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CAI International, Inc. Reports Results For The Fourth Quarter And Full Year Of 2012

Total revenue for the fourth quarter of 2012 was $49.9 million, compared to $36.2 million for the fourth quarter of 2011, an increase of 38%. Rental revenue for the fourth quarter of 2012 was $44.9 million, compared to $32.0 million for the fourth quarter of 2011, an increase of 40%. The increase in rental revenue was primarily due to an increase in the average number of TEUs of owned containers on lease. Management fee revenue for the fourth quarter of 2012 was $2.4 million, compared to $3.1 million for the fourth quarter of 2011, primarily due to a reduction in the average number of TEUs of managed equipment on lease as CAI has acquired a number of its previously managed portfolios over the course of the past year. Finance lease income for the fourth quarter of 2012 increased to $2.5 million, from $1.1 million in the fourth quarter of 2011, reflective of new finance leases entered into during 2012.

Total revenue for the year ended December 31, 2012 was $173.9 million, compared to $125.7 million for 2011, an increase of 38%. Rental revenue for the year ended December 31, 2012 was $153.0 million, compared to $106.7 million for 2011, an increase of 43%. The increase in rental revenue was primarily due to a 44% increase in the average number of TEUs of owned containers on lease compared to 2011. Management fee revenue for the year ended December 31, 2012 was $12.1 million, compared to $13.0 million for 2011, primarily due to a reduction in the average number of TEUs of managed equipment on lease. Gain on sale of container portfolios for the year ended December 31, 2012 was $1.3 million, compared to $2.3 million for 2011. Finance lease income for the year ended December 31, 2012 increased to $7.6 million, from $3.7 million in 2011.

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