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INTERPOOL POSTS 62 PERCENT RISE IN 3RD QUARTER PROFITS; SAYS $58 MILLION PRIVATE PLACEMENT INVESTMENT GRADE RATES TO CUT FUTURE BORROWING COSTS

 PRINCETON, N.J., Nov. 2 /PRNewswire/ -- Third-quarter net income of Interpool, Inc. (NYSE: IPX) increased 62 percent, to $5,451,000, or 32 cents per common share, from a pro forma $3,370,000, or 28 cents, the company reported today. Weighted average shares outstanding for the period were 17,302,000, compared with last year's 12,127,000 shares.
 Revenues for the September quarter were $20,518,000, up 7 percent from 1992's third-quarter revenues of $19,150,000. Pro forma figures reflect adjustments, as of Jan. 1, 1992, including the acquisition of the Trac Lease chassis business. The combined company went public on The New York Stock Exchange last May, with net proceeds of $67 million for 30 percent of the company's shares.
 Interpool's nine-month net income was $14,055,000, or 95 cents per common share, on 14,830,000 weighted average shares outstanding, reflecting a 43 percent increase from the pro forma $9,855,000, or 81 cents per share earned through three quarters of 1992, on 12,127,000 shares outstanding. September 30th year-to-date revenues were $58,917,000, an increase of 7 percent from 1992's nine-month pro forma revenues of $55,067,000.
 $58 Million Private Placement
 The company has announced today that it will issue $58 million of senior secured notes in a private placement to institutional investors. The private placement was, for the first time in Interpool's 25-year corporate history, at an investment grade rating (PPR2+). The financing, with an average effective fixed rate of approximately 6 percent, compares favorably with Interpool's current average effective fixed rate of approximately 8 percent.
 Commenting on the earnings performance and the importance of the private placement, Martin Tuchman, chairman and chief executive officer of Interpool, said: "We are now experiencing an acceleration of our earning power, as two factors begin to have a significant impact -- namely our market share growth in supplying equipment required for industry expansion and the container replacement market, augmented by the positive effect on our P&L from reducing our financing costs.
 "Looking ahead, we are also seeing signs of an expansion in global shipping," Mr. Tuchman pointed out, "as world trade slowly begins to respond to the more-cooperative international political trends of the past few years. These developments should mean more international shipping, which will contribute to demand for our containers and chassis. By keeping our operations and financial position strong, we should be able to capitalize on these trends."
 Interpool, originally founded in 1968, is one of the world's leading lessors of intermodal dry cargo containers and is the second largest lessor of intermodal container chassis in the United States. Interpool's container fleet totals approximately 95,000 twenty-foot equivalent units, and its chassis fleet has approximately 40,000 chassis. Interpool leases its containers and chassis to over 200 customers, including nearly all of the world's 20 largest international container shipping lines.
 INTERPOOL, INC.
 Consolidated Statements Of Income
 (In thousands, except amounts per share)
 For the Three Months For the Nine Months
 Ended Sept. 30, Ended Sept. 30,
 1993 1992 1993 1992
 Actual Pro forma Actual Pro forma
 Revenues:
 Container Leasing $8,504 $7,550 $23,956 $21,134
 Chassis Leasing 9,544 9,528 27,985 28,047
 Other Equipment
 Leasing 2,470 2,072 6,976 5,886
 Total Revenues 20,518 19,150 58,917 55,067
 Operating and
 Administrative
 Expenses 8,343 7,240 23,300 21,855
 Depreciation and
 Amortization of
 Leasing Equipment 3,806 3,862 11,139 10,997
 (Gain) on Sale of
 Leasing Equipment (323) 87 (1,197) (296)
 Earnings Before
 Interest and
 Taxes 8,692 7,961 25,675 22,511
 Interest Expense,
 Net 2,330 3,684 9,039 10,050
 Income Before
 Taxes 6,362 4,277 16,636 12,461
 Provision for
 Income Taxes 911 907 2,581 2,606
 Net Income $5,451 $3,370 $ 14,055 $ 9,855
 Earnings Per
 Share $ 0.32 $ 0.28 $ 0.95 $ 0.81
 Weighted Average
 Shares
 Outstanding 17,302 12,127 14,830 12,127
 -0- 11/2/93
 /CONTACT: Raoul J. Witteveen of Interpool, 212-986-3388 or Stuart Pearlman of Stuart Pearlman & Co., Inc., 212-370-4940/
 (IPX)


CO: Interpool, Inc. ST: New Jersey IN: SU: ERN

WB -- NY048 -- 3013 11/02/93 11:17 EST
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Publication:PR Newswire
Date:Nov 2, 1993
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