The Cronos Group, a major lessor of intermodal containers including refrigerated units, reported net income of $2.0 million for the quarter ended Sept 30, 2004, compared with $908,000 for the corresponding period in 2003.
Total revenues for the third quarter of 2004 were $35.3 million versus $32.0 million for the same period a year ago. Gross lease revenue for the third quarter of 2004 was $4.0 million higher than in the same period of 2003 due to strong global container trade conditions and growth in the size of the company's combined container fleet.
During the first nine months of 2004, Cronos added $86 million of new container equipment, resulting in a 6% gain in the size of the firm's combined container fleet. Net income for the nine-month period ended Sept 30, 2004, was $4.9 million, compared with $1.8 million for the comparable period a year earlier. Total revenues for the nine months ended Sept 30, 2004, were $103.4 million, versus $93.0 million for the similar period in the prior year. Gross lease revenue for the first nine months of 2004 was $96.8 million, compared with $87.1 million for the same period in 2003.
