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Textainer Group Holdings Limited Reports Record Fourth-Quarter and Full-Year 2011 Results and Increases Quarterly Dividend
Dépèche transmise le 14 février 2012 par Business Wire
Textainer Group Holdings Limited Reports Record Fourth-Quarter and Full-Year 2011 Results and Increases Quarterly Dividend
HAMILTON, Bermuda--(BUSINESS WIRE)--Textainer Group Holdings Limited (NYSE:TGH), the world’s largest lessor of intermodal containers based on fleet size, today reported results for the fourth quarter and full year ended December 31, 2011. “Our fourth quarter closed out a record year for Textainer by every meaningful performance measure, including total revenues, profitability, utilization and fleet size,” said Philip K. Brewer, President and Chief Executive Officer of Textainer. “We also significantly increased our capital expenditures to $904 million, purchasing 448,000 TEU of containers positioning the Company for further success in 2012.”
“With 2011 as a backdrop, we expect that utilization may continue its slight decline during the first quarter of 2012, but that the overall level will remain attractive”
Key Financial Information (in thousands except for per share and TEU amounts): |
||||||||||||||||
Q4 2011 | Q4 2010 | Full-year 2011 | Full-year 2010 | |||||||||||||
Total revenues | $ | 116,377 | $ | 83,999 | $ | 422,796 | $ | 303,879 | ||||||||
Net income |
$ |
54,919 |
$ |
40,047 |
$ |
189,606 |
$ |
120,031 |
||||||||
Net income |
$ |
1.10 |
$ |
0.81 |
$ |
3.80 |
$ |
2.43 |
||||||||
Adjusted net |
$ |
53,008 |
$ |
35,701 |
$ |
178,199 |
$ |
123,451 |
||||||||
Adjusted net |
$ |
1.06 |
$ |
0.72 |
$ |
3.58 |
$ |
2.50 |
||||||||
EBITDA(1) | $ | 89,213 | $ | 65,300 | $ | 332,212 | $ | 218,995 | ||||||||
Average fleet |
97.7 |
% |
98.0 |
% |
98.3 |
% |
95.4 |
% |
||||||||
Total fleet size at |
2,469,039 |
2,314,219 |
|
|||||||||||||
Owned |
58.6 |
% |
50.9 |
% |
|
“Adjusted net income” and “EBITDA” are Non-GAAP Measures that are reconciled to GAAP measures in footnote 1. “Adjusted net income” is defined as net income attributable to Textainer Group Holdings Limited common shareholders before unrealized losses on interest rate swaps, net, and gain on sale of containers to noncontrolling interest (“NCI”) and related impact of reconciling items on net income attributable to the NCI. “EBITDA” is defined as net income attributable to Textainer Group Holdings Limited common shareholders before interest income and interest expense, realized and unrealized losses on interest rate swaps and caps, net, income tax expense, net income attributable to the NCI, depreciation and amortization expense, and gain on sale of containers to NCI and related impact of reconciling items on net income attributable to the NCI. Footnote 1 provides certain qualifications and limitations on the use of Non-GAAP Measures.
All of Textainer’s financial results above were positively impacted by the following items in the fourth quarter 2011, compared to the year ago quarter:
- 28.0% increase in the average size of the owned container fleet;
- 1.7% increase in average per diem rental rates;
- $2.3 million increase in net gain on container trading due to increased sales volume and average sales proceeds per container; and
- An increase in estimated residual values, beginning July 1, 2011, used in the calculation of depreciation expense which resulted in $4.8 million less depreciation expense than would have been recorded using prior residual values.
These items were partially offset by increases in depreciation expense and interest expense due to the increase in the size of the owned container fleet and associated debt to fund this expansion.
All of Textainer’s financial results above were positively impacted by the following items for full-year 2011, compared to the prior year:
- 29.5% increase in the average size of the owned container fleet;
- 7.1% increase in average per diem rental rates;
- 2.9 percentage point increase in utilization;
- $2.5 million increase in net gain on container trading due to increased sales volume and average sales proceeds per container;
- $7.2 million decrease in direct container expense primarily due to reduced storage expense;
- An increase in estimated residual values, beginning July 1, 2011, used in the calculation of depreciation expense, which resulted in $9.5 million less depreciation expense than would have been recorded using prior residual values; and
- A capital restructuring of our primary asset-owning subsidiary, Textainer Marine Containers Limited (“TMCL”), effective June 30, 2011, whereby our wholly-owned subsidiary, Textainer Limited, now owns 100% of TMCL, eliminating the related noncontrolling interest. The restructuring resulted in a $19.8 million gain on sale of containers to the prior noncontrolling interest holder. The gain was the result of recognizing the fair value of containers and direct financing and sales-type leases in excess of their book value exchanged for TMCL’s common shares at the time of the transaction. This was a noncash transaction.
These items were partially offset by increases in depreciation expense and interest expense due to the increase in the size of the owned container fleet and associated debt to fund this expansion.
TMCL’s issuance of $400 million in fixed rate asset backed notes in June represented one of the largest container securitizations in history and again demonstrated Textainer’s ability to attract strong investor support in the debt markets. With a debt-to-equity ratio of 2.2:1, the Company is in a strong position to continue purchasing both new and used containers to meet market demand and maintain our industry leading position.
Outlook
Capital expenditures for new standard dry-freight and refrigerated containers were the highest in the Company’s history and in-fleet container utilization continues to remain at or near historic highs. Demand for new standard dry-freight containers began to slow during the second quarter but demand for depot equipment remained strong. Utilization declined by approximately 1%, over the last half of the year. “With 2011 as a backdrop, we expect that utilization may continue its slight decline during the first quarter of 2012, but that the overall level will remain attractive,” commented Mr. Brewer. “We are optimistic that utilization may level off or start to improve during the second quarter of 2012 and with 78% of our fleet committed to long-term and direct financing and sales-type leases, we have a sizeable contracted revenue stream which we expect will continue to provide our shareholders with attractive returns. We are off to a good start in 2012, with 32,000 TEU of dry freight containers and 5,000 TEU of refrigerated containers already ordered. Furthermore, resale prices have recently declined in some locations but, relative to the last ten years, current resale price levels remain very high.”
Dividend
On February 10, 2012, Textainer’s board of directors approved and declared a quarterly cash dividend of $0.37 per share on Textainer’s issued and outstanding common shares, payable on March 6, 2012 to shareholders of record as of February 24, 2012. This dividend is an increase of $0.02 per share from the prior quarter, Textainer’s eighth consecutive quarterly increase, and will continue the Company’s history of paying constant or higher dividends every quarter since its October 2007 initial public offering. Combined, these dividends have averaged 43% of Adjusted net income(1) during this period. The current dividend represents 35% of Adjusted net income(1).
Investors’ Webcast
Textainer will hold a conference call and a Webcast with an accompanying slide presentation at 11:00 am EST on Tuesday, February 14, 2012 to discuss Textainer’s 2011 fourth-quarter and full-year results. An archive of the Webcast will be available one hour after the live call through February 14, 2013. 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 Group Holdings Limited and its subsidiaries (“Textainer”) is the world's largest lessor of intermodal containers based on fleet size. The Company began operations in 1979 and as of the most recent quarter end had more than 1.6 million containers, representing more than 2.4 million TEU, in its owned and managed fleet. Textainer leases dry freight, refrigerated, and specialized containers. Each year the Company is one of the largest purchasers of new containers as well as one of the largest sellers of used containers. Textainer leases containers to approximately 400 shipping lines and other lessees and sells containers to more than 1,000 customers worldwide and provides services worldwide via a network of regional and area offices, as well as 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 belief that it is in a strong position to continue purchasing both new and used containers to meet market demand and maintain its industry leading position; (ii) Textainer’s expectation that utilization may continue its slight decline during the first quarter of 2012, but that the overall level will remain attractive and (iii) Textainer’s expectation that its sizeable contracted revenue stream will continue to provide its shareholders with attractive returns. 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 following items that could materially and negatively impact our business, results of operations, cash flows, financial condition and future prospects: any deceleration or reversal of the current domestic and global economic recoveries; lease rates may decrease and lessees may default, which could decrease revenue and increasing storage, repositioning, collection and recovery expenses; we own a large and growing number of containers in our fleet and are subject to significant ownership risk; further consolidation of container manufacturers or the disruption of manufacturing for the major manufacturers could result in higher new container prices and/or decreased supply of new containers and any increase in the cost or reduction in the supply of new containers; the demand for leased containers depends on many political and economic factors beyond Textainer's control; the demand for leased containers is partially tied to international trade and if this demand were to decrease due to increased barriers to trade, or for any other reason, it could reduce demand for intermodal container leasing; as we increase the number of containers in our owned fleet, we will have significant capital at risk and may need to incur more debt, which could result in financial instability; Textainer faces extensive competition in the container leasing industry; the international nature of the container shipping industry exposes Textainer to numerous risks; gains and losses associated with the disposition of used equipment may fluctuate; our indebtedness reduces our financial flexibility and could impede our ability to operate; 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 4 “Risk Factors” in Textainer’s Quarterly Report on Form 6-K and Item 3 "Key Information-- Risk Factors" in Textainer's Annual Report on Form 20-F filed with the Securities and Exchange Commission on November 14, 2011 and March 18, 2011, respectively.
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 Statements of Income | ||||||||||||||||||||||
Three Months and Years Ended December 31, 2011 and 2010 | ||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||
(All currency expressed in United States dollars in thousands, except per share amounts) | ||||||||||||||||||||||
Three Months Ended | Years Ended | |||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||||||||
Revenues: | ||||||||||||||||||||||
Lease rental income | $ | 87,072 | $ | 68,237 | $ | 327,627 | $ | 235,827 | ||||||||||||||
Management fees | 6,628 | 8,072 | 29,324 | 29,137 | ||||||||||||||||||
Trading container sales proceeds | 14,770 | 1,445 | 34,214 | 11,291 | ||||||||||||||||||
Gains on sale of containers, net | 7,907 | 6,245 | 31,631 | 27,624 | ||||||||||||||||||
Total revenues | 116,377 | 83,999 | 422,796 | 303,879 | ||||||||||||||||||
Operating expenses (income): | ||||||||||||||||||||||
Direct container expense | 5,554 | 4,094 | 18,307 | 25,542 | ||||||||||||||||||
Cost of trading containers sold | 12,219 | 1,146 | 29,456 | 9,046 | ||||||||||||||||||
Depreciation expense | 21,501 | 18,050 | 83,177 | 58,972 | ||||||||||||||||||
Amortization expense | 1,335 | 1,756 | 6,110 | 6,544 | ||||||||||||||||||
General and administrative expense | 5,453 | 5,575 | 23,495 | 21,670 | ||||||||||||||||||
Short-term incentive compensation expense | 1,209 | 1,342 | 4,921 | 4,805 | ||||||||||||||||||
Long-term incentive compensation expense | 1,486 | 1,118 | 5,950 | 5,318 | ||||||||||||||||||
Bad debt expense, net | 782 | 399 | 3,007 | 145 | ||||||||||||||||||
Gain on sale of containers to noncontrolling interest | - | - | (19,773 | ) | - | |||||||||||||||||
Total operating expenses, net | 49,539 | 33,480 | 154,650 | 132,042 | ||||||||||||||||||
Income from operations | 66,838 | 50,519 | 268,146 | 171,837 | ||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||
Interest expense | (14,649 | ) | (6,658 | ) | (44,891 | ) | (18,151 | ) | ||||||||||||||
Interest income | 12 | 13 | 32 | 27 | ||||||||||||||||||
Realized losses on interest rate swaps and caps, net | (2,654 | ) | (2,445 | ) | (10,824 | ) | (9,844 | ) | ||||||||||||||
Unrealized gains (losses) on interest rate swaps, net | 1,909 | 5,495 | (3,849 | ) | (4,021 | ) | ||||||||||||||||
Other, net | 3 | (762 | ) | (115 | ) | (1,591 | ) | |||||||||||||||
Other expense, net | (15,379 | ) | (4,357 | ) | (59,647 | ) | (33,580 | ) | ||||||||||||||
Income before income tax and noncontrolling interest | 51,459 | 46,162 | 208,499 | 138,257 | ||||||||||||||||||
Income tax benefit (expense) | 3,030 | (1,274 | ) | (4,481 | ) | (4,493 | ) | |||||||||||||||
Net income | 54,489 | 44,888 | 204,018 | 133,764 | ||||||||||||||||||
Net loss (income) attributable to the noncontrolling interest | 430 | (4,841 | ) | (14,412 | ) | (13,733 | ) | |||||||||||||||
Net income attributable to Textainer Group Holdings | ||||||||||||||||||||||
Limited common shareholders | $ | 54,919 | $ | 40,047 | $ | 189,606 | $ | 120,031 | ||||||||||||||
Net income attributable to Textainer Group Holdings Limited common shareholders per share: |
||||||||||||||||||||||
Basic | $ | 1.12 | $ | 0.83 | $ | 3.88 | $ | 2.50 | ||||||||||||||
Diluted | $ | 1.10 | $ | 0.81 | $ | 3.80 | $ | 2.43 | ||||||||||||||
Weighted average shares outstanding (in thousands): | ||||||||||||||||||||||
Basic | 48,931 | 48,255 | 48,859 | 48,108 | ||||||||||||||||||
Diluted | 49,910 | 49,532 | 49,839 | 49,307 |
TEXTAINER GROUP HOLDINGS LIMITED AND SUBSIDIARIES | ||||||||
Condensed Consolidated Balance Sheets | ||||||||
December 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 | $ | 74,816 | $ | 57,081 | ||||
Accounts receivable, net of allowance for doubtful accounts of $7,840 and $8,653 in 2011 and 2010, respectively |
86,428 | 63,511 | ||||||
Net investment in direct financing and sales-type leases | 25,075 | 19,117 | ||||||
Trading containers | 12,970 | 404 | ||||||
Containers held for sale | 7,832 | 2,883 | ||||||
Prepaid expenses | 10,243 | 8,603 | ||||||
Deferred taxes | 2,443 | 1,895 | ||||||
Total current assets |
219,807 | 153,494 | ||||||
Restricted cash | 45,858 | 15,034 | ||||||
Containers, net of accumulated depreciation of $377,731 and $361,791 at 2011 and 2010, respectively |
1,903,855 | 1,437,259 | ||||||
Net investment in direct financing and sales-type leases | 85,121 | 72,224 | ||||||
Fixed assets, net of accumulated depreciation of $9,027 and $8,820 at 2011 and 2010, respectively |
1,717 | 1,804 | ||||||
Intangible assets, net of accumulated amortization of $33,340 and $27,441 at 2011 and 2010, respectively |
46,675 | 60,122 | ||||||
Interest rate swaps | - | 1,320 | ||||||
Other assets | 7,171 | 5,950 | ||||||
Total assets |
$ | 2,310,204 | $ | 1,747,207 | ||||
Liabilities and Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 2,616 | $ | 6,296 | ||||
Accrued expenses | 18,491 | 11,988 | ||||||
Container contracts payable | 25,510 | 98,731 | ||||||
Deferred revenue | 6,245 | 6,855 | ||||||
Due to owners, net | 15,812 | 17,545 | ||||||
Secured debt facility | 41,035 | - | ||||||
Bonds payable | 91,500 | 51,500 | ||||||
Total current liabilities |
201,209 | 192,915 | ||||||
Revolving credit facility | 133,047 | 104,000 | ||||||
Secured debt facility | 779,383 | 558,127 | ||||||
Bonds payable | 464,226 | 175,570 | ||||||
Deferred revenue | 1,136 | 2,994 | ||||||
Interest rate swaps | 16,110 | 13,581 | ||||||
Income tax payable | 22,729 | 20,821 | ||||||
Deferred taxes | 7,438 | 8,632 | ||||||
Total liabilities |
1,625,278 |
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