This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Seacube Container Leasing Ltd. Reports Fourth Quarter And Full Year 2012 Results

SeaCube Container Leasing Ltd. (SeaCube) (NYSE: BOX), one of the world’s largest lessors of intermodal freight containers, today reported results for the fourth quarter and year ended December 31, 2012.

Adjusted net income (1) was $12.9 million for the fourth quarter of 2012 compared to $13.4 million in the fourth quarter of 2011, a decrease of 4%. The decrease can be attributed to one-time expenses of $0.8 million incurred during the fourth quarter related to the pending acquisition by OTPP. For the fourth quarter of 2012, adjusted net income per diluted common share was $0.63. Adjusted net income per diluted common share would have been $0.67 without the one-time transaction expenses. 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 $51.0 million for the fourth quarter of 2012 compared to $46.7 million for the fourth quarter of 2011, an increase of 9%. Utilization continued to be strong with average fourth quarter utilization of 97.8%. Adjusted EBITDA (1) was $73.8 million for the fourth quarter of 2012 compared to $64.5 million in the fourth quarter of 2011.

The Company reported net income of $11.9 million for the fourth quarter of 2012 compared to $12.3 million for the fourth quarter of 2011. Net income per diluted common share was $0.58 for the fourth quarter of 2012 compared to $0.61 for the fourth quarter of 2011.

Adjusted net income (1) was $51.5 million for the year ended December 31, 2012 compared to $44.1 million for the year ended December 31, 2011, an increase of 17%. For the year ended December 31, 2012, adjusted net income per diluted common share was $2.54.

Total revenue was $198.9 million for the year ended December 31, 2012 compared to $169.5 million for the year ended December 31, 2011, an increase of 17%. Adjusted EBITDA (1) was $289.5 million for the year ended December 31, 2012 compared to $239.8 million for the year ended December 31, 2011.

The Company reported net income of $46.4 million for the year ended December 31, 2012 compared to $39.4 million for the year ended December 31, 2011. Net income per diluted common share was $2.29 for the year ended December 31, 2012 compared to $1.96 for the year ended December 31, 2011.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,214.68 -73.95 -0.40%
S&P 500 2,108.73 -8.66 -0.41%
NASDAQ 4,985.0430 -23.0530 -0.46%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs