SeaCube Container Leasing Ltd (SeaCube) (NYSE: BOX), one of the world’s largest lessors of intermodal freight containers, today reported results for the third quarter ended September 30, 2012.
Adjusted net income (1) was $12.8 million for the third quarter of 2012 compared to $11.1 million in the third quarter of 2011, an increase of 15%. For the third quarter of 2012, adjusted net income per diluted common share was $0.63. 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 $49.5 million for the third quarter of 2012 compared to $45.2 million for the third quarter of 2011, an increase of 9%. Utilization continued to be strong with average third quarter utilization of 97.9%. Adjusted EBITDA (1) was $74.2 million for the third quarter of 2012 compared to $61.6 million in the third quarter of 2011.
The Company reported net income of $11.4 million for the third quarter of 2012 compared to $8.8 million for the third quarter of 2011. Net income per diluted common share was $0.56 for the third quarter of 2012 compared to $0.44 for the third quarter of 2011.Joseph Kwok, Chief Executive Officer of SeaCube, commented, “During the third quarter, SeaCube once again generated strong revenue, earnings, and cash flow. We also continued to grow our container fleet in manner that meets our investment criteria. Year to date, we have committed to purchase approximately $318.8 million in containers, of which 85% are already committed to long-term lease. We expect our investments in 2012 to continue to positively impact results.” Mr. Kwok concluded, “The Board’s decision to increase the dividend for the seventh time since going public highlights SeaCube’s strong and stable cash flows. SeaCube has now increased its dividend 50% since the IPO in October 2010 for a cumulative payout of $2.25 per share. With significant capital available to invest, we will continue to pursue attractive opportunities to further grow revenues, earnings and cash flow in an effort to provide good returns for SeaCube shareholders.”