SeaCube Container Leasing Ltd (SeaCube) (NYSE: BOX), one of the world’s largest lessors of intermodal freight containers, today reported results for the fourth quarter and year ended December 31, 2011.
Adjusted net income (1) was $13.4 million for the fourth quarter of 2011 compared to $9.3 million in the fourth quarter of 2010, an increase of 44%. For the fourth quarter of 2011, adjusted net income per diluted common share was $0.66. 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 $46.7 million for the fourth quarter of 2011 compared to $35.9 million for the fourth quarter of 2010, an increase of 30%. Utilization continued to be strong with average fourth quarter utilization of 98.1%. Adjusted EBITDA (1) was $64.5 million for the fourth quarter of 2011 compared to $53.1 million in the fourth quarter of 2010.
The Company reported net income of $12.3 million for the fourth quarter of 2011 compared to $10.3 million for the fourth quarter of 2010. Net income per diluted common share was $0.61 for the fourth quarter of 2011 compared to $0.55 for the fourth quarter of 2010.Joseph Kwok, Chief Executive Officer of SeaCube, commented, “During 2011, we have more than doubled our container investments, enabling the Company to significantly improve its revenue, earnings and cash flow. In addition, we have invested another $80.8 million during the first two months in 2012; of which, 88% has been committed to long term leases. As we progress through 2012, we will continue to benefit from our new investments. With a significant revenue stream from our long-term contracts, SeaCube remains well positioned for growth opportunities.” Mr. Kwok concluded, “We are pleased that our Board has approved a dividend of $0.26 per share, an increase of 8.3% from the previous quarter. This will be our sixth consecutive dividend and third increase since going public in November 2010. Including this increase, we have now declared cumulative dividends of $1.38 per share. We plan on continuing to create shareholder value by distributing dividends as well as by growing our revenues, earnings and cash flow as we continue to execute our investment strategy.”