- Lease rental income of $110.9 million for the quarter, a decrease of $18.3 million (or 14.2 percent) from the prior year quarter; $4.8 million of this reduction was due to Hanjin. Lease rental income adjusted for Hanjin decreased 10.5 percent from the prior year quarter;
- Financial impact for the quarter as of result of the bankruptcy of Hanjin was $44.0 million (or $0.78 per diluted common share);
- Decreased estimated future residual values and increased the estimated useful lives of certain equipment types resulting in $15.0 million (or $0.26 per diluted common share) of additional depreciation expense for the quarter;
- Recorded $16.5 million (or $0.29 per diluted common share) of container impairments to write down our inventory of containers that are pending disposal for the quarter to their fair market value;
- Net loss attributable to Textainer Group Holdings Limited common shareholders of $45.9 million for the quarter, or $0.81 per diluted common share;
- Adjusted net loss (1) of $52.3 million for the quarter, or $0.92 per diluted common share; and
- Utilization averaging 95.4 percent for the quarter and is currently at 94.6 percent, which includes the equipment on-lease to Hanjin;
Textainer Group Holdings Limited (NYSE:TGH) ("Textainer", "the Company", "we" and "our"), one of the world's largest lessors of intermodal containers, reported third-quarter 2016 results. Financial and Business Summaries Textainer's third quarter 2016 financial results were significantly impacted by Hanjin Shipping Co.'s ("Hanjin") bankruptcy filing. On August 31, 2016, Hanjin, filed for bankruptcy protection in South Korea, the United States and certain other countries in which it previously conducted business. Textainer had approximately 114,000 containers on lease to Hanjin, representing 6.4% of its total fleet, on both operating and direct finance leases.