Exhibit 99.1

April 14, 2003

Press Release

SOURCE: H&E Equipment Services L.L.C.

H&E Equipment Services Reports Fourth Quarter and Year-end 2002 Results

BATON ROUGE, LA., April 14, 2003/news/—H&E Equipment Services L.L.C., today announced financial results for the fourth quarter and full year ended December 31, 2002. The merger between H&E Equipment Services L.L.C. and ICM Equipment Company L.L.C. was completed on June 17, 2002. Accordingly, the actual financial information presented herein, includes ICM Equipment Company's results of operation since the date of the merger.

        The Company's previously issued consolidated financial statements as of and for the year ended December 31, 2001 have been restated to correct errors related to the calculation of unbilled rental revenue and deferred revenue related to rental contracts with terms that extend across reporting periods. During the preparation of the financial statements for the year ended December 31, 2002, the Company discovered certain errors related to the unbilled rental revenue and deferred revenue balance sheet accounts, and to the timing of when equipment rental revenue was recorded in the past. The Company recognized approximately $0.3 million and $0.9 million of after tax revenue, for the year ended December 31, 2001 and for the years ended December 31, 1999 and prior, respectively, that should have been recognized in subsequent periods.

        The Company reported 2002 fourth quarter revenues, on an actual basis, of $107.0 million, compared to $81.1 million (restated) for the fourth quarter 2001. The net loss for the fourth quarter was $5.8 million compared to net income of $1.5 million (restated) for the fourth quarter last year.

        Revenues for the year ended December 31, 2002, on an actual basis, were $351.7 million, compared to $309.5 million (restated) for the year ended December 31, 2001. The net loss for the year ended December 31, 2002, was $13.1 million compared to net income of $3.3 million (restated) for the same period last year. At December 31, 2002, the Company had $76.7 million outstanding on its senior secured credit facility with an additional $72.8 million in available borrowings, based on the collateral value of the borrowing base assets.

        "Our integrated model continues to provide balanced revenues and gross profit margin contribution during a very difficult economic time," says John Engquist, President and Chief Executive Officer. "For the three months ended December 31, 2002, on a pro forma basis, our equipment rental revenues were 39.9% of total revenues, new equipment sales were 22.4%, used equipment sales were 13.9%, parts sales and service revenues were 19.5% and other revenues were 4.3%. Gross profit contribution by segment, as a percentage of total gross profit, was 54.1% for equipment rentals, 4.5% for new equipment sales, 11.4%, for used equipment sales and 30.6% for parts sales and service revenues and (0.6%) for other revenues."

        John Engquist continues, "For the year ended December 31, 2002, on a pro forma basis, equipment rental revenues were 39.1% of total revenues, new equipment sales were 20.4%, used equipment sales were 15.1%, parts sales and service revenues were 21.1% and other revenues were 4.3%. Gross profit contribution by segment, as a percentage of total gross profit, was 53.8% for equipment rentals, 6.6% for new equipment sales, 10.3%, for used equipment sales and 31.2% for parts sales and service revenues and (1.9%) for other revenues."

        "Because we cannot control the economy, we are focusing on managing the business through reducing costs and managing our assets. This is evidenced by a nearly 1.6% increase in our pro forma gross profit margin percentage when total pro forma revenues declined 16.2% for the year ended December 31, 2002. Also for the year, our dollar utilization declined only 1.4%. Our parts sales and service revenues declined only 2.5% for the year with constant gross profit margins, demonstrating the value of our fully integrated model," reports Engquist.

Pro Forma Results

        The unaudited pro forma combined selected data for the years ended December 31, 2002 and 2001, presented herein, give effect to the merger of ICM Equipment Company L.L.C. with and into H&E Equipment Services L.L.C. as if it had occurred at the beginning of the periods presented.

        For the year ended December 31, 2002, total pro forma revenues were $431.7 million, compared to $515.3 million (restated) for the year ended December 31, 2001, a decline of $83.6 million or 16.2%.

        Pro forma new and used equipment sales declined 32.6% or $74.0 million to $153.0 million for the year ended December 31, 2002 from $227.0 million for the comparable period last year. The decline was a result of customers not making significant capital investments given the uncertainty in the economy. While sales of new and used equipment were down across all product lines, the largest decline was in the sales of new and used cranes.

        For the year ended December 31, 2002, pro forma rental revenues decreased 4.3% or $7.5 million to $168.7 million from $176.2 million (restated) for the same time period last year. The decrease in rental revenues was attributable to a decline in rental rates, the mix of rental fleet equipment, and lower time utilization, particularly due to weather in the Gulf Coast region. Equipment dollar utilization at the end of December 2002 was 30.7% compared to 32.1% at December 2001.

        Pro forma parts sales and service revenues for the year ended December 31, 2002 declined $2.4 million or 2.5% to $91.4 million from $93.7 million for the year ended December 31, 2001.

        For the year ended December 31, 2002, total pro forma gross profit was $119.2 million, compared to $133.9 million (restated) for the year ended December 31, 2001, a decline of $14.7 million or 11.0%. For 2002, total pro forma gross profit margin increased to 27.6% from 26.0% (restated) last year. Despite the dollar decline in total pro forma gross profit, the increase in total pro forma gross profit margin, as a percentage of total pro forma revenues, is a result of improved margins in equipment sales and other revenues.

        Pro forma new and used equipment gross profit for 2002 declined 27.3% or $7.6 million to $20.2 million from $27.8 million for 2001. The decline was a result of lower sales volume as explained previously. Despite the lower sales volume, the pro forma gross profit margin increased 0.9% for 2002 compared to 2001.

        For the year ended December 31, 2002, pro forma rental gross profit decreased 12.9% or $9.5 million to $64.1 million from $73.6 million (restated) for the same time period last year. The decrease in rental revenues was attributable primarily to a decline in rental volumes and increased cost associated with the hi-reach operation.

        Pro forma parts and service gross profit for 2002 dropped $1.0 million or 2.6%, to $37.2 million from $38.2 million for 2001. Despite the gross profit dollar decline, gross margin remained consistent.

        Pro forma EBITDA for year ended December 31, 2002 decreased 13.5%, to $79.5 million in 2002 from $91.9 million (restated) in 2001. The decline in EBITDA is primarily a result of lower new and used equipment sales and rental revenues.

        The Company's management will hold its fourth quarter earnings conference call on April 15, 2003, at 11:00 AM. Eastern Standard Time. The conference call number is 1-888-214-7569.

About H&E Equipment Services L.L.C.

        H&E Equipment Services L.L.C. is one of the largest integrated equipment rental, service and sales companies in the United States with an integrated network of 45 facilities, most of which have full service capabilities, and a workforce that includes a highly-skilled group of service technicians and separate rental and equipment sales forces. In addition to renting equipment, the Company also sells new and used equipment and provide extensive parts and service support. This integrated model enables the Company to effectively manage key aspects of its rental fleet through reduced equipment

acquisition costs, efficient maintenance and profitable disposition of rental equipment. The Company generates a significant portion or our gross profit from parts sales and service revenues.

Forward-Looking Statements

        Certain statements contained in this presentation are forward-looking in nature. These statements can be identified by the use of forward-looking terminology such as "believes," "expects," "projects," "forecasts," "may," "will," "should," "on track," or "anticipates," or the negative thereof or comparable terminology, or by discussion of strategy. The Company's business and operations are subject to a variety of risks and uncertainties and, consequently, actual results may materially differ from those projected by any forward-looking statements. Factors that could cause actual results to differ from those projected include, but are not limited to, the following: (1) unfavorable economic and industry conditions can reduce demand and prices for the Company's products and services, (2) governmental funding for highway and other construction projects may not reach expected levels, (3) the Company may not have access to capital that it may require, and (4) intense competition. The Company makes no commitment to revise or update any forward-looking statements in order to reflect events or circumstances after the date any such statement is made.

H&E EQUIPMENT SERVICES L.L.C
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands)

(1)

Contains the results of operations of ICM Equipment Company, L.L.C. from the date of the merger (June 18, 2002 through December 31, 2002).

H&E EQUIPMENT SERVICES L.L.C.
SELECTED BALANCE SHEET DATA
December 31, 2002
(in thousands)

The unaudited pro forma combined selected statement of operations data for the year ended December 31, 2002 and 2001 (restated), give effect to the merger of ICM Equipment Company L.L.C. with and into H&E Equipment Services L.L.C. as if it had occurred at the beginning of the periods presented.

H&E EQUIPMENT SERVICES L.L.C
UNAUDITED PRO FORMA COMBINED SELECTED STATEMENT OF OPERATIONS DATA
(in thousands)

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Exhibit 99.1