SeaCube Container Leasing Ltd (SeaCube) (NYSE: BOX), one of the world’s largest lessors of intermodal freight containers, today reported results for the second quarter ended June 30, 2011.
Adjusted net income (1) was $10.4 million for the second quarter of 2011 compared to $8.0 million in the second quarter of 2010, an increase of 30%. For the second quarter of 2011, adjusted net income per diluted common share was $0.51. The Company focuses on adjusted net income because it excludes the impact of non-cash interest expense and non-recurring items that are unrelated to the operating performance of the business.
Total revenue was $40.8 million for the second quarter of 2011 compared to $33.6 million for the second quarter of 2010, an increase of 21%. Utilization continues to be strong with average second quarter utilization of 98.6%. Adjusted EBITDA (1) was $60.8 million for the second quarter of 2011, compared to $53.0 million in the second quarter of 2010.
The Company reported net income of $9.4 million for the second quarter of 2011 compared to $7.3 million for the second quarter of 2010. Net income per diluted common share was $0.47 for the second quarter of 2011, compared to $0.45 for the second quarter of 2010.Joseph Kwok, Chief Executive Officer of SeaCube, commented, “SeaCube generated strong revenue and earnings growth in the second quarter, as we continued to benefit from our investments in new containers. In 2011 year-to-date, we have ordered approximately $400 million of new equipment, surpassing the amount we invested in 2010 and our original plan for 2011. Consistent with our strategy of maintaining strong utilization, 90% of the new containers are already committed to long-term leases.” Mr. Kwok continued, “As we progress through the second half of the year, SeaCube remains well positioned to continue to achieve strong year-over-year revenue and earnings growth. Our year-to-date investment of $400 million is expected to be completed by November, and we will continue to make investments that are in the best interests of our shareholders. Our primary focus will be on the refrigerated container market, enabling the Company to take advantage of favorable sector fundamentals and further solidify its position as the largest lessor of refrigerated containers.”