TAL International Group, Inc. reports full year 2006 results
TAL International Group, Inc. (NYSE: TAL), one of the world’s largest lessors of intermodal freight containers and chassis, reported results for the fourth quarter and twelve months ended December 31, 2006.
Pre-tax income for the fourth quarter of 2006 was $23.1 million compared to $4.6 million in the prior year quarter. Adjusted pre-tax income (1) for the quarter, excluding unrealized (gains) losses on interest rate swaps and other non-operational items, was $22.8 million compared to $18.5 million in the fourth quarter of 2005. Please see page 9 for a detailed reconciliation of adjusted pre-tax income. The company focuses on pre-tax results as it does not expect to pay any significant income taxes for a number of years due to the availability of accelerated tax depreciation on the existing container fleet and planned future equipment purchases.
Total revenues for the fourth quarter of 2006 were $78.1 million compared to $79.4 million in the fourth quarter of 2005. EBITDA (3) was $61.5 million for the quarter versus $59.4 million in the prior year period. Adjusted EBITDA (3) was $61.2 million for the quarter versus $59.6 million in last year’s fourth quarter. Please see page 8 for a detailed reconciliation of EBITDA and adjusted EBITDA.
Net income for the fourth quarter of 2006 was $14.9 million, or $0.45 per fully diluted common share, versus $1.7 million in the prior year quarter. Adjusted net income (2) for the quarter, excluding unrealized (gains) losses on interest rate swaps and other non-operational items was $14.7 million, or $0.44 per fully diluted common share, compared to $11.9 million in the fourth quarter of 2005.
Pre-tax income for the fourth quarter of 2006 was $23.1 million compared to $4.6 million in the prior year quarter. Adjusted pre-tax income (1) for the quarter, excluding unrealized (gains) losses on interest rate swaps and other non-operational items, was $22.8 million compared to $18.5 million in the fourth quarter of 2005. Please see page 9 for a detailed reconciliation of adjusted pre-tax income. The company focuses on pre-tax results as it does not expect to pay any significant income taxes for a number of years due to the availability of accelerated tax depreciation on the existing container fleet and planned future equipment purchases.
Total revenues for the fourth quarter of 2006 were $78.1 million compared to $79.4 million in the fourth quarter of 2005. EBITDA (3) was $61.5 million for the quarter versus $59.4 million in the prior year period. Adjusted EBITDA (3) was $61.2 million for the quarter versus $59.6 million in last year’s fourth quarter. Please see page 8 for a detailed reconciliation of EBITDA and adjusted EBITDA.
Net income for the fourth quarter of 2006 was $14.9 million, or $0.45 per fully diluted common share, versus $1.7 million in the prior year quarter. Adjusted net income (2) for the quarter, excluding unrealized (gains) losses on interest rate swaps and other non-operational items was $14.7 million, or $0.44 per fully diluted common share, compared to $11.9 million in the fourth quarter of 2005.
