SeaCube Container Leasing Ltd. (SeaCube) (NYSE: BOX), one of the world’s largest lessors of intermodal freight containers, today reported results for the third quarter ended September 30, 2011.
Adjusted net income (1) was $11.1 million for the third quarter of 2011 compared to $8.6 million in the third quarter of 2010, an increase of 30%. For the third quarter of 2011, adjusted net income per diluted common share was $0.55. 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 $45.2 million for the third quarter of 2011 compared to $34.5 million for the third quarter of 2010, an increase of 31%. Utilization continued to be strong with average third quarter utilization of 98.2%. Adjusted EBITDA (1) was $61.6 million for the third quarter of 2011, compared to $53.2 million in the third quarter of 2010.
The Company reported net income of $8.8 million for the third quarter of 2011 compared to $4.8 million for the third quarter of 2010. Net income per diluted common share was $0.44 for the third quarter of 2011, compared to $0.29 for the third quarter of 2010.Joseph Kwok, Chief Executive Officer of SeaCube, commented, “SeaCube once again achieved strong quarterly revenue and earnings growth, as we continued to expand our fleet of new containers. Year-to-date 2011, we have invested over $476 million in new equipment, more than twice our investment last year. For the remainder of this year and into 2012, we remain well positioned to benefit from these investments as well as our significant contracted revenue stream and market leadership in refrigerated container leasing.” Mr. Kwok concluded, “We are pleased to declare our fifth consecutive dividend since going public in November 2010. Our cumulative dividends are now $1.12 per share. We plan on continuing to create shareholder value by distributing dividends as well as by growing our revenues, earnings and cash by investing in new containers. Our recent $250 million offering of Fixed Rate Secured Notes, which were rated “A” by Standard & Poor’s and well received by the financial community, has served to further strengthen our balance sheet.