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TheStreet Open House

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

Please see page 8 for a detailed reconciliation of these financial measurements.

-Financial Tables Follow-

TAL INTERNATIONAL GROUP, INC.

Consolidated Balance Sheets

(Dollars in thousands, except share data)

(Unaudited)

 
  September 30, 2012   December 31, 2011
ASSETS:

Leasing equipment, net of accumulated depreciation and allowances of$740,952 and $626,965

$3,206,311 $2,663,443
Net investment in finance leases, net of allowances of $921 and $1,073 125,452 146,742
Equipment held for sale 29,462 47,048
Revenue earning assets 3,361,225 2,857,233
Unrestricted cash and cash equivalents 52,848 140,877
Restricted cash 38,715 34,466
Accounts receivable, net of allowances of $707 and $667 74,664 56,491
Goodwill 71,898 71,898
Deferred financing costs 27,240 24,028
Other assets 14,238 11,539
Fair value of derivative instruments 653 771
Total assets $3,641,481 $3,197,303
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Equipment purchases payable $29,771 $55,320
Fair value of derivative instruments 65,488 78,122
Accounts payable and other accrued expenses 62,788 66,607
Net deferred income tax liability 250,040 198,867
Debt 2,631,818 2,235,585
Total liabilities 3,039,905 2,634,501
Stockholders’ equity:
Preferred stock, $.001 par value, 500,000 shares authorized, none issued

Common stock, $.001 par value, 100,000,000 shares authorized, 36,609,759and 36,412,659 shares issued respectively

37 36
Treasury stock, at cost, 3,011,843 shares (37,535) (37,535)
Additional paid-in capital 492,631 489,468
Accumulated earnings 155,426 120,449
Accumulated other comprehensive (loss) (8,983) (9,616)
Total stockholders’ equity 601,576 562,802
Total liabilities and stockholders’ equity $3,641,481 $3,197,303

TAL INTERNATIONAL GROUP, INC.

Consolidated Statements of Operations

(Dollars and shares in thousands, except earnings per share)

(Unaudited)

 
  Three Months Ended September 30,   Nine months Ended September 30,
2012   2011 2012   2011
Revenues:
Leasing revenues:
Operating leases $131,839 $116,850 $375,623 $314,468
Finance leases 3,339 4,061 10,589 12,531
Total leasing revenues 135,178 120,911 386,212 326,999
Equipment trading revenues 12,981 16,121 48,750 53,214
Management fee income 823 683 2,303 2,122
Other revenues 39 37 111 166
Total revenues 149,021 137,752 437,376 382,501
Operating expenses (income):
Equipment trading expenses 11,273 13,900 42,867 43,283
Direct operating expenses 6,195 5,112 17,802 13,575
Administrative expenses 10,674 10,964 32,908 32,139
Depreciation and amortization 52,155 41,872 144,529 109,286
(Reversal) provision for doubtful accounts (8) 17 (177) 158
Net (gain) on sale of leasing equipment (11,317) (14,875) (35,229) (39,659)
Total operating expenses 68,972 56,990 202,700 158,782
Operating income 80,049 80,762 234,676 223,719
Other expenses:
Interest and debt expense 30,390 28,504 85,088 77,985

Write-off of deferred financing costs

1,043 1,043
Net loss on interest rate swaps 1,286 23,229 5,042 30,361
Total other expenses 31,676 52,776 90,130 109,389
Income before income taxes 48,373 27,986 144,546 114,330
Income tax expense 17,220 9,907 51,169 40,473
Net income $31,153 $18,079 $93,377 $73,857
Net income per common share—Basic $0.94 $0.55 $2.81 $2.29
Net income per common share—Diluted $0.93 $0.54 $2.78 $2.27
Cash dividends paid per common share $0.60 $0.52 $1.73 $1.47

Weighted average number of common sharesoutstanding—Basic

33,230 33,085 33,213 32,188
Dilutive stock options and restricted stock 402 390 401 415

Weighted average number of common sharesoutstanding—Diluted

33,632 33,475 33,614 32,603




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