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PARK RIDGE, N.J., May 07, 2012 (BUSINESS WIRE) --
--For the first quarter, adjusted net income increased 34% year-over-year to $12.5 million, or $0.62 per diluted common share. First quarter net income increased 12% year-over-year to $11.3 million.
--Declared a dividend of $0.28 per share, an increase of 7.7% from the prior quarter.
--Total revenue increased 33% year-over-year to $49.0 million for the first quarter.
--Average utilization was 97.7% for the first quarter.
--In 2012, committed to purchase approximately $240.8 million in equipment for delivery through September 2012; 64% has been committed to long-term leases.
--Increased Container Warehouse Credit Facility to $300 million and extended term to March 2014.
SeaCube Container Leasing Ltd (SeaCube)
(NYSE:BOX)
, one of the
world's largest lessors of intermodal freight containers, today reported
results for the first quarter ended March 31, 2012.
Adjusted net income(1) was $12.5 million for the first
quarter of 2012 compared to $9.3 million in the first quarter of 2011,
an increase of 34%. For the first quarter of 2012, adjusted net income
per diluted common share was $0.62. The Company focuses on adjusted net
income because it excludes the impact of non-cash interest expense and
non-recurring items that are unrelated to the operating performance of
the business.
Total revenue was $49.0 million for the first quarter of 2012 compared
to $36.8 million for the first quarter of 2011, an increase of 33%.
Utilization continued to be strong with average first quarter
utilization of 97.7%. Adjusted EBITDA(1) was $70.5 million
for the first quarter of 2012 compared to $52.9 million in the first
quarter of 2011.
The Company reported net income of $11.3 million for the first quarter
of 2012 compared to $10.1 million for the first quarter of 2011. Net
income per diluted common share was $0.56 for the first quarter of 2012
compared to $0.50 for the first quarter of 2011.
Joseph Kwok, Chief Executive Officer of SeaCube, commented, "SeaCube
continued to achieve strong revenue, earnings and cash flow growth, as
our investments continued to positively impact our financial results.
Year to date, we have committed to invest $240.8 million in equipment
and are well positioned to take advantage of the expected demand for
leased containers. Consistent with our focus on achieving revenue and
earnings growth, 64% of these containers have already been committed to
long-term leases."
Mr. Kwok concluded, "Based on SeaCube's strong financial performance in
the first quarter, our Board has declared a quarterly dividend of $0.28
per share, an increase of 7.7% over the prior quarter. Since going
public in October 2010, we have increased the Company's quarterly
dividend by 40% and the cumulative payout to $1.66 per share. We will
continue to create shareholder value by growing our revenues, earnings,
and cash flow as well as distributing dividends. Our cash flow growth
combined with our recent success in increasing and extending the
Company's Container Warehouse Credit Facility has strengthened our
ability to execute our strategy of investing in containers and growing
our fleet."
Dividend
On May 7, 2012, the Company's Board of Directors approved and declared a
$0.28 per share cash dividend on its issued and outstanding common
shares, payable on June 14, 2012 to shareholders of record at the close
of business on June 7, 2012.
Investors' Conference Call
In connection with this earnings release, management will host an
earnings conference call and webcast on Tuesday, May 8, 2012 at 10:00
a.m. Eastern time. The live conference call may be accessed by dialing
1-866-347-8894 (from within the U.S.) or 1-706-643-5328 (from outside of
the U.S.) ten minutes prior to the scheduled start of the call; please
reference "SeaCube First Quarter Earnings Call." A simultaneous webcast
of the conference call with an accompanying slide presentation will be
available to the public at
www.seacubecontainers.com .
A telephonic replay of the conference call will also be available until
11:59 p.m. on Friday, May 18, 2012 by dialing 1-855-859-2056 (from
within the U.S.) or 1-404-537-3406 (from outside of the U.S.); please
reference access code "73761350."
About SeaCube Container Leasing Ltd.
SeaCube Container Leasing Ltd. is one of the world's largest container
leasing companies based on total assets. Containers are the primary
means by which products are shipped internationally because they
facilitate the secure and efficient movement of goods via multiple
transportation modes, including ships, rail and trucks. The principal
activities of our business include the acquisition, leasing, re-leasing
and subsequent sale of refrigerated and dry containers and generator
sets. We lease our containers primarily under long-term contracts to a
diverse group of the world's leading shipping lines. As of March 31,
2012, we employed 77 people in seven offices worldwide and had total
assets of $1.6 billion. We own or manage a fleet of 580,379 units,
representing 914,313 TEUs of containers and generator sets.
Safe Harbor
Certain items in this press release and other information we provide
from time to time, may constitute forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995
including, but not necessarily limited to, statements relating to future
events and financial performance. You can identify these forward-looking
statements by the use of forward-looking words such as ''outlook,''
''believes,'' ''expects,'' ''potential,'' ''continues,'' ''may,''
''will,'' ''should,'' ''could,'' ''seeks,'' ''approximately,''
''predicts,'' ''intends,'' ''plans,'' ''estimates,'' ''anticipates,''
''target,'' ''projects,'' ''contemplates'' or the negative version of
those words or other comparable words. Any forward-looking statements
contained in this press release are based upon our historical
performance and on our current plans, estimates and expectations in
light of information currently available to us. Such forward-looking
statements are subject to various risks and uncertainties and
assumptions relating to our operations, financial results, financial
condition, business, prospects, growth strategy and liquidity. For a
discussion of such risks and uncertainties, see "Risk Factors" included
in our Annual Report on Form 10-K for the year ended December 31, 2011.
Furthermore, SeaCube is under no obligation to update or alter any of
the forward-looking statements contained in this press release as a
result of new information, future events or otherwise, unless required
by law.
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