SeaCube Container Leasing Ltd (SeaCube) one of the world’s largest lessors of intermodal freight containers, reported results for the second quarter ended June 30, 2012.
Adjusted net income was $13.3 million for the second quarter of 2012 compared to $10.4 million in the second quarter of 2011, an increase of 28%. 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 $49.4 million for the second quarter of 2012 compared to $40.8 million for the second quarter of 2011, an increase of 21%. Utilization continued to be strong with average second quarter utilization of 97.8%.
The Company reported net income of $11.8 million for the second quarter of 2012 compared to $8.3 million for the second quarter of 2011. Net income per diluted common share was $0.58 for the second quarter of 2012 compared to $0.41 for the second quarter of 2011.
Joseph Kwok, Chief Executive Officer of SeaCube, commented, “During the second quarter, SeaCube generated strong financial and operational results for shareholders. Year to date, we have committed to invest approximately $250 million. Consistent with our goal of maintaining significant contractual revenue streams, approximately 68% of these containers have already been committed to long-term leases. We expect these investments to continue to positively impact our revenue, earnings and cash flows.”
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 June 30, 2012, we employed 77 people in seven offices worldwide and had total assets of $1.6 billion. We own or manage a fleet of 585,239 units, representing 919,975 TEUs of containers and generator sets.