Business
CAI International, Inc. Reports Results for the First Quarter of 2020
SAN FRANCISCO--(BUSINESS WIRE)-- CAI International, Inc. (“CAI” or “the Company”) (NYSE: CAI), one of the world’s leading transportation finance and
About this update from Caris Life Sciences, Inc.
[{"type":"text","content":" SAN FRANCISCO--(BUSINESS WIRE)--\nCAI International, Inc. (“CAI” or “the Company”) (NYSE: CAI), one of the world’s leading transportation finance and logistics companies, today reported results for the first quarter of 2020.\n\n\nSummary\n\n\n\nContainer lease revenue for the first quarter of 2020 was $69.1 million, compared to $73.5 million in the fourth quarter of 2019.\n\n\nLogistics revenue for the first quarter of 2020 was $30.1 million, compared to $29.9 million in the fourth quarter of 2019.\n\n\nRail lease revenue for the first quarter of 2020 was $5.8 million, compared to $5.9 million in the fourth quarter of 2019.\n\n\nAverage utilization for CAI’s owned container fleet during the first quarter of 2020 was 98.4% compared to 98.5% for the fourth quarter of 2019.\n\n\nDuring the first quarter of 2020, CAI incurred a $19.2 million pre-tax impairment charge against the carrying value of its railcar fleet. In April 2020, the Company sold approximately $10 million of railcars at a gain of $0.3 million that will be reported in the second quarter.\n\n\nNet loss attributable to CAI common stockholders for the first quarter of 2020 was $3.5 million, or $0.20 per fully diluted share.\n\n\nAdjusted net income1 attributable to CAI common stockholders for the first quarter of 2020 was $12.0 million, or $0.67 per fully diluted share.\n\n\nThe book value per outstanding CAI common share was $33.49 as of March 31, 2020.\n\n\nIn April 2020, the Company refinanced $113 million of asset-backed notes which provided additional liquidity of approximately $40 million.\n\n\nThe Company has approximately $155 million of liquidity in the form of available cash on hand and ability to draw on its credit facilities without additional collateral being provided.\n\n\nAs previously announced on December 16, 2019, CAI has been working with Centerview Partners as its strategic financial advisor to explore and evaluate strategic alternatives for CAI to maximize stockholder value. That review is ongoing. There can be no assurance that a transaction or other action will result, or if a transaction is undertaken, its terms or timing.\n\n\n\nAdditional information on CAI's results, as well as comments on market trends, is available in a presentation posted today on the \"Investors\" section of CAI's website, www.capps.com.\n\n\nVictor Garcia, President and ...