Business
CAI International, Inc. Reports Results for the Second Quarter of 2020 and Declares Quarterly Dividend
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 second quarter of 2020.\n\n\nSummary\n\n\n\nNet loss attributable to CAI common stockholders for the second quarter of 2020 was $2.8 million, or $0.16 per fully diluted share, primarily due to intangible asset write-offs as a result of accounting for the logistics business as a discontinued operation.\n\n\nNet income from continuing operations attributable to CAI common stockholders for the second quarter of 2020 was $13.7 million, or $0.78 per fully diluted share.\n\n\nContainer lease revenue for the second quarter of 2020 was $69.4 million, compared to $69.1 million in the first quarter of 2020.\n\n\nCAI’s Board of Directors declared the Company’s first quarterly cash dividend of $0.25 per common share payable on September 25, 2020 to shareholders of record as of September 11, 2020.\n\n\nThe Company is currently experiencing strong demand from a number of customers for new container leases. Container costs are stable and lease returns are attractive.\n\n\nAverage utilization for CAI’s owned container fleet during the second quarter of 2020 was 98.0%, compared to 98.4% for the first quarter of 2020. Current utilization is 98.2%.\n\n\nIn early July 2020, the Company entered into an interest rate swap fixing $500 million of its variable rate debt. Approximately 77% of the Company’s debt is now fixed rate.\n\n\nThe Company has approximately $180 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 June 15, 2020, CAI terminated its formal strategic alternatives review process. The Company is committed to focusing solely on the container business and is actively pursuing its strategy to divest of non-core businesses.\n\n\nCAI’s Board of Directors has adopted formal stock ownership guidelines for its non-executive directors.\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\nTimothy Page, Interim President and Chief Executive Officer of CAI, commented, “We are ver...