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TAL International Group, Inc. Reports Third Quarter 2013 Results And Increases Its Quarterly Dividend To $0.70

TAL International Group, Inc. (NYSE:TAL), one of the world’s largest lessors of intermodal freight containers and chassis, today reported results for the third quarter ended September 30, 2013.

Highlights:

  • TAL reported Adjusted pre-tax income of $1.60 per fully diluted common share for the third quarter of 2013, an increase of 8.1% from the third quarter of 2012.
  • TAL reported leasing revenues of $143.9 million for the third quarter of 2013, an increase of 6.4% from the third quarter of 2012.
  • TAL continues to achieve outstanding operational performance. Utilization averaged 97.3% for the third quarter of 2013 and TAL has purchased over $620 million in new and sale-leaseback containers for delivery in 2013.
  • TAL announced a $0.02 increase in its quarterly dividend to $0.70 per share payable on December 23, 2013 to shareholders of record as of December 2, 2013.

Financial Results

The following table depicts TAL’s selected key financial information for the three and nine months ended September 30, 2013 and 2012 (dollars in millions, except per share data):

   
   

Three Months Ended September 30,

   

Nine Months Ended September 30,

2013

   

2012

   

% Change

2013

   

2012

   

% Change

Adjusted pre-tax income(1) $53.8 $49.7 8.2% $164.5 $149.6 10.0%
Adjusted pre-tax income(1) per share $1.60 $1.48 8.1% $4.88 $4.45 9.7%
Leasing revenues $143.9 $135.2 6.4% $420.5 $386.2 8.9%
Adjusted EBITDA(1) $142.8 $141.0 1.3% $429.3 $405.1 6.0%
Adjusted net income(1) $34.9 $32.0 9.1% $106.5 $96.6 10.2%
Adjusted net income(1) per share $1.03 $0.95 8.4% $3.16 $2.87 10.1%
Net income $34.7 $31.2 11.2% $110.1 $93.4 17.9%
Net income per share $1.03     $0.93     10.8%     $3.27     $2.78     17.6%
Note: All per share data is per fully diluted common share.
 

The Company focuses on adjusted pre-tax results since it considers gains and losses on interest rate swaps to be unrelated to operating performance and since it does not expect to pay any significant income taxes for a number of years due to the availability of accelerated tax depreciation on its existing container fleet and anticipated future equipment purchases.

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