During the quarter, we leased to customers 13,000 TEUs of new equipment and completed the sale leaseback of 26,000 TEUs of containers with one of our customers. We think that some shipping lines will continue to look to sell and leaseback some units over the course of 2012 and we’re very interested in those types of transactions where we believe we have purchased the assets at attractive prices.
Our results also continue to benefit from the secondary sales market, which has remained strong throughout the year. This quarter, we generated $3.2 million in income from the disposition of containers. Container prices have come down modestly in certain locations, but remained strong worldwide by historical standards.
During the fourth quarter of 2011, we sold 33% fewer TEU than in the fourth quarter of 2010, but we’re able to obtain a higher average gain per TEU. Compared to the third quarter of 2011, we often sold slightly fewer units than in the fourth quarter, but again, our average gain on sale was higher.
We believe that prices per the sale of used containers will remain strong in 2012 because of the expected high utilization of containers worldwide during the year and the relatively high price of new containers.In summary, we have enjoyed spectacular revenue and earnings growth over the past year with a relatively tight supply of factory inventory, improved growth within the U.S. and European economies and continued strong trade amongst less developed regions, we are expecting ongoing growth of our business in 2012.I’ll now turn over the call to Tim Page, our Chief Financial Officer to review the financial results for the quarter.Timothy PageThank you, Victor. Earlier today we reported 2011 fourth quarter net income attributed – attributable to common stockholders of 12.9 million, an increase of 23% compared to the fourth quarter of 2010, and as we indicated in our earnings release, a record result for the fourth quarter for CAI.Read the rest of this transcript for free on seekingalpha.com
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