Ahern Rentals has decided to quit its long-standing practice of reporting its financial results publicly.
The company, a local business community pillar since it started in 1953, had filed quarterly and annual reports with the Securities and Exchange Commission even though it is 97 percent owned by CEO Don Ahern. Top management had held conference calls with analysts interested in the construction equipment leasing company’s $619 million debt, pieces of which are publicly traded.
“We have always been a voluntary (SEC) filer,” Chief Financial Officer Howard Brown said. “We just decided we didn’t want to do it any longer.”
The move follows Ahern Rentals’ Feb. 16 announcement that it would miss a $10.9 million interest payment on one part of its debt.