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CAI International, Inc. Reports Results for the Second Quarter of 2011

Dépèche transmise le 26 juillet 2011 par Business Wire

CAI International, Inc. Reports Results for the Second Quarter of 2011

CAI International, Inc. Reports Results for the Second Quarter of 2011

SAN FRANCISCO--(BUSINESS WIRE)--CAI International, Inc. (CAI) (NYSE:CAP), one of the world’s leading lessors of intermodal freight containers, today reported results for the second quarter of 2011.

Highlights for the Second Quarter of 2011

  • CAI reported net income attributable to CAI common stockholders for the second quarter of 2011 of $0.55 per fully diluted share, a 77% increase compared to $0.31 per fully diluted share for the second quarter of 2010.
  • Container rental revenue for the second quarter of 2011 increased 77% compared to the second quarter of 2010 and 10% compared to the first quarter of 2011.
  • Average owned fleet per diem rates per TEU for the second quarter of 2011 increased by 31% compared to the second quarter of 2010.
  • Average fleet utilization for the second quarter of 2011 was 98%, the same as the first quarter of 2011.

Net income attributable to CAI common stockholders was $10.9 million for the second quarter of 2011, compared to $5.7 million for the second quarter of 2010, an increase of 92%.

Total revenue for the second quarter of 2011 was $28.8 million, compared to $17.4 million for the second quarter of 2010, an increase of 66%. Container rental revenue for the second quarter of 2011 was $24.7 million, compared to $14.0 million for the prior year quarter. The increase in container rental revenue was primarily due to a 37% increase in the average number of TEUs of owned containers on lease and to a 31% increase in the average owned fleet per diem rates compared to the second quarter last year. Management fee revenue for the second quarter of 2011 was $3.3 million, compared to $2.5 million for the prior year quarter. Finance lease income for the second quarter of 2011 remained unchanged at $0.5 million compared to the second quarter of 2010.

Victor Garcia, Chief Executive Officer of CAI, commented, “We are very pleased with our strong revenue and earnings growth this quarter resulting from the continued increase in containerized trade growth this year. Clarkson’s Research in July estimated overall containerized trade growth to remain at approximately 9% for 2011, supported by moderate growth of 6% in the main trading lanes to Europe and United States, and more robust growth within Asia, Latin America and the Middle East. This growth in containerized trade has resulted in an increase in pickup of equipment over recent months. During the second quarter we leased out approximately 39,000 TEUs of new containers and we have leased out an additional 13,000 TEUs to date in July. Utilization of our equipment remained at 98% this quarter and we expect utilization to continue at similar levels through the remainder of the year. We believe utilization will stay strong next year due to ongoing trade growth and the investment we have made over the past two years in equipment with multi-year leases.”

He continued further, “We are pleased that our investments in equipment commitments for this year have already exceeded our original expectations, and the level of investment last year. Our customers have already committed to pick up approximately $86 million of equipment during the remainder of the third quarter. All of this equipment, once on long term leases, will provide committed cash flow for the next several years.”

 
CAI International, Inc.
Consolidated Balance Sheets
(In thousands, except share information)
(UNAUDITED)
   
June 30, December 31,
2011 2010
Assets
Current assets
Cash $ 11,064 $ 14,393

Accounts receivable (owned fleet), net of allowance for doubtful accounts
of $1,143 and $2,182 at June 30, 2011 and December 31, 2010, respectively

19,975 20,874
Accounts receivable (managed fleet) 19,863 19,496
Current portion of direct finance leases 3,276 3,948
Prepaid expenses 6,472 6,645
Deferred tax assets 1,875 1,931
Other current assets   2,910     1,364  
Total current assets 65,435 68,651

Container rental equipment, net of accumulated depreciation of $94,706
and $85,596 at June 30, 2011 and December 31, 2010, respectively

738,659 530,939
Net investment in direct finance leases 11,236 7,886

Furniture, fixtures and equipment, net of accumulated depreciation of
$780 and $548 at June 30, 2011 and December 31, 2010, respectively

2,229 2,383

Intangible assets, net of accumulated amortization of $6,053 and $5,982
at June 30, 2011 and December 31, 2010 respectively

  3,000     3,593  
Total assets $ 820,559   $ 613,452  
 
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable $ 2,327 $ 2,411
Accrued expenses and other current liabilities 5,231 5,408
Due to container investors 24,132 23,283
Unearned revenue 5,799 5,724
Current portion of term loans 15,600 24,800
Current portion of capital lease obligations 3,479 4,438
Rental equipment payable   72,094     88,097  
Total current liabilities 128,662 154,161
Revolving credit facility 256,600 51,600
Term loans 170,600 169,200
Deferred income tax liability 30,882 30,226
Capital lease obligations 9,803 10,509
Income taxes payable   82     82  
Total liabilities   596,629     415,778  
 
Stockholders' equity

Common stock: par value $.0001 per share; authorized 84,000,000 shares; issued
and outstanding 19,295,359 shares at June 30, 2011 and December 31, 2010

2 2
Additional paid-in capital 127,504 127,064
Accumulated other comprehensive loss (780 ) (2,510 )
Retained earnings   78,719     55,043  
Total CAI stockholders' equity 205,445 179,599
Non-controlling interest   18,485     18,075  
Total stockholders' equity   223,930     197,674  
Total liabilities and stockholders' equity $ 820,559   $ 613,452  

CAI International, Inc.
Consolidated Statements of Income
(In thousands, except per share data)
(UNAUDITED)
         
Three Months Ended June 30,   Six Months Ended June 30,
  2011     2010     2011     2010  
Revenue
Container rental revenue $ 24,711 $ 13,974 $ 47,096 $ 26,318
Management fee revenue 3,275 2,536 6,790 4,717
Gain on sale of container portfolios 253 348 1,663 614
Finance lease income   520     505     952     907  
Total revenue   28,759     17,363     56,501     32,556  
 
Operating expenses
Depreciation of container rental equipment 7,436 4,471 14,172 8,678
Amortization of intangible assets 343 341 686 695
Impairment of container rental equipment 5 11 10 28
Gain on disposition of used container equipment (2,785 ) (2,498 ) (6,400 ) (3,918 )
Storage, handling and other expenses 1,360 1,763 2,455 3,954
Marketing, general and administrative expenses 5,517 5,527 10,119 10,476
Loss (gain) on foreign exchange   (37 )   230     23     411  
Total operating expenses   11,839     9,845     21,065     20,324  
 
Operating income   16,920     7,518     35,436     12,232  
 
Interest expense 3,529 963 6,503 1,820
Interest income   (1 )   (88 )   (4 )   (120 )
Net interest expense   3,528     875     6,499     1,700  
 
Net income before income taxes and non-controlling interest 13,392 6,643 28,937 10,532
Income tax expense   2,301     967     4,851     1,807  
 
Net income 11,091 5,676 24,086 8,725
Net income attributable to non-controlling interest   (211 )   -     (410 )   -  
 
Net income attributable to CAI common stockholders $ 10,880   $ 5,676   $ 23,676   $ 8,725  
 
 
Net income per share attributable to
CAI common stockholders
Basic $ 0.56 $ 0.32 $ 1.23 $ 0.49
Diluted $ 0.55 $ 0.31 $ 1.20 $ 0.48
 
Weighted average shares outstanding
Basic 19,295 17,910 19,295 17,908
Diluted 19,798 18,141 19,779 18,098
 

CAI International, Inc.
Fleet Data
(UNAUDITED)
     
As of June 30,
2011 2010
 
Managed fleet in TEUs 468,598 512,836
Owned fleet in TEUs 415,260 263,632
 
Total 883,858 776,468
 

Conference Call

A conference call to discuss the financial results for the second quarter of 2011 will be held on Tuesday, July 26, 2011 at 5:00 p.m. ET. The dial-in number for the teleconference is 1-877-303-9148; outside of the U.S., call 1-760-536-5211. The call may be accessed live over the internet (listen only) under the “Investors” tab of CAI’s website, www.capps.com, by selecting “Q2 2011 Earnings Conference Call.” A webcast replay will be available for 30 days on the “Investors” tab of our website.

About CAI International, Inc.

CAI is one of the world’s leading managers and lessors of intermodal freight containers. As of June 30, 2011, the company operated a worldwide fleet of approximately 884,000 TEUs of containers through 12 offices located in 10 countries including the United States.

This press release contains forward-looking statements regarding future events and the future performance of CAI International, Inc. These statements are forward looking statements within the meaning of the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934 and involve risks and uncertainties that could cause actual results of operations and other performance measures to differ materially from current expectations including, but not limited to, utilization rates, expected economic conditions, availability of credit on commercially favorable terms or at all, customer demand, container investment levels, container prices, lease rates, increased competition, volatility in exchange rates, and others. CAI refers you to the documents that it has filed with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2010 and its interim reports on Form 10-Q and its reports on Form 8-K. These documents contain additional important factors that could cause actual results to differ from current expectations and from forward-looking statements contained in this press release. Furthermore, CAI is under no obligation to (and expressly disclaims any such obligation to) update or alter any of the forward-looking statements contained in this press release whether as a result of new information, future events or otherwise, unless required by law.

Business Wire

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