Interpool Reports Record Net Income of $106.6 Million
09 Marzo 2007 - 4:33PM
Business Wire
Interpool, Inc. (NYSE: IPX) announced today that the company�s net
income for the year ended December 31, 2006 was a record $106.6
million ($3.29 per diluted share), compared with $60.5 million of
net income for the year ended December 31, 2005 ($1.94 per diluted
share). Net income for 2006 included after-tax gains related to the
sale of a substantial portion of the company�s container operating
lease fleet during March 2006 and the sale of the company�s
interest in Container Applications International, Inc. (CAI) during
October 2006. Net income for 2005 included after-tax income from an
adjustment to the fair value of warrants and a gain on the sale of
a non-transportation company in which Interpool held a minority
equity position, as well as income tax expense associated with the
repatriation of off-shore earnings and profits. The company filed
its Annual Report on Form 10-K on Friday, March 9, 2007. Martin
Tuchman, Chairman and Chief Executive Officer, said, "We are
extremely pleased with Interpool�s results for 2006. We continued
to build shareholder value through the earnings generated by the
container and CAI sales, and through the significant increase in
our dividend. We added a substantial number of new containers to
our portfolio during the year, and further enhanced our strong
position in the chassis leasing and chassis pool management
markets. Our total capital expenditures during 2006 were $352.0
million, excluding those for CAI. At the same time, we were able to
maintain strong liquidity and relatively low financial leverage. I
am also tremendously proud of the efforts of all our employees that
have resulted in full remediation of the internal control
weaknesses we had disclosed previously and a clean opinion under
Section 404 of the Sarbanes-Oxley Act. We believe that Interpool is
very well-positioned to take advantage of future opportunities as
they arise.� Interpool also reported that, for the year ended
December 31, 2006, total revenues were $374.2 million compared to
$416.5 million for the year ended December 31, 2005. The reduction
in revenues was primarily associated with the sale of a substantial
portion of the container operating lease fleet and the sale of the
company�s interest in CAI, offset in part by increased revenues
from chassis operating leases and management fees. Unrestricted
cash and cash equivalents totaled $362.4 million at December 31,
2006, and Interpool continued to maintain a conservative debt to
equity ratio of approximately 2.6 to 1.0. As announced previously,
on January 16, 2007 Interpool�s Board of Directors received a
letter from Martin Tuchman, supported by other significant
Interpool stockholders and an investment fund affiliated with
Fortis Merchant Banking, proposing an acquisition of all of the
company�s outstanding common stock (other than a portion of the
shares held by Mr. Tuchman and the other supporting stockholders)
for $24.00 per share in cash. In response to this proposal, the
company�s Board of Directors formed a Special Committee of
independent directors to review and evaluate the proposal set forth
in Mr. Tuchman�s letter. The Special Committee has engaged
independent legal counsel and an independent financial advisor to
assist it with its work. The Special Committee, working with its
advisors, is proceeding to evaluate the proposal available to
determine whether or not the proposal is in the best interests of
Interpool�s public stockholders. The Special Committee has
instructed its financial advisor and the company�s financial
advisor to contact potentially interested parties. To date, no
decisions have been made by the Special Committee or the Board of
Directors with respect to any response to the proposal. There can
be no assurance that any definitive offer will be made, that any
agreement will be executed or that this or any other transaction
will be approved or consummated. The company will hold a conference
call on March 12, 2007 at 11:30 AM Eastern Daylight Time.
Interested investors should call 888-868-9080 ten minutes prior to
the time of the conference call. Callers from outside North America
please call 973-935-8511 and hold for an operator. Identify
yourself and your company and inform the operator that you are
participating in the Interpool Earnings Conference Call. If you are
unable to access the Conference Call at 11:30 AM Eastern Daylight
Time, please call 877-519-4471 to access the taped digital replay.
To access the replay, please call and enter the digital pin
8509771. This replay will first be available at 2:30 PM Eastern
Daylight Time on March 12, 2007 and will be available until April
12, 2007 at 2:30 PM Eastern Daylight Time. Investors will also have
the opportunity to listen to the Conference Call live at the
company�s web site www.interpool.com. To listen to the live call
via the Internet, please go to the web site at least fifteen
minutes early to register, download, and install any necessary
audio software. For those who cannot listen to the live web cast, a
replay will be available two hours after the call is completed and
will remain available for thirty days. Interpool is one of the
world's leading suppliers of equipment and services to the
transportation industry. The company is the world's largest lessor
of intermodal container chassis and a world-leading lessor of cargo
containers used in international trade. This Press Release contains
certain forward-looking statements regarding future circumstances.
These forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially
from those contemplated in such forward-looking statements,
including in particular the risks and uncertainties described in
the company's SEC filings. The Company undertakes no obligation to
publicly release any revisions to these forward-looking statements
to reflect events or circumstances after the date hereof.
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