UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant
to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest
event reported) October 28,
2014
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CAI International, Inc.
(Exact
name of registrant as specified in its charter)
Delaware
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001-33388
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94-3109229
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification
No.)
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Steuart Tower, 1 Market Plaza, Suite 900
San Francisco, California
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94105
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(Address of principal executive office)
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(Zip Code)
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Registrant's telephone number, including area code: (415)
788-0100
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(Former name or former address, if changed since last report)
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Check the
appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:
⃞
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
⃞
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
⃞
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
⃞
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition.
On October 28, 2014, CAI International, Inc. issued a press release
reporting its results of operations for the third quarter ended
September 30, 2014. A copy of the press release is furnished as Exhibit
99.1 to this Current Report on Form 8-K.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
99.1 Press release issued by CAI International, Inc. dated October 28,
2014
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
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CAI International, Inc.
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(Registrant)
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October 28, 2014
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/s/ Timothy B. Page
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(Date)
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Timothy B. Page Chief Financial Officer
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Exhibit 99.1
CAI
International, Inc. Reports Results for the Third Quarter of 2014
SAN FRANCISCO--(BUSINESS WIRE)--October 28, 2014--CAI International,
Inc. (CAI) (NYSE: CAP), one of the world’s leading lessors of intermodal
freight containers, today reported results for the third quarter of 2014.
Highlights
-
CAI reported total revenue for the third quarter of 2014 of $59.2
million, an increase of 10% compared to the third quarter of 2013, and
7% compared to the second quarter of 2014.
-
Net income attributable to CAI common stockholders for the third
quarter of 2014 was $16.4 million, or $0.77 per fully diluted share.
During the quarter the Company recognized net income of $1.7 million
from a non-recurring settlement received from one of its customers,
related to lease obligations from prior years. Excluding this
settlement, non-GAAP1 earnings were $14.7 million, or $0.69
per fully diluted share.
-
At the end of the third quarter of 2014, total container fleet
utilization increased to 94.1% on a CEU basis, compared to 92.1% at
the end of the second quarter of 2014.
-
CAI purchased approximately 46,000 CEU of containers at a cost of $87
million during the third quarter of 2014. CAI has purchased
approximately 109,000 CEU of containers at a total cost of $215
million in the first nine months of 2014.
-
CAI ordered an additional 500 new rail cars for delivery in 2015 and
the first half of 2016 for approximately $42 million. The Company has
ordered a total of 1,250 new rail cars this year at a cost of
approximately $106 million, of which 920 are scheduled to be delivered
by the end of 2015. Of the rail cars being delivered in 2015, more
than 90% are subject to letters of intent with customers with an
average lease term of 7 years.
-
Under CAI’s share repurchase program announced in February 2014, CAI
has purchased approximately 1.5 million shares of common stock
(approximately 7% of CAI’s fully diluted shares), of which
approximately 0.6 million shares were purchased during the third
quarter of 2014.
Net income attributable to CAI common stockholders for the third quarter
of 2014 increased by 7% to $16.4 million (or $0.77 per fully diluted
share), from $15.3 million (or $0.68 per fully diluted share) for the
third quarter of 2013. During the quarter, CAI recognized net income of
$1.7 million from a non-recurring settlement received from one of its
customers, related to lease obligations from prior years. Excluding this
settlement, non-GAAP1 net income per fully diluted share
attributable to CAI common stockholders for the third quarter of 2014
was $0.69, compared to $0.63 per fully diluted share in the second
quarter of 2014.
Total revenue for the third quarter of 2014 was $59.2 million, which
included $2.0 million from the settlement referred to earlier. Excluding
this settlement, total non-GAAP1 revenue for the quarter was
$57.2 million, compared to $53.9 million for the third quarter of 2013,
an increase of 6%. Non-GAAP1 rental revenue for the third
quarter of 2014, excluding the settlement, was $53.4 million, an
increase of 5% compared to $50.7 million for the third quarter of 2013,
reflecting the increase in the average number of owned containers on
lease. Management fee revenue for the third quarter of 2014 was $1.6
million, consistent with the third quarter of 2013. Finance lease income
for the third quarter of 2014 was $2.3 million, compared to $1.7 million
for the third quarter of 2013, reflecting additional finance leases
entered into by CAI in the last 12 months.
Victor Garcia, Chief Executive Officer of CAI, commented, “We are very
pleased with our results for this past quarter. Our total revenue
increased 9.8% from the third quarter of 2013 to $59.2 million, a record
revenue quarter for the Company. Net income increased to $16.4 million
for the quarter, or $0.77 per share, compared to $13.4 million, or $0.60
per share, in the second quarter of 2014.”
Mr. Garcia continued, “We had a number of positive developments this
quarter in both our container and rail businesses. During the quarter we
leased out approximately 35,000 CEU of new container equipment, which
contributed to our revenue and earnings this quarter. During the quarter
we were also able to increase our overall container utilization to 94.1%
on a CEU basis at the end of the quarter, from 92.1% at the beginning of
the quarter, which has increased our revenue contribution from our depot
equipment and reduced some of our overall storage costs during the
quarter. We also successfully settled with a customer this quarter,
contributing an additional $1.7 million to net income. Market pricing on
new equipment transactions remains very aggressive and thus we intend to
continue to manage the level of our investments in containers with what
we believe to be acceptable returns on those investments.
“In September, Alphaliner estimated container trade growth of 5.2% for
2014. If world economic growth increases in 2015, then it is expected
that containerized trade growth should also increase next year. We are
watchful, however, for any changes in expectations for global economic
growth as this is likely to impact demand for our equipment. Recent
economic indicators have shown some global economic weakness,
particularly in Europe. However, during the past quarter we have seen
increased demand for equipment in both Asia and Europe, and we continue
to get inquiries for equipment in these regions. We are pleased with
that trend but will continue to monitor for any changes in demand.
“During the third quarter, we ordered an additional 500 rail cars for
delivery in 2015 and 2016. We now have 920 rail cars being delivered by
the end of 2015 and are pleased that over 90% are already under letters
of intent with customers for attractive long term leases. We believe the
US rail market remains very strong because of the increased traffic the
railroads are experiencing, as well as congestion that is expected to
persist with some of the railroads. Our rail cars available for lease
are fully utilized and we expect rail car demand for all types of rail
cars to remain strong for the remainder of this year and into 2015. We
continue to look for opportunities to make further investments in used
and new rail cars as we focus on expansion and diversification of our
overall business. We expect a growing contribution to net income from
our rail business in 2015.
“During the third quarter, we purchased an additional 0.6 million shares
of our company, completing the 1.5 million share repurchase program that
the Board of Directors had approved earlier in the year. The Board of
Directors continues to evaluate the best opportunities to increase long
term shareholder value and will consider further share repurchases in
conjunction with economic market conditions and investment
opportunities.”
Mr. Garcia concluded, “As we have said previously, the focus in our
Company is to enhance long term shareholder value. We intend to continue
to work towards achieving this goal by remaining disciplined with our
pricing/return strategy, by reducing costs and improving asset
utilization, by continuing to expand the mix of our investments to take
advantage of the long term growth opportunities in different market
segments, and through a disciplined, reasoned capital return strategy.”
_____________________________________
1 Refer to the Reconciliation of GAAP Amounts to Non-GAAP
Amounts set out below
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CAI International, Inc.
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Consolidated Balance Sheets
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(In thousands, except share information)
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(UNAUDITED)
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September 30,
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December 31,
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2014
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2013
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Assets
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Current assets
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Cash
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$
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19,048
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$
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31,141
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Cash held by variable interest entities
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31,402
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14,600
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Accounts receivable (owned fleet), net of allowance for doubtful
accounts
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of $504 and $503 at September 30, 2014 and December 31, 2013,
respectively
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46,220
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|
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41,226
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Accounts receivable (managed fleet)
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8,619
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|
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10,646
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Current portion of direct finance leases
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17,466
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|
|
|
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|
12,998
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Prepaid expenses
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|
|
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|
14,712
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|
|
|
|
|
|
14,803
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Other current assets
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|
|
|
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|
555
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|
|
|
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|
|
5,553
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Total current assets
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138,022
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|
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130,967
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Restricted cash
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8,488
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9,253
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Rental equipment, net of accumulated depreciation of $260,290 and
$210,165 at September 30, 2014 and December 31, 2013, respectively
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1,565,149
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|
|
|
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|
1,465,092
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Net investment in direct finance leases
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|
|
|
|
79,890
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|
|
|
|
|
|
68,210
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Furniture, fixtures and equipment, net of accumulated depreciation
of $1,987 and $1,697 at September 30, 2014 and December 31, 2013,
respectively
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1,058
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|
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|
1,390
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Intangible assets, net of accumulated amortization of $4,797 and
$4,638 at September 30, 2014 and December 31, 2013, respectively
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|
368
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|
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|
677
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Total assets
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$
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1,792,975
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$
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1,675,589
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Liabilities and Stockholders' Equity
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Current liabilities
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Accounts payable
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|
$
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6,785
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|
|
$
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8,002
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Accrued expenses and other current liabilities
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8,641
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|
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|
6,230
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|
Due to container investors
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|
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13,815
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|
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14,815
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Unearned revenue
|
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|
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8,199
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|
|
|
|
|
|
6,862
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Short term line of credit
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|
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|
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|
75,000
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|
|
|
|
|
|
-
|
|
Current portion of debt
|
|
|
|
|
|
108,216
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|
|
|
|
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|
74,080
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|
Current portion of capital lease obligations
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|
|
|
|
|
1,215
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|
|
|
|
|
|
1,921
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Rental equipment payable
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|
|
|
|
|
44,792
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|
|
|
|
|
|
45,181
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|
Total current liabilities
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|
|
|
|
|
266,663
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|
|
|
|
|
|
157,091
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Debt
|
|
|
|
|
|
1,055,335
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|
|
|
|
|
|
1,058,628
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Deferred income tax liability
|
|
|
|
|
|
41,751
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|
|
|
|
|
|
41,378
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Capital lease obligations
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|
|
|
|
|
1,817
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|
|
|
|
|
|
3,366
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|
Total liabilities
|
|
|
|
|
|
1,365,566
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|
|
|
|
|
|
1,260,463
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|
|
|
|
|
|
|
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|
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Stockholders' equity
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|
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Common stock: par value $.0001 per share; authorized 84,000,000
shares; issued and outstanding 20,782,776 and 22,240,673 shares at
September 30, 2014 and December 31, 2013, respectively
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2
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|
|
2
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|
Additional paid-in capital
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|
|
|
|
|
154,265
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|
|
|
|
|
|
184,263
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|
Accumulated other comprehensive loss
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|
|
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|
(4,317
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)
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|
|
|
|
|
(2,356
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)
|
Retained earnings
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|
|
|
|
|
276,735
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|
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|
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|
232,623
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Total CAI stockholders' equity
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|
|
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|
426,685
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|
414,532
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Non-controlling interest
|
|
|
|
|
|
724
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|
|
|
|
|
|
594
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|
Total stockholders' equity
|
|
|
|
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|
427,409
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|
|
|
|
|
|
415,126
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|
Total liabilities and stockholders' equity
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|
|
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|
$
|
1,792,975
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|
|
$
|
1,675,589
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|
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|
CAI International, Inc.
|
Consolidated Statements of Income
|
(In thousands, except per share data)
|
(UNAUDITED)
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|
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Three Months Ended
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Nine Months Ended
|
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|
September 30,
|
|
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|
|
September 30,
|
|
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|
2014
|
|
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|
2013
|
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|
|
|
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|
|
2014
|
|
|
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|
|
2013
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Rental revenue
|
|
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|
$
|
55,380
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$
|
50,711
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|
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|
$
|
157,557
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|
$
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145,721
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|
Management fee revenue
|
|
|
|
|
|
1,561
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|
|
|
|
|
1,503
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|
|
|
|
|
|
|
4,681
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|
|
|
|
|
6,027
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|
Finance lease income
|
|
|
|
|
|
2,262
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|
|
|
|
|
1,684
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|
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|
|
|
|
|
6,541
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|
|
|
|
|
6,096
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|
Total revenue
|
|
|
|
|
|
59,203
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|
|
|
|
|
53,898
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|
|
|
|
|
|
|
168,779
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|
|
|
|
|
157,844
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|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation of rental equipment
|
|
|
|
|
|
19,888
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|
|
|
|
|
17,389
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|
|
|
|
|
|
|
57,607
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|
|
|
|
|
49,007
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|
Amortization of intangible assets
|
|
|
|
|
|
95
|
|
|
|
|
|
227
|
|
|
|
|
|
|
|
293
|
|
|
|
|
|
681
|
|
Gain on disposition of used rental equipment
|
|
|
|
|
|
(1,237
|
)
|
|
|
|
|
(1,329
|
)
|
|
|
|
|
|
|
(4,561
|
)
|
|
|
|
|
(5,822
|
)
|
Storage, handling and other expenses
|
|
|
|
|
|
6,532
|
|
|
|
|
|
4,979
|
|
|
|
|
|
|
|
19,322
|
|
|
|
|
|
13,611
|
|
Marketing, general and administrative expenses
|
|
|
|
|
|
6,676
|
|
|
|
|
|
6,055
|
|
|
|
|
|
|
|
19,779
|
|
|
|
|
|
18,274
|
|
Loss on foreign exchange
|
|
|
|
|
|
70
|
|
|
|
|
|
374
|
|
|
|
|
|
|
|
387
|
|
|
|
|
|
199
|
|
Total operating expenses
|
|
|
|
|
|
32,024
|
|
|
|
|
|
27,695
|
|
|
|
|
|
|
|
92,827
|
|
|
|
|
|
75,950
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
|
|
27,179
|
|
|
|
|
|
26,203
|
|
|
|
|
|
|
|
75,952
|
|
|
|
|
|
81,894
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
|
|
|
9,265
|
|
|
|
|
|
9,546
|
|
|
|
|
|
|
|
26,943
|
|
|
|
|
|
26,905
|
|
Write-off of deferred financing costs
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
1,108
|
|
Interest income
|
|
|
|
|
|
(1
|
)
|
|
|
|
|
-
|
|
|
|
|
|
|
|
(6
|
)
|
|
|
|
|
(4
|
)
|
Net interest expense
|
|
|
|
|
|
9,264
|
|
|
|
|
|
9,546
|
|
|
|
|
|
|
|
26,937
|
|
|
|
|
|
28,009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income before income taxes and non-controlling interest
|
|
|
|
|
|
17,915
|
|
|
|
|
|
16,657
|
|
|
|
|
|
|
|
49,015
|
|
|
|
|
|
53,885
|
|
Income tax expense
|
|
|
|
|
|
1,482
|
|
|
|
|
|
1,320
|
|
|
|
|
|
|
|
4,857
|
|
|
|
|
|
5,550
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
|
16,433
|
|
|
|
|
|
15,337
|
|
|
|
|
|
|
|
44,158
|
|
|
|
|
|
48,335
|
|
Net income attributable to non-controlling interest
|
|
|
|
|
|
(38
|
)
|
|
|
|
|
-
|
|
|
|
|
|
|
|
(46
|
)
|
|
|
|
|
-
|
|
Net income attributable to CAI common stockholders
|
|
|
|
|
$
|
16,395
|
|
|
|
|
$
|
15,337
|
|
|
|
|
|
|
$
|
44,112
|
|
|
|
|
$
|
48,335
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share attributable to CAI common
stockholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
$
|
0.78
|
|
|
|
|
$
|
0.69
|
|
|
|
|
|
|
$
|
2.08
|
|
|
|
|
$
|
2.18
|
|
Diluted
|
|
|
|
|
$
|
0.77
|
|
|
|
|
$
|
0.68
|
|
|
|
|
|
|
$
|
2.04
|
|
|
|
|
$
|
2.13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
20,936
|
|
|
|
|
|
22,186
|
|
|
|
|
|
|
|
21,193
|
|
|
|
|
|
22,139
|
|
Diluted
|
|
|
|
|
|
21,329
|
|
|
|
|
|
22,645
|
|
|
|
|
|
|
|
21,622
|
|
|
|
|
|
22,674
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAI International, Inc.
|
Fleet Data
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned container fleet in TEUs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
935,365
|
|
856,121
|
Managed container fleet in TEUs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
252,530
|
|
289,846
|
Total container fleet in TEUs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,187,895
|
|
1,145,967
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned container fleet in CEUs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
975,745
|
|
889,220
|
Managed container fleet in CEUs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
231,516
|
|
268,425
|
Total container fleet in CEUs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,207,261
|
|
1,157,645
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned railcar fleet in units
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,051
|
|
1,572
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
Nine Months Ended
|
|
|
|
|
|
September 30,
|
|
|
|
|
September 30,
|
|
|
|
|
|
2014
|
|
|
|
2013
|
|
|
|
|
2014
|
|
2013
|
Average Utilization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Container Fleet Utilization in TEUs
|
|
|
|
|
92.4%
|
|
|
|
92.0%
|
|
|
|
|
90.9%
|
|
92.1%
|
Container Fleet Utilization in CEUs
|
|
|
|
|
93.0%
|
|
|
|
92.8%
|
|
|
|
|
91.7%
|
|
93.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
2013
|
Period Ending Utilization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Container Fleet Utilization in TEUs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
93.7%
|
|
91.6%
|
Container Fleet Utilization in CEUs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
94.1%
|
|
92.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utilization is computed by dividing total units on lease, in CEUs
(cost equivalent units) or TEUs (twenty foot equivalent units), by
the total units in our fleet, in CEUs or TEUs, excluding new units
not yet leased and off-hire units designated for sale. CEU is a
ratio used to convert the actual number of containers in our fleet
to a figure based on the relative purchase prices of our various
equipment types to that of a standard 20 foot dry van container. For
example, the CEU ratio for a standard 40 foot dry van container is
1.6, and a 40 foot high cube container is 1.7.
|
|
|
Reconciliation of GAAP Amounts to Non-GAAP Amounts
|
(In thousands, except per share data)
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
Nine Months Ended
|
|
|
|
|
|
September 30,
|
|
|
|
|
|
September 30,
|
|
|
|
|
|
|
2014
|
|
|
|
|
|
2013
|
|
|
|
|
|
|
|
2014
|
|
|
|
|
|
2013
|
|
GAAP rental revenue
|
|
|
|
|
$
|
55,380
|
|
|
|
|
$
|
50,711
|
|
|
|
|
|
|
$
|
157,557
|
|
|
|
|
$
|
145,721
|
|
Non-recurring settlement received from customer
|
|
|
|
|
|
(2,017
|
)
|
|
|
|
|
-
|
|
|
|
|
|
|
|
(2,017
|
)
|
|
|
|
|
-
|
|
Non-GAAP rental revenue
|
|
|
|
|
$
|
53,363
|
|
|
|
|
$
|
50,711
|
|
|
|
|
|
|
$
|
155,540
|
|
|
|
|
$
|
145,721
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP total revenue
|
|
|
|
|
$
|
59,203
|
|
|
|
|
$
|
53,898
|
|
|
|
|
|
|
$
|
168,779
|
|
|
|
|
$
|
157,844
|
|
Non-recurring settlement received from customer
|
|
|
|
|
|
(2,017
|
)
|
|
|
|
|
-
|
|
|
|
|
|
|
|
(2,017
|
)
|
|
|
|
|
-
|
|
Non-GAAP total revenue
|
|
|
|
|
$
|
57,186
|
|
|
|
|
$
|
53,898
|
|
|
|
|
|
|
$
|
166,762
|
|
|
|
|
$
|
157,844
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income attributable to CAI common stockholders
|
|
|
|
|
$
|
16,395
|
|
|
|
|
$
|
15,337
|
|
|
|
|
|
|
$
|
44,112
|
|
|
|
|
$
|
48,335
|
|
Non-recurring net settlement received from customer
|
|
|
|
|
|
(1,856
|
)
|
|
|
|
|
-
|
|
|
|
|
|
|
|
(1,856
|
)
|
|
|
|
|
-
|
|
Tax effect of non-recurring net settlement received from customer
|
|
|
|
|
|
184
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
184
|
|
|
|
|
|
-
|
|
Write-off of deferred financing costs
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
1,108
|
|
Tax effect of write-off of deferred financing costs
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
(137
|
)
|
Non-recurring tax charge
|
|
|
|
|
|
-
|
|
|
|
|
|
(27
|
)
|
|
|
|
|
|
|
626
|
|
|
|
|
|
(81
|
)
|
Non-GAAP net income attributable to CAI common stockholders
|
|
|
|
|
$
|
14,723
|
|
|
|
|
$
|
15,310
|
|
|
|
|
|
|
$
|
43,066
|
|
|
|
|
$
|
49,225
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income per share attributable to CAI common
stockholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
|
|
|
|
|
$
|
0.77
|
|
|
|
|
$
|
0.68
|
|
|
|
|
|
|
$
|
2.04
|
|
|
|
|
$
|
2.13
|
|
Non-GAAP (excluding non-recurring tax charge, non-recurring net
settlement received from customer and the write-off of deferred
financing costs, and related tax effects)
|
|
|
|
|
$
|
0.69
|
|
|
|
|
$
|
0.68
|
|
|
|
|
|
|
$
|
1.99
|
|
|
|
|
$
|
2.17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares used to calculate
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP and non-GAAP diluted net income per share attributable to CAI
common stockholders
|
|
|
|
|
|
21,329
|
|
|
|
|
|
22,645
|
|
|
|
|
|
|
|
21,622
|
|
|
|
|
|
22,674
|
|
Conference Call
A conference call to discuss the financial results for the third quarter
of 2014 will be held on Tuesday, October 28, 2014 at 5:00 p.m. ET. The
dial-in number for the teleconference is 1-888-398-8098; outside of the
U.S., call 1-707-287-9363. The call may be accessed live over the
internet (listen only) under the “Investors” tab of CAI’s website, www.capps.com,
by selecting “Q3 2014 Earnings Conference Call.” A webcast replay will
be available for 30 days on the “Investors” tab of our website.
Use of Non-GAAP Financial Measures
This press release contains non-GAAP financial measures, and includes
rental revenue, revenue, net income and earnings per share adjusted to
reflect the impact of a non-recurring settlement received from a
customer and related tax effects, the write-off of certain deferred
financing costs and related tax effects, and a non-recurring tax charge.
These measures are not in accordance with, or an alternative for,
generally accepted accounting principles, or GAAP, and may be different
from non-GAAP financial measures used by other companies. We believe the
presentation of non-GAAP financial measures provides useful information
to management and investors regarding various financial and business
trends relating to our financial condition and results of operations,
and that when GAAP financial measures are viewed in conjunction with
non-GAAP financial measures, investors are provided with a more
meaningful understanding of our ongoing operating performance. Non-GAAP
financial measures are not intended to be considered in isolation or as
a substitute for GAAP financial measures. To the extent this release
contains historical non-GAAP financial measures, we have also provided a
reconciliation to the corresponding GAAP financial measures for
comparative purposes.
About CAI International, Inc.
CAI is one of the world’s leading managers and lessors of intermodal
freight containers. As of September 30, 2014, the company operated a
worldwide fleet of approximately 1,188,000 TEUs of containers through 17
offices located in 13 countries including the United States. CAI also
owns a fleet of railcars, which it leases within North America.
This press release contains forward-looking statements regarding future
events and the future performance of CAI International, Inc. These
statements are forward looking statements within the meaning of the safe
harbor provisions of Section 21E of the Securities Exchange Act of 1934
and involve risks and uncertainties that could cause actual results of
operations and other performance measures to differ materially from
current expectations including, but not limited to, utilization rates,
expected economic conditions, availability of credit on commercially
favorable terms or at all, customer demand, container investment levels,
container prices, lease rates, increased competition, volatility in
exchange rates, growth in world trade and world container trade, the
ability of the company to convert letters of intent with its customers
to binding contracts, potential to sell the company’s securities to the
public and others. CAI refers you to the documents that it has filed
with the Securities and Exchange Commission, including its annual report
on Form 10-K for the year ended December 31, 2013 and its interim
reports on Form 10-Q and its reports on Form 8-K. These documents
contain additional important factors that could cause actual results to
differ from current expectations and from forward-looking statements
contained in this press release. Furthermore, CAI is under no obligation
to (and expressly disclaims any such obligation to) update or alter any
of the forward-looking statements contained in this press release
whether as a result of new information, future events or otherwise,
unless required by law.
CONTACT:
CAI International, Inc.
Tim Page, 415-788-0100
Chief
Financial Officer
tpage@capps.com
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