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TAL International Group, Inc. Reports First Quarter 2012 Results And Declares $0.58 Quarterly Dividend

(2) Adjusted EBITDA is a non-GAAP measurement we believe is useful in evaluating our operating performance. The Company’s definition and calculation of Adjusted EBITDA is outlined in the attached schedules.

(3) Adjusted net income is a non-GAAP measurement we believe is useful in evaluating our operating performance. The Company’s definition and calculation of Adjusted net income is outlined in the attached schedules.

(1)(2)(3) Please see page 8 for a detailed reconciliation of these financial measurements.

TAL INTERNATIONAL GROUP, INC.

Consolidated Balance Sheets

(Dollars in thousands, except share data)

(Unaudited)

   

March 31,

2012

December 31,

2011

ASSETS:
Leasing equipment, net of accumulated depreciation and allowances of $660,954 and $626,965 $ 2,705,930 $ 2,663,443
Net investment in finance leases, net of allowances of $1,047 and $1,073 142,190 146,742
Equipment held for sale   44,044     47,048  
Revenue earning assets 2,892,164 2,857,233
Cash and cash equivalents (including restricted cash of $32,530 and $34,466) 106,337 175,343
Accounts receivable, net of allowances of $713 and $667 56,383 56,491
Goodwill 71,898 71,898
Deferred financing costs 23,383 24,028
Other assets 14,096 11,539
Fair value of derivative instruments   616     771  
Total assets $ 3,164,877   $ 3,197,303  
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Equipment purchases payable $ 32,292 $ 55,320
Fair value of derivative instruments 69,659 78,122
Accounts payable and other accrued expenses 57,474 66,607
Net deferred income tax liability 217,244 198,867
Debt   2,208,969     2,235,585  
Total liabilities 2,585,638 2,634,501
Stockholders’ equity:
Preferred stock, $.001 par value, 500,000 shares authorized, none issued
Common stock, $.001 par value, 100,000,000 shares authorized, 36,577,226 and 36,412,659 shares issued respectively 37 36
Treasury stock, at cost, 3,011,843 shares (37,535 ) (37,535 )
Additional paid-in capital 490,811 489,468
Accumulated earnings 134,916 120,449
Accumulated other comprehensive (loss)   (8,990 )   (9,616 )
Total stockholders’ equity   579,239     562,802  
Total liabilities and stockholders’ equity $ 3,164,877   $ 3,197,303  

TAL INTERNATIONAL GROUP, INC.

Consolidated Statements of Operations

(Dollars and shares in thousands, except per share data)

(Unaudited)

 

Three Months Ended

March 31,

  2012       2011  
Revenues:
Leasing revenues:
Operating leases $ 119,481 $ 95,324
Finance leases   3,698     4,246  
Total leasing revenues 123,179 99,570
Equipment trading revenue 14,461 24,216
Management fee income 660 703
Other revenues   32     39  
Total revenues   138,332     124,528  
Operating expenses (income):
Equipment trading expenses 12,563 19,289
Direct operating expenses 5,581 4,100
Administrative expenses 11,106 10,563
Depreciation and amortization 45,205 32,253
Provision for doubtful accounts 14 39
Net (gain) on sale of leasing equipment   (10,760 )   (7,885 )
Total operating expenses   63,709     58,359  
Operating income 74,623 66,169
Other expenses (income):
Interest and debt expense 26,625 23,731
Net (gain) loss on interest rate swaps   (2,972 )   (8,007 )
Total other expenses   23,653     15,724  
Income before income taxes 50,970 50,445
Income tax expense   18,043     17,858  
Net income $ 32,927   $ 32,587  
Net income per common share—Basic $ 0.99   $ 1.07  
Net income per common share—Diluted $ 0.98   $ 1.05  
Weighted average number of common shares outstanding—Basic 33,192 30,546
Weighted average number of common shares outstanding—Diluted 33,578 30,968
Cash dividends paid per common share $ 0.55 $ 0.45

Non-GAAP Financial Measures

We use the terms "EBITDA", “Adjusted EBITDA”, "Adjusted pre-tax income", and "Adjusted net income" throughout this press release. EBITDA is defined as net income before interest and debt expense, income tax expense and depreciation and amortization, and excludes gains and losses on interest rate swaps. Adjusted EBITDA is defined as EBITDA plus principal payments on finance leases.

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