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SeaCube Container Leasing Ltd. Reports Second Quarter 2012 Results

Safe Harbor

Certain items in this press release and other information we provide from time to time, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, but not necessarily limited to, statements relating to future events and financial performance. You can identify these forward-looking statements by the use of forward-looking words such as ‘‘outlook,’’ ‘‘believes,’’ ‘‘expects,’’ ‘‘potential,’’ ‘‘continues,’’ ‘‘may,’’ ‘‘will,’’ ‘‘should,’’ ‘‘could,’’ ‘‘seeks,’’ ‘‘approximately,’’ ‘‘predicts,’’ ‘‘intends,’’ ‘‘plans,’’ ‘‘estimates,’’ ‘‘anticipates,’’ ‘‘target,’’ ‘‘projects,’’ ‘‘contemplates’’ or the negative version of those words or other comparable words. Any forward-looking statements contained in this press release are based upon our historical performance and on our current plans, estimates and expectations in light of information currently available to us. Such forward-looking statements are subject to various risks and uncertainties and assumptions relating to our operations, financial results, financial condition, business, prospects, growth strategy and liquidity. For a discussion of such risks and uncertainties, see “Risk Factors” included in our Annual Report on Form 10-K for the year ended December 31, 2011. Furthermore, SeaCube is under no obligation to update or alter any of the forward-looking statements contained in this press release as a result of new information, future events or otherwise, unless required by law.

 

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Adjusted net income, adjusted net income per diluted common share, and adjusted EBITDA are non-GAAP measurements. The Company’s definition and calculations are outlined in the attached schedules.

 

 
 

SeaCube Container Leasing Ltd.

 

Consolidated Balance Sheets

(Amounts in thousands, except share data)

(unaudited)

           
June 30, 2012 December 31, 2011
Assets
Cash and cash equivalents $ 22,315 $ 15,006
Restricted cash 38,222 29,649
Accounts receivable, net of allowance of $3,969 and $3,290, respectively 37,344 41,570
Net investment in direct finance leases 674,589 639,248

Leasing equipment, net of accumulated depreciation of $157,769 and  $171,993, respectively

770,426 748,945
Goodwill 22,483 22,483
Shareholder note 8,625 8,498
Other assets   23,167     19,903  
Total assets $ 1,597,171   $ 1,525,302  
Liabilities and shareholders’ equity
 
Liabilities:
Equipment purchases payable $ 55,085 $ 26,305
Accrued expenses and other liabilities 36,082 37,097
Fair value of derivative instruments 33,606 38,750
Deferred income 1,294 2,044
Deferred income taxes 1,267 1,532
Debt:
Due within one year 193,384 161,171
Due after one year   1,038,769     1,039,274  
Total debt   1,232,153     1,200,445  
Total liabilities   1,359,487     1,306,173  
Commitments and contingencies
Shareholders’ equity:
Preferred shares, $0.01 par value, 100,000,000 shares authorized

Common shares, $0.01 par value, 400,000,000 shares authorized;  20,288,359 shares issued and outstanding at June 30, 2012;  20,163,359 shares issued and outstanding at December 31, 2011

202 201
Additional paid in capital 219,740 218,879
Retained earnings 45,121 32,916
Accumulated other comprehensive income (loss)   (27,379 )   (32,867 )
Total shareholders’ equity   237,684     219,129  
Total liabilities and shareholders’ equity $ 1,597,171   $ 1,525,302  

 
 

SeaCube Container Leasing Ltd.

 

Consolidated Statements of Operations

(Amounts in thousands, except per share amounts)

(unaudited)

             
Three months ended June 30, Six months ended June 30,
2012     2011 2012     2011
Revenues:
Equipment leasing revenue $ 30,023 $ 24,953 $ 59,953 $ 46,718
Finance revenue 16,606 13,711 32,889 26,336
Other revenue   2,807     2,100     5,616     4,531  
Total revenues   49,436     40,764     98,458     77,585  
Expenses:
Direct operating expenses 1,433 1,270 2,828 2,249
Selling, general and administrative expenses 6,106 5,751 12,209 11,645
Depreciation expenses 13,247 11,013 26,157 20,917
Provision for doubtful accounts 135 40 670 40
Impairment of leasing equipment held for sale 561 169 1,410 365

Interest expense, including non-cash interest of $1,479,  $2,086, $2,611 and $1,239, respectively

16,884 14,509 33,607 23,859
Interest income (69 ) (69 ) (138 ) (143 )
Other expenses (income), net   (760 )   65     (1,319 )   432  
Total expenses   37,537     32,748     75,424     59,364  
 
Income before provision for income taxes 11,899 8,016 23,034 18,221
Provision (benefit) for income taxes   53     (258 )   (127 )   (177 )
Net income $ 11,846   $ 8,274   $ 23,161   $ 18,398  
Net income per common share
Basic $ 0.58   $ 0.41   $ 1.14   $ 0.91  
Diluted $ 0.58   $ 0.41   $ 1.14   $ 0.91  
Dividend per common share $ 0.28   $ 0.22   $ 0.54   $ 0.44  
 
 

Non-GAAP Financial Measure

Adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”) is a measure of financial and operating performance that is not defined by U.S. GAAP and should not be considered a substitute for net income, income from operations or cash flow from operations, as determined in accordance with U.S. GAAP.

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