I would now like to turn the call over to Victor Garcia, our CEO.

Victor Garcia

Good afternoon. We are very pleased with our results for this quarter and for the first half of this year, with quarterly year-over-year revenue growth of 66% and earnings per fully diluted share up 77% to $0.55 per share.

In line with our expectations, market demand for our service was strong in the second quarter as equipment that was ordered by the shippers in the fourth quarter of last year and first quarter of this year was picked up.

Utilization rates remain robust at 98%, the average per diem rates of our own fleet increased 31% over last year and our average owned fleet on lease to customers during the second quarter of this year increased 37% as compared to the second quarter of last year. All these factors contributed to strong top and bottom line results for the quarter.

Year-to-date, we have leased out 61,000 TEUs of new equipment, including 13,000 picked up so far this month. We have commitments from our customers to pick up an additional $86 million of equipment during the remainder of the third quarter.

Our investment level so far this year has exceeded our original plans and exceeds our 2010 investment level. Our owned fleet now represents 47% of our total fleet, as compared to 34% at the end of the second quarter last year.

We expect that by year end the ratio of owned versus managed fleet will be 50-50. This increase in the size of our owned fleet is one of the primary factors driving our earnings growth. We expect to continue investing in our fleet but we’ll seek opportunities to also grow our managed fleet.

Besides our commitment to invest in our owned fleet we believe there are strong macro forces that have been and will continue to be positive for the container leasing industry in general and CIA in particular.

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CAI International's CEO Discusses Second Quarter Results - Earnings Call Transcript