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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(I. R. S. Employer Identification No.)
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¨
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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¨
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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¨
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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¨
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02.
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Results of Operations and Financial Condition.
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Item 9.01.
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Financial Statements and Exhibits.
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Press release issued by CAI International, Inc. dated February 13, 2013
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Dated: February 20, 2013
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CAI INTERNATIONAL, INC.
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/s/ Timothy B. Page
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Timothy B. Page
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Senior Vice President and Chief Financial Officer
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CAI reported record net income attributable to CAI common stockholders for the fourth quarter of 2012 of $0.85 per fully diluted share, a 29% increase compared to $0.66 for the fourth quarter of 2011.
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For the full year of 2012, CAI reported record net income attributable to CAI common stockholders of $3.18 per fully diluted share, a 25% increase compared to $2.55 reported in 2011.
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Rental revenue for the fourth quarter of 2012 increased 40% compared to the fourth quarter of 2011 and 11% compared to the third quarter of 2012, the 11th consecutive quarter of record rental revenue.
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CAI invested a record $522 million in rental equipment in 2012.
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During October 2012, CAI completed the acquisition of approximately 71,000 TEUs of containers, for a net cost of $83.6 million, from German investors. Prior to the purchase, CAI managed these containers on behalf of the previous owners.
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During October 2012, CAI issued $171.0 million of 3.47% fixed rate asset-backed notes, the proceeds from which were used to repay part of the Company’s borrowings under its revolving credit facility.
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During December 2012 CAI issued approximately 2.8 million shares of common stock in a follow-on public offering and received proceeds of $51.5 million, net of fees and expenses.
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December 31,
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December 31,
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2012
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2011
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Assets
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Current assets
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Cash
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$ | 17,671 | $ | 14,078 | ||||
Accounts receivable (owned fleet), net of allowance for doubtful accounts of $794 and $819 at December 31, 2012 and 2011, respectively
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32,627 | 26,381 | ||||||
Accounts receivable (managed fleet)
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19,131 | 19,054 | ||||||
Current portion of direct finance leases
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10,625 | 6,158 | ||||||
Prepaid expenses
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11,952 | 7,079 | ||||||
Deferred tax assets
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2,189 | 1,968 | ||||||
Other current assets
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919 | 185 | ||||||
Total current assets
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95,114 | 74,903 | ||||||
Restricted cash
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4,376 | 599 | ||||||
Rental equipment, net of accumulated depreciation of $147,654 and $109,336 at December 31, 2012 and 2011, respectively
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1,210,234 | 841,847 | ||||||
Net investment in direct finance leases
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74,929 | 31,591 | ||||||
Furniture, fixtures and equipment, net of accumulated depreciation of $1,254 and $1,006 at December 31, 2012 and 2011, respectively
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1,847 | 2,095 | ||||||
Intangible assets, net of accumulated amortization of $7,447 and $6,519at December 31, 2012 and 2011, respectively
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1,441 | 2,333 | ||||||
Total assets
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$ | 1,387,941 | $ | 953,368 | ||||
Liabilities and Stockholders' Equity
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Current liabilities
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Accounts payable
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$ | 5,985 | $ | 3,536 | ||||
Accrued expenses and other current liabilities
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8,465 | 5,761 | ||||||
Due to container investors
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18,589 | 20,113 | ||||||
Unearned revenue
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7,893 | 6,786 | ||||||
Current portion of debt
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61,044 | 25,764 | ||||||
Current portion of capital lease obligations
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2,242 | 3,792 | ||||||
Rental equipment payable
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2,561 | 13,301 | ||||||
Total current liabilities
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106,779 | 79,053 | ||||||
Debt
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888,990 | 575,014 | ||||||
Deferred income tax liability
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40,051 | 33,816 | ||||||
Capital lease obligations
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5,084 | 16,480 | ||||||
Income taxes payable
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192 | 269 | ||||||
Total liabilities
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1,041,096 | 704,632 | ||||||
Stockholders' equity
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Common stock: par value $.0001 per share; authorized 84,000,000 shares; issued and outstanding 22,052,529 and 19,295,359 shares at December 31, 2012 and 2011, respectively
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2 | 2 | ||||||
Additional paid-in capital
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181,063 | 128,183 | ||||||
Accumulated other comprehensive loss
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(2,917 | ) | (3,381 | ) | ||||
Retained earnings
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168,697 | 105,232 | ||||||
Total CAI stockholders' equity
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346,845 | 230,036 | ||||||
Non-controlling interest
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- | 18,700 | ||||||
Total stockholders' equity
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346,845 | 248,736 | ||||||
Total liabilities and stockholders' equity
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$ | 1,387,941 | $ | 953,368 |
Three Months Ended
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Year Ended
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December 31,
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December 31,
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2012
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2011
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2012
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2011
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Revenue
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Rental revenue
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$ | 44,921 | $ | 32,005 | $ | 152,982 | $ | 106,694 | ||||||||
Management fee revenue
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2,395 | 3,102 | 12,094 | 12,957 | ||||||||||||
Gain on sale of container portfolios
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- | - | 1,256 | 2,345 | ||||||||||||
Finance lease income
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2,538 | 1,136 | 7,593 | 3,710 | ||||||||||||
Total revenue
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49,854 | 36,243 | 173,925 | 125,706 | ||||||||||||
Operating expenses
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Depreciation of rental equipment
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14,146 | 10,907 | 48,352 | 33,633 | ||||||||||||
Amortization of intangible assets
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226 | 229 | 902 | 1,254 | ||||||||||||
Gain on disposition of used rental equipment
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(3,634 | ) | (3,223 | ) | (12,445 | ) | (13,374 | ) | ||||||||
Storage, handling and other expenses
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3,437 | 1,994 | 9,402 | 5,513 | ||||||||||||
Marketing, general and administrative expenses
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6,048 | 5,573 | 24,658 | 21,009 | ||||||||||||
Loss (gain) on foreign exchange
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45 | (138 | ) | 170 | (354 | ) | ||||||||||
Total operating expenses
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20,268 | 15,342 | 71,039 | 47,681 | ||||||||||||
Operating income
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29,586 | 20,901 | 102,886 | 78,025 | ||||||||||||
Interest expense
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9,361 | 5,336 | 28,796 | 16,139 | ||||||||||||
Interest income
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(1 | ) | (6 | ) | (9 | ) | (12 | ) | ||||||||
Net interest expense
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9,360 | 5,330 | 28,787 | 16,127 | ||||||||||||
Net income before income taxes and non-controlling interest
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20,226 | 15,571 | 74,099 | 61,898 | ||||||||||||
Income tax expense
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2,815 | 2,648 | 9,818 | 11,084 | ||||||||||||
Net income
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17,411 | 12,923 | 64,281 | 50,814 | ||||||||||||
Net income attributable to non-controlling interest
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- | (32 | ) | (816 | ) | (625 | ) | |||||||||
Net income attributable to CAI common stockholders
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$ | 17,411 | $ | 12,891 | $ | 63,465 | $ | 50,189 | ||||||||
Net income per share attributable to CAI common stockholders
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Basic
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$ | 0.87 | $ | 0.67 | $ | 3.26 | $ | 2.60 | ||||||||
Diluted
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$ | 0.85 | $ | 0.66 | $ | 3.18 | $ | 2.55 | ||||||||
Weighted average shares outstanding
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Basic
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20,090 | 19,295 | 19,495 | 19,295 | ||||||||||||
Diluted
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20,581 | 19,564 | 19,945 | 19,693 |
As of December 31,
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2012
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2011
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Owned container fleet in TEUs
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704,417 | 458,254 | ||||||
Managed container fleet in TEUs
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359,133 | 470,401 | ||||||
Total container fleet in TEUs
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1,063,550 | 928,655 | ||||||
Owned railcar fleet in units
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1,456 | - |
Contact:
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Tim Page, Chief Financial Officer
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(415) 788-0100
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tpage@capps.com
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