Monday, intermodal marine cargo container leasing and management company CAI International, Inc. (CAP) reported a rise in its income for the third quarter compared to year-ago quarter. However, the company has lowered its fourth quarter guidance on non-cash goodwill impairment charge.
The San Francisco, California-based company's net income available to common shareholders was $6 million or $0.34 per share, compared to $5.4 million or $0.32 per share in the year-ago quarter.
Total revenue for the quarter was $22 million, up from $17.4 million in the preceding year quarter. The company said higher profit was the result of fleet growth over the past year and from the overall strong utilization during the quarter.
For the nine-month period, the company's net income was $17.4 million or $1.01 per share, raised from $7.5 million or $0.49 per share in the prior-year same period.
For the period, total revenues were rose to $60.4 million from $46 million reported in the year-ago period.
The company has announced that it would record a fourth quarter non-cash charge of $50.2 million for impairment of goodwill, associated with the company's acquisition of its shares from Interpool, Inc. in October, 2006. As a result of the $50.2 million impairment charge, CAI expects to incur a net loss of $44.8 million to $44.6 million for the fourth quarter of 2008. Additionally, CAI noted that the goodwill charge resulted from the company's annual testing of goodwill and was primarily a result of the material decline in the market value of the company's equity during the fourth quarter of 2008.
The company estimates fourth quarter earnings per share before impairment charge to be $0.30 - $0.32. Analysts polled by Thomson Reuters expect the company to report earnings of $0.30 per share for the fourth quarter. Analysts' estimates typically exclude special items.
The company estimates that the impairment charge will result in a decrease in earnings per share of $2.81 and will result in the Company recognizing a loss per share for the fourth quarter of $2.51 to $2.49 per share.
CAP is currently trading at $3.29, up $0.14 or 4.44% on the NYSE.
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