GATX Corporation Reports 2004 First Quarter Results.Business Editors CHICAGO--(BUSINESS WIRE)--April 22, 2004 GATX GATX General American Transportation Corporation Corporation (NYSE NYSE See: New York Stock Exchange :GMT (Greenwich Mean Time) See UTC. GMT - Universal Time 1 ) today announced its 2004 first quarter results. For the 2004 first quarter, GATX reported net income of $22.9 million or $.46 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share compared to net income of $1.8 million or $.04 per diluted share in the prior year period. The 2003 first quarter results included an $11 million after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. , or $.22 per diluted share, loss provision related to the company's air portfolio. Key developments in the 2004 first quarter include: -- Strong remarketing activity, primarily in the specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. and rail segments. -- North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. railcar fleet utilization utilization, n 1. the extent to which a given group uses a particular service in a specified period. Although usually expressed as the number of services used per year per 100 or per 1000 persons eligible for the service, utilization rates may be improved to 94% from 93% at year end and 92% in the prior year period. -- Pressure on renewal lease rates continued, both in rail and air, although moderate improvements in absolute rates continue. -- Investment volume totaled $173 million in the first quarter. Air volume decreased from the 2003 first quarter due to lower scheduled new aircraft deliveries in 2004, while rail volume increased substantially over the prior year level. -- Non-performing investments declined from year end and 2003 first quarter levels, primarily reflecting improvements in certain air accounts. Ronald H. Zech, chairman and president of GATX, stated, "The 2004 first quarter results reflect the continuation continuation - continuation passing style of a pattern that developed during 2003: a gradual The Gradual (Latin: graduale, sometimes called the Grail) is a chant in the extraordinary form of the Roman Catholic Mass, sung after the reading or singing of the Epistle and before the Alleluia, or, during penitential seasons, before the Tract. improvement in underlying market fundamentals, decreased operating volatility Volatility 1. A statistical measure of the tendency of a market or security to rise or fall sharply within a period of time. 2. A variable in option pricing formulas that denotes the extent to which the return of the underlying asset will fluctuate between now and the , and improved credit quality. Progress during the quarter was more evident in certain aspects of our business, such as remarketing gains where we were able to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. an active secondary market, while the pace of recovery in other key areas, such as lease rates, was slower. "The 2004 first quarter operating environment In computing, an operating environment is the environment in which users run programs, whether in a command line interface, such as in MS-DOS or the Unix shell, or in a graphical user interface, such as in the Macintosh operating system. , and the trends we see developing during the year, are consistent with our original expectations. Therefore, we continue to expect that 2004 earnings per diluted share will be in the range that we reported in 2003, or $1.56 including the impact from potential non-operating events." GATX RAIL GATX Rail reported net income of $12.7 million in the 2004 first quarter compared to $11.3 million in the prior year period. The increase in 2004 net income was driven primarily by higher remarketing gains on rail equipment, including certain locomotive locomotive, vehicle used to pull a train of unpowered railroad cars. Types of Locomotives The steam-powered locomotive played a key role during the development and golden age of railroading, but, despite its long and picturesque history, it has sales. Additionally, higher scrap metal scrap metal Used metals that are an important source of industrial metals and alloys, particularly in the production of steel, copper, lead, aluminum, and zinc. Smaller amounts of tin, nickel, magnesium, and precious metals are also recovered from scrap. prices raised the value realized on cars scrapped during the quarter. GATX Rail's North American operations North American operation Surgical oncology Radical surgery of a 'frozen pelvis', consisting of radical en bloc resection of the uterus and urinary bladder. See 'Frozen pelvis.'. Cf 'All-American' and 'South American' operations. continue to show a gradual, consistent improvement in terms of new car orders, inquiries, and utilization. The North American active car count increased by approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 550 cars during the quarter, and coupled with car scrapping, helped increase total utilization to 94% from 93% at year end. New investment activity continues to improve. GATX Rail invested $70 million in railcars during the 2004 first quarter, compared to $49 million in the prior year period, as approximately 1,300 cars were added to the North American fleet. The prior year period included $23 million for the acquisition of the remainder of KVG KVG Konventionelles Vorschaltgerät (German: Magnetic Ballast) KVG Key Variable Generator KVG Kurunji Venkataramana Gowda (founder of Academy of Liberal Education, India) , a leading European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. railcar lessor One who rents real property or Personal Property to another. A lessor of land is a landlord. Cross-references Landlord and Tenant. lessor n. the owner of real property who rents it to a lessee pursuant to a written lease. . As expected, rate pressure on lease renewals for certain car types continued in the 2004 first quarter due to the renewal of cars coming off older, higher-rate leases. As noted at the beginning of this year, the fleet rollover A graphic element in an application or on a Web page that changes its color or shape when the pointer is moved (rolled) over it. See JavaScript rollover. See also n-key rollover. process occurs gradually grad·u·al adj. Advancing or progressing by regular or continuous degrees: gradual erosion; a gradual slope. n. Roman Catholic Church 1. and while rate pressure will likely continue through 2004, the magnitude magnitude, in astronomy, measure of the brightness of a star or other celestial object. The stars cataloged by Ptolemy (2d cent. A.D.), all visible with the unaided eye, were ranked on a brightness scale such that the brightest stars were of 1st magnitude and the of this rate pressure is expected to continue abating. Maintenance expense in the 2004 first quarter was above the prior year levels primarily due to an increase in the number of cars repaired, increased costs per car due to the nature of the repairs, and continued replacement of bolsters. GATX AIR GATX Air reported first quarter net income of $2.0 million compared to net loss of $10.2 million in the prior year period. The 2003 first quarter results included an $11 million after-tax loss provision related to the company's air portfolio. The slight increase in the 2004 first quarter net income, after adjusting 2003 first quarter results for the loss provision, was primarily due to increased joint venture income. Performance at certain joint ventures improved during the quarter, most notably our engine leasing venture with Rolls-Royce Rolls-Royce is a British brand, it may refer to:
Aircraft utilization Average numbers of hours during each 24-hour period that an aircraft is actually in flight. continues at very high levels, with nearly 100% of the owned fleet on lease or under letter of intent. GATX Air has also made substantial progress on its 2004 aircraft delivery and renewal schedule; the three new aircraft deliveries are under lease or in documentation, and 14 of 15 scheduled renewals are complete or under letter of intent. An updated air presentation, incorporating information such as asset mix, regional exposure, and renewal and delivery schedules, is available at www.gatx.com. GATX SPECIALTY FINANCE GATX Specialty Finance reported net income of $15.9 million in the 2004 first quarter compared to $9.0 million in the prior year period. GATX Specialty Finance also includes the venture finance portfolio that is expected to substantially run off by the end of 2005. The increase in GATX Specialty Finance's net income in the first quarter of 2004 was driven by higher remarketing income, indicative indicative: see mood. of activity in the secondary market and opportunistic opportunistic /op·por·tu·nis·tic/ (op?er-tldbomacn-is´tik) 1. denoting a microorganism which does not ordinarily cause disease but becomes pathogenic under certain circumstances. 2. asset sales on the part of GATX. Remarketing gains do not occur evenly throughout the year and the 2004 first quarter experience may not be reflective Refers to light hitting an opaque surface such as a printed page or mirror and bouncing back. See reflective media and reflective LCD. of activity and gains in subsequent quarters. GATX TECHNOLOGY SERVICES On April 15, 2004, GATX announced an agreement to sell substantially all the assets of GATX Technology Services and its Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. affiliate Affiliate Relationship between two companies when one company owns substantial interest, but less than a majority of the voting stock of another company, or when two companies are both subsidiaries of a third company. See: Subsidiaries, parent company. . This transaction is expected to be completed by July July: see month. 31, 2004. GATX Technology reported 2004 first quarter net income of $3.2 million compared to $1.5 million in the prior year period. The 2004 first quarter investment volume of $68 million increased from $57 million in the prior year period, and reflects a gradual recovery in IT spending experienced during the quarter. CREDIT STATISTICS The allowance for possible losses was 6.4% of reservable assets at the end of the 2004 first quarter, compared to 6.1% at the end of 2003 and 8.4% at the end of the 2003 first quarter. Net charge-offs and impairments totaled $1.9 million during the 2004 first quarter, or 0.1% of average total assets on an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. basis. Net charge-offs and impairments in the 2003 first quarter totaled $7.9 million (0.4%). The lower charge-offs and impairments in the 2004 first quarter reflect generally improved credit quality and market conditions. Non-performing leases and loans at the end of the 2004 first quarter totaled $74.0 million compared to $165.5 million in the prior year period and $77.8 million at the end of 2003. The decline in non-performing leases and loans primarily reflects improvements in certain air accounts, as well as general overall portfolio quality improvements. COMPANY DESCRIPTION GATX Corporation (NYSE: GMT) is a specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. finance and leasing company combining asset knowledge and services, structuring expertise, partnering and capital to provide business solutions to customers and partners worldwide. GATX specializes in railcar, locomotive, and aircraft operating leasing. TELECONFERENCE INFORMATION GATX Corporation will host a teleconference to discuss 2004 first quarter results. Teleconference details are as follows:
Thursday, April 22nd
10:00 AM Eastern Time
Domestic Dial-In: 1-800-706-6082
International Dial-In: 1-706-634-7421
Replay: 1-800-642-1687 / Access Code: 6737385
Call in details and real-time 1. real-time - Describes an application which requires a program to respond to stimuli within some small upper limit of response time (typically milli- or microseconds). Process control at a chemical plant is the classic example. audio access are available at www.gatx.com. Please access the call 15 minutes prior to the start time. Following the call, a replay will be available on the same site. UPDATE ON AIR PORTFOLIO GATX Corporation has updated its Air portfolio presentation, and the slides are currently available at www.gatx.com or by calling the GATX Investor Relations Investor relations The process by which the corporation communicates with its investors. Department. FORWARD-LOOKING STATEMENTS forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Certain statements within this document may constitute forward-looking statements made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provision of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These statements are identified by words such as "anticipate," "believe," "estimate," "expect," "intend," "predict," or "project" and similar expressions. This information may involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Risks and uncertainties include, but are not limited to, general economic conditions; aircraft and railcar lease rate and utilization levels; conditions in the capital markets and the potential for a downgrade Downgrade A negative change in the rating of a security. Notes: For example, an analyst may downgrade a stock from strong buy to buy, or a bond rating agency may downgrade a bond from AAA to AA. in GATX's or GATX Financial Corp.'s credit rating, either of which could have an effect on the Company's borrowing costs or ability to access the markets for commercial paper or secured and unsecured debt Unsecured debt Debt that does not identify specific assets that the debtholder is entitled to in case of default. ; dynamics affecting customers within the chemical, petroleum and food industries; regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. rulings that may impact the economic value of assets; competitors COMPETITORS, French law. Persons who compete or aspire to the same office, rank or employment. As an English word in common use, it has a much wider application. Ferriere, Dict. de Dr. h.t. in the rail and air markets who may have access to capital at lower costs than GATX; additional potential write-downs and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. provisions within GATX's portfolio; impaired asset Impaired Asset An asset with a market value that is worth less than its book value. Notes: If the sum of all estimated future cash flows is less than the carrying value of the asset, then the asset would be considered impaired and would have to be written down to its fair charges; and general market conditions in the rail, air, technology, venture, and other large-ticket industries. Investor, corporate, financial, historical financial, photographic and news release information may be found at www.gatx.com. -- Tabular tab·u·lar adj. 1. Having a plane surface; flat. 2. Organized as a table or list. 3. Calculated by means of a table. tabular resembling a table. Follows--
GATX CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In Millions, Except Per Share Data)
Three Months Ended
March 31
-------------------------
2004 2003
------------ ------------
Gross Income
Lease income $232.6 $240.9
Marine operating revenue 6.7 4.2
Interest income 8.5 9.6
Asset remarketing income 22.6 10.3
Gain on sale of securities 1.1 .4
Fees 3.5 6.6
Other 15.4 17.4
------------ ------------
Revenues 290.4 289.4
Share of affiliates' earnings 19.7 18.5
------------ ------------
Total Gross Income 310.1 307.9
Ownership Costs
Depreciation 72.2 79.0
Interest, net 45.1 54.1
Operating lease expense 45.5 46.1
------------ ------------
Total Ownership Costs 162.8 179.2
Other Costs and Expenses
Maintenance expense 46.6 40.3
Marine operating expenses 5.6 3.2
Other operating expenses 13.1 13.0
Selling, general and administrative 47.6 44.1
(Reversal) provision for possible losses (1.2) 18.7
Asset impairment charges .9 3.6
Fair value adjustments for derivatives (1.1) 2.1
------------ ------------
Total Other Costs and Expenses 111.5 125.0
------------ ------------
Income before Income Taxes 35.8 3.7
Income Taxes 12.9 1.9
------------ ------------
Net Income $22.9 $1.8
============ ============
Per Share Data
Basic earnings per share $.46 $.04
Average number of common shares (in thousands) 49,258 49,063
Diluted earnings per share $.46 $.04
Average number of common shares and common share
equivalents (in thousands) (a) 54,583 49,063
Dividends declared per common share $.20 $.32
(a) Shares underlying certain convertible securities were included in
the calculation of diluted earnings per share for the first
quarter of 2004 because of dilutive effects.
GATX CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In Millions)
March 31 December 31
2004 2003
------------ ------------
(Unaudited)
Assets
Cash and Cash Equivalents $224.8 $211.5
Restricted Cash 59.1 60.9
Receivables
Rent and other receivables 66.7 95.9
Finance leases 549.3 561.9
Loans 152.1 187.4
Less: allowance for possible losses (49.1) (51.6)
------------ ------------
719.0 793.6
Operating Lease Assets, Facilities and Other
Railcars and service facilities 3,368.8 3,374.6
Operating lease investments and other 2,313.6 2,332.2
Less: allowance for depreciation (2,075.2) (2,109.2)
------------ ------------
3,607.2 3,597.6
Progress payments for aircraft and other
equipment 54.6 53.6
------------ ------------
3,661.8 3,651.2
Investments in Affiliated Companies 829.0 868.2
Recoverable Income Taxes 54.8 53.8
Goodwill, Net 93.2 94.8
Other Investments 70.7 101.9
Other Assets 270.8 244.7
------------ ------------
$5,983.2 $6,080.6
============ ============
Liabilities and Shareholders' Equity
Accounts Payable and Accrued Expenses $345.3 $354.8
Debt
Short-term 8.0 15.9
Long-term:
Recourse 3,209.1 3,255.9
Nonrecourse 441.0 445.6
Capital lease obligations 107.6 122.4
------------ ------------
3,765.7 3,839.8
Deferred Income Taxes 675.9 671.7
Other Liabilities 296.5 325.4
------------ ------------
Total Liabilities 5,083.4 5,191.7
Total Shareholders' Equity 899.8 888.9
------------ ------------
$5,983.2 $6,080.6
============ ============
GATX CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
(In Millions)
Three Months Ended
March 31
-------------------------
2004 2003
------------ ------------
Operating Activities
Net Income $22.9 $1.8
Adjustments to reconcile net income to net
cash provided by operating activities:
Realized gains on remarketing of leased
equipment (21.5) (8.9)
Gain on sale of securities (1.1) (.4)
Depreciation 75.7 83.1
(Reversal) provision for possible
losses (1.2) 18.7
Asset impairment charges .9 3.6
Deferred income taxes 9.0 4.6
Share of affiliates' earnings, net of
dividends (15.8) (14.0)
Other (32.2) (39.9)
------------ ------------
Net cash provided by operating activities 36.7 48.6
Investing Activities
Additions to equipment on lease, net of
nonrecourse financing for leveraged leases,
operating lease assets and facilities (139.9) (165.9)
Loans extended (6.3) (29.0)
Investments in affiliated companies - (14.9)
Progress payments (.9) (17.2)
Other investments (25.9) (23.0)
------------ ------------
Portfolio investments and capital additions (173.0) (250.0)
Portfolio proceeds 223.1 222.3
Proceeds from other asset sales 12.0 9.4
Net decrease (increase) in restricted cash 1.8 (50.4)
Effect of exchange rate changes on restricted
cash - 7.4
------------ ------------
Net cash provided by (used in) investing
activities 63.9 (61.3)
Financing Activities
Net proceeds from issuance of long-term debt 69.8 243.2
Repayment of long-term debt (127.7) (299.2)
Net (decrease) increase in short-term debt (4.8) 1.4
Net decrease in capital lease obligations (14.6) (11.4)
Issuance of common stock and other .2 .4
Cash dividends (9.8) (15.7)
------------ ------------
Net cash used in financing activities (86.9) (81.3)
Effect of Exchange Rate Changes on Cash and
Cash Equivalents (.4) .3
------------ ------------
Net Increase (Decrease) in Cash and Cash
Equivalents $13.3 $(93.7)
============ ============
GATX CORPORATION AND SUBSIDIARIES
SEGMENT DATA (UNAUDITED)
2004 First Quarter
(In Millions)
GATX
Rail Air Technology Specialty Other Consolidated
------- ------ ---------- --------- ------- ------------
Gross Income
Lease income $161.5 $20.6 $43.4 $7.1 $- $232.6
Marine
operating
revenue - - - - 6.7 6.7
Interest income - .1 - 8.4 - 8.5
Asset
remarketing
income 4.4 .2 4.1 13.9 - 22.6
Gain on sale of
securities - - - 1.1 - 1.1
Fees .7 1.7 .2 .9 - 3.5
Other 13.4 .7 .4 .1 .8 15.4
------- ------ ---------- --------- ------- ------------
Revenues 180.0 23.3 48.1 31.5 7.5 290.4
Share of
affiliates'
earnings 3.8 9.2 2.1 4.6 - 19.7
------- ------ ---------- --------- ------- ------------
Total Gross
Income 183.8 32.5 50.2 36.1 7.5 310.1
Ownership Costs
Depreciation 30.2 13.8 27.1 1.1 - 72.2
Interest, net 16.8 9.3 6.6 7.5 4.9 45.1
Operating lease
expense 43.5 1.0 - 1.0 - 45.5
------- ------ ---------- --------- ------- ------------
Total Ownership
Costs 90.5 24.1 33.7 9.6 4.9 162.8
Other Costs and
Expenses
Maintenance
expense 46.2 .2 - .2 - 46.6
Marine
operating
expenses - - - - 5.6 5.6
Other operating
expenses 11.0 .4 .5 1.2 - 13.1
Selling,
general and
administrative 16.5 5.4 9.4 2.9 13.4 47.6
Provision
(reversal) for
possible
losses .2 (.4) .7 (1.7) - (1.2)
Asset
impairment
charges - - .8 .1 - .9
Fair value
adjustments
for
derivatives - - - (1.1) - (1.1)
------- ------ ---------- --------- ------- ------------
Total Other
Costs and
Expenses 73.9 5.6 11.4 1.6 19.0 111.5
------- ------ ---------- --------- ------- ------------
Income (Loss)
before Income
Taxes 19.4 2.8 5.1 24.9 (16.4) 35.8
Income Tax
Provision
(Benefit) 6.7 .8 1.9 9.0 (5.5) 12.9
------- ------ ---------- --------- ------- ------------
Net Income
(Loss) $12.7 $2.0 $3.2 $15.9 $(10.9) $22.9
======= ====== ========== ========= ======= ============
GATX CORPORATION AND SUBSIDIARIES
SEGMENT DATA (UNAUDITED)
2003 First Quarter
(In Millions)
GATX
Rail Air Technology Specialty Other Consolidated
------- ------- ---------- --------- ------ ------------
Gross Income
Lease income $158.0 $21.3 $48.7 $12.9 $- $240.9
Marine
operating
revenue - - - - 4.2 4.2
Interest
income - (.3) - 9.8 .1 9.6
Asset
remarketing
income .1 .3 2.9 7.0 - 10.3
Gain on sale of
securities - - - .4 - .4
Fees .9 1.8 .2 3.7 - 6.6
Other 11.9 1.7 1.3 2.9 (.4) 17.4
------- ------- ---------- --------- ------ ------------
Revenues 170.9 24.8 53.1 36.7 3.9 289.4
Share of
affiliates'
earnings 2.1 6.0 1.0 9.4 - 18.5
------- ------- ---------- --------- ------ ------------
Total Gross
Income 173.0 30.8 54.1 46.1 3.9 307.9
Ownership Costs
Depreciation 29.1 12.9 34.1 2.7 .2 79.0
Interest, net 17.0 10.3 8.2 12.4 6.2 54.1
Operating lease
expense 43.8 1.0 - 1.1 .2 46.1
------- ------- ---------- --------- ------ ------------
Total Ownership
Costs 89.9 24.2 42.3 16.2 6.6 179.2
Other Costs and
Expenses
Maintenance
expense 39.4 .8 - .1 - 40.3
Marine
operating
expenses - - - - 3.2 3.2
Other operating
expenses 10.7 .1 - 2.2 - 13.0
Selling,
general and
administrative 15.6 3.6 8.7 5.4 10.8 44.1
(Reversal)
provision for
possible
losses (.4) 18.2 .8 1.7 (1.6) 18.7
Asset
impairment
charges - - - 3.6 - 3.6
Fair value
adjustments
for
derivatives - - - 2.1 - 2.1
------- ------- ---------- --------- ------ ------------
Total Other
Costs and
Expenses 65.3 22.7 9.5 15.1 12.4 125.0
------- ------- ---------- --------- ------ ------------
Income (Loss)
before Income
Taxes 17.8 (16.1) 2.3 14.8 (15.1) 3.7
Income Tax
Provision
(Benefit) 6.5 (5.9) .8 5.8 (5.3) 1.9
------- ------- ---------- --------- ------ ------------
Net Income
(Loss) $11.3 $(10.2) $1.5 $9.0 $(9.8) $1.8
======= ======= ========== ========= ====== ============
GATX CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION (UNAUDITED)
(In Millions, Except Railcar Data)
3/31/2004 12/31/2003 3/31/2003
---------- ----------- ----------
Total Assets, Excluding Cash (a) $6,953.6 $7,099.8 $7,280.8
Reservable Assets 768.1 845.2 1,148.5
Allowance for Possible Losses 49.1 51.6 97.0
Allowance for Possible Losses as a
Percentage of Reservable Assets 6.4% 6.1% 8.4%
Net Charge-Offs and Asset
Impairments and Write-Downs 1.9 7.9
Net Charge-Offs/Impairments/
Write-Downs as a Percentage of
Average Total Assets (Annualized) .1% .4%
Non-performing Investments 74.0 77.8 165.5
Capital Structure
Short-term Debt, Net of Unrestricted
Cash (216.8) (195.6) (122.9)
Long-term Debt:
On Balance Sheet
Recourse 3,209.1 3,255.9 3,401.4
Nonrecourse 441.0 445.6 651.9
Off Balance Sheet
Recourse 943.4 978.6 997.4
Nonrecourse 310.9 313.0 320.5
Capital Lease Obligations 107.6 122.4 132.0
Total Net Debt Obligations 4,795.2 4,919.9 5,380.3
Total Recourse Debt 4,043.3 4,161.3 4,407.9
Shareholders' Equity and Allowance
for Possible Losses 948.9 940.5 886.1
Recourse Leverage 4.3 4.4 5.0
Asset Remarketing Income
------------------------
Disposition gains on owned assets 21.5 8.9
Residual sharing fees 1.1 1.4
---------- ----------
22.6 10.3
Railcar Data Full Year
------------ -----------
North American Fleet Utilization 94% 93% 92%
Beginning Fleet Size 105,248 107,150 107,150
Additions 1,269 2,388 97
Scrapped/Sold (1,729) (4,290) (1,004)
---------- ----------- ----------
Ending Fleet Size 104,788 105,248 106,243
(a) Includes Off Balance Sheet Assets
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