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TheStreet Open House

SeaCube Container Leasing Ltd. Reports Third Quarter 2012 Results

(1) 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)
 
September 30, 2012 December 31, 2011
Assets
Cash and cash equivalents $ 18,085 $ 15,006
Restricted cash 34,614 29,649
Accounts receivable, net of allowance of $1,506 and $3,290, respectively 40,832 41,570
Net investment in direct finance leases 652,606 639,248
Leasing equipment, net of accumulated depreciation of $166,319 and$171,993, respectively 847,783 748,945
Goodwill 22,483 22,483
Shareholder note 8,691 8,498
Other assets   23,652     19,903  
Total assets $ 1,648,746   $ 1,525,302  
Liabilities and shareholders’ equity
 
Liabilities:
Equipment purchases payable $ 54,871 $ 26,305
Accrued expenses and other liabilities 31,576 37,097
Fair value of derivative instruments 31,156 38,750
Deferred income 1,984 2,044
Deferred income taxes 913 1,532
Debt:
Due within one year 181,411 161,171
Due after one year   1,100,555     1,039,274  
Total debt   1,281,966     1,200,445  
Total liabilities   1,402,466     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 September 30, 2012;20,163,359 shares issued and outstanding at December 31, 2011

202 201
Additional paid in capital 220,199 218,879
Retained earnings 50,650 32,916
Accumulated other comprehensive income (loss)   (24,771 )   (32,867 )
Total shareholders’ equity   246,280     219,129  
Total liabilities and shareholders’ equity $ 1,648,746   $ 1,525,302  

SeaCube Container Leasing Ltd.
 
Consolidated Statements of Operations
(Amounts in thousands, except per share amounts)
(unaudited)
 

Three months ended September 30,

Nine months ended September 30,
2012   2011 2012   2011
Revenues:
Equipment leasing revenue $ 30,754 $ 28,726 $ 90,707 $ 75,444
Finance revenue 16,213 13,945 49,102 40,281
Other revenue   2,531   2,558   8,147   7,089
Total revenues   49,498   45,229   147,956   122,814
Expenses:
Direct operating expenses 1,306 2,092 4,134 4,341
Selling, general and administrative expenses 5,949 5,996 18,158 17,641
Depreciation expenses 13,328 12,242 39,485 33,159
Provision for doubtful accounts 224 180 894 220
Impairment of leasing equipment held for sale 536 539 1,946 904
Interest expense, including non-cash interest of $1,420,$2,320, $4,031 and $3,559, respectively 17,763 15,424 51,370 39,283
Interest income (71) (68) (209) (211)
Other expenses (income), net   (949)   6   (2,268)   438
Total expenses   38,086   36,411   113,510   95,775
 
Income before provision for income taxes 11,412 8,818 34,446 27,039
Provision (benefit) for income taxes     35   (127)   (142)
Net income $ 11,412 $ 8,783 $ 34,573 $ 27,181
Net income per common share
Basic $ 0.56 $ 0.44 $ 1.71 $ 1.35
Diluted $ 0.56 $ 0.44 $ 1.71 $ 1.35
Dividend per common share $ 0.29 $ 0.24 $ 0.83 $ 0.68




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