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CAI International, Inc. Reports Record Results For The Fourth Quarter And Full Year Of 2011

CAI International, Inc. (CAI) (NYSE:CAP), one of the world’s leading lessors of intermodal freight containers, today reported results for the fourth quarter and full year of 2011.

Highlights for the Fourth Quarter and Full Year of 2011

  • CAI reported record net income attributable to CAI common stockholders for the fourth quarter of 2011 of $0.66 per fully diluted share, a 16% increase compared to $0.57 for the fourth quarter of 2010.
  • For the full year of 2011, CAI reported record net income attributable to CAI common stockholders of $2.55 per fully diluted share, a 63% increase compared to $1.56 reported in 2010.
  • Container rental revenue for the fourth quarter of 2011 increased 50% compared to the fourth quarter of 2010 and 16% compared to the third quarter of 2011.

Net income attributable to CAI common stockholders was $12.9 million for the fourth quarter of 2011, compared to $10.5 million for the fourth quarter of 2010, an increase of 23%. Net income attributable to CAI common stockholders was $50.2 million for the year ended December 31, 2011, compared to $28.4 million for the comparable period in 2010, an increase of 77%.

Total revenue for the fourth quarter of 2011 was $36.2 million, compared to $25.2 million for the fourth quarter of 2010, an increase of 44%. Container rental revenue for the fourth quarter of 2011 was $32.0 million, compared to $21.4 million for the fourth quarter of 2010. The increase in container rental revenue was primarily due to a 30% increase in the average number of TEUs of owned containers on lease and to a 19% increase in the average owned fleet per diem rates compared to the fourth quarter of 2010. Management fee revenue for the fourth quarter of 2011 was $3.1 million, compared to $3.4 million for the fourth quarter of 2010. Finance lease income for the fourth quarter of 2011 increased to $1.1 million, from $0.4 million in the fourth quarter of 2010. As expected, average fleet utilization decreased slightly due to normal seasonality from 98.1% in the third quarter of 2011 to 96.5% in the fourth quarter of 2011.

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