<PAGE>

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                      SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549

                                   FORM 10-Q

(Mark One)

[X]QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
   ACT OF 1934

  For the quarterly period ended March 31, 2000

                                      OR

[_]TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
   EXCHANGE ACT OF 1934

  For the transition period        to

Commission file number:

                          ANTHONY CRANE RENTAL, L.P.
            (Exact Name of Registrant as Specified in Its Charter)

            Pennsylvania                               25-1739175
    (State or Other Jurisdiction                    (I.R.S. Employer
  of Incorporation or Organization)                Identification No.)

                             1165 Camp Hollow Road
                            West Mifflin, PA 15122
                   (Address of Principal Executive Offices)

                                (412) 469-3700
             (Registrant's Telephone Number, Including Area Code)

  Indicate by check mark whether the registrant: (1) has filed all reports
required by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
                                Yes [X] No [_]

  Aggregate market value of voting partnership interests held by non-
affiliates as of May 10, 2000: not applicable.

  Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 or regulation S-K is not contained herein, and will not be contained, to
the best of the registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-Q. [X]

  Number of common partnership interests outstanding as of May 10, 2000: 100

  Documents incorporated by reference: None

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<PAGE>

                          ANTHONY CRANE RENTAL, L.P.

                         QUARTERLY REPORT ON FORM 10-Q
                 For the Quarterly Period Ended March 31, 2000

                               TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                              Part I
<S>     <C>                                                                                     <C>
ITEM 1  Index to Financial Statements..........................................................   2
ITEM 2  Management's Discussion and Analysis of Financial Condition and Results of Operations..  14
<CAPTION>
                                             Part II
<S>     <C>                                                                                     <C>
ITEM 1  Legal Proceedings......................................................................  17
ITEM 2  Changes in Securities..................................................................   *
ITEM 3  Defaults Upon Senior Securities........................................................   *
ITEM 4  Submission of Matters to a Vote of Security Holders....................................   *
ITEM 5  Other Information......................................................................  17
ITEM 6  Index to Exhibits and Reports on Form 8-K..............................................  17
        Signatures.............................................................................  18
</TABLE>
--------
* Item not applicable to the Registrant for this filing on Form 10-Q.

  Unless otherwise indicated, the terms "Anthony Crane Rental", "ACR" and "the
Company" refer collectively to Anthony Crane Rental, L.P. and its
subsidiaries.

  Certain statements contained in this report are forward-looking in nature.
These statements are generally identified by the inclusion of phrases such as
"the Company expects", "the Company anticipates", "the Company believes", "the
Company estimates", and other phrases of similar meaning. Whether such
statements ultimately prove to be accurate depends upon a variety of factors
that may affect the business and operations of the Company.

                                       1
<PAGE>

                                     PART I

ITEM 1.

              INDEX TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

<TABLE>
<CAPTION>
                                                                          Page
                                                                          ----
<S>                                                                       <C>
Condensed Consolidated Balance Sheets--March 31, 2000 (Unaudited) and
 December 31, 1999.......................................................   3
Condensed Consolidated Statements of Operations for the Three Months
 Ended
 March 31, 2000 and 1999 (Unaudited).....................................   4
Condensed Consolidated Statements of Cash Flows for the Three Months
 Ended
 March 31, 2000 and 1999 (Unaudited).....................................   5
Notes to Condensed Consolidated Financial Statements.....................   6
</TABLE>

                                       2
<PAGE>

                           ANTHONY CRANE RENTAL, L.P.

                     CONDENSED CONSOLIDATED BALANCE SHEETS

                                 (In thousands)

<TABLE>
<CAPTION>
                                                        March 31,  December 31,
                                                          2000         1999
                                                       ----------- ------------
                                                       (Unaudited)
<S>                                                    <C>         <C>
ASSETS
Current assets:
  Cash and cash equivalents...........................  $  3,879     $  8,980
  Trade accounts receivable, net of allowance for
   doubtful accounts of $3,950 at March 31 and $3,250
   at December 31.....................................    60,071       56,910
  Other receivables...................................     1,726        1,974
  Prepaid expenses and deposits.......................     3,797        2,165
                                                        --------     --------
    Total current assets..............................    69,473       70,029
Rental equipment, net.................................   501,430      491,424
Property and equipment, net...........................    69,963       69,314
Intangible assets, net................................    83,284       82,871
Debt issuance costs, net..............................    26,591       27,808
Other assets..........................................       463          564
                                                        --------     --------
    Total assets......................................  $751,204     $742,010
                                                        ========     ========

LIABILITIES AND PARTNERS' CAPITAL
Current liabilities:
  Book overdraft......................................  $  2,191     $  4,250
  Accounts payable--trade.............................    16,341       17,344
  Accrued interest....................................    10,097       15,250
  Accrued wages and employee benefits.................     4,944        4,429
  Accrued taxes, other than income taxes..............     1,998        3,395
  Other accrued liabilities...........................     7,035        5,138
  Current portion of long-term debt (Note 4)..........     2,500        2,500
  Current portion of capital lease obligations........     1,081        1,063
                                                        --------     --------
    Total current liabilities.........................    46,187       53,369
Long term debt, less current portion (Note 4).........   690,625      672,875
Long-term obligation under capital leases.............     3,548          520
Note payable to Bain..................................       537          526
Other non-current liabilities.........................     2,678        2,843
                                                        --------     --------
    Total liabilities.................................   743,575      730,133
                                                        --------     --------
Partners' capital:
  Holding capital.....................................     8,982       13,352
  Partners' receivable................................    (1,402)      (1,524)
  Accumulated other comprehensive income..............        49           49
                                                        --------     --------
    Total partners' capital...........................     7,629       11,877
                                                        --------     --------
Total liabilities and partners' capital...............  $751,204     $742,010
                                                        ========     ========
</TABLE>

   The accompanying notes are an integral part of the condensed consolidated
                             financial statements.


                                       3
<PAGE>

                           ANTHONY CRANE RENTAL, L.P.

                CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

                                 (In thousands)

<TABLE>
<CAPTION>
                                                               Three Months
                                                                   Ended
                                                                 March 31,
                                                              ----------------
                                                               2000     1999
                                                              -------  -------
                                                                (Unaudited)
<S>                                                           <C>      <C>
Revenues:
  Equipment rentals.......................................... $85,471  $46,267
  Equipment sales............................................  12,114    2,635
                                                              -------  -------
    Total revenues...........................................  97,585   48,902
Cost of revenues:
  Cost of equipment rentals..................................  54,909   29,696
  Cost of equipment sales....................................  10,177    1,820
                                                              -------  -------
    Total cost of revenues...................................  65,086   31,516
                                                              -------  -------
Gross profit.................................................  32,499   17,386
Selling, general and administrative expenses.................  19,344    9,614
                                                              -------  -------
Income from operations.......................................  13,155    7,772
Interest expense.............................................  17,370    8,830
Other expense, net...........................................      55        2
                                                              -------  -------
Loss before taxes............................................  (4,270)  (1,060)
                                                              -------  -------
Provision for state taxes....................................     100      101
                                                              -------  -------
Net loss..................................................... $(4,370) $(1,161)
                                                              =======  =======
</TABLE>


     The accompany notes are an integral part of the condensed consolidated
                             financial statements.

                                       4
<PAGE>

                           ANTHONY CRANE RENTAL, L.P.

                CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (In thousands)

<TABLE>
<CAPTION>
                                                                  Three
                                                              Months Ended
                                                                March 31,
                                                            ------------------
                                                              2000      1999
                                                            --------  --------
<S>                                                         <C>       <C>
Net cash used in operating activities...................... $ (9,392) $ (7,624)
                                                            --------  --------
Cash flows from investing activities:
  Cash paid for business acquisitions, net of cash
   acquired................................................  (11,293)   (8,127)
  Proceeds from sale of fixed assets, including rental
   equipment...............................................    7,012     3,752
  Capital expenditures.....................................   (6,128)  (21,702)
  Other....................................................     (255)       --
                                                            --------  --------
    Net cash used in investing activities..................  (10,664)  (26,077)
                                                            --------  --------
Cash flows from financing activities:
  Change in book overdraft.................................   (2,059)   (1,195)
  Proceeds from issuance of debt...........................   25,000    35,000
  Payments on debt.........................................   (7,251)       --
  Payments under capital leases............................     (108)      (25)
  Expenditures for debt issuance costs and other
   intangibles.............................................     (627)     (498)
                                                            --------  --------
    Net cash provided by financing activities..............   14,955    33,282
                                                            --------  --------
Net decrease in cash and cash equivalents..................   (5,101)     (419)
Cash and cash equivalents, beginning of period.............    8,980     5,633
                                                            --------  --------
Cash and cash equivalents, end of period................... $  3,879  $  5,214
                                                            ========  ========
Noncash investing and financing activities:
  Expenditures for rental equipment purchases included in
   accounts payable........................................ $  9,450  $ 10,970
                                                            ========  ========
  Noncash rental equipment transfers....................... $  1,568  $     --
                                                            ========  ========
</TABLE>


     The accompany notes are an integral part of the condensed consolidated
                             financial statements.


                                       5
<PAGE>

                          ANTHONY CRANE RENTAL, L.P.

             NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

                                (In thousands)

1. Description of Business

  Anthony Crane Rental, L.P. (the "Partnership"), and its subsidiaries are
engaged in the rental of cranes and other heavy equipment primarily for
industrial maintenance and construction to a variety of companies in the
petrochemical, paper, steel, utility, mining and multiple other industries.
The Partnership provides twenty-four hour service, seven days a week to
customers principally in the United States. The Partnership also sells new and
used equipment to commercial construction, industrial and residential users.

2. Basis of Presentation

  The unaudited condensed consolidated financial statements include the
accounts of the Partnership and all of its subsidiaries. All significant
intercompany accounts and transactions have been eliminated in consolidation.

  The accompanying unaudited condensed consolidated financial statements of
Anthony Crane Rental, L.P. have been prepared in accordance with generally
accepted accounting principles for interim financial information and with the
instructions to Rule 10-01 of Regulation S-X. Accordingly, they do not include
all of the information and footnotes required by generally accepted accounting
principles for complete financial statements. During interim periods, the
Partnership follows the accounting policies set forth in its annual report on
10-K filed with the Securities and Exchange Commission. Users of financial
information produced for interim periods are encouraged to refer to the
footnotes contained in the Form 10-K when reviewing interim financial results.

  In the opinion of management, all adjustments which are of a normal and
recurring nature necessary for a fair presentation of the results of
operations of these interim periods have been included. The net loss for the
quarter ended March 31, 2000, is not necessarily indicative of the results to
be expected for the full fiscal year. The management discussion and analysis,
which follows these notes, contains additional information on the results of
operations and financial position of the Company. Those comments should be
read in conjunction with these financial statements.

3. Cash Flow Statement

  Supplemental cash flow information with respect to the acquisitions
discussed in Note 5 is as follows:

<TABLE>
<S>                                                                     <C>
Details of Acquisitions:
  Fair value of assets acquired, net of cash acquired.................. $16,702
  Fair value of liabilities assumed....................................  (5,409)
                                                                        -------
   Cash paid for acquisitions.......................................... $11,293
                                                                        =======
</TABLE>

                                       6
<PAGE>

                          ANTHONY CRANE RENTAL, L.P.

       NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS--(Continued)

                                (In thousands)

4.Long-Term Debt

  Long-term debt consists of the following:
<TABLE>
<CAPTION>
                                                            March
                                                             31,    December 31,
                                                             2000       1999
                                                           -------- ------------
<S>                                                        <C>      <C>
  10 3/8% Company Senior Notes, due 2008 (A).............. $155,000   $155,000
  Senior Credit Facility of the Company (B)
   Revolving Credit Facility..............................  240,000    221,000
   Term Loan..............................................   50,000     50,000
   First Priority Term Loan...............................  248,125    249,375
                                                           --------   --------
                                                           $693,125   $675,375
  Less current portion of long-term debt..................    2,500      2,500
                                                           --------   --------
                                                           $690,625   $672,875
                                                           ========   ========
</TABLE>

(A)  The Senior Notes of $155 million were issued in connection with the
     Company's recapitalization on July 22, 1998, and will mature on August 1,
     2008. Interest on the Senior Notes accrues at the rate of 10 3/8% per
     annum from the issue date and is payable semi-annually.

  The Senior Notes are not redeemable prior to August 1, 2003. Thereafter,
  the Senior Notes may be redeemed at any time at the option of the Company
  at premium percentages ranging between approximately 105% and 102% (based
  on the year of redemption) if redeemed after August 1, 2003, but before
  August 1, 2006. Subsequent to August 1, 2006, the Senior Notes may be
  redeemed at no premium to the Company. Notwithstanding the foregoing, at
  any time prior to August 1, 2001, the Company may on any one or more
  occasions redeem a total of up to 35% of the aggregate principal amount of
  the Senior Notes originally issued under the Senior Note Indenture at a
  redemption price of approximately 110 3/8% of the principal if that
  redemption is paid for with the proceeds of an equity offering.

  The Senior Note Indenture contains certain restrictive covenants that
  limit, among other things, the ability of the Company to make
  distributions, incur additional indebtedness, consolidate or sell
  substantially all of its assets, and enter into transactions with related
  parties.

(B)  The Senior Credit Facilities consist of a $425.0 million six-year non-
     amortizing Revolving Credit Facility, a $50.0 million eight-year non-
     amortizing Term Loan and a $250.0 million seven year First Priority Term
     Loan. The Revolving Credit Facility is available on a revolving basis
     subject to a borrowing base during the period commencing on the date of
     the Closing of the recapitalization transaction (July 22, 1998) and
     ending on the date that is six years after the date of the Closing. At
     the Company's option, loans made under the Revolving Credit Facility bear
     interest at either (i) the Base Rate (defined as the highest of the rate
     of interest announced publicly by Fleet National Bank from time to time
     as its prime rate or the Federal funds effective rate from time to time
     plus 0.50%) plus a margin of 1.5%, subject to adjustment based on a
     leverage test, or (ii) the reserve-adjusted London Interbank Offered Rate
     ("LIBO") plus a margin of 2.5%, subject to adjustment based on a leverage
     test. The Term Loan bears interest, at the Company's option, at either
     (i) the Base Rate plus a margin of 1.75%, or (ii) the reserve-adjusted
     LIBO Rate plus a margin of 2.75%. The First Priority Term Loan bears
     interest, at the Company's option, at either (i) the Base Rate plus a
     margin of 2.25%, subject to adjustment based on a leverage test, or (ii)
     the reserve-adjusted LIBO Rate plus a margin of 3.25%, subject to
     adjustment based on a leverage test.

  Revolving loans may be borrowed, repaid and reborrowed from time to time
  until six years after the closing of the Senior Credit Facilities. The Term
  Loan may be repaid at any time but is subject to certain call

                                       7
<PAGE>

                          ANTHONY CRANE RENTAL, L.P.

       NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS--(Continued)

                                (In thousands)

4. Long-Term Debt (continued)

  protections and must be repaid in full eight years after the closing of the
  Senior Credit Facilities. The First Priority Term Loans will be amortized
  equal to 1% of the aggregate principal amount thereof with the unpaid
  balance thereof payable in full on July 20, 2006.

  The Revolving Credit Facility and First Priority Term Loans are secured by
  a first-priority perfected lien, and the Term Loan is secured by a second-
  priority perfected lien, on all partnership interests of the Company and
  all property and assets (tangible and intangible) of the Company and each
  of its material subsidiaries, including, without limitation, all
  intercompany indebtedness, and all capital stock (or similar equity
  interests owned by the Company) of each of the Company's direct and
  indirect material subsidiaries, whenever acquired and wherever located;
  provided, however, that no more than 65% of the capital stock or similar
  equity interests of non-U.S. subsidiaries, if any, will be required to be
  pledged as security in the event that a pledge of a greater percentage
  would result in increased tax or similar liabilities for the Company and
  its subsidiaries on a consolidated basis or would violate applicable law.

  The Senior Credit Facilities provide for mandatory repayments, subject to
  certain exceptions, of the Revolving Credit Facility and the Term Loan
  based on certain net asset sales outside the ordinary course of business of
  the Company and its subsidiaries and the net proceeds of certain debt and
  equity issuances. Outstanding loans under the Revolving Credit Facility and
  the Term Loan (subject to certain call provisions) are voluntarily pre-
  payable without penalty; provided, however, that LIBO breakage costs, if
  any, shall be borne by the Company. The Senior Credit Facilities contains
  certain restrictive covenants; the most restrictive of which include
  financial ratios.

  The obligations of the Company under the Senior Notes and Senior Credit
  Facilities are guaranteed on a full, unconditional joint and several basis,
  by all material existing, direct and indirect domestic subsidiaries of the
  Company and will be guaranteed by all material future, direct and indirect
  domestic and foreign subsidiaries of the Company.

  The aggregate principal debt maturities of long-term debt for the next five
years are as follows:

<TABLE>
<S>                                                                     <C>
  2000................................................................. $  2,500
  2001.................................................................    2,500
  2002.................................................................    2,500
  2003.................................................................    2,500
  2004.................................................................    2,500
  Thereafter...........................................................  680,625
                                                                        --------
                                                                        $693,125
                                                                        ========
</TABLE>

5. Business Acquisitions

  On January 27, 2000, the Company acquired all of the outstanding common
stock of Sacramento Valley Crane Service, Inc. The aggregate purchase price
for the acquisition at closing was approximately $6.6 million in cash plus
assumed liabilities of approximately $5.4 million, subject to certain post-
closing purchase price adjustments. The acquisition was accounted for under
the purchase method of accounting and, accordingly, the purchase price has
been allocated to the assets acquired, principally consisting of equipment,
based on their estimated fair values at the date of acquisition. Goodwill in
the amount of $.7 million was recorded as a result of the acquisition and is
being amortized over 15 years.

                                       8
<PAGE>

                          ANTHONY CRANE RENTAL, L.P.

       NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS--(Continued)

                                (In thousands)

5. Business Acquistions (continued)

  On March 15, 2000, the Company acquired substantially all of the assets of
King's Crane Service, Inc. The aggregate purchase price was $4.6 million in
cash, subject to certain post-closing purchase price adjustments. The
acquisition was accounted for under the purchase method of accounting and,
accordingly, the purchase price has been allocated to the assets acquired,
principally consisting of equipment, based on their estimated fair values at
the date of acquisition. Goodwill in the amount of $1.0 million was recorded
as a result of the acquisition and is being amortized over 15 years.

  The operating results of these acquisitions are included in the
Partnership's consolidated results of operations from the date of acquisition.
Certain pro forma financial information related to the above acquisitions have
not been presented since the acquisitions were not material to the
Partnership's consolidated financial position or its consolidated results of
operations.

6. Equity Investment in Joint Venture

  On February 29, 2000, the Company entered into an agreement with Van
Seumeren, USA, to form a joint venture, AVS Services, L.L.C., to engage in
heavy lift services. Under the agreement each partner in the joint venture
shares equally in the profit or loss of the joint venture. In connection with
the agreement, the Company is obligated to contribute up to $.5 million as its
capital contribution to the joint venture. As of March 31, 2000, no capital
contributions had been made.

  The accounting policies of the joint venture are substantially the same as
those followed by the Company.

7. Lease Commitments

  In April 1997, the Partnership entered into a capital lease agreement for
the lease of twenty trucks. The lease has a term of three years with a bargain
purchase option at the end of the lease agreement. Interest rates under the
capital lease agreement range from approximately 19% to 22%.

  In connection with the acquisition of Sacramento Valley Crane Service Inc.,
(See Note 5), the Partnership assumed certain obligations related to capital
leases.

  The following is a schedule of future minimum lease payments under the
capital lease agreements together with the present value of the net minimum
lease payments as of March 31, 2000:

<TABLE>
<S>                                                                       <C>
Year ending December 31:

2000..................................................................... $1,329
2001.....................................................................    870
2002.....................................................................    670
2003.....................................................................    578
2004.....................................................................    867
Thereafter...............................................................  1,408
                                                                          ------
Total minimum lease payments.............................................  5,722
Less amount representing interest........................................  1,093
                                                                          ------
Present value of minimum lease payments..................................  4,629
Less current portion.....................................................  1,081
                                                                          ------
                                                                          $3,548
                                                                          ======
</TABLE>

                                       9
<PAGE>

                          ANTHONY CRANE RENTAL, L.P.

       NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS--(Continued)

                                (In thousands)
  Included in rental equipment is cost and accumulated depreciation for these
leased assets of approximately $4,910 and $609, respectively, at March 31,
2000 and $1,716 and $455, respectively, at December 31 1999.

8. Contingencies

  The Company is the defendant in a lawsuit by its former insurance carrier
who has asserted a claim for premiums allegedly due on a contract of insurance
in the amount of approximately $455. The Company has denied any liability and
intends to vigorously defend the claim.

  Additionally, the Company is the defendant in a lawsuit asserting breach of
contract and tort claims arising out of allegations the Company did not timely
deliver certain used equipment that the customer contracted to buy from the
Company. The Company has denied any liability and intends to vigorously defend
the claims.

  The Company is also the defendant in a lawsuit resulting from negotiations
in connection with a proposed acquisition in which the potential seller is
seeking contractual damages in excess of $11 million plus other consequential
damages that may be proved at trial for breach of contract and the
confidentiality provisions in a letter of intent executed between the parties.
The lawsuit was amended to include a claim that the Company committed fraud in
connection with the proposed acquisition. The Company has denied any liability
and intends to vigorously defend the claims.

  The Company is a party to a number of other lawsuits and claims arising out
of the usual course of business.

  While the Company cannot predict the outcome of these matters, in the
opinion of management upon advice of counsel, any liability resulting
thereunder will not have a material adverse effect on the Company's business
or financial condition, after giving effect to provisions already recorded.
However, there can be no assurance that an adverse outcome in one or more of
these matters will not be material to results of operations in any one period.
Additionally, certain of these matters are covered by the indemnity from the
partners prior to the Company's recapitalization.

9. Subsidiary Guarantors

  All of the Company's subsidiaries are wholly owned and all of the
outstanding debt under the Company's Senior Notes and Senior Credit Facility
are guaranteed on a full, unconditional and joint and several basis by all of
these subsidiaries (the "Guarantor Subsidiaries"). The following summarized
financial information presents the financial position for the Company and
Guarantor Subsidiaries as of March 31, 2000 and December 31, 1999 and the
results of operations and cash flows for the three-month periods ended March
31, 2000 and 1999. Separate financial statements of the Guarantor Subsidiaries
have not been presented because management believes they are not material to
investors.

                                      10
<PAGE>

                          ANTHONY CRANE RENTAL, L.P.

       NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS--(Continued)

                                (In thousands)

9. Subsidiary Guarantors (continued)

  The following table summarizes the financial position, results of operations
and cash flows for Holdings, the Company and its guarantor subsidiaries as of
and for the three months ended March 31, 2000:

<TABLE>
<CAPTION>
                                                 March 31, 2000
                            -----------------------------------------------------------
                                                    Other
                            Operating             Guarantor   Intercompany
                             Company   Carlisle  Subsidiaries Eliminations Consolidated
                            ---------  --------  ------------ ------------ ------------
                                                   (Unaudited)
<S>                         <C>        <C>       <C>          <C>          <C>
BALANCE SHEETS
Assets:
Total current assets......  $ 50,393   $ 31,304    $ 2,689     $ (14,913)    $ 69,473
Investment in
 subsidiaries.............    34,550        --         --        (34,550)         --
Rental equipment, net of
 accumulated
 depreciation.............   351,070    141,095      9,265           --       501,430
Property and equipment,
 net of
 accumulated depreciation..   58,835      9,423      1,705           --        69,963
Other assets..............   262,424     73,643         59      (225,788)     110,338
                            --------   --------    -------     ---------     --------
  Total assets............  $757,272   $255,465    $13,718     $(275,251)    $751,204
                            ========   ========    =======     =========     ========
Liabilities and partners'
 capital:
Total current
 liabilities..............  $ 52,253   $  8,714    $   310     $ (15,090)    $ 46,187
Long term debt, less
 current portion..........   690,625    225,789        --       (225,789)     690,625
Other non-current
 liabilities..............     5,943        820        --            --         6,763
                            --------   --------    -------     ---------     --------
  Total Liabilities.......   748,821    235,323        310      (240,879)     743,575
Partners' capital.........     8,451     20,142     13,408       (34,372)       7,629
                            --------   --------    -------     ---------     --------
  Total liabilities and
   partners' capital......  $757,272   $255,465    $13,718     $(275,251)    $751,204
                            ========   ========    =======     =========     ========
STATEMENTS OF OPERATIONS
Total revenues............  $ 69,786   $ 27,098    $ 3,146     $  (2,445)    $ 97,585
                            --------   --------    -------     ---------     --------
Total cost of revenues....    46,273     19,834      1,424        (2,445)      65,086
Selling, general and
 administrative...........    14,757      4,367        220           --        19,344
                            --------   --------    -------     ---------     --------
Income from operations....     8,756      2,897      1,502           --        13,155
Interest expense and other
 (income) expense, net....    11,799      5,177        449           --        17,425
                            --------   --------    -------     ---------     --------
Income (loss) before
 taxes....................    (3,043)    (2,280)     1,053           --        (4,270)
Provision for state
 taxes....................       100        --         --            --           100
                            --------   --------    -------     ---------     --------
Net income (loss).........  $ (3,143)  $ (2,280)   $ 1,053     $     --      $ (4,370)
                            ========   ========    =======     =========     ========
STATEMENTS OF CASH FLOWS
Net cash used in operating
 activities...............  $ (9,964)  $  1,090    $ 1,426     $  (1,944)    $ (9,392)
                            --------   --------    -------     ---------     --------
Net cash provided by (used
 in)
 investing activities.....  $(10,000)  $ (1,113)   $(1,495)    $   1,944     $(10,664)
                            --------   --------    -------     ---------     --------
Net cash provided by (used
 in)
 financing activities.....  $ 14,972   $    (17)   $   --      $     --      $ 14,955
                            --------   --------    -------     ---------     --------
</TABLE>

                                      11
<PAGE>

                           ANTHONY CRANE RENTAL, L.P.

       NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS--(Continued)

                                 (In thousands)

9. Subsidiary Guarantors (continued)

  The following table summarizes the financial position for the Company and its
guarantor subsidiaries as of December 31, 1999, and results of operations and
cash flows as of and for the three months ended March 31, 1999.

<TABLE>
<CAPTION>
                                                 December 31, 1999
                             ----------------------------------------------------------
                                                    Other
                             Operating            Guarantor   Intercompany
                              Company   Carlisle Subsidiaries Eliminations Consolidated
                             ---------  -------- ------------ ------------ ------------
<S>                          <C>        <C>      <C>          <C>          <C>
BALANCE SHEETS
Assets:
Total current assets.......  $ 53,399   $ 20,000   $ 1,188     $  (4,558)    $ 70,029
Investment in
 subsidiaries..............    34,776        --        --        (34,776)         --
Rental equipment, net of
 accumulated depreciation..   386,898     94,993     9,533           --       491,424
Property and equipment, net
 of
 accumulated depreciation..    58,619      8,937     1,758           --        69,314
Other assets...............   210,448     74,002        69      (173,276)     111,243
                             --------   --------   -------     ---------     --------
  Total assets.............  $744,140   $197,932   $12,548     $(212,610)    $742,010
                             ========   ========   =======     =========     ========
Liabilities and partners'
 capital:
Total current liabilities..  $ 56,375   $  1,359   $   193     $  (4,558)    $ 53,369
Long term debt, less
 current portion...........   672,875    173,276       --       (173,276)     672,875
Other non-current
 liabilities...............     3,190        876       --           (177)       3,889
                             --------   --------   -------     ---------     --------
  Total Liabilities........   732,440    175,511       193      (178,011)     730,133
Partners' capital..........    11,700     22,421    12,355       (34,599)      11,877
                             --------   --------   -------     ---------     --------
  Total liabilities and
   partners' capital.......  $744,140   $197,932   $12,548     $(212,610)    $742,010
                             ========   ========   =======     =========     ========

<CAPTION>
                                                  March 31, 1999
                             ----------------------------------------------------------
                                                    (Unaudited)
<S>                          <C>        <C>      <C>          <C>          <C>
STATEMENT OF OPERATIONS
Total revenues.............  $ 45,938   $    --    $ 2,964     $     --      $ 48,902
                             --------   --------   -------     ---------     --------
Total cost of revenues.....    30,135        --      1,381           --        31,516
Selling, general and
 administrative............     9,415        --        199           --         9,614
                             --------   --------   -------     ---------     --------
Income from operations.....     6,388        --      1,384           --         7,772
Interest expense and other
 income net................     8,491        --        341           --         8,832
                             --------   --------   -------     ---------     --------
Income (loss) before
 taxes.....................    (2,103)       --      1,043           --        (1,060)
Provision for state taxes..       101        --        --            --           101
                             --------   --------   -------     ---------     --------
Net income (loss)..........  $ (2,204)  $    --    $ 1,043     $     --      $ (1,161)
                             ========   ========   =======     =========     ========
<CAPTION>
                                                  March 31, 1999
                             ----------------------------------------------------------
                                                    (Unaudited)
<S>                          <C>        <C>      <C>          <C>          <C>
STATEMENT OF CASH FLOWS
Net cash used in operating
 activities................  $ (7,559)  $    --    $   (65)    $     --      $ (7,624)
                             --------   --------   -------     ---------     --------
Net cash used in investing
 activities................  $(25,512)  $    --    $  (565)    $     --      $(26,077)
                             --------   --------   -------     ---------     --------
Net cash provided by
 financing activities......  $ 33,282   $    --    $   --      $     --      $ 33,282
                             ========   ========   =======     =========     ========
</TABLE>

                                       12
<PAGE>

                          ANTHONY CRANE RENTAL, L.P.

       NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS--(Continued)

                                (In thousands)

10. Operating Segment Information

  The Company identifies and manages its business as two operating segments,
the equipment rental industry and equipment sales.

  The equipment rentals segment is engaged in the rental of cranes and other
heavy equipment primarily for industrial maintenance and construction to a
variety of companies in the petrochemical, paper, steel, utility, mining and
multiple other industries, throughout the United States. The equipment sales
segment sells new and used equipment to commercial construction, industrial
and residential users.

  The accounting policies of the segments are the same as those of the
Company. The Company evaluates the performance of its segments and allocates
resources to them based on earnings before interest, taxes, depreciation and
amortization (EBITDA), (as defined to exclude net gains on sales of used
equipment).

  The Company does not maintain information about assets for its reportable
segments. Accordingly, the items specified in Paragraph 28 of FAS 131 are not
applicable. Additionally, the Company has not disclosed prior years' segment
data on a comparative basis, because management found it impracticable to
obtain the comparative data for the prior years.

  The table below presents information about reported segments for the three
months ended March 31, 2000 and the year ended December 31, 1999.

<TABLE>
<CAPTION>
                                                   Equipment Equipment
                                                    Rentals    Sales    Total
                                                   --------- --------- --------
<S>                                                <C>       <C>       <C>
Three months ended,
 March 31, 2000:
  Revenues........................................ $ 85,471   $12,114  $ 97,585
  EBITDA.......................................... $ 26,441   $   307  $ 26,748

Year ended December 31, 1999:
  Revenues........................................ $264,668   $34,446  $299,114
  EBITDA.......................................... $ 80,174   $   760  $ 80,934
</TABLE>

11. Subsequent Event

  On April 14, 2000, the Company announced it was changing its name to Maxim
Crane Works and intends to complete a formal name change by the end of the
second quarter.

                                      13
<PAGE>

ITEM 2.

  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
                                      OPERATIONS

Results of Operations

 Quarter ended March 31, 2000 Compared to the Quarter Ended March 31, 1999

  Equipment Rental Revenues: Revenues from equipment rentals increased $39.2
million, or 84.7% to $85.5 million for the quarter ended March 31, 2000, as
compared to $46.3 million for the same period in the prior year. This increase
was largely due to the Carlisle acquisition completed in July 1999, which
accounted for approximately $22.7 million in equipment rental revenues. The
remaining $16.5 million increase is the result of incremental revenues
generated by the other acquisitions completed during 1999, as well as internal
growth of the Company's existing yards. Additionally, management has noted a
recovery in the equipment rental revenues generated from the Company's
petrochemical customers.

  Equipment Sales: Revenues from equipment sales increased $9.5 million, or
365.4%, to $12.1 million for the quarter ended March 31, 2000, as compared to
$2.6 million for the same period in the prior year. The Carlisle acquisition
accounted for approximately $4.4 million of the increase. Additionally, the
Company has experienced increased activity in sales of new equipment as well
as sales through its fleet management program.

  Total Revenues: Based on the foregoing, total revenues increased $48.7
million, or 99.6%, to $97.6 million for the quarter ended March 31, 2000, as
compared to $48.9 million for the same period in the prior year.

  Gross Profit: Gross profit from equipment rentals increased $14.0 million,
or 84.3%, to $30.6 million for the quarter ended March 31, 2000, as compared
to $16.6 million for the same period in the prior year. The Carlisle
acquisition accounted for approximately $6.8 million of the increase in gross
profit from equipment rentals. As a percent of equipment rental revenues,
gross profit from equipment rentals remained unchanged from the prior year,
amounting to 35.8%. This gross profit margin represents a 0.8% improvement
over the 35.0% margin generated for the year ended December 31, 1999. The
Company is beginning to realize the synergies from the integration of the
acquisitions completed in 1999. Additionally, the recovery of the
petrochemical industry has further had a positive impact on the gross margin
percentage.

  Gross profit from equipment sales increased $1.1 million, or 137.5%, to $1.9
million for the quarter ended March 31, 2000, as compared to $.8 million for
the same period in the prior year. As a percent of equipment sales revenues,
gross profit from equipment sales decreased to 15.7% for the quarter ended
March 31, 2000 as compared to 30.8% for the same period in the prior year. The
margin percentage generated represents a return to more normal gross margin
levels, as equipment sales during the quarter ended March 31, 1999 generated
unusually large margins.

  Based on the foregoing, total gross profit increased $15.1 million, or
86.8%, to $32.5 million for the quarter ended March 31, 2000, as compared to
$17.4 million for the same period in the prior year.

  Selling, General and Administrative Expenses: Selling, general and
administrative expenses increased $9.7 million, or 101.0%, to $19.3 million
for the quarter ended March 31, 2000, as compared to $9.6 million for the same
period in the prior year. The Carlisle acquisition accounted for $4.4 million
of the increase in selling, general and administrative expenses. The remaining
increase is primarily due to increased depreciation and increased employee-
related costs associated with the acquisitions completed in 1999 and early
2000, as well as internal growth. As a percent of total revenues, selling,
general and administrative expenses remained relatively constant, amounting to
19.8% for the quarter ended March 31, 2000, as compared to 19.6% for the same
period in the prior year.

                                      14
<PAGE>

  Earnings Before Interest, Taxes, Depreciation and Amortization: EBITDA (as
defined to exclude net gains on sales of used equipment) increased $12.2
million, or 84.1%, to $26.7 million for the quarter ended March 31, 2000, as
compared to $14.5 million for the same period in the prior year. EBITDA from
equipment rentals (as further defined to exclude gains on the sale of new
equipment) increased $10.4 million, or 71.7% to $24.9 million for the quarter
ended March 31, 2000, as compared to $14.5 million for the same period in the
prior year. As a percent of rental revenues, EBITDA from rental operations
decreased to 29.1% for the quarter ended March 31, 2000, as compared to 31.3%
for the same period in the prior year. This decrease is primarily due to the
increased costs discussed above.

  Interest Expense: Interest expense increased $8.6 million, or 97.7%, to
$17.4 million for the quarter ended March 31, 2000, as compared to $8.8
million for the same period in the prior year. This increase reflects the
higher level of borrowings outstanding attributable to the acquisitions
completed in 1999 and early 2000 as well as the Company's continued investment
in rental equipment.

  Net Loss: Net loss increased $3.2 million, or 266.7%, to a net loss of $4.4
million for the quarter ended March 31, 2000, as compared to $1.2 million for
the same period in the prior year as a result of the factors discussed above.

Liquidity and Capital Resources

  Net cash used in operating activities for the quarter ended March 31, 2000
increased by $1.9 million to $9.5 million from a use of cash of $7.6 million
for the quarter ended March 31, 1999. This increase was primarily the result
of a increase in net loss as well as an increase in accounts receivable and a
decrease in certain liabilities.

  During the quarters ended March 31, 2000 and 1999, the Company's principal
uses of cash for investing activities were for acquisitions and capital
expenditures, including expenditures for rental equipment. Total capital
expenditures for these periods were $6.1 million and $21.7 million,
respectively. Included in these totals were expenditures for rental equipment
totaling $4.8 million and $19.4 million, respectively. These expenditures were
made to increase the Company's total investment in the rental fleet and to
replace sold used rental equipment.

  Net cash provided by financing activities during the quarter ended March 31,
2000 was $15.0 million, an decrease of 54.9%, compared to $33.3 million for
the quarter ended March 31, 1999. The decrease in net cash provided by
financing activities was due to a decrease in net borrowings to fund capital
expenditures.

  The Company has no long-term minimum purchase commitments for rental
equipment. Management has budgeted $35 million for net fleet capital
expenditures for 2000, exclusive of acquisitions, to be used to replace rental
equipment sold as well as increases its total investment in the fleet. In
addition to the budgeted capital expenditures, the Company is currently
considering several potential acquisitions. In the quarters ended March 31,
2000 and 1999, the Company incurred approximately $.8 million related to a
sale/leaseback transaction entered into in December 1996. This transaction
will require annual payments of approximately $3.1 million through January
2004.

  In connection with the Company's recapitalization, the Company and Holdings
incurred significant amounts of debt with interest and principal payments on
the Discount Debentures, the Senior Notes and under the Senior Credit
Facilities representing significant obligations of the Company and Holdings.
Holdings' operations are conducted through its subsidiaries and Holdings is,
therefore, dependent upon the cash flow of its subsidiaries, including the
Company, to meet its debt service obligations. The Company's liquidity needs
relate to working capital, debt service, capital expenditures and potential
acquisitions.


                                      15
<PAGE>

  The Company intends to fund its working capital, capital expenditures,
acquisitions and debt service requirements through cash flows generated from
operations and borrowings under the Senior Credit Facilities. The Senior
Credit Facilities consist of a $425.0 million, non-amortizing Revolving Credit
Facility of which a net amount of $240.0 million was drawn at March 31, 2000,
a $50.0 million non-amortizing Term Loan and a $250.0 million First Priority
Term Loan. Amounts under the Revolving Credit Facility will be available on a
revolving basis during the period commencing on July 22, 1998 (the date of the
closing) and ending on the sixth anniversary of the closing.

  The Senior Credit Facilities and the Senior Notes contain certain covenants
that limit, among other things, the ability of the Company and Holdings to:
(i) make distributions, redeem partnership interests or make certain other
restricted payments or investments other than distributions to pay taxes; (ii)
incur additional indebtedness or issue preferred equity interests; (iii)
merge, consolidate or sell all or substantially all of its assets; (iv) create
liens on assets; and (v) enter into certain transactions with affiliates or
related persons. In addition, the Senior Credit Facilities require the Company
to maintain specific financial ratios and tests, among other obligations,
including a minimum interest coverage ratio. At March 31, 2000, the Company
was in full compliance with the financial covenants and expects to remain in
compliance for the foreseeable future, including with respect to the minimum
interest coverage ratio.

Forward Looking Statements

  This report may contain forward-looking statements that are based on current
expectations, estimates and projections about the industries in which the
Company operates, management's beliefs and assumptions made by management.
Words such as "expects", "anticipates", "intends", "plans", "believes",
"estimates" and variations of such words and similar expressions are intended
to identify such forward-looking statements. These statements constitute
"forward-looking statements" within the meaning of Section 27A of the
Securities Act of 1933, and are subject to the safe harbor created thereby.
These statements are based on a number of assumptions that could ultimately
prove inaccurate and, therefore, there can be no assurance that such
statements will prove to be accurate. Factors which could affect actual future
results include the developments relating to the state and local sales and use
tax audit and other claims related to investigations or lawsuits. Such factors
also include the possibility that increased demand or prices for the Company's
services may not occur or continue, changing economic and competitive
conditions, technological risks and other risks, changing governmental
regulations (including environmental rules and regulations) and other risks
and uncertainties, including those detailed in the Company's filings with the
Securities and Exchange Commission. The Company does not undertake to publicly
update any forward-looking statement, whether as a result of new information,
future events or otherwise.

                                      16
<PAGE>

                                    PART II

ITEM 1. LEGAL PROCEEDINGS

  The Company is a party to a number of lawsuits and claims arising out of the
usual course of business.

ITEM 5. OTHER INFORMATION

  On April 14, 2000, the Company announced it was changing its name to Maxim
Crane Works and intends to complete a formal name change during the second
quarter.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

A. INDEX TO EXHIBITS

  Not Applicable

B. REPORTS ON FORM 8-K

  None

                                       17
<PAGE>

                                  SIGNATURES

  Pursuant to the requirements of Section 13 or 15 (d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this Report on Form 10-Q
to be signed on its behalf by the undersigned, thereunto duly authorized, in
the City of West Mifflin, State of Pennsylvania, on May 10, 2000.

                                          Anthony Crane Rental, L.P.

                                               /s/ Jeffrey J. Fenton
                                          By:  ________________________________
                                              Jeffrey J. Fenton
                                              Chief Executive Officer

  Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed by the following persons in the capacities indicated on
May 10, 2000.

                                               /s/ William F. Fabrizio
                                          By:  ________________________________
                                              William F. Fabrizio
                                              Chief Financial Officer

                                      18