H&E Equipment Services Inc. is one of the largest integrated equipment services companies in the United States with full-service facilities throughout the Intermountain Southwest Gulf Coast & Southeast regions of the United States. The Company is focused on heavy construction & industrial equipment and rents sells & provides parts & service support for four core categories of specialized equipment they are hi-lift or aerial platform equipment cranes earthmoving equipment & industrial lift trucks. By providing equipment rental sales & on-site parts repair & maintenance functions under one roof the Company is a one-stop provider for its customers' varied equipment needs. This full service approach provides the Company with multiple points of customer contact enabling it to maintain a high quality rental fleet as well as an effective distribution channel for fleet disposal & provides cross-selling opportunities among its new & used equipment sales rental parts sale H&e Equipment Services Inc. has a market cap of $380 million; its shares were traded at around $10.88 with a P/E ratio of 11.2 and P/S ratio of 0.3. Highlight of Business Operations: Total Revenues. Our total revenues were $175.6 million for the three months ended September 30, 2009 compared to $278.6 million for the same period in 2008, a decrease of $103.0 million, or 37.0%. Included in total revenues for the three months ended September 30, 2009 were revenues of $16.6 million from the Arnold Transaction. Revenues decreased for all reportable segments as further discussed below.
Equipment Rental Revenues. Our revenues from equipment rentals for the three months ended September 30, 2009 decreased $33.1 million, or 42.3%, to $45.1 million from $78.2 million for the same three month period in 2008. Rental revenues decreased for all four core product lines. Revenues from aerial work platforms decreased $20.1 million, cranes decreased $2.5 million, earthmoving equipment decreased $6.4 million, lift trucks decreased $2.4 million and other equipment rentals decreased $1.7 million. These decreases were due to lower demand resulting from the factors discussed above, which negatively impacted our rental rates. Our average rental rates for the three month period ended September 30, 2009 declined 19.1% compared to the same three month period last year and declined 3.4% on a sequential basis from the three month period ended June 30, 2009.
New Equipment Sales Revenues. Our new equipment sales for the three months ended September 30, 2009 decreased $49.1 million, or 50.2%, to $48.7 million from $97.8 million for the comparable period in 2008. The Arnold Transaction accounted for $1.2 million of new lift truck equipment sales revenues for the three month period ended September 30, 2009. Sales of new cranes decreased $28.1 million, sales of new aerial work platforms decreased $5.2 million, sales of new earthmoving equipment decreased $11.2 million, sales of new lift trucks decreased $3.0 million and sales of other new equipment decreased $1.6 million. The decrease in new equipment sales reflect lower demand for these product lines.
Used Equipment Sales Revenues. Our used equipment sales decreased approximately $7.2 million, or 18.0%, to $32.7 million for the three months ended September 30, 2009, from $39.9 million for the same period in 2008, primarily as a result of lower demand for used equipment. The Arnold Transaction accounted for $13.4 million of used lift truck sales revenues for the three month period ended September 30, 2009. Sales of used cranes decreased $8.7 million while sales of used aerial work platform equipment and used earthmoving equipment decreased $8.4 million and $2.3 million, respectively. Inclusive of the sales revenues from the Arnold Transaction, used lift truck sales increased $12.2 million.
Parts Sales Revenues. Our parts sales decreased $5.2 million, or 16.7%, to $25.8 million for the three months ended September 30, 2009 from $31.0 million for the same period in 2008. Parts revenues related to the Arnold Transaction totaled $1.1 million. The decline in parts revenues was due to a decrease in customer demand for parts due to the decline in construction and industrial activity since last year.
Services Revenues. Our services revenues for the three months ended September 30, 2009 decreased approximately $3.1 million, or 17.0%, to $15.2 million from $18.3 million for the same period last year. The Arnold Transaction resulted in the recognition of $0.9 million in deferred services revenues in the current period related to the termination of related lift truck maintenance and repair contracts. The decline in service revenues was largely due to a decrease in demand for services due to the decline in construction and industrial activity since last year.
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