CAI International, Inc. (CAI) (NYSE: CAP), one of the world’s leading lessors of intermodal freight containers, today reported record results for the fourth quarter and full year of 2012.
Highlights for the Fourth Quarter and Full Year of 2012
- CAI reported record net income attributable to CAI common stockholders for the fourth quarter of 2012 of $0.85 per fully diluted share, a 29% increase compared to $0.66 for the fourth quarter of 2011.
- For the full year of 2012, CAI reported record net income attributable to CAI common stockholders of $3.18 per fully diluted share, a 25% increase compared to $2.55 reported in 2011.
- Rental revenue for the fourth quarter of 2012 increased 40% compared to the fourth quarter of 2011 and 11% compared to the third quarter of 2012, the 11 th consecutive quarter of record rental revenue.
- CAI invested a record $522 million in rental equipment in 2012.
- During October 2012, CAI completed the acquisition of approximately 71,000 TEUs of containers, for a net cost of $83.6 million, from German investors. Prior to the purchase, CAI managed these containers on behalf of the previous owners.
- During October 2012, CAI issued $171.0 million of 3.47% fixed rate asset-backed notes, the proceeds from which were used to repay part of the Company’s borrowings under its revolving credit facility.
- During December 2012 CAI issued approximately 2.8 million shares of common stock in a follow-on public offering and received proceeds of $51.5 million, net of fees and expenses.
Net income attributable to CAI common stockholders for the fourth quarter of 2012 was $17.4 million, compared to $12.9 million for the fourth quarter of 2011, an increase of 35%. Net income attributable to CAI common stockholders for the year ended December 31, 2012 was $63.5 million, compared to $50.2 million for the year ended December 31, 2011, an increase of 26%.
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