TAL International Group, Inc. (NYSE: TAL), one of the world’s largest lessors of intermodal freight containers and chassis, today reported results for the third quarter ended September 30, 2011.
- TAL reported Adjusted pre-tax income of $1.56 per fully diluted share for the third quarter of 2011, an increase of approximately 2% from the second quarter of 2011 and an increase of nearly 70% from the third quarter of 2010. TAL focuses on its adjusted pre-tax results since it does not currently pay any material cash taxes and does not expect that it will for the next several years.
- TAL reported leasing revenues of $120.9 million for the third quarter of 2011, an increase of 13.5% from the second quarter of 2011 and an increase of 41.1% from the third quarter of 2010.
- TAL has continued to invest heavily in equipment during 2011. As of October 26, 2011, TAL has invested over $750 million in new container purchases or sale-leaseback transactions. Approximately 85% of this equipment (together with TAL’s beginning inventory of uncommitted factory units as of January 1, 2011) is either on-hire or committed to lease transactions.
- TAL announced a quarterly dividend of $0.52 per share payable on December 22, 2011 to shareholders of record as of December 1, 2011.
Adjusted pre-tax income (1), excluding gains and losses on interest rate swaps and the write-off of deferred financing costs, was $52.3 million in the third quarter of 2011, compared to $51.0 million in the second quarter of 2011 and $28.6 million in the third quarter of 2010. Adjusted pre-tax income per fully diluted common share was $1.56 in the third quarter of 2011 versus $1.53 in the second quarter of 2011, and $0.93 in the third quarter of 2010. The Company focuses on adjusted pre-tax results since it considers gains and losses on interest rate swaps and the write-off of deferred financing costs to be unrelated to operating performance and since it does not expect to pay any significant income taxes for a number of years due to the availability of accelerated tax depreciation on its existing container fleet and planned future equipment purchases.
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