Business
CAI International, Inc. Reports Results for the Fourth Quarter and Full Year of 2019
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 fourth quarter and full year of 2019.\n\n\nSummary\n\n\n\nNet income attributable to CAI common stockholders for the fourth quarter of 2019 was $10.5 million, or $0.60 per fully diluted share.\n\n\nNet income from continuing operations attributable to CAI common stockholders for the year ended December 31, 2019 was $42.2 million, or $2.34 per fully diluted share.\n\n\nAverage utilization for CAI’s owned container fleet during the fourth quarter of 2019 was 98.5% compared to 98.6% for the third quarter of 2019.\n\n\nDuring the fourth quarter of 2019, CAI incurred a $5.2 million pre-tax charge related to a reserve against a customer receivable.\n\n\nContainer lease revenue for the year ended December 31, 2019 was $298.9 million, an increase of 5% compared to 2018.\n\n\nLogistics revenue for the year ended December 31, 2019 was $117.7 million, an increase of 6% compared to 2018.\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 Chief Executive Officer of CAI, commented, “During the fourth quarter, we continued to take strategic steps to strengthen our business in light of today’s challenged market conditions and other headwinds. We are focused on improving our performance by increasing utilization, disposing of low-yielding assets and reducing operating costs. As we work urgently to enhance near-term financial results, we are also evaluating the best path to maximize long-term shareholder value.”\n\n\nCAI’s operating performance in the fourth quarter was supported by the strong utilization of its container fleet, with 98.5% average utilization of the Company’s owned fleet, compared to 98.6% in t...