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Textainer Group Holdings Limited Reports Second-Quarter 2012 Results And Increases Quarterly Dividend

“Many of our customers are shifting to leasing in lieu of buying containers. We are benefitting from the strong demand created by this very positive secular trend in the industry. We have invested more than $760 million in new and used dry-freight and refrigerated containers, as well as purchases from our managed fleet. As a result, we have gained market share in both dry-freight and refrigerated containers. Our fleet now stands at more than 2.6 million TEU marking our continued leadership position in the industry.”

Key Financial Information (in thousands except for per share and TEU amounts):

    Q2 QTD     Q2 YTD
      2012     2011     % Change     2012     2011     % Change

Total revenues

   

$119,990

   

$105,736

   

13.5%

   

$237,505

   

$196,938

   

20.6%

Net income attributable to Textainer Group Holdings Limited common shareholders    

$45,809

   

$51,697

   

(11.4%)

   

$95,719

   

$88,887

   

7.7%

Net income attributable to Textainer Group Holdings Limited common shareholders per diluted common share

   

$0.91

   

$1.03

   

(11.7%)

   

$1.90

   

$1.78

   

6.7%

Adjusted net income (1)

   

$44,674

   

$40,427

   

10.5%

   

$93,516

   

$75,875

   

23.3%

Adjusted net income per diluted common share (1)    

$0.89

   

$0.81

   

9.9%

   

$1.85

   

$1.52

   

21.7%

Adjusted EBITDA (1)    

$92,698

   

$86,545

   

7.1%

   

$183,052

   

$156,387

   

17.1%

Average fleet utilization

   

97.5%

   

98.7%

   

(1.2%)

   

97.2%

   

98.4%

   

(1.2%)

Total fleet size at end of period (TEU)    

2,615,282

   

2,441,561

   

7.1%

 
Owned percentage of total fleet at end of period    

60.4%

   

57.3%

   

5.4%

 

“Net income excluding gain on sale of containers to noncontrolling interest”, “adjusted net income” and “adjusted EBITDA” are Non-GAAP Measures that are reconciled to GAAP measures in footnote 1. “Net income excluding gain on sale of containers to noncontrolling interest (“NCI”)” is defined as net income attributable to Textainer Group Holdings Limited common shareholders before gain on sale of containers to NCI and related impact on net (loss) income attributable to the NCI. “Adjusted net income” is defined as net income attributable to Textainer Group Holdings Limited common shareholders before unrealized (gains) losses on interest rate swaps and caps, net, gain on sale of containers to NCI and related impact of reconciling item on net (loss) income attributable to the NCI. “Adjusted EBITDA” is defined as net income attributable to Textainer Group Holdings Limited common shareholders before interest income and interest expense, realized and unrealized losses (gains) on interest rate swaps and caps, net, income tax expense, net income attributable to the NCI, depreciation and amortization expense, gain on sale of containers to NCI and related impact of reconciling items on net (loss) income attributable to the NCI. Footnote 1 provides certain qualifications and limitations on the use of Non-GAAP Measures.

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