Sea Cube’s adjusted net income jumped 26 percent in the second quarter from a year ago to $13.3 million, outpacing a 21 percent growth in the ocean container lessor’s revenue to $49.4 million.
The NYSE-list company reported adjusted earnings before interest, tax, depreciation and amortization of $71 million in the three months to June 30 against $60.8 million in the same period in 2011.
Net income grew to $11.8 million from $8.3 million for the second quarter of 2011.
Utilization remained at a high level, averaging 97.8 percent of the company’s owned and managed fleet of 919,975 20-foot equivalent units of containers and generator sets.
CEO Joseph Kwok said the company is investing around $250 million in new containers, 68 percent of which have already been committed to long-term leases.
Sea Cube boosted its investment power in the quarter, completing a $225 million offer of “A” fixed rate secured notes and increasing its container revolving credit facility to $150 million.
“With our increased capital availability, we intend to continue pursuing attractive investment opportunities that meet our investment criteria,” Kwok said.
First half adjusted net income rose to $25.8 million from $19.7 million a year ago and revenue grew to $98.5 million from $77.6 million.
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