from the Everday Interuptions, Show them a Good Time, and Train at the Same Time.
We specialize in setting up a Fund Raiser Group. Often a Cruise will add dollars to the cause!
Military Groups to Celebrate and Remember.
A High School Reunion, A Chruch Group, or a Community Group. Have Some Fun! Get Away to Paradise!


This page presents the Google satellite map (zoomable and browsable) of Hautapu Rocks in South Auckland district in New Zealand.
Geographical coordinates are -36.7348 and 175.4144 and its feature type is Island. More information below.


The number of shares outstanding of the registrant's common stock as of March 29, 2013 was 23,995,626.
Factors that could cause or contribute to these differences include, among others, those risks and uncertainties discussed under the sections contained in this Form 10-Q entitled "Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations," "Part I, Item 3. Quantitative and Qualitative Disclosures About Market Risk," and "Part II, Item 1A. Risk Factors" as well as in our Annual Report on Form 10-K for the fiscal year ended May 31, 2012 (including the "Risk Factors" discussed in Item 1A in that document), and our other filings with the Securities and Exchange Commission. The risks included in those documents are not exhaustive, and additional factors could adversely affect our business and financial performance. We operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time, and it is not possible for us to predict all such risk factors, nor can we assess the impact of all such risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.
The unaudited condensed consolidated financial statements included herein have been prepared by Electro Rent Corporation, pursuant to the rules and regulations of the United States Securities and Exchange Commission (the "SEC"). The condensed consolidated financial statements include the accounts of Electro Rent Corporation and its wholly owned subsidiaries, Electro Rent, LLC, ER International, Inc., Electro Rent Europe NV, Electro Rent Asia, Inc., Electro Rent (Beijing) Test and Measurement Equipment Rental Co., Ltd., and Electro Rent (Tianjin) Rental Co., Ltd. (collectively "we", "us", or "our") as well as the elimination of all intercompany transactions.
Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been condensed or omitted pursuant to such SEC rules and regulations. These condensed consolidated financial statements reflect all adjustments, consisting of only normal recurring adjustments, and disclosures that are, in our opinion, necessary for a fair presentation of our financial position and results of operations for the interim periods presented. These condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in our latest Annual Report on Form 10-K filed with the SEC on August 13, 2012.
The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities as well as the disclosures of contingent assets and liabilities as of the date of these financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates, and results of operations for interim periods are not necessarily indicative of results to be expected for the full year.
We generate revenues primarily through the rental and leasing of test and measurement equipment ("T&M") and personal-computer related data products equipment ("DP") and through the sale of new and used equipment. Rental revenues comprise short term agreements that can be daily, weekly or monthly. Rental revenues are recognized in the month they are due on the accrual basis of accounting. Our operating lease agreements have varying terms, typically one to three years. Upon lease termination, customers have the option to renew the lease term, purchase the equipment at fair market value, or continue to rent on a month-to-month basis. Our operating leases do not provide for contingent rentals. Revenues related to operating leases are recognized on a straight-line basis over the term of the lease. Negotiated lease early-termination charges are recognized upon receipt. Rentals and leases are primarily billed to customers in advance, and unearned billings are recorded as deferred revenue.
We enter into finance leases as lessor for some of our equipment. Our finance lease agreements contain bargain purchase options and are accounted for as sale-type leases. Revenues from finance leases, which are recorded at the present value of the aggregate future lease payments, less unearned interest, are included in sales of equipment and other revenues in our consolidated statements of operations. Unearned interest is recognized over the life of the finance lease term using the effective interest method. Our finance lease terms vary, and are typically one to three years. The net investment in finance leases, which represents the receivables due from lessees, net of unearned interest, is included in other assets in our condensed consolidated balance sheets. Historically, we have not required security deposits based on our assessed credit risk within our customer bases.
Initial direct costs for operating and finance leases are insignificant.
Sales of new equipment through our resale channel and used equipment from our rental and lease equipment pool are recognized in the period in which the respective equipment is shipped and risk of loss is passed to the customer. In the case of equipment sold to customers that is already on rent or lease to the same party, revenue is recognized at the agreed-upon date when the rent or lease term ends and the risk of loss passes to the customer.
customer sales agreements, nor is it referenced in the agreements, and therefore has no obligation to our customers with the exception of the manufacturer's standard warranty on the product. (2) We bear back-end risk of inventory loss with respect to any product return from the customer as the original manufacturer is not required to accept returns of equipment from us. We also bear front-end risk of inventory loss in those cases where we acquire products for resale into our inventory prior to shipment to customers. (3) We have full discretion in setting pricing terms with our customers and to negotiate all such terms ourselves. (4) We assume all credit risk. Accordingly, sales of new equipment through our resale channel are recorded in sales of equipment and other revenues and the related equipment costs are recorded in costs of sales of equipment and other revenues in our consolidated statements of operations.
Other revenues, consisting primarily of billings to customers for delivery and repairs, are recognized in the period in which the respective services are performed.
Costs of rentals and leases, excluding depreciation, primarily include labor related costs of our operations personnel, supplies, repairs, insurance and warehousing costs associated with our rental and lease equipment, relating to our rental and lease revenues.
Costs of sales of equipment and other revenues primarily include the cost of new equipment and the carrying value of used equipment sold.
Selling, general and administrative ("SG&A") expenses include sales and marketing expenses, payroll and related benefit costs, insurance expenses, property taxes on our property and rental and lease equipment, legal and professional fees, and administrative overhead. SG&A expenses also include shipping and handling costs of $780 and $2,735, respectively, for the three and nine months ended February 28, 2013 and $924 and $3,096, respectively, for the three and nine months ended February 29, 2012.
The U.S. dollar has been determined to be the functional currency of all foreign subsidiaries. The assets and liabilities of our foreign subsidiaries are remeasured from their local currency to U.S. dollars at current or historic exchange rates, as appropriate. Revenues and expenses are remeasured from any foreign currencies to U.S. dollars using historic or average monthly exchange rates, as appropriate, for the month in which the transaction occurred. Remeasurement gains and losses are included in selling, general and administrative expenses or income taxes, as appropriate. The assets, liabilities, revenues and expenses of our foreign subsidiaries are individually less than 10% of our respective consolidated amounts. The euro, Canadian dollar and Chinese yuan are our primary foreign currencies. Remeasurement gains and losses have not been significant.
We enter into forward contracts to hedge against unfavorable currency fluctuations in our monetary assets and liabilities in our European and Canadian operations. These contracts are designed to minimize the effect of fluctuations in foreign currencies. Such derivative instruments are not designated as hedging instruments and, therefore, are recorded at fair value as a current asset or liability, and any changes in fair value are recorded in our condensed consolidated statements of operations.
We include demonstration equipment used in connection with our resale activity of $6,005 and $5,495 as of February 28, 2013 and May 31, 2012, respectively, in other assets for a period of up to two years. Demonstration equipment is recorded at the lower of cost or estimated market value until the units are sold or transferred to our rental and lease equipment pool. Demonstration equipment transferred to our rental and lease equipment pool is depreciated over its remaining estimated useful life.
In June 2011, the Financial Accounting Standards Board ("FASB") issued guidance on presentation of comprehensive income. The new guidance eliminates the current option to report other comprehensive income ("OCI") and its components in the statement of changes in equity. Instead, an entity will be required to present components of comprehensive income in either (1) a continuous statement of net income or (2) two separate but consecutive statements. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. We adopted this guidance effective June 1, 2012 and elected to disclose comprehensive income in a single continuous statement. Adoption of this guidance had no material impact on our consolidated financial position, results of operations or cash flows.
In September 2011, the FASB issued guidance to simplify how an entity tests goodwill for impairment. The amendments in the update provide for an option to first assess qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test. An entity that adopts this option will no longer be required to calculate the fair value of a reporting unit (Step 1) unless the entity determines, based on a qualitative assessment, that it is more likely than not that the fair value of the reporting unit is less than its carrying amount. We adopted this guidance effective June 1, 2012 with no material impact on our consolidated financial position, results of operations or cash flows.
In July 2012, the FASB issued guidance to simplify how an entity tests indefinite-lived intangible assets other than goodwill for impairment and permit an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of the indefinite-lived intangible asset is less than its carrying amount as a basis for determining whether it is necessary to perform a quantitative impairment test. This guidance is effective for annual and interim impairment tests performed for fiscal years beginning after December 15, 2011. The guidance for the qualitative process became effective for our first quarter of fiscal 2013, and had no material impact on our consolidated financial position, results of operations or cash flows.
In February 2013, the FASB issued guidance on reporting the effect of significant reclassifications out of accumulated other comprehensive income. If the amount being reclassified is required under GAAP to be reclassified in its entirety to net income, an entity is required to report the effect of these reclassifications on the respective line items in net income. For other amounts that are not required under GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under GAAP that provide additional detail about those amounts. The guidance is effective prospectively for reporting periods beginning after December 15, 2013. The new guidance affects disclosures only, and will not impact our consolidated financial position, results of operations or cash flows.
Comprehensive income is equivalent to net income for all periods presented.
We have expanded the presentation of our costs of revenues to separately present costs associated with each of the revenue streams presented in the condensed consolidated statements of operations, to comply with the applicable income statement disclosure requirements for public companies. Accordingly, the previously reported statement of operations line item captioned "costs of revenues other than depreciation of rental and lease equipment" has been replaced with separate line items for "costs of rentals and leases, excluding depreciation" and "costs of sales of equipment and other revenues".
Further, in order to more closely align activity related to our rental and lease operations, including revenues and the expenses associated with providing those revenues, we have reclassified certain expenses previously included in selling, general and administrative expenses to costs of rentals and leases, excluding depreciation, which resulted in a reduction to previously reported selling, general and administrative expenses of $2,680 and $8,233, respectively, for the three and nine months ended February 29, 2012. These reclassified costs primarily include direct expenses of supporting our rental and lease operations, including labor related costs of our operations personnel, supplies, repairs, and insurance and warehousing costs associated with our rental and lease equipment.
We consider highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents. Cash equivalents consisted primarily of AAA-rated money market funds in all periods presented.
Level 3 – Unobservable inputs, for which there is little or no market data for the assets or liabilities, such as those that may be used with internally-developed valuation models.
The fair value measures for our money market funds and supplemental executive retirement plan asset, which include money market and mutual funds, were derived from quoted market prices in active markets and are included in Level 1 inputs. Foreign currency forward contracts were valued based on observable market spot and forward rates as of our reporting date and are included in Level 2 inputs.
On August 24, 2011, pursuant to an Asset Purchase Agreement ("APA"), we completed the purchase of certain assets and the assumption of specified post-closing liabilities of Equipment Management Technology, Inc., a Nevada Corporation ("EMT"), for cash consideration of $10,673. EMT, headquartered in Las Vegas, Nevada, was a provider of electronic T&M equipment. We acquired EMT in order to facilitate growth in our T&M business. EMT had previously filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Nevada. The sale was approved by the Bankruptcy Court on August 11, 2011, and the related sale order was issued on August 12, 2011. At closing, $500 was deposited into an escrow account for any post-closing adjustments that reduce the purchase price. We have accounted for the acquisition of EMT as a business combination in accordance with the applicable accounting guidance.
At August 31, 2011, we completed our estimates of the fair value of rental and lease equipment and deferred revenue. Due to the timing of the acquisition, we completed our evaluation of intangible assets and accounts receivable in our second quarter ending November 30, 2011. We acquired gross accounts receivable of $972, of which an estimated $430 is not expected to be collected, resulting in a fair value of $542. Under the accounting guidance, a bargain purchase gain results if the fair value of the purchase consideration is less than the net fair value of the assets acquired and liabilities assumed. We recorded a bargain purchase gain of $3,194, net of deferred taxes, related to our acquisition of EMT at August 31, 2011. We believe that we were able to negotiate a bargain purchase price as a result of our access to the liquidity necessary to complete the transaction and EMT's recurring losses and bankruptcy filing.
The bargain purchase gain is classified separately in our condensed consolidated statements of operations.
Acquisition-related transaction costs of $55 were accounted for as expenses in the periods in which the costs were incurred and were included in our selling, general and administrative expenses during fiscal 2012.
EMT's operations were integrated with ours immediately after the acquisition date. Revenues and income before income taxes from the acquired assets included in our consolidated statements of operations were $5,232 and $2,862, respectively, for fiscal 2012.
During the second and third quarters of fiscal 2012, we increased the bargain purchase gain by a total of $396 ($241, net of deferred tax), consisting of (i) $140, representing the estimated fair value of customer relationships acquired, (ii) $273, of post-closing adjustments, which were disbursed from the escrow funds in accordance with the APA, offset by (iii) $17, representing the final determination of assets acquired and other components of the purchase price. These adjustments are not considered material, and therefore are not included in the purchase price allocation table presented above.
Supplemental pro forma information reflecting the acquisition of EMT as if it occurred on June 1, 2010 was not practicable because we were not able to obtain reliable historical financial information for 2010 and 2011, primarily due to a deterioration of the organization and controls leading up to and following EMT's February 2011 bankruptcy filing.
Our 2005 Equity Incentive Plan (the "Equity Incentive Plan") authorizes our Board of Directors to grant incentive and non-statutory stock option grants, stock appreciation rights, restricted stock awards, restricted stock units, performance unit awards and performance share awards covering a maximum of 1,000 shares of our common stock. The Equity Incentive Plan replaced our prior stock option plans, under which there are no outstanding options. Pursuant to the Equity Incentive Plan, we have granted incentive and non-statutory options to directors, officers and key employees at prices not less than 100% of the fair market value on the day of grant. In addition, we have granted restricted stock and restricted stock units to directors, officers and key employees. The Equity Incentive Plan provides for a variety of vesting dates. All outstanding options expired in October 2011.
We granted 0 and 73 restricted stock units during the three and nine months ended February 28, 2013, respectively, and 0 and 101 restricted stock units during the three and nine months ended February 29, 2012. As of February 28, 2013, we have unrecognized share-based compensation cost of approximately $1,641 associated with restricted stock unit awards. This cost is expected to be recognized over a weighted-average period of approximately 1.7 years.
Accounting guidance requires all share-based payments to employees, including grants of employee stock options, restricted stock and restricted stock units, to be recognized as compensation expense in the consolidated financial statements based on their fair values. Compensation expense is recognized over the period that an employee provides service in exchange for the award, approximately 3 years.
Forfeitures are estimated at the date of grant based on historical experience. We use the market price of our common stock on the date of grant to calculate the fair value of each grant of restricted stock and restricted stock units.
We recorded $344 and $983 of stock-based compensation as part of selling, general and administrative expenses for the three and nine months ended February 28, 2013, respectively, compared to $347 and $1,057 for the three and nine months ended February 29, 2012, respectively.
We receive a tax deduction for certain stock option exercises during the period the options are exercised, generally for the excess of the fair value of our common stock at the date of exercise over the exercise price of the options, and dividends paid on vested restricted stock units. Excess tax benefits are realized tax benefits from tax deductions for exercised options in excess of the deferred tax asset attributable to stock compensation costs for such options. The total excess tax benefit realized from stock option exercises, shares issued and dividend payments for vested restricted stock units for the nine months ended February 28, 2013 and February 29, 2012 was $247 and $89, respectively. Cash received from stock option exercises was $0 for each of the nine month periods ended February 28, 2013 and February 29, 2012.
Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in a business combination. Intangible assets resulting from the acquisitions of entities accounted for using the purchase method of accounting are recorded at the estimated fair value of the assets acquired. Identifiable intangible assets consist of purchased customer relationships and trade names.
Our goodwill and intangibles at February 28, 2013 are the result of our acquisition of EMT on August 24, 2011, Telogy on March 31, 2010, and Rush Computer Rentals, Inc. on January 31, 2006.
We evaluate the recoverability of goodwill and indefinite-lived intangible assets annually as of May 31, and whenever events or changes in circumstances indicate to us that the carrying amount may not be recoverable. There were no conditions that indicated any impairment of goodwill or identifiable intangible assets as of February 28, 2013 and May 31, 2012.
Amortization expense related to intangible assets was $41 and $42 for the three months ended February 28, 2013 and February 29, 2012, respectively, and $123 and $112 for the nine months ended February 28, 2013 and February 29, 2012, respectively.
On November 29, 2012, we entered into a sixth amendment to our commercial credit agreement ("Credit Agreement Amendment") with Union Bank, N.A. ("Union Bank"). The Credit Agreement Amendment amends the commercial credit agreement dated September 29, 2008 (the "Commercial Credit Agreement"), pursuant to which the lender provides us with a revolving line of credit. The Credit Agreement Amendment amends our Commercial Credit Agreement with Union Bank by (i) increasing the permitted maximum aggregate outstanding principal amount under the Commercial Credit Agreement from $25,000 to $50,000; (ii) extending the term and maturity date of the Commercial Credit Agreement from October 1, 2015 to November 30, 2015; (iii) deleting the quick ratio financial covenant; (iv) amending the amounts and payment dates of the annual commitment fees such that we agree to pay a $25 commitment fee on November 30, 2012, a $50 commitment fee on November 30, 2013 and a $50 commitment fee on November 30, 2014; (v) amending the minimum tangible net worth financial covenant; and (vi) replacing the positive net earnings financial covenant with an EBITDA financial covenant. We are in compliance with all loan covenants at February 28, 2013.
At February 28, 2013, we had approximately $16,500 of borrowings outstanding under the Commercial Credit Agreement. The weighted average interest rate under the line of credit was approximately 1.72%. There were no borrowings outstanding at February 29, 2012.
We had rental equipment purchases, not yet paid for, totaling $3,766 and $4,323 as of February 28, 2013, and February 29, 2012, respectively, all of which amounts were subsequently paid. We had sales of used equipment, not yet collected, of $13,222 and $9,724 as of February 28, 2013 and February 29, 2012, respectively, included in accounts receivable and net investment in sales-type leases in other assets. During the nine months ended February 28, 2013 and February 29, 2012, we transferred $2,418 and $623, respectively, of demonstration equipment, included in other assets, to rental and lease equipment.
We have certain customer leases providing bargain purchase options, which are accounted for as sales-type leases. Interest income is recognized over the life of the lease using the effective interest method.
The initial acceptance of customer finance arrangements is based on an in-depth review of each customer's credit profile, including review of third party credit reports, customer financial statements and bank verifications. We monitor the credit quality of our sales-type lease portfolio based on payment activity that drives the finance lease receivable aging. This credit quality is assessed on a monthly basis. Our historical losses on finance lease receivables are insignificant, and therefore we do not have a specific allowance for credit losses.
Accounting guidance establishes reporting standards for an enterprise's operating segments and related disclosures about its products, services, geographic areas and major customers. Operating segments are defined as components of an enterprise for which separate financial information is available that is regularly evaluated by the chief operating decision maker in deciding how to allocate resources and in assessing performance. In order to determine our operating segments, we considered the following: an operating segment is a component of an enterprise (i) that engages in business activities from which it may earn revenues and incur expenses, (ii) whose operating results are regularly reviewed by the enterprise's chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and (iii) for which discrete financial information is available. In accordance with this guidance, we have identified two operating segments: the rental, lease and sale of T&M equipment and the rental, lease and sale of DP equipment.
Although we have separate operating segments for T&M and DP equipment, these two segments are aggregated into a single reportable segment because they have similar economic characteristics and qualitative factors. The T&M and DP segments have similar long-term average gross margins, and both rent, lease and sell electronic equipment to large corporations, purchase directly from major manufacturers, configure and calibrate the equipment, and ship directly to customers. Additionally, DP segment revenues are less than 10% of total company revenues, and are not considered material.
Our equipment pool, based on acquisition cost, consisted of $420,274 of T&M equipment and $34,775 of DP equipment at February 28, 2013 and $409,686 of T&M equipment and $37,595 of DP equipment at May 31, 2012.
No single customer accounted for more than 10% of total revenues during the three and nine months ended February 28, 2013 and February 29, 2012, respectively.
(2) Other consists of foreign countries. Each foreign country individually accounts for less than 10% of the total revenues and long-lived assets.
(3) Net long-lived assets include rental and lease equipment and other property, net of accumulated depreciation and amortization. Subsequent to the issuance of the May 31, 2012 consolidated financial statements, we determined that, for geographic disclosure purposes, the previously reported amount of net long-lived assets as of May 31, 2012 should not have included goodwill and intangibles (which totaled $4,310 at that date) and, accordingly, such amount has been excluded from the May 31, 2012 balance displayed in the table above.
We recognize a liability or asset for the deferred tax consequences of temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements. These temporary differences will result in taxable or deductible amounts in future years when reported amounts of the assets or liabilities are recovered or settled. The deferred tax assets are periodically reviewed for recoverability.
Accounting guidance for uncertain tax positions prescribes a recognition threshold that a tax position is required to meet before being recognized in the financial statements and provides guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition issues.
We recognize the tax impact from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax impact recognized in the financial statements from such a position is measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. We recognize interest, penalties and foreign currency gains and losses with respect to uncertain tax positions as components of our income tax provision. Accrued interest and penalties are included within accrued expenses in the consolidated balance sheet. Significant judgment is required in the identification of uncertain tax positions and in the estimation of penalties and interest on uncertain tax positions. During the second quarter of fiscal 2011, we effectively settled our remaining uncertain tax positions, and derecognized $4,515 of previously recognized uncertain tax positions, and the related deferred tax asset, and $1,396 for interest and penalties previously recognized.
We are subject to taxation in the U.S., as well as various states and foreign jurisdictions. We have substantially settled all income tax matters for the United States federal jurisdiction for years through fiscal 2009. Major state jurisdictions have been examined through fiscal years 2004 and 2005, and foreign jurisdictions have not been examined for their respective maximum statutory periods.
We are subject to legal proceedings and business disputes involving ordinary routine legal proceedings and claims incidental to our business. The ultimate legal and financial liability with respect to such matters generally cannot be estimated with certainty and requires the use of estimates in recording liabilities for potential litigation settlements or awards against us. Estimates for losses from litigation are made after consultation with outside counsel. If estimates of potential losses increase or the related facts and circumstances change in the future, we may be required to record either more or less litigation expense. We are not involved in any pending or threatened legal proceedings that we believe could reasonably be expected to have a material adverse effect on our financial condition, results of operations or cash flows.
On March 5, 2013 our Board of Directors declared a quarterly cash dividend of $0.20 per common share. The dividend will be paid on April 10, 2013 to shareholders of record as of March 20, 2013.
The following discussion addresses our financial condition as of February 28, 2013 and May 31, 2012, the results of our operations for the three and nine months ended February 28, 2013 and February 29, 2012, respectively, and cash flows for the nine month periods ended February 28, 2013 and February 29, 2012, respectively. This discussion should be read in conjunction with Management's Discussion and Analysis of Financial Condition and Results of Operations in Item 7 and the Risk Factors in Item 1A of our Annual Report on Form 10-K for the fiscal year ended May 31, 2012, to which you are directed for additional information.
We are one of the largest global organizations devoted to the rental, lease and sale of new and used electronic T&M equipment. We purchase that equipment from leading manufacturers such as Agilent Technologies, Inc. ("Agilent") and Tektronix Inc. primarily for use by our customers in the aerospace, defense, telecommunications, electronics, industrial and semiconductor industries.
In addition, although it represents only approximately 7%, 8% and 13% of our revenues in fiscal 2012, 2011 and 2010, respectively, we believe our data products ("DP") division is one of the largest rental businesses in the United States for personal computers and servers from manufacturers including Dell, Hewlett Packard and Toshiba.
In fiscal 2010, we became a reseller for Agilent, the largest T&M equipment manufacturer in North America, which provides us with the exclusive right to sell Agilent's more complex T&M equipment to small and medium size customers (who previously purchased directly from Agilent) in the United States and Canada through January 31, 2014. We do not currently have reseller agreements with any other manufacturers for equipment similar to that included in our Agilent reseller agreement. In addition, we sell used equipment from a variety of manufacturers that was previously in our rental and lease pool.
We have a focused sales strategy, using a direct sales force to meet our customers' needs in our T&M equipment rental, lease and sales business. We have a large technical sales force that consists primarily of field engineers and applications engineers, each of whom specializes in all the products and services offered by our company. Our sales force is usually assigned to specific territories, and identifies potential customers through coordinated efforts with our marketing organization. Our marketing organization is staffed by professionals with many years of industry-related experience. As our customers have a wide range of requirements for equipment, our sales force is able to leverage our extensive knowledge of the test and measurement equipment environment to determine the right product to rent, lease or sell to the customer to meet the customer's specific needs.
Our sales force also specializes in configuring new Agilent equipment to sell to our customers that is tailored to the customer's need. These configurations typically start with a base model, which is frequently upgraded through an extensive list of options in order to perform the customer's specific test or measurement. Once the configuration is determined, it serves as the basis for our orders to Agilent, who builds the product accordingly. We order equipment from Agilent once the customer has placed an order with us. Equipment is typically shipped directly to the customer by Agilent at our request. Occasionally, equipment is shipped to our warehouse prior to delivery to the customer. Inventory held for sale is immaterial and is therefore included in other assets in our consolidated balance sheets. Each order and sales invoice is subject to our standard sales terms and conditions, which include provisions covering equipment delivery delays and warranty services.
integration and cross training of our resale organization and T&M sales force. As a result of these continued improvements, and sales of T&M equipment in connection with our resale channel, we experienced strong growth in revenues for fiscal 2012. During fiscal 2012, our operating profit modestly declined reflecting our significant investment in broadening and strengthening our sales and sales support organizations, as well as our administrative infrastructure, necessary to support our increased sales and rental demand and to better focus on future growth opportunities. During the nine months ended February 28, 2013, our revenues increased compared to the nine months ended February 29, 2012, as we continued to experience rental and lease growth and increased sales of used equipment, in part due to a large buyout of used equipment by a customer in the third fiscal quarter of 2013, while our sales of new equipment declined. Our new equipment sales were affected by changes in the U.S. national budgetary policy and continuing uncertainty in the economy, including the telecommunications and national defense sectors, causing delays in our customers' procurement decisions. As a result, many customers have chosen to rent equipment or delay all significant procurement decisions as they contemplate how to operate going forward. Our operating profit modestly increased for the nine months ended February 28, 2013, as compared to the nine months ended February 29, 2012, as growth in our higher margin rental and lease revenues and used equipment sales offset declines in our sales of new equipment, which have lower operating margins. We experienced a moderate increase in our selling, general and administrative expenses as a result of our infrastructure investment which began in fiscal 2011 and continued throughout fiscal 2012 and the first nine months of fiscal 2013 in support of expected growth in our sales of new and used equipment, as well as growth in our rental and lease business.
Economic uncertainty continues to impact our customers and competitors, resulting in more stringent credit requirements and reduced access to capital. We will continue to focus on remaining profitable in the current conditions, as well as being prepared for the possibility that recessionary trends may return in future periods.
To maximize our overall profit from the rental, leasing, and sales of equipment, we manage our equipment pool on an on-going basis by controlling the timing, pricing and mix of our purchases and sales of equipment. We acquire new and used equipment to meet current technological standards and current and anticipated customer demand, and we sell our used equipment where we believe that is the most lucrative option. We employ a complex equipment management strategy and our proprietary PERFECT™ software to adjust our equipment pool and pricing on a dynamic basis in order to maximize equipment availability, utilization and profitability. We manage each specific equipment class based on a separate assessment of that equipment's historical and projected life cycle and numerous other factors, including the U.S. and global economy, interest rates and new product launches. If we do not accurately predict market trends, or if demand for the equipment we supply declines, we can be left with equipment that we are unable to rent or sell for a profit. We assess the carrying value of the equipment pool on a quarterly basis or more frequently when factors indicating potential impairment are present.
Comparing the first nine months of fiscal 2013 to the first nine months of fiscal 2012, our revenues increased by 4.4% from $180.4 million to $188.4 million, our operating profit increased 4.0% from $25.9 million to $26.9 million and our net income decreased by 16.2% from $19.5 million to $16.4 million. Our net income for the nine months ended February 29, 2012 included a bargain purchase gain, net of deferred taxes, of $3.4 million, as a result of our acquisition of EMT.
Our rental and lease revenues increased $5.2 million, or 5.4%, from $95.9 million for the first nine months of fiscal 2012 to $101.1 million for the first nine months of fiscal 2013. For the nine months ended February 28, 2013, 89% of our rental and lease revenues were derived from T&M equipment, compared to 87% for the prior year period. Our T&M rental revenues increased approximately $5.0 million, of which $3.7 million was due to an increase in rental demand, in particular in our North American and European operations, and the integration of our resale organization and T&M sales force, and a $1.3 million increase related to the equipment acquired from EMT in late August 2011. Our T&M lease revenues increased approximately $1.1 million, which was primarily attributed to an increase in demand for equipment leases. The impact of the changes in T&M rental and lease rates on rental and lease revenues was insignificant. Rental revenues in our DP segment declined $0.7 million, due to a decrease of $1.2 million relating to lower demand, offsetting an increase of $0.5 million due to higher rental rates. Our DP lease revenues were relatively flat.
Our sales of equipment and other revenues increased $2.8 million, or 3.4%, from $84.4 million for the first nine months of fiscal 2012 to $87.3 million for the first nine months of fiscal 2013. Our sales of equipment and other revenues increased primarily due to higher used equipment sales of $6.5 million, due in part to a large buyout by a customer in the third fiscal quarter of fiscal 2013 and our increased sales and marketing efforts in this area. This increase was partially offset by a decline in new equipment sales of $4.0 million as our customers that traditionally purchase new equipment delayed procurement decisions due to changes in our U.S. national budgetary policy and uncertainty in the global economy.
Our net income includes a bargain purchase gain, net of deferred taxes, of $3.4 million for the nine months ended February 29, 2012, as a result of our acquisition of EMT. For the nine months ended February 28, 2013, our operating profit increased 4.0%, or $1.0 million, compared to the nine months ended February 29, 2012. Our rental and lease business contributed an additional $1.8 million in operating profit, including $1.0 million in connection with the equipment acquired from EMT, resulting from a) a $5.2 million increase in rental and lease revenues, b) an offsetting increase in depreciation expense of $2.9 million, or 7.3%, due to a higher average rental equipment pool, and c) an offsetting increase in our costs of rentals and leases, excluding depreciation, of $0.5 million, or 3.4%. Sales of equipment and other revenues increased by $2.8 million, or 3.4%, and contributed an additional $1.5 million in operating profit, as a $2.1 million increase in our higher margin used equipment sales more than offset a $0.9 million decline in sales of our lower margin new equipment. Our selling, general and administrative expenses increased by $2.3 million, or 5.9%, for the nine months ended February 28, 2013 compared to the nine months ended February 29, 2012, primarily due to the broadening and strengthening of our sales organization in support of our new and used equipment sales, higher rental demand, and future growth opportunities. Finally, a decline in our foreign currency rates reduced our operating profit by $0.5 million.
The average amount of our equipment on rent, based on acquisition cost, increased to $242.4 million and $244.3 million for the three and nine months ended February 28, 2013, respectively, compared to $233.4 million and $231.3 million, respectively, for the same periods last year, an increase of 3.9% and 5.6%, respectively. The average acquisition cost of equipment on lease increased to $34.7 million and $34.0 million for the three and nine months ending February 28, 2013, respectively, compared to $32.5 million and $31.4 million, respectively, for the same periods last year, an increase of 6.9% and 8.1%, respectively. The increase in our average equipment on rent and lease was due, in part, to the acquisition of EMT during the nine months ended February 29, 2012 as well as strengthening demand in our worldwide operations.
Average rental rates for our T&M and DP segments combined increased by 1.3% for the three months ending February 28, 2013 compared to February 29, 2012, while average rental rates decreased 0.7% for the nine months ending February 28, 2013 compared to the prior year period. Average utilization for our T&M equipment pool, based on average acquisition cost of equipment on rent and lease compared to the average total equipment pool, increased marginally from 66.2% to 66.3% for the three months ended February 29, 2012 and February 28, 2013, respectively, while average utilization decreased from 68.0% to 66.6% for the nine months ended February 29, 2012 and February 28, 2013, respectively. The average utilization of our DP equipment pool, based on the same method of calculation, decreased from 34.5% to 31.1% for the three months ended February 29, 2012 and February 28, 2013, respectively, while average utilization decreased from 38.8% to 35.1% for the nine months ending February 29, 2012 and February 28, 2013, respectively.
As of February 28, 2013 and February 29, 2012, our unfilled orders for T&M equipment relating to our resale channel were $4.8 million and $11.8 million, respectively. The decline in backlog for fiscal 2013 is primarily due to shorter manufacturing lead time and a reduction in new sales orders, reflecting lower demand.
The previously reported "costs of revenues other than depreciation of rental and lease equipment" have been changed to separately present "costs of rentals and leases, excluding depreciation" and "costs of sales of equipment and other revenues". In addition, we have reclassified $2.7 million and $8.2 million from selling, general and administrative expenses to costs of rentals and leases, excluding depreciation, for the three and nine months ended February 29, 2012, respectively, to conform to the current year presentation. (See Note 1 to our condensed consolidated financial statements included in this Form 10-Q for further discussion).
Total revenues for the three months ended February 28, 2013 and February 29, 2012 were $64.7 million and $60.1 million, respectively. The 7.6% increase in total revenues was due to a 3.6% increase in rental and lease revenues and a 12.2% increase in sales of equipment and other revenues.
Rental and lease revenues for the three months ended February 28, 2013 were $32.8 million, compared to $31.7 million for the same period of the prior fiscal year. This increase is due to an increase in T&M rental and lease demand, in particular in North American operations, due in part to the acquisition of EMT, and the integration of our resale organization and T&M sales force, which began in the first quarter of fiscal 2012, providing additional rental opportunities to an expanding customer base, and higher demand from our customers in lieu of new equipment purchases. This increase was partially offset by a decline in rental and lease revenues in our DP business, due to a decrease in demand.
Sales of equipment and other revenues increased to $31.8 million for the third quarter of fiscal 2013 from $28.4 million in the prior year quarter. Sales of used equipment, including finance leases, increased to $9.5 million for the three months ended February 28, 2013, compared to $5.9 million for the prior year period, in part due to a large buyout by a customer in the third quarter of fiscal 2013, while sales of new equipment decreased to $21.0 million for the three months ended February 28, 2013 compared to $21.2 million for the prior year period, as our customers that traditionally purchase new equipment delayed procurement decisions due to changes in our U.S. national budgetary policy and uncertainty in the global economy.
Depreciation of rental and lease equipment increased in the third quarter of fiscal 2013 to $14.3 million, or 43.6% of rental and lease revenues, from $13.7 million, or 43.1% of rental and lease revenues, in the third quarter of fiscal 2012. The increased depreciation expense in fiscal 2013 was due to a higher average rental and lease equipment pool. The depreciation ratio, as a percentage of rental and lease revenues, increased due to moderate declines in rental and utilization rates, offset, in part, by increased demand for leases.
Costs of rentals and leases, excluding depreciation, which primarily includes labor related costs of our operations personnel, supplies, repairs, and insurance and warehousing costs associated with our rental and lease equipment, increased slightly to $4.7 million for the three months ended February 28, 2013 compared to $4.4 million for the three months ended February 29, 2012. This expense remains relatively stable as our rental and lease business does not significantly fluctuate from period to period, and our existing infrastructure is capable of handling moderate changes in rental and lease activity.
Costs of sales of equipment and other revenues, which primarily includes the cost of equipment sales, increased to $23.5 million in the third quarter of fiscal 2013 from $21.1 million in the same period of fiscal 2012. Related to equipment sales, costs of sales and other revenues decreased as a percentage of sales of equipment and other revenues to 77.0% in the third quarter of fiscal 2013 from 77.9% in the third quarter of fiscal 2012. This decrease is due to a decline in sales of new T&M equipment, which generally carry a lower margin than used equipment sales, while higher margin used equipment sales increased. Our sales margin percentage is expected to fluctuate depending on the mix of used and new equipment sales. Our sales margin is also impacted by competition, economic uncertainty, changes in U.S. governmental policies, and customer requirements and funding.
Selling, general and administrative expenses increased 5.8% to $13.8 million in the third quarter of fiscal 2013 compared to $13.0 million in the third quarter of fiscal 2012. As a percentage of total revenues, selling, general and administrative expenses decreased to 21.3% in the third quarter of fiscal 2013 from 21.7% in the third quarter of fiscal 2012. Our selling, general and administrative expenses increased primarily due to the broadening and strengthening of our sales and sales support organizations, as well as our administrative infrastructure, necessary to support our sales and rental demand and to better focus on future growth opportunities.
Our effective tax rate was 40.3% in the third quarter of fiscal 2013, compared to 37.7% in the third quarter of fiscal 2012. The increase during the three months ended February 28, 2013 was due to a refund of foreign taxes in the prior year.
Total revenues for the nine months ended February 28, 2013 and February 29, 2012 were $188.4 million and $180.4 million, respectively. The 4.4% increase in total revenues was due to a 5.4% increase in rental and lease revenues and a 3.4% increase in sales of equipment and other revenues.
Rental and lease revenues for the nine months ended February 28, 2013 were $101.1 million, compared to $95.9 million for the same period of the prior fiscal year. This increase is due to an increase in T&M rental and lease demand, in particular in North American operations, due in part to the acquisition of EMT, and the integration of our resale organization and T&M sales force, which began in the first quarter of fiscal 2012, providing additional rental opportunities to an expanding customer base, and higher demand from our customers in lieu of new equipment purchases. This increase was partially offset by a decline in rental and lease revenues in our DP business, due to a decrease in demand.
Sales of equipment and other revenues increased to $87.3 million for the first nine months of fiscal 2013 from $84.4 million in the same period of the prior fiscal year. Sales of used equipment, including finance leases, increased to $23.6 million for the nine months ended February 28, 2013, compared to $17.0 million for the prior year period, in part due to a large buyout by a customer in the third quarter of fiscal 2013 while sales of new equipment decreased to $59.2 million for the nine months ended February 28, 2013 compared to $63.2 million for the same prior year period as our customers that traditionally purchase new equipment delayed procurement decisions due to changes in our U.S. national budgetary policy and uncertainty in the global economy.
Depreciation of rental and lease equipment increased in the first nine months of fiscal 2013 to $42.5 million, or 42.0% of rental and lease revenues, from $39.6 million, or 41.3% of rental and lease revenues, in the first nine months of fiscal 2012. The increased depreciation expense in fiscal 2013 was due to a higher average rental and lease equipment pool. The depreciation ratio, as a percentage of rental and lease revenues, increased due to moderate declines in rental and utilization rates, offset, in part, by increased demand for leases.
Costs of rentals and leases, excluding depreciation, which primarily includes labor related costs of our operations personnel, supplies, repairs, and insurance and warehousing costs associated with our rental and lease equipment, increased to $13.7 million for the nine months ended February 28, 2013 compared to $13.2 million for the nine months ended February 29, 2012. This expense remains relatively stable as our rental and lease business does not significantly fluctuate from period to period, and our existing infrastructure is capable of handling moderate changes in rental and lease activity.
Costs of sales of equipment and other revenues, which primarily include the cost of equipment sales, increased to $63.7 million in the first nine months of fiscal 2013 from $62.4 million in the same period of fiscal 2012. Related to equipment sales, costs of sales and other revenues decreased as a percentage of sales of equipment and other revenues to 77.0% in the first nine months of fiscal 2013 from 77.7% in the first nine months of fiscal 2012. This decrease is due to a decline in sales of new T&M equipment, which generally carry a lower margin than used equipment sales, while the higher margin used equipment sales increased. Our sales margin percentage is expected to fluctuate depending on the mix of used and new equipment sales. Our sales margin is also impacted by competition, economic uncertainty, changes in U.S. national budgetary policies, and customer requirements and funding.
Selling, general and administrative expenses increased 5.9% to $41.6 million in the first nine months of fiscal 2013 compared to $39.3 million in the first nine months of fiscal 2012. As a percentage of total revenues, selling, general and administrative expenses increased to 22.1% in the first nine months of fiscal 2013 from 21.8% in the nine months of fiscal 2012. Our selling, general and administrative expenses increased primarily due to the broadening and strengthening of our sales and sales support organizations, as well as our administrative infrastructure, necessary to support our sales and rental demand and to better focus on future growth opportunities.
We recorded a gain on bargain purchase, net of deferred taxes, of $3.4 million during the nine months ended February 29, 2012 compared to $0 for the nine months ended February 28, 2013, related to our acquisition of EMT in August 2011. The gain on bargain purchase, net of deferred taxes, resulted from the excess of the net fair value of the assets acquired and liabilities assumed in the EMT acquisition over the respective purchase price. We believe that we were able to negotiate a bargain purchase price as a result of our access to the liquidity necessary to complete the transaction, and the recurring losses and bankruptcy filing of EMT.
Our effective tax rate was 40.0% in the first nine months of fiscal 2013, compared to 34.2% in the first nine months of fiscal 2012. The increase during the nine months ended February 28, 2013 is due to an increase in certain foreign losses for which we have a valuation allowance and therefore we do not receive a tax benefit, and a bargain purchase gain, net of deferred taxes, of $3.4 million for the nine months ended February 29, 2012, related to our purchase of EMT on August 24, 2011. Bargain purchase gains are recorded net of deferred taxes and are treated as permanent differences, resulting in a lower effective tax rate in the period recorded.
Our primary capital requirements have been purchases of rental and lease equipment. We generally purchase equipment throughout the year to replace equipment that has been sold and to maintain adequate levels of rental equipment to meet existing and expected customer demands. To meet T&M rental demand, support areas of potential growth for both T&M and DP equipment and to keep our equipment pool technologically up-to-date, we made payments for the purchase of $48.8 million of rental and lease equipment during the first nine months of fiscal 2013 compared to $78.7 million during the first nine months of fiscal 2012, a decline of 38.0% from the unusually high payment level of the prior year which reflected continued recovery from the economic downturn.
During the first nine months of fiscal 2013, we paid dividends of $1.60 per common share, including a special dividend of $1.00 per common share, compared to $0.60 per common share in fiscal 2012 during the same period, amounting to an aggregate of $39.0 million and $14.5 million for fiscal 2013 and 2012, respectively. We expect to continue paying a quarterly dividend in future quarters, although the amount and timing of dividends, if any, will be made at the discretion of our board of directors in each quarter, subject to compliance with applicable law.
The balance of our cash and cash equivalents was $6.7 million at February 28, 2013, a decrease of $2.6 million from May 31, 2012. Outside our normal operations and equipment purchases, we use our cash to pay dividends to shareholders and to take advantage of strategic acquisitions and new customer opportunities. Since the beginning of fiscal 2010 we have returned $87.6 million in cash to our shareholders, increasing our annual dividend rate from $0.60 per common share to $0.80 per common share in fiscal 2012. We have also made payments of $34.7 million in connection with two acquisitions and invested heavily in new equipment to take advantage of key new customer opportunities. On December 19, 2012, we used $6.1 million of our cash and borrowed $23.0 million against our credit facility with Union Bank to pay the quarterly dividend of $0.20 per common share and the special dividend of $1.00 per common share on December 21, 2012. We expect that the level of our cash needs may increase as we pay dividends in future quarters, or if we decide to buy back our common stock, increase equipment purchases in response to demand, finance another acquisition, or pursue other opportunities. Given our growth record achieved since fiscal 2000, and our available line of credit of which we have $33.5 million remaining that we may borrow as of March 22, 2013, we believe that we have ample access to borrowing capacity and that our cash flow from operations and ability to borrow will allow us to continue funding our current and future growth. We may seek to expand our borrowing capacity in order to ensure sufficient resources to quickly respond to strategic growth opportunities.
During the first nine months of fiscal 2013 and 2012, net cash provided by operating activities was $48.0 million and $54.7 million, respectively. The decrease in operating cash flow for fiscal 2013 was primarily attributable to income tax payments of $11.6 million, compared to a refund of $1.1 million for the prior year period, which was partially offset by increases in our working capital and income, after giving effect to non-cash items, for fiscal 2013.
During the first nine months of fiscal 2013 and 2012, net cash used in investing activities was $27.9 million and $72.8 million, respectively. The decline in cash used in investing activities for the first nine months of fiscal 2013 was due, in part, to a decrease in payments for purchases of rental and lease equipment to $48.8 million for the nine months ended February 28, 2013 compared to $78.7 million for the nine months ended February 29, 2012, an increase in the proceeds from sale of rental and lease equipment to $21.7 million for fiscal 2013 compared to $17.1 million for the first nine months of fiscal 2012, and cash paid for the acquisition of EMT of $10.6 million in fiscal 2012.
Net cash flows used in financing activities were $22.3 million and $14.4 million for the first nine months of fiscal 2013 and 2012, respectively. These funds used were primarily composed of payments for dividends of $39.0 million for the first nine months of fiscal 2013 and $14.5 million for the first nine months of fiscal 2012, and net bank borrowings of $16.5 million during the first nine months of fiscal 2013, compared to $0 during the first nine months of fiscal 2012.
We have a $50.0 million revolving bank line of credit, subject to certain restrictions, to meet equipment acquisition needs as well as working capital and general corporate requirements. We borrowed $31.5 million and repaid $15.0 million on our line of credit during the first nine months of fiscal 2013. Of the $31.5 million borrowed, $23.0 million was borrowed on December 19, 2012 to fund the quarterly and special dividend that we paid on December 21, 2012. There are no other bank borrowings outstanding or off balance sheet financing arrangements at February 28, 2013.
Our contractual obligations have not changed materially from those included in our Annual Report on Form 10-K for the fiscal year ended May 31, 2012.
We identified certain critical accounting policies that affect certain of our more significant estimates and assumptions used in preparing our consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended May 31, 2012. We have not made any material changes to these policies as previously disclosed.
We act as the primary obligor by working directly with our customers to define their needs, providing them with options to satisfy such needs, contracting directly with the customer, and, to the extent required, providing customers with instruction on the use of the product and additional technical support once the product is received by the customer. The product manufacturer is not a party to our customer sales agreements, nor is it referenced in the agreements, and therefore has no obligation to our customers with the exception of the manufacturer's standard warranty on the product. (2) We bear back-end risk of inventory loss with respect to any product return from the customer as the original manufacturer is not required to accept returns of equipment from us. We also bear front-end risk of inventory loss in those cases where we acquire products for resale into our inventory prior to shipment to customers. (3) We have full discretion in setting pricing terms with our customers and to negotiate all such terms ourselves. (4) We assume all credit risk. Accordingly, sales of new equipment through our resale channel are recorded in Sales of Equipment and Other Revenues and the related equipment costs are recorded in Costs of Sales of Equipment and Other Revenues in our consolidated statements of operations.
During the first nine months of fiscal 2013, there were no material changes in the information regarding market risk contained in our Annual Report on Form 10-K for the fiscal year ended May 31, 2012.
As of February 28, 2013, the end of the period covered by this report, our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934, as amended (the "Exchange Act")). Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures as of the end of the period covered by this report were effective.
From time to time, we may be involved in litigation relating to claims arising out of our operations in the normal course of business. As of the date of this report, we are not a party to any material litigation, other than ordinary routine legal proceedings and claims incidental to our business.
In addition to the other information set forth in this report, you should carefully consider the discussion of various risks and uncertainties contained in Part I, "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended May 31, 2012. We believe those risk factors are the most relevant to our business and could cause our results to differ materially from the forward-looking statements made by us. However, those are not the only risk factors that we face. Additional risks that we do not consider material, or of which we are not currently aware, may also have an adverse impact on us. Our business, financial condition, and results of operations could be seriously harmed if any of these risks or uncertainties actually occurs or materializes. In that event, the market price for our common stock could decline, and our shareholders may lose all or part of their investment.
31.2 Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer Filed herewith.
32.1* Section 1350 Certification by Chief Executive Officer Filed herewith.
32.2* Section 1350 Certification by Chief Financial Officer Filed herewith.
* This certification is being furnished solely to accompany this report pursuant to 18 U.S.C. 1350, and is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934 and is not to be incorporated by reference into any filing of the registrant, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
** Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, are deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, and otherwise are not subject to liability under those sections.


text:
Anxious patient's relative attacks LASUTH workers, nurse breaks neck, others injured
20 Nasarawa farmers, herdsman killed, 8,175 Kaduna bandits, others arrested
Nine hydropower projects to add 2,672MW to national grid – FG
CSOs accuse National Assembly top officials of record falsification
On August 8, 1970, Punch (Nigeria) Limited was registered under the Companies Act of 1968 to engage in the business of publishing newspapers, magazines and other periodicals. It was designed to inform, educate and entertain Nigerians and the world at large.
UK parliament attack suspect charged with attempted murder
A man accused of crashing his car into the security barriers surrounding Britain's Houses of Parliament was charged Saturday with attempted murder, police said.
Salih Khater, 29, a Sudanese-born British national living in Birmingham, central England, will appear in custody at Westminster Magistrates Court in London on Monday, police said.
He is charged with one count of attempting to murder members of the public and one of attempting to murder police officers following the incident outside London's iconic Palace of Westminster on Tuesday.
The Crown Prosecution Service (CPS), England's state prosecutors, are treating the case as terrorism, the police said.
"The charges follow an incident in which Khater drove his car into a stationary group of members of the public then at police officers, before crashing into the barriers outside the Houses of Parliament," London's Metropolitan Police said in a statement.
"Due to the methodology, iconic location and the alleged targeting of civilians and police officers, the CPS are treating this case as terrorism."
Khater is being charged under the Criminal Attempts Act 1981.
Seven Nigerians in UK parliament, inspiration for democracy in Africa - Lawmaker
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Writing freelance articles for print or online magazines and news organizations. I'm available to write features and department pieces, and will submit clips specific to your publication's subject area. I write for both consumer and trade publications.
Fact checking and copy editing for publications or individuals. I will help publications with these tasks on a freelance or short-contract basis, and can help individuals with getting their materials ready for publication or distribution. I know the Associated Press, Fairfax Media and Chicago Manual style guides. I will fact check articles or video/audio pieces.
Writing promotional copy for products or services. This can take the form of web or print text, business and marketing materials, instructional materials or synopses of longer texts. I also edit cover letters and resumes to help people market themselves.
Writing press releases for non-profits, small businesses or individuals. For an additional fee, I can also send the release out to relevant organizations.
Proofreading books or screenplays, meaning a general copy edit including grammar, style, consistency and so forth. Includes a consultation.
Editing books or screenplays for individuals, which includes proofreading as well as consulting help with plotting, character development and story. This does not involve ghostwriting or rewriting, but I will help you make your existing work as strong as it can be.
Reviewing books for self-published authors who need reviews for promotional purposes.
Writing loglines and synopses for scripts, plays or books.
Converting files. Correctly formatting scripts to the standards of the film industry (including converting Word files into Final Draft) or getting self-published manuscripts formatted to publishers' specifications.
Interview consulting to help writers get used to talking about their work or to help them better define an in-progress or pending project by discussing it aloud to a professional.
General consulting for authors, screenwriters or freelancers to help them brainstorm and define their projects. These can be done by phone, e-mail or (where possible) in person.
Transcribing of interviews or programs, either from audio tape or from digital files.
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Owning a firearm sometimes puts in a Catch-22 situation, particularly with training. We need to handle and manipulate our firearms to be safe, but the handling and manipulation of loaded firearms can be dangerous.
Everything man made can fail. Knowing how to identify — and recover from — firearm failures is key skill for anyone who takes shooting seriously. Perceiving the difference between running out of ammunition and a jam is also important, and reloading under pressure is something few firearms owners practice.
Safe loading and unloading of firearms is something that a lot of gun owners need to practice. Holstering and reholstering is also important, and if you have a SmartCarry holster or carry appendix inside the waistband you may feel uncomfortable carrying a loaded pistol that way at first.
We owe it to ourselves and the people around us to practice on a regular basis, so what do we do?
At some point I am going to write about using airsoft firearms as a training tool, but for now I want to talk about plastic dummy ammunition made by Saf-T.
Saf-T-Trainers by Precision Gun Specialties are made out of bright orange or yellow plastic. They are shaped like the real ammunition you would use in your gun(s). All of the dummy rounds are made with a rounded nose bullet shape so that you don't have to worry about feeding problems.
There are a few other dummy rounds on the market. "Snap Caps" by A-Zoom are widely available; they are often sold at gun stores and gun ranges. They are quite expensive ($10 for 5 9mm rounds, for example). Because they are a dark red, they can be hard to see on the ground during training.
S. T. Action Pro makes an awesome practice round called the Action Trainer, but they aren't available in many calibers. For example, I need 7.62x39mm for practice with my rifles, and 7.62x25mm for some of my pistols and my PPS-43C sub-gun. They are also expensive, but the cost is more acceptable to me due to the brass case and the fine construction of these practice rounds. My instructor has some of these, and they're really nifty.
Inexpensive. I bought 50 9mm practice rounds for $22.99. That's less than 13 A-Zoom rounds. I don't mind if I happen to lose a few, or if they get mixed in with other peoples' practice rounds during class.
Available in many calibers. I was able to purchase 9mm, 7.62x39mm and 7.62x25mm cartridges. Precision Gun Specialties makes a ton of calibers, including .32 H&R Magnum, .204 Ruger, multiple gauges for shotguns, 9mm Makarov, 10mm, .25ACP and many, many more.
They are easy to see. My training group practices in all sorts of conditions: super hot days with bright sun, torrential rain, and in the snow. Dummy rounds have a habit of flying all over the place and rolling under furniture when we train inside. The bright orange plastic helps us find our Saf-T-Trainers after a practice session.
Accurately shaped. The Saf-T-Trainers are made to the same dimensions as the real ammunition you would put in your firearm. This is important for practicing work with loading and unloading guns. For example, we use a technique for charging our AK-47 rifles that involves reaching underneath the rifle with our left arm and pulling the charging handle back with the left hand. Properly-sized practice ammunition is flung very very far when we do this; improperly-sized ammo or spent casings (how we used to practice) often get hung up in the chamber and cause a problem during training.
The accurate sizing of the Saf-T-Trainers is also important for checking magazine function. This is something that every AK owner should do, especially when running surplus steel mags through a reassembled kit gun like the ones sold by Century Arms.
Unfortunately, the Saf-T-Trainers aren't perfect. I've encountered two problems with them.
The Saf-T-Trainers are very lightweight. This means that certain types of drills are hard to do with them, especially a Stage 3 malfunction. This malfunction, also called a "double feed," means that two cartridges are stuck in the chamber of the firearm at the same time. The best way to fix this jam is to remove the magazine and violently rack the slide or charging handle.
In order to simulate this jam, you have to insert a loaded magazine in the gun, followed by putting a cartridge in the chamber. Close the slide. Jam-time.
The problem with the Saf-T-Trainers, especially the rifle rounds, is that the action of the firearm is often too strong for the lightweight plastic rounds. Preparing a Stage 3 malfunction in our AKs is almost impossible due to the strength of the recoil spring. The light Saf-T-Trainers are easily pushed out.
We've learned to work around this by either closing the slide gently, holding the rounds into place, or both. This is kind of a tricky operation; you can get a serious pinch or cut yourself if you're not paying attention. All of the sudden we're back to worrying about an accident instead of training. Focusing on the solution instead of worrying so much about safe handling is one of the reasons to go with dummy rounds in the first place.
The other issue, and this is more important, is that the practice ammunition may not be durable enough for use in some firearms.
At about $0.70 each before shipping I didn't need to take out a second mortgage to replace this round, but I wish they were a little bit more durable. More importantly, I am now concerned that either a bit of the plastic will get broken off into my firearm or that the cartridge will fail in a catastrophic way that may require a field strip during training.
The Saf-T-Trainers by Precision Gun Specialists are an inexpensive way for you to train with your firearm. I think that these practice cartridges are a "must have" for anyone who is serious about using a gun for self-defense. There are situations that are unsafe to practice with loaded ammunition, and these dummy rounds are the way to go.
I am worried about the long-term durability of the Saf-T-Trainers, but you can't beat the price. I would buy them again, except maybe this time buy a 50x pack of 7.62x39mm rounds to account for the inevitable failures.
The Saf-T-Trainers are available at Brownells and similar e-tailers online. I haven't seen them in local gun stores, but maybe you'll get lucky.
They cost between $0.63 and $1.39 each, depending on caliber and quantity. Most calibers are sold in lots of 10, some calibers are available in lots of 50.
2 Comments on "Orange Saf-T-Trainers Practice Ammunition Review"
hello there! What is the principle of functioning of this type of ammunition? Do they contain a primer, or any kind of propulsion powder? does the bullet separate from the case? If it is reusable, how do you reasemble the cartridge? Thanks!
Hello there! The purpose of this ammunition is to practice, specifically malfunctions, loading, and unloading. There is no primer nor powder. It is all one solid piece of plastic.


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