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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.

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