Victor Garcia, Chief Executive Officer of CAI, commented, “2012 was an excellent year for our company. We achieved strong revenue and earnings growth, generating $63.5 million of net income, a 26% increase compared to 2011. During the year we invested more than $520 million in equipment, a record level for CAI. In addition to investment in new containers, we were able to finalize a number of other very attractive investment opportunities, including sale leaseback transactions with our shipping customers and the purchase of container portfolios from our managed fleet. While our overall fleet utilization softened slightly during 2012 from the record levels seen in 2010 and 2011, it remained robust at an average for the year of 94.2%.“The fourth quarter of 2012 saw the normal seasonal pattern of softening utilization, our average utilization dropping from 94.8% in the third quarter to 93.4% in the fourth quarter. At the end of the year, the utilization of our fleet was 92.5%. Our utilization in the first quarter of 2013 has stabilized around that level and we believe utilization will increase over the remainder of the quarter and into the second quarter based on increasing demand for equipment by our customers.
CAI International, Inc. Reports Results For The Fourth Quarter And Full Year Of 2012
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