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CAI International, Inc. Reports Results For The Third Quarter Of 2013

CAI International, Inc. (CAI) (NYSE:CAP), one of the world’s leading lessors of intermodal freight containers, today reported results for the third quarter of 2013.

Highlights
  • CAI reported rental revenue for the third quarter of 2013 of $50.7 million, an increase of 25% compared to the third quarter of 2012 and 5% compared to the second quarter of 2013, the 14 th consecutive quarter of record rental revenue.
  • CAI reported net income attributable to CAI common stockholders for the third quarter of 2013 of $15.3 million, compared to $16.5 million for the third quarter of 2012. CAI reported net income attributable to CAI common stockholders for the third quarter of 2013 of $0.68 per fully diluted share, compared to $0.84 for the third quarter of 2012. The average number of fully diluted shares in the quarter increased by 15% compared to the third quarter of 2012.
  • During the quarter CAI entered into a sale and lease back transaction with a shipping customer for approximately 9,000 TEUs of containers. The company also acquired approximately 13,000 TEUs of new containers during the quarter.

Net income attributable to CAI common stockholders for the third quarter of 2013 was $15.3 million, compared to $16.5 million for the third quarter of 2012. Net income per fully diluted share attributable to CAI common stockholders for the third quarter of 2013 was $0.68, compared to $0.84 for the third quarter of 2012. Net income per share was impacted by a 15% increase in the number of fully diluted shares outstanding during the quarter, compared to the third quarter of 2012.

Total revenue for the third quarter of 2013 was a record $53.9 million, compared to $44.9 million for the third quarter of 2012, an increase of 20%. Rental revenue for the third quarter of 2013 was $50.7 million, compared to $40.5 million for the third quarter of 2012. 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 third quarter of 2013 was $1.5 million, compared to $2.5 million for the third quarter of 2012, reflecting the reduction in the size of the managed fleet as CAI has acquired a number of its previously managed portfolios during the last twelve months. Finance lease income for the third quarter of 2013 was $1.7 million, compared to $2.0 million in the third quarter of 2012, as a result of the reclassification of certain leases during the second quarter of 2013. Average fleet utilization was flat at 92.0% in the third quarter of 2013, compared to 92.1% in the second quarter.

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