TAL International Group, Inc. Reports Fourth Quarter And Full Year 2012 Results And Declares $0.64 Quarterly Dividend

TAL International Group, Inc. (NYSE: TAL), one of the world’s largest lessors of intermodal freight containers and chassis, today reported results for the fourth quarter and full year ended December 31, 2012.

Highlights:
  • TAL reported Adjusted pre-tax income of $1.60 per fully diluted common share for the fourth quarter of 2012, an increase of 2% from the fourth quarter of 2011. An increase in the residual value estimates used in TAL’s depreciation calculations contributed $0.15 to Adjusted pre-tax income per fully diluted common share in the fourth quarter of 2012.
  • TAL reported leasing revenues of $138.8 million for the fourth quarter of 2012, an increase of 11.8% from the fourth quarter of 2011.
  • TAL reported Adjusted EBITDA of $141.7 million for the fourth quarter of 2012, an increase of 7.2% from the fourth quarter of 2011.
  • TAL continued to grow its business aggressively during 2012, investing nearly $875 million in new container purchases and sale-leaseback transactions.
  • TAL announced a quarterly dividend of $0.64 per share payable on March 28, 2013 to shareholders of record as of March 7, 2013.

Adjusted pre-tax income (1) was $53.7 million for the fourth quarter of 2012, compared to $52.5 million for the fourth quarter of 2011. Adjusted pre-tax income per fully diluted common share was $1.60 for the fourth quarter of 2012, compared to $1.57 for the fourth quarter of 2011. 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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