Cronos Group reports higher net income

The Cronos Group, a major lessor of intermodal containers including refrigerated units, reported net income of $789,000 for the first quarter of 2004 compared with net income of $499,000 for the corresponding period in 2003.

Total revenues were $34 million for the first quarter of 2004 versus $30.5 million for the first quarter of 2003. This increase was mainly the result of continued strong market conditions, growth in the size of the company's container fleet, and higher utilization. Combined utilization of the Cronos container fleet March 31, 2004, was 90%, compared with 85% reported March 31, 2003.

Cronos owns and manages a fleet of more than 415,000 TEU (20-foot equivalent units).