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CAI International, Inc. Reports Record Results For The Second Quarter Of 2012 – Revenue Increases 38%, EPS Increases 40% Vs Second Quarter 2011

Stocks in this article: CAP

CAI International, Inc. (CAI) (NYSE:CAP), one of the world’s leading lessors of intermodal freight containers, today reported record results for the second quarter of 2012.

Highlights for the Second Quarter of 2012

  • CAI reported record net income attributable to CAI common stockholders for the second quarter of 2012 of $0.77 per fully diluted share, a 40% increase compared to $0.55 for the second quarter of 2011.
  • Rental revenue for the second quarter of 2012 increased 42% compared to the second quarter of 2011.
  • CAI leased out approximately 45,000 TEUs of containers during the quarter, and purchased approximately 22,000 TEUs of containers from two managed portfolios for $27 million.
  • CAI’s year-to-date investment in rental equipment exceeds $350 million, of which $310 million is marine containers.
  • During the quarter CAI’s container fleet reached over 1 million TEUs.
  • CAI closed an $80 million term debt facility, increased its revolving credit facility commitments to $465 million notes and completed an $85 million revolving credit facility for the acquisition of railcars.
  • CAI purchased approximately 1,200 railcars for $41 million, all of which are on lease with an average lease term of 3 years. The company has commitments to purchase another $10 million of railcars and expects continued investment through the end of the year.

Net income attributable to CAI common stockholders was $15.1 million for the second quarter of 2012, compared to $10.9 million for the second quarter of 2011, an increase of 39%.

Total revenue for the second quarter of 2012 was a record $39.7 million, compared to $28.8 million for the second quarter of 2011, an increase of 38%. Rental revenue for the second quarter of 2012 was $35.1 million, compared to $24.7 million for the second quarter of 2011. The increase in rental revenue was primarily due to a 42% increase in the average number of TEUs of owned containers on lease compared to the second quarter of 2011. Management fee revenue for the second quarter of 2012 was $3.0 million, compared to $3.3 million for the second quarter of 2011. CAI sold no container portfolios during the second quarter of 2012, compared to recording a gain on sale of container portfolios of $0.3 million in the second quarter of 2011. Finance lease income for the second quarter of 2012 increased to $1.6 million, from $0.5 million in the second quarter of 2011, primarily due to new finance lease contracts entered into since July 1, 2011.

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