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Textainer Group Holdings Limited Reports First Quarter 2011 Results and Declares Quarterly Dividend

Dépèche transmise le 5 mai 2011 par Business Wire

Textainer Group Holdings Limited Reports First Quarter 2011 Results and Declares Quarterly Dividend

Textainer Group Holdings Limited Reports First Quarter 2011 Results and Declares Quarterly Dividend

HAMILTON, Bermuda--(BUSINESS WIRE)--Textainer Group Holdings Limited (NYSE:TGH) (“Textainer”, the “Company”, “we” and “our”), the world’s largest lessor of intermodal containers based on fleet size, today reported results for the first quarter ended March 31, 2011.

“Textainer’s Board declared a dividend increase for the fifth consecutive quarter. Our first quarter 2011 dividend represents an increase of 6.9% from our previous quarterly payout and continues our record of stable or increasing dividends.”

Total revenue for the first quarter 2011 was $91.2 million, which was an increase of $21.6 million, or 31%, compared to $69.6 million for the prior year comparable quarter. EBITDA(1—see GAAP to non-GAAP reconciliations) for the first quarter 2011 was $69.8 million, which was an increase of $24.2 million, or 53%, compared to $45.7 million for the prior year comparable quarter. The increase in EBITDA(1) for the first quarter 2011 compared to the prior year comparable quarter was primarily due to a 21.0% increase in the Company’s owned fleet size, an 8.2% increase in per diem rental rates and an 8.1 percentage point improvement in utilization.

Net income attributable to Textainer Group Holdings Limited common shareholders excluding unrealized (gains) losses on interest rate swaps, net(1) for the first quarter 2011 was $35.4 million, which was an increase of $9.9 million, or 39%, compared to $25.5 million for the prior year comparable quarter. Net income attributable to Textainer Group Holdings Limited common shareholders excluding unrealized (gains) losses on interest rate swaps, net(1) for the first quarter 2011 was positively affected by the increases in the Company’s owned fleet size and per diem rental rates and the improvement in utilization. Net income attributable to Textainer Group Holdings Limited common shareholders per diluted common share excluding unrealized (gains) losses on interest rate swaps, net(1) for the first quarter 2011 was $0.71 per share, which was an increase of $0.19 per share, or 37%, compared to $0.52 per share for the prior year comparable quarter.

Net income attributable to Textainer Group Holdings Limited common shareholders for the first quarter 2011 was $37.2 million, which was an increase of $13.0 million, or 53%, compared to $24.2 million for the prior year comparable quarter. The increase in net income attributable to Textainer Group Holdings Limited common shareholders was primarily due to the increases in the Company’s owned fleet size and per diem rental rates and the improvement in utilization.

Net income attributable to Textainer Group Holdings Limited common shareholders per diluted common share for the first quarter 2011 was $0.75, which was an increase of $0.25 per share, or 50%, from the $0.50 per share for the prior year comparable quarter.

John A. Maccarone, President and Chief Executive Officer of Textainer, commented, “Textainer’s solid results for the first quarter of 2011 demonstrate management’s continued successful execution of its growth strategy and further strengthen the Company’s industry leading position. During the first quarter of 2011, we significantly expanded our fleet with the acquisition of 98,400 TEU of new containers, which contributed to a 31% increase in total revenue and a 39% increase in net income attributable to Textainer Group Holdings Limited common shareholders excluding unrealized (gains) losses on interest rate swaps, net compared to the prior year comparable quarter. Our results also benefited from a worldwide shortage of containers, which led to high utilization rates throughout the quarter. With 1,802,100 TEU, or 76.4%, of our fleet supported by long-term and direct financing leases, we expect to be able to continue to provide our shareholders with a sizeable contracted revenue stream. We also intend to utilize our considerable financial flexibility, including over $1 billion in total credit facilities with current availability of over $266 million, to capitalize on future growth opportunities that further expand our earnings power.”

Mr. Maccarone concluded, “Textainer’s Board declared a dividend increase for the fifth consecutive quarter. Our first quarter 2011 dividend represents an increase of 6.9% from our previous quarterly payout and continues our record of stable or increasing dividends.”

Outlook

Industry

Manufacturing in China resumed more slowly than expected after the Chinese New Year Holiday in February. We understand that some workers may have postponed returning to their jobs after the holidays so that they might seek better paying jobs or negotiate higher wages. As a result of the slower resumption of manufacturing in China, finished goods production was delayed, leading to delays in the on-hire of some of our new containers until late March and April. However, we are optimistic that demand will continue to improve going forward.

We expect utilization to remain in the mid to high 90% range during 2011, and have thus far been pleased as utilization averaged 98.2% in the first quarter of 2011. So far this year, returns of older containers by our customers have been minimal primarily due to the high cost required to buy or lease replacement containers, which has resulted in extensions of expired leases, usually at higher rental rates.

Since the supply of older containers for the secondary storage market is less than demand, we have experienced attractive gross margins on trading containers and gains on disposal of owned containers, which we expect will continue.

Strategic Focus

Following record 2010 purchase of new production of 214,000 TEU of containers at a cost of $503.7 million, we have already ordered 166,500 TEU of new standard dry-freight containers at a cost of $426.7 million for delivery through the first half of 2011. We have also ordered 9,000 TEU of new refrigerated containers for delivery through July at a cost of $79.8 million, compared to 6,800 TEU of new refrigerated containers purchased during the full year ended December 31, 2010, as we continue to expand our ability to place new refrigerated containers on attractive leases.

As a result of exercising an option to increase our main credit facility by $100 million to $850 million in the first quarter 2011, we had more than $266 million of available liquidity under our total credit facilities as of March 31, 2011.

With a low debt-to-equity ratio of 1.4:1, we are in a strong position to continue purchasing both new and used containers to take advantage of attractive opportunities as the year unfolds.

Dividend

On May 3, 2011, Textainer’s board of directors approved and declared a quarterly cash dividend of $0.31 per share on Textainer’s issued and outstanding common shares, payable on May 23, 2011 to shareholders of record as of May 16, 2011. This dividend is an increase of $0.02 per share from the prior quarter and will continue Textainer’s history of paying constant or higher dividends every quarter since our October 2007 initial public offering. Combined, these dividends have averaged 46% of net income attributable to Textainer Group Holdings Limited common shareholders excluding unrealized (gains) losses on interest rate swaps, net(1) during this period. The current dividend represents 43% of net income attributable to Textainer Group Holdings Limited common shareholders excluding unrealized (gains) losses on interest rate swaps, net(1) for the first quarter.

Investors’ Webcast

Textainer will hold a conference call and a Webcast with an accompanying slide presentation at 11:00 am EDT on Thursday, May 5, 2011 to discuss Textainer’s 2011 first quarter results. An archive of the Webcast will be available one hour after the live call through May 5, 2012. For callers in the U.S. the dial-in number for the conference call is 877-303-9078; for callers outside the U.S. the dial-in number for the conference call is 970-315-0455. To access the live Webcast or archive, please visit Textainer’s website at http://www.textainer.com.

About Textainer Group Holdings Limited

Textainer has operated since 1979 and is the world’s largest lessor of intermodal containers based on fleet size. We have a total of more than 1.5 million containers, representing about 2.4 million TEU, in our owned and managed fleet. We lease containers to more than 400 shipping lines and other lessees. We lease dry freight containers, which are by far the most common of the three principal types of intermodal containers, as well as specialized and refrigerated containers. We have also been one of the largest purchasers of new containers among container lessors over the last 10 years. We are one of the largest sellers of used containers, having sold more than 77,000 containers last year to more than 1,100 customers. We provide our services worldwide via a network of regional and area offices and independent depots.

Important Cautionary Information Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of U.S. securities laws. Forward-looking statements include statements that are not statements of historical facts and include, without limitation, statements regarding: (i) Textainer’s expectation to be able to provide its shareholders with a sizeable contracted revenue stream; (ii) Textainer’s intention to utilize its considerable financial flexibility, including over $1 billion in total credit facilities with current availability of over $266 million, to capitalize on future growth opportunities that further expand its earnings power; (iii) Textainer’s optimistic belief that demand for new containers will continue to improve going forward; (iv) Textainer’s expectation that utilization will remain in the mid to high 90% range during 2011; (v) Textainer’s expectation that, since the supply of older containers for the secondary storage market is less than demand, Textainer will continue to experience attractive gross margins on trading containers and gains on disposal of owned containers; (vi) Textainer’s expectations as to the expected timing of deliveries of new containers in 2011; and (vii) Textainer’s belief that, with a low debt-to-equity ratio of 1.4:1, it is in a strong position to continue purchasing both new and used containers to take advantage of attractive opportunities as the year unfolds. Readers are cautioned that these forward-looking statements involve risks and uncertainties, are only predictions and may differ materially from actual future events or results. These risks and uncertainties include, without limitation: the risk that there could be a double-dip global recession that may adversely affect our business, financial condition and results of operations, including the risk that a double-dip global recession may delay or prevent Textainer's customers from making payments; the risk that gains and losses associated with the disposition of equipment may fluctuate; Textainer's ability to finance the continued purchase of containers and the ability of manufacturers to deliver new containers on time; the demand for leased containers depends on many political and economic factors beyond Textainer's control; lease and freight rates may decline; the demand for leased containers is partially tied to international trade; Textainer faces extensive competition in the container leasing industry; the international nature of the container shipping industry exposes Textainer to numerous risks; acquisitions involve a number of risks and present financial, managerial and operational challenges; and other risks and uncertainties, including those set forth in Textainer's filings with the Securities and Exchange Commission. For a discussion of some of these risks and uncertainties, see Item 3 "Key Information-- Risk Factors" in Textainer's Annual Report on Form 20-F filed with the Securities and Exchange Commission on March 18, 2011.

Textainer's views, estimates, plans and outlook as described within this document may change subsequent to the release of this press release. Textainer is under no obligation to modify or update any or all of the statements it has made herein despite any subsequent changes Textainer may make in its views, estimates, plans or outlook for the future.

     
TEXTAINER GROUP HOLDINGS LIMITED AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
March 31, 2011 and December 31, 2010
(Unaudited)
(All currency expressed in United States dollars in thousands)
 
    2011       2010  

 

 

Assets
Current assets:
Cash and cash equivalents $ 89,970 $ 57,081
Accounts receivable, net of allowance for doubtful accounts of
$8,031 and $8,653 in 2011 and 2010, respectively 67,821 63,511
Net investment in direct financing and sales-type leases 20,711 19,117
Trading containers 1,024 404
Containers held for sale 1,662 2,883
Prepaid expenses 8,669 8,603
Deferred taxes 1,896 1,895
Due from affiliates, net   10   -  
Total current assets 191,763 153,494
Restricted cash 24,472 15,034
Containers, net of accumulated depreciation of $372,287 and $361,791
at 2011 and 2010, respectively 1,560,196 1,437,259
Net investment in direct financing and sales-type leases 76,823 72,224
Fixed assets, net of accumulated depreciation of $8,960 and $8,820
at 2011 and 2010, respectively 1,779 1,804
Intangible assets, net of accumulated amortization of $29,048 and $27,441
at 2011 and 2010, respectively 58,515 60,122
Interest rate swaps 1,742 1,320
Other assets   4,423   5,950  
Total assets $ 1,919,713 $ 1,747,207  
Liabilities and Equity
Current liabilities:
Accounts payable $ 5,475 $ 6,296
Accrued expenses 5,975 11,988
Container contracts payable 128,989 98,731
Deferred revenue 6,722 6,855
Due to owners, net 16,335 17,545
Bonds payable   51,500   51,500  
Total current liabilities 214,996 192,915
Revolving credit facility 119,000 104,000
Secured debt facility 669,652 558,127
Bonds payable 162,738 175,570
Deferred revenue 1,413 2,994
Interest rate swaps 11,792 13,581
Income tax payable 20,936 20,821
Deferred taxes   9,966   8,632  
Total liabilities   1,210,493   1,076,640  
Equity:
Textainer Group Holdings Limited shareholders' equity:
Common shares, $0.01 par value. Authorized 140,000,000 shares; issued and outstanding 48,865,154 and 48,318,058 at 2011 and 2010, respectively
489 483
Additional paid-in capital 191,469 181,602
Accumulated other comprehensive income (loss) 30 (52 )
Retained earnings   424,924   401,849  
Total Textainer Group Holdings Limited shareholders’ equity 616,912 583,882
Noncontrolling interest   92,308   86,685  
Total equity   709,220   670,567  
Total liabilities and equity $ 1,919,713 $ 1,747,207  
 
TEXTAINER GROUP HOLDINGS LIMITED AND SUBSIDIARIES
Condensed Consolidated Statements of Income
Three Months Ended March 31, 2011 and 2010
(Unaudited)
(All currency expressed in United States dollars in thousands, except per share amounts)
               
Three Months Ended
March 31,
  2011     2010  
 
 
Revenues:
Lease rental income $ 72,359 $ 49,581
Management fees 7,684 6,408
Trading container sales proceeds 4,765 4,017
Gains on sale of containers, net   6,394     9,614  
Total revenues   91,202     69,620  
Operating expenses:
Direct container expense 3,958 9,376
Cost of trading containers sold 4,166 3,162
Depreciation expense 18,866 12,843
Amortization expense 1,758 1,577
General and administrative expense 6,198 5,348
Short-term incentive compensation expense 959 766
Long-term incentive compensation expense 1,736 2,075
Bad debt expense (recovery), net   136     (276 )
Total operating expenses   37,777     34,871  
Income from operations   53,425     34,749  
Other income (expense):
Interest expense (7,523 ) (2,654 )
Interest income 7 8
Realized losses on interest rate swaps and caps, net (2,642 ) (2,753 )
Unrealized gains (losses) on interest rate swaps, net 2,211 (1,600 )
Other, net   (51 )   (63 )
Net other expense   (7,998 )   (7,062 )
Income before income tax and noncontrolling interest 45,427 27,687
Income tax expense   (2,614 )   (614 )
Net income 42,813 27,073
Less: Net income attributable to the noncontrolling interest   (5,623 )   (2,834 )
Net income attributable to Textainer Group Holdings
Limited common shareholders $ 37,190   $ 24,239  
 
Net income attributable to Textainer Group Holdings Limited

common shareholders per share:

Basic $ 0.76 $ 0.51
Diluted $ 0.75 $ 0.50
 
Weighted average shares outstanding (in thousands):
Basic 48,660 47,966
Diluted 49,892 48,763
 
TEXTAINER GROUP HOLDINGS LIMITED AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
Three months Ended March 31, 2011 and 2010
(Unaudited)
(All currency expressed in United States dollars in thousands)
 
              Three Months Ended March 31,
  2011           2010  
 
Cash flows from operating activities:
Net income $ 42,813   $ 27,073  
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense 18,866 12,843
Bad debt expense (recovery), net 136 (276 )
Unrealized (gains) losses on interest rate swaps, net (2,211

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