TAL International Group, Inc. Reports Fourth Quarter And Full Year 2013 Results And Declares $0.72 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, 2013.

Highlights:
  • TAL reported Adjusted pre-tax income of $6.41 per share for the year ending December 31, 2013, an increase of 6.0% from 2012. TAL reported leasing revenues of $567.4 million for the year ending December 31, 2013, an increase of 8.1% from 2012.
  • TAL reported Adjusted pre-tax income of $1.52 per fully diluted common share for the fourth quarter of 2013, a decrease of 5.0% from the fourth quarter of 2012. TAL reported leasing revenues of $146.9 million for the fourth quarter of 2013, an increase of 5.8% from the fourth quarter of 2012.
  • TAL continues to achieve outstanding operational performance. Utilization averaged 97.0% for the fourth quarter of 2013, and TAL purchased over $640 million of new and sale-leaseback containers for delivery in 2013.
  • TAL announced a $0.02 increase in its quarterly dividend to $0.72 per share payable on March 24, 2014 to shareholders of record as of March 3, 2014.

Financial Results

The following table depicts TAL’s selected key financial information for the fourth quarter and full year ended December 31, 2013 and 2012 (dollars in millions, except per share data):
  Three Months Ended December 31,   Twelve Months Ended December 31,

2013
 

2012
 

% Change

2013
 

2012
 

% Change
Adjusted pre-tax income(1) $51.5 $53.7 -4.1% $215.9 $203.3 6.2%
Adjusted pre-tax income(1) per share $1.52 $1.60 -5.0% $6.41 $6.05 6.0%
Leasing revenues $146.9 $138.8 5.8% $567.4 $525.0 8.1%
Adjusted EBITDA(1) $142.9 $141.7 0.8% $572.2 $546.8 4.6%
Adjusted net income(1) $33.5 $35.1 -4.6% $140.0 $131.7 6.3%
Adjusted net income(1) per share $0.99 $1.04 -4.8% $4.15 $3.92 5.9%
Net income $33.1 $36.8 -10.1% $143.2 $130.1 10.1%
Net income per share $0.98 $1.09 -10.1% $4.25 $3.87 9.8%
 
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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