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TAL International Group, Inc. Reports Third Quarter 2012 Results And Declares $0.62 Quarterly Dividend

Leasing revenues for the third quarter of 2012 were $135.2 million, compared to $120.9 million for the third quarter of 2011. Adjusted EBITDA (1), including principal payments on finance leases, was $141.0 million for the third quarter of 2012, compared to $131.6 million for the third quarter of 2011.

Adjusted net income (1) was $32.0 million for the third quarter of 2012, compared to $33.8 million for the third quarter of 2011. Adjusted net income per fully diluted common share was $0.95 for the third quarter of 2012, compared to $1.01 for the third quarter of 2011.

Reported net income for the third quarter of 2012 was $31.2 million compared to $18.1 million for the third quarter of 2011. Net income per fully diluted common share was $0.93 for the third quarter of 2012, compared to $0.54 for the third quarter of 2011. The difference between Adjusted net income and reported net income in the third quarter of 2012 was due to net losses on interest rate swaps. TAL uses interest rate swaps to synthetically fix the interest rates for most of its floating rate debt so that the duration of the fixed interest rates match the expected duration of TAL’s lease portfolio. TAL does not use hedge accounting for the majority of its swaps, so most of the change in the market value of TAL’s interest rate swap portfolio is reflected in reported net income. During the third quarter of 2012, long-term interest rates decreased resulting in a $1.3 million decrease in the market value of TAL’s swap contracts.

“TAL continued to achieve outstanding operational and financial performance in the third quarter of 2012,” commented Brian M. Sondey, President and CEO of TAL International. “Our key operating metrics remain very strong. Our utilization averaged 97.7% for the quarter and was 97.5% as of October 24, 2012. Used container sale prices remained at historically high levels during the quarter, and our operating expense ratios remained low due to our high utilization and the economies of scale we have realized over the last few years as we’ve rapidly grown our container fleet.”

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