Textainer tallies first quarter figures
Aug 1, 2008 12:00 PM
Textainer Group Holdings Limited, a lessor of intermodal containers, reported results for the first quarter ended March 31, 2008.
Total revenues for the quarter increased by $13.1 million, or 22%, to $72.2 million compared with $59.2 million in the prior-year quarter. This was mainly due to a $10.6 million, or 337%, increase in trading container sales proceeds to $13.7 million compared with $3.1 million in the prior year quarter.
Net income for the quarter was $17.4 million, a 4% increase over the 2007 quarter, even though $6.3 million in unrealized losses on interest rate swaps, net (a non-cash, non-operating item) was $4.9 million higher in the current quarter versus the 2007 quarter.
“I am very pleased with our first quarter 2008 results. Overall demand for our containers through March was strong. Textainer's utilization continued to remain around 93% during the first quarter of 2008,” said John A. Maccarone, president and chief executive officer of Textainer.
