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TAL International Group, Inc. Reports First Quarter 2014 Results

TAL International Group, Inc. (NYSE:TAL), one of the world’s largest lessors of intermodal freight containers and chassis, today reported results for the first quarter ended March 31, 2014.

Highlights:
  • TAL reported Adjusted pre-tax income of $1.41 per fully diluted common share for the first quarter of 2014, a decrease of 13.5% from the first quarter of 2013.
  • TAL reported leasing revenues of $144.3 million for the first quarter of 2014, an increase of 5.2% from the first quarter of 2013.
  • TAL continues to operate at near peak utilization. Utilization averaged 97.1% for the first quarter of 2014.
  • TAL has purchased over $250 million in new and sale-leaseback containers for delivery in 2014.
  • TAL announced a quarterly dividend of $0.72 per share payable on June 24, 2014 to shareholders of record as of June 3, 2014.

Financial Results

The following table depicts TAL’s selected key financial information for the three months ended March 31, 2014 and 2013 (dollars in millions, except per share data):
       
Three Months Ended March 31,

2014
   

2013
   

% Change
Adjusted pre-tax income(1) $47.5 $54.7 (13.2%)
Adjusted pre-tax income(1) per share $1.41 $1.63 (13.5%)
Leasing revenues $144.3 $137.2 5.2%
Adjusted EBITDA(1) $141.0 $141.9 (0.6%)
Adjusted net income(1) $31.0 $35.5 (12.7%)
Adjusted net income(1) per share $0.92 $1.05 (12.4%)
Net income $30.0 $37.5 (20.0%)
Net income per share $0.89       $1.12       (20.5%)
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 and the write-off of deferred financing costs 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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