SEACUBE CONTAINERLEASING (fka BOX)

[johnsyn]

SEACUBE ADJUSTED NET UP 30% OVER QTR2 2010
DECLARES $.24 DIVIDEND payable OctSeaCube Container Leasing Ltd. Reports Second Quarter 2011 Results
Boc (NYSE:BOX)
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Today : Wednesday 10 August 2011
SeaCube Container Leasing Ltd (SeaCube) (NYSE: BOX), one of the world’s largest lessors of intermodal freight containers, today reported results for the second quarter ended June 30, 2011.

Adjusted net income(1) was $10.4 million for the second quarter of 2011 compared to $8.0 million in the second quarter of 2010, an increase of 30%. For the second quarter of 2011, adjusted net income per diluted common share was $0.51. 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 $40.8 million for the second quarter of 2011 compared to $33.6 million for the second quarter of 2010, an increase of 21%. Utilization continues to be strong with average second quarter utilization of 98.6%. Adjusted EBITDA(1) was $60.8 million for the second quarter of 2011, compared to $53.0 million in the second quarter of 2010.

The Company reported net income of $9.4 million for the second quarter of 2011 compared to $7.3 million for the second quarter of 2010. Net income per diluted common share was $0.47 for the second quarter of 2011, compared to $0.45 for the second quarter of 2010.

Joseph Kwok, Chief Executive Officer of SeaCube, commented, “SeaCube generated strong revenue and earnings growth in the second quarter, as we continued to benefit from our investments in new containers. In 2011 year-to-date, we have ordered approximately $400 million of new equipment, surpassing the amount we invested in 2010 and our original plan for 2011. Consistent with our strategy of maintaining strong utilization, 90% of the new containers are already committed to long-term leases.”

Mr. Kwok continued, “As we progress through the second half of the year, SeaCube remains well positioned to continue to achieve strong year-over-year revenue and earnings growth. Our year-to-date investment of $400 million is expected to be completed by November, and we will continue to make investments that are in the best interests of our shareholders. Our primary focus will be on the refrigerated container market, enabling the Company to take advantage of favorable sector fundamentals and further solidify its position as the largest lessor of refrigerated containers.”

Mr. Kwok concluded, “Based on our strong results for the second quarter, our Board of Directors declared a dividend of $0.24 per share, which is an increase of 9%. Since going public in November 2010, this is the second time SeaCube has raised its dividend and we have declared cumulative dividends of $0.88 per share.” Adjusted net income(1) was $19.6 million for the six months ended June 30, 2011, compared to $16.8 million for the six months ended June 30, 2010. For the six months ended June 30, 2011, adjusted net income per diluted common share was $0.98.

Total revenue was $77.6 million for the six months ended June 30, 2011 compared to $66.8 million for the six months ended June 30, 2010. Adjusted EBITDA(1) was $113.6 million for the six months ended June 30, 2011 compared to $105.1 million for the six months ended June 30, 2010.

The Company reported net income of $18.4 million for the six months ended June 30, 2011 compared to $14.5 million for the six months ended June 30, 2010. Net income per diluted common share was $0.91 for the six months ended June 30, 2011 compared to $0.90 for the six months ended June 30, 2010.

Dividend

On August 9, 2011, the Company’s Board of Directors approved and declared a $0.24 per share cash dividend on its issued and outstanding common shares, payable on October 14, 2011 to shareholders of record at the close of business on October 7, 2011.

Investors' Conference Call

In connection with this earnings release, management will host an earnings conference call and webcast on Wednesday, August 10, 2011 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 Second 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 be available until 11:59 p.m. on Friday, August 19, 2011 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 "85088495."