CAI International, Inc. Reports Third Quarter EPS of $.50

CAI International, Inc. CAP today reported results for the third quarter of 2010.

Highlights for the third quarter of 2010 and Outlook

• CAI reported net income attributable to CAI common stockholders for the third quarter of 2010 of $0.50 per fully diluted share, a 178% increase compared to $0.18 during the third quarter of 2009 and a 61% increase as compared the $0.31 per fully diluted share in the second quarter of 2010.
• The $0.50 per fully diluted share for the third quarter of 2010 included a $2.1 million tax benefit due to a reduction in accrued tax liability. Without this tax benefit, net income attributable to CAI common stockholders for the third quarter of 2010 would have been $0.39 per fully diluted share, a 117% increase compared to the third quarter of 2009 and a 26% increase compared to the second quarter of 2010.
• Container rental revenue increased 23% during the third quarter of 2010 as compared to the second quarter of 2010.
• Average utilization for the third quarter of 2010 improved by 3% to 98.1% from the 95.1% reported in the second quarter of 2010.
• Container demand has remained strong in the fourth quarter of 2010 and as of October 31, 2010 utilization remained at 98.1%.
• During August and September, 2010 CAI entered into transactions with two container investor partnerships for 25,500 TEUs of containers.