Textainer Group Holdings Ltd, a lessor of intermodal containers, has reported results for the second quarter and the six months ended June 30, 2009.
Total revenue for the quarter was $54.4 million, which was a decrease of $15.2 million, or 22%, compared with $69.6 million in the prior-year quarter. For the six months ended June 30, 2009, total revenue was $114.0 million, which was down $27.8 million, or 20%, versus $141.8 million for the prior-year comparable period.
Net income for the second quarter was $31.0 million, which was an increase of $0.6 million, or 2%, compared with $30.4 million in the prior-year quarter. For the six months ended June 30, 2009, net income rose 8.7% to $51.9 million from $47.8 million for the prior-year comparable period.
John A Maccarone, president and chief executive officer of Textainer, said, “We are pleased with our second quarter and first half 2009 results. Our past decision to increase the percentage of our fleet committed to long-term leases has served to lessen the effect of a severe cyclical downturn in the container shipping industry. During the first half of 2009, we have continued to act opportunistically to capitalize on current market conditions in an effort to enhance our industry leadership. In terms of growth, we increased the TEU of our fleet 15% during the first half of 2009 by completing two accretive acquisitions of management rights.
“We declared our eighth consecutive dividend since our IPO and have now distributed $1.78 per share to shareholders since October 2007,” he said.
