TRAC Intermodal Reports 2013 Earnings

PRINCETON, N.J., March 19, 2014 /PRNewswire/ -- TRAC Intermodal LLC, the largest provider of intermodal chassis in North America, will present its 2013 earnings and financial results on Thursday, March 20, 2014 at 9:00 a.m. Eastern Daylight Savings Time. Dial in information for the conference call can be accessed as follows:
https://cossprereg.btci.com/prereg/key.process?key=PL68RFG7E

Presentation materials to be used by management on the conference call are available on the "Investors" section of the Company's website.  The Company's financial statements are attached as an exhibit to this press release.  An on-demand audio replay of the conference call will also be available on the Company's website within 24 hours of the call. This earnings announcement, as well as additional detailed financial information, is contained in the "Investors" section of the Company's website at www.tracintermodal.com and on Form 8-K furnished to the Securities and Exchange Commission.   

About TRAC Intermodal

TRAC Intermodal is the world's largest provider of marine and domestic chassis, measured by total assets, operating throughout the United States, Canada and Mexico. TRAC Intermodal provides long term chassis leasing and short term rentals through extensive chassis pool programs and pool/fleet management through the utilization of its proprietary PoolStat® system. TRAC Intermodal's fleet consists of approximately 309,000 chassis. TRAC Intermodal has a broad operating footprint with 563 marine, 152 domestic and 61 depot locations across North America and is the leader in providing chassis solutions to the intermodal industry.

Forward Looking Statements

This press release includes "forward-looking statements"  within the meaning of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934, as amended, which are statements other than statements of historical fact and are often characterized by the use of words such as "believes," "expects," "estimates," "projects," "may," "will," "intends," "plans" or "anticipates," or by discussions of strategy, plans or intentions. All forward-looking statements in this press release are made based on management's current expectations and estimates, which involve risks, uncertainties and other factors that could cause results to differ materially from those expressed in forward-looking statements.  Important factors that could cause actual results to differ materially from those in the forward-looking statements include, without limitation, the following: the volume of world trade due to economic, political, or other factors; increased operating costs; increased regulatory costs; defaults by our customers; and, the demand for chassis.  More information about potential factors that could affect our business and financial results is included in our filings with the SEC, including in our Annual Report to be filed on Form 10-K, Current Reports on Form 8-K and our Registration Statement on Form S-4. Readers are cautioned not to place undue reliance on forward-looking statements. We assume no obligation to update such information.

FOR MORE INFORMATION:

Investor Relations:
Blake Morris
bmorris@tracintermodal.com 
+1 609.986.0270

Media Requests:
David Hamm
dhamm@tracintermodal.com 
+1 609.986.0260

TRAC Intermodal LLC
211 College Rd East
Princeton, NJ 08540
www.tracintermodal.com

 

Exhibit - Financial Statements

 


TRAC Intermodal LLC and Subsidiaries

Consolidated Balance Sheets

At December 31, 2013 and 2012

(Dollars in Thousands)





December 31


2013

2012

Assets



Cash and cash equivalents      

$             11,843

$           26,556

Accounts receivable, net of allowances of $12,475 and $7,325, respectively

113,138

80,620

Net investment in direct finance leases           

25,026

40,729

Leasing equipment, net of accumulated depreciation of $365,429 and $309,010, respectively

1,394,088

1,325,383

Goodwill         

251,907

251,907

Other assets    

45,908

43,268

Total assets     

$        1,841,910

$      1,768,463




Liabilities and member's interest






Accounts payable    

$             12,092

$           10,270

Accrued expenses and other liabilities         

42,692

37,320

Deferred income taxes, net  

99,331

73,569

Debt and capital lease obligations:



Due within one year         

34,029

25,884

Due after one year           

1,130,108

1,082,513

Total debt and capital lease obligations           

1,164,137

1,108,397

Total liabilities

1,318,252

1,229,556




Commitments and contingencies        




Member's interest:



Member's interest    

562,006

590,883

Accumulated other comprehensive loss      

(38,348)

(51,976)

Total member's interest          

523,658

538,907

Total liabilities and member's interest 

$        1,841,910

$      1,768,463

 


TRAC Intermodal LLC and Subsidiaries

Consolidated Statements of Operations

For the Years Ended December 31, 2013, 2012 and 2011

(Dollars in Thousands)






Year ended December 31

Revenues:

2013

2012

2011

Equipment leasing revenue  

$    472,571

$   373,060

$   302,156

Finance revenue      

3,254

5,116

6,155

Other revenue          

39,419

36,417

31,033

Total revenues           

515,244

414,593

339,344





Expenses:




Direct operating expenses    

289,767

214,125

172,075

Selling, general and administrative expenses           

58,031

46,038

40,942

Depreciation expense          

71,791

66,052

64,391

Provision for doubtful accounts      

11,369

4,137

3,954

Impairment of leasing equipment    

5,857

6,506

1,544

Loss on modification and extinguishment of debt and

  capital lease obligations

904

8,850

733

Interest expense       

91,085

75,102

65,835

Interest income        

(287)

(143)

(633)

Other income, net    

(2,074)

(809)

(1,535)

Total expenses           

526,443

419,858

347,306





Loss before benefit for income taxes 

(11,199)

(5,265)

(7,962)

Provision (benefit) for income taxes   

18,154

(2,175)

(4,054)

Net loss

$   (29,353)

$    (3,090)

$    (3,908)

 

 

TRAC Intermodal LLC and Subsidiaries

Consolidated Statements of Cash Flows

For the Years Ended December 31, 2013, 2012 and 2011

(Dollars in Thousands)




Year ended December 31


2013

2012

2011

Cash flows from operating activities




Net loss

$     (29,353)

$         (3,090)

$         (3,908)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:




Depreciation and amortization

72,026

66,471

65,061

Provision for doubtful accounts

11,369

4,137

3,954

Amortization of deferred financing fees

6,183

4,001

2,760

Loss on modification and extinguishment of debt and capital lease obligations

904

8,850

733

Derivative loss reclassified into earnings

19,978

11,018

4,093

Ineffective portion of cash flow hedges

(82)

53

189

Payments to terminate derivative instruments

(90,370)

(5,006)

Impairment of leasing equipment

5,857

6,506

1,544

Share based compensation

1,181

1,765

58

Deferred income taxes, net

18,080

(5,028)

(4,270)

Other, net

(1,340)

(217)

(1,417)

Changes in assets and liabilities:




Accounts receivable

(43,888)

(27,110)

(16,916)

Other assets

(36)

848

(700)

Accounts payable

1,822

1,546

(513)

Accrued expenses and other liabilities

4,055

12,349

(13,130)

Net cash provided by (used in) operating activities

66,756

(8,271)

32,532

 

Cash flows from investing activities




Proceeds from sale of leasing equipment

7,066

2,689

5,803

Collections on net investment in direct finance leases, net of interest earned

5,706

7,836

12,191

(Increase) decrease in restricted cash

6,060

Purchase of leasing equipment

(141,113)

(102,989)

(31,707)

Purchase of fixed assets

(4,225)

(588)

(823)

Net cash used in investing activities

(132,566)

(93,052)

(8,476)

 

Cash flows from financing activities




Proceeds from long-term debt

142,000

932,397

111,704

Repayments of long-term debt

(87,290)

(800,738)

(143,743)

Cash paid for debt issuance fees

(2,267)

(32,588)

(1,964)

Capital contribution from member

3,616

Investment in indirect parent

(3,616)

Excess tax benefits restricted shares

73

Repurchase of shares from employees

(820)

(307)

Net cash provided by (used in) financing activities

51,696

98,764

(34,003)

 

Effect of changes in exchange rates on cash and cash equivalents

(599)

110

275

Net decrease in cash and cash equivalents

(14,713)

(2,449)

(9,672)

Cash and cash equivalents, beginning of year

26,556

29,005

38,677

Cash and cash equivalents, end of year

$       11,843

$         26,556

$         29,005

 

Supplemental disclosures of cash flow information




Cash paid for interest

$       65,957

$         53,552

$         58,538

Cash paid (refunded) for taxes, net

$            763

$            (415)

$         15,931

 

Supplemental non-cash financing activities




Purchase of leasing equipment financed through debt and capital lease obligations

$              —

$                —

$         75,696

 

SOURCE TRAC Intermodal LLC



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