Textainer group holdings ltd (TGH)
Income statement / Quarterly
Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Dec'10Sep'10Jun'10Mar'10Dec'09Sep'09Jun'09Mar'09
Revenues:
Lease rental income

106,816

97,494

91,791

87,888

87,072

85,147

83,049

72,359

68,237

61,268

56,741

49,581

51,060

45,428

44,196

49,095

Management fees

5,880

6,195

7,293

6,801

6,628

7,397

7,615

7,684

8,072

7,760

6,897

6,408

6,581

6,769

6,034

5,844

Trading container sales proceeds

6,760

11,058

12,744

11,537

14,770

9,024

5,655

4,765

1,445

2,211

3,618

4,017

6,571

1,584

1,423

2,265

Gain on sale of containers, net

7,828

7,558

8,162

11,289

7,907

7,913

9,417

6,394

6,245

4,389

7,376

9,614

4,373

2,273

2,785

2,680

Gains (losses) on sales-type leases, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-303

Total revenues

127,284

122,305

119,990

117,515

116,377

109,481

105,736

91,202

83,999

75,628

74,632

69,620

68,888

56,054

54,438

59,581

Operating expenses:
Direct container expense

7,584

5,425

6,104

6,060

5,554

4,480

4,315

3,958

4,094

4,107

7,965

9,376

11,476

10,276

9,488

7,822

Cost of trading containers sold

5,767

9,911

11,130

10,002

12,219

8,047

5,024

4,166

1,146

1,819

2,919

3,162

5,168

1,274

1,276

2,003

Depreciation expense

-

26,941

22,801

21,580

-

18,809

24,001

18,866

18,050

14,891

13,188

12,843

13,507

12,553

11,261

11,152

Amortization expense

1,140

1,275

1,299

1,306

1,335

1,443

1,574

1,758

1,756

1,636

1,575

1,577

1,601

2,020

1,849

1,610

General and administrative expense

5,974

5,496

5,822

5,723

5,453

5,801

6,043

6,198

5,575

5,146

5,601

5,348

5,056

4,859

5,064

5,325

Short-term incentive compensation expense

1,837

1,159

1,322

992

1,209

1,259

1,494

959

1,342

1,347

1,350

766

1,094

640

595

595

Long-term incentive compensation expense

1,721

1,551

1,524

2,154

1,486

1,356

1,372

1,736

1,118

1,062

1,063

2,075

959

892

883

841

Bad debt expense, net

-1,618

682

743

1,718

782

1,681

408

136

-

-

-

-276

99

1,011

1,527

667

Bad debt expense (recovery), net

-

-

-

-

-

-

-

-

-

-227

205

-

-

-

-

-

Gain on sale of containers to noncontrolling interest

-

-

-

-

-

-

19,773

-

-

-

-

-

-

-

-

-

Total operating expenses

55,927

52,440

50,745

49,535

49,539

42,876

24,458

37,777

33,480

30,235

33,456

34,871

38,960

33,525

31,943

30,015

Income from operations

71,357

69,865

69,245

67,980

66,838

66,605

81,278

53,425

50,519

45,393

41,176

34,749

29,928

22,529

22,495

29,566

Other (expense) income:
Interest expense

20,195

19,441

18,531

14,719

14,649

13,708

9,011

7,523

6,658

6,058

2,781

2,654

2,851

2,587

3,012

3,300

Gain on early extinguishment of debt

-

-

-

-

-

-

-

-

-

-

-

-

0

0

16,298

3,100

Interest income

43

40

35

28

12

6

7

7

8

8

3

8

2

8

17

34

Realized losses on interest rate swaps, collars and caps, net

-2,541

-2,543

-2,529

-2,550

-2,654

-2,763

-2,765

-2,642

-2,445

-2,292

-2,354

-2,753

-3,368

-3,538

-3,799

-3,903

Unrealized gains (losses) on interest rate swaps, collars and caps, net

2,343

1,111

1,025

1,048

1,909

-3,516

-4,453

2,211

5,495

-3,188

-4,728

-1,600

3,894

-809

6,733

1,329

Gain on lost military containers, net

-

-

-

-

-

-

-

-

-

-

-

-

-

646

29

139

Other, net

43

3

-1

-1

3

12

-79

-51

-757

-492

-279

-63

-90

156

240

-271

Net other expense

-10,866

-20,830

-20,001

-16,194

-15,379

-19,969

-16,301

-7,998

-4,357

-12,022

-10,139

-7,062

-3,227

-6,124

16,506

-2,872

Income (loss) before income tax and noncontrolling interests

60,491

49,035

49,244

51,786

51,459

46,636

64,977

45,427

46,162

33,371

31,037

27,687

26,701

16,405

39,001

26,694

Income tax (expense) benefit, net

372

-1,324

4,122

2,323

-3,030

1,131

3,766

2,614

1,274

-49

2,654

614

-1,382

1,197

1,500

2,156

Net income (loss)

60,119

50,359

45,122

49,463

54,489

45,505

61,211

42,813

44,888

33,420

28,383

27,073

28,083

15,208

37,501

24,538

Less: Net (income) loss attributable to the noncontrolling interests

-454

-299

-687

-447

-430

-295

9,514

5,623

4,841

2,752

3,306

2,834

2,739

1,705

6,483

3,627

Net income (loss) attributable to Textainer Group Holdings Limited common shareholders

60,573

50,658

45,809

49,910

54,919

45,800

51,697

37,190

40,047

30,668

25,077

24,239

25,344

13,503

31,018

20,911

Net income (loss) attributable to Textainer Group Holdings Limited common shareholders per share:
Basic

1.10

1.01

0.92

1.01

1.12

0.94

1.06

0.76

0.83

0.64

0.52

0.51

0.53

0.28

0.65

0.44

Diluted

1.07

0.99

0.91

0.99

1.10

0.92

1.03

0.75

0.80

0.62

0.51

0.50

0.51

0.28

0.65

0.44

Weighted average shares outstanding (in thousands):
Basic

55,792

50,348

49,543

49,425

48,961

48,916

48,899

48,660

48,228

48,171

48,067

47,966

47,761

47,761

47,761

47,761

Diluted

56,983

51,199

50,358

50,384

49,797

49,692

49,975

49,892

49,867

49,441

49,157

48,763

48,801

48,212

47,964

47,763

Other comprehensive income (loss):
Foreign currency translation adjustments

69

68

-72

77

-165

69

38

82

-

-

-

-

-

-

-

-

Comprehensive income (loss)

60,188

50,427

45,050

49,540

54,324

45,574

61,249

42,895

-

-

-

-

-

-

-

-

Comprehensive (income) loss attributable to the noncontrolling interest

-454

-299

-687

-447

-430

-295

9,514

5,623

-

-

-

-

-

-

-

-

Comprehensive income (loss) attributable to Textainer Group Holdings Limited common shareholders

60,642

50,726

45,737

49,987

54,754

45,869

51,735

37,272

-

-

-

-

-

-

-

-