SeaCube Container Leasing Ltd. Reports Second Quarter 2012 Results
SeaCube Container Leasing Ltd (SeaCube) (NYSE: BOX), one of the world’s largest lessors of intermodal freight containers, today reported results for the second quarter ended June 30, 2012.
Adjusted net income (1) was $13.3 million for the second quarter of 2012 compared to $10.4 million in the second quarter of 2011, an increase of 28%. For the second quarter of 2012, 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 $49.4 million for the second quarter of 2012 compared to $40.8 million for the second quarter of 2011, an increase of 21%. Utilization continued to be strong with average second quarter utilization of 97.8%. Adjusted EBITDA (1) was $71.0 million for the second quarter of 2012 compared to $60.8 million in the second quarter of 2011.
The Company reported net income of $11.8 million for the second quarter of 2012 compared to $8.3 million for the second quarter of 2011. Net income per diluted common share was $0.58 for the second quarter of 2012 compared to $0.41 for the second quarter of 2011.Joseph Kwok, Chief Executive Officer of SeaCube, commented, “During the second quarter, SeaCube generated strong financial and operational results for shareholders. Year to date, we have committed to invest approximately $250 million. Consistent with our goal of maintaining significant contractual revenue streams, approximately 68% of these containers have already been committed to long-term leases. We expect these investments to continue to positively impact our revenue, earnings and cash flows.” Mr. Kwok added, “During the second quarter, we took proactive steps to increase our capital available to invest. Specifically, we completed a $225 million offering of “A” rated Fixed Rate Secured Notes and increased our container revolving credit facility to $150 million. With our increased capital availability, we intend to continue pursuing attractive investment opportunities that meet our investment criteria.”
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