SYS-CON MEDIA Authors: Elizabeth White, Liz McMillan, Pat Romanski, Esmeralda Swartz, Kevin Jackson

News Feed Item

TRAC Intermodal Reports Second Quarter 2014 Earnings

PRINCETON, N.J., Aug. 11, 2014 /PRNewswire/ -- TRAC Intermodal LLC, the largest provider of intermodal chassis in North America, will present its second quarter 2014 earnings and financial results on Tuesday, August 12, 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=PTGTVYGQC

Presentation materials to be used by management on the conference call are available on the "Investor Relations" 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 "Investor Relations" 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 short term rentals through an extensive chassis pool network, long term chassis leasing and pool/fleet management through the utilization of its proprietary PoolStat® information management system. TRAC Intermodal's active fleet consists of approximately 272,000 chassis. TRAC Intermodal has a broad operating footprint with 630 marine, 167 domestic and 59 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 on Form 10-K, Quarterly Report on Form 10-Q, 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
[email protected]
+1 609.986.0270

Media Requests:
David Hamm
[email protected]
+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

(Unaudited)

(Dollars in Thousands)





June 30,

December 31,


2014

2013

Assets



Cash and cash equivalents        

$              13,587

$              11,843

Accounts receivable, net of allowance of $17,127 and $12,475, respectively

127,390

113,138

Net investment in direct finance leases  

19,255

25,026

Leasing equipment, net of accumulated depreciation of $390,286 and $365,429, respectively

1,414,950

1,394,088

Goodwill          

251,907

251,907

Other assets     

43,908

45,908

Total assets   

$         1,870,997

$         1,841,910




Liabilities and member's interest



Liabilities



Accounts payable      

$              13,862

$              12,092

Accrued expenses and other liabilities 

56,769

42,692

Deferred income taxes, net    

93,711

99,331

Debt and capital lease obligations:



Due within one year           

36,596

34,029

Due after one year

1,158,502

1,130,108

Total debt and capital lease obligations   

1,195,098

1,164,137

Total liabilities  

1,359,440

1,318,252




Commitments and contingencies




Member's interest



Member's interest     

545,592

562,006

Accumulated other comprehensive loss          

(34,035)

(38,348)

Total member's interest

511,557

523,658

Total liabilities and member's interest         

$         1,870,997

$         1,841,910

 


TRAC Intermodal LLC and Subsidiaries

Consolidated Statements of Operations

(Unaudited)

 (Dollars in Thousands)







Three Months Ended

Six Months Ended


June 30,

June 30,


2014

2013

2014

2013

Revenues





Equipment leasing revenue     

$    139,715

$      111,967

$    271,084

$      219,514

Finance revenue        

561

808

1,156

1,818

Other revenue           

12,151

14,257

19,838

23,599

Total revenues          

152,427

127,032

292,078

244,931






Expenses





Direct operating expenses      

82,983

73,193

149,816

134,196

Selling, general and administrative expenses    

22,544

13,747

41,113

27,261

Depreciation expense

16,773

17,689

35,277

34,963

Provision for doubtful accounts          

3,660

2,551

7,117

4,707

Impairment of leasing equipment        

1,191

431

2,317

2,564

Early retirement of leasing equipment 

37,766

37,766

Loss on modification and extinguishment of debt and capital lease obligations

80

248

102

895

Interest expense        

21,375

22,688

43,591

45,410

Interest income         

(23)

(269)

(47)

(271)

Other income, net      

(135)

(1,192)

(517)

(1,990)

Total expenses          

186,214

129,086

316,535

247,735






Loss before benefit for income taxes     

(33,787)

(2,054)

(24,457)

(2,804)

Benefit for income taxes           

(12,042)

(821)

(8,186)

(1,136)

Net loss

$    (21,745)

$       (1,233)

$   (16,271)

$       (1,668)

 

TRAC Intermodal LLC and Subsidiaries

Consolidated Statements of Cash Flows

(Unaudited)

 (Dollars in Thousands)


Six Months Ended 

June 30,




2014

2013

Cash flows from operating activities



Net loss  

$           (16,271)

$            (1,668)

Adjustments to reconcile net loss to net cash provided by operating activities:



Depreciation and amortization          

35,407

35,084

Provision for doubtful accounts        

7,117

4,707

Amortization of deferred financing fees            

3,296

3,035

Loss on modification and extinguishment of debt and capital lease obligations

102

895

Derivative loss reclassified into earnings           

8,995

10,248

Ineffective portion of cash flow hedges            

(41)

(40)

Impairment of leasing equipment      

2,317

2,564

Early retirement of leasing equipment

37,766

Share-based compensation

436

533

Deferred income taxes, net

(9,113)

(947)

Other, net          

(521)

(1,253)

Changes in assets and liabilities:



Accounts receivable      

(21,430)

(30,173)

Other assets  

(2,030)

(2,241)

Accounts payable         

1,770

4,954

Accrued expenses and other liabilities          

13,651

2,577

Net cash provided by operating activities         

61,451

28,275




Cash flows from investing activities



Proceeds from sale of leasing equipment               

6,694

5,036

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

2,359

2,861

Purchase of leasing equipment               

(95,888)

(88,726)

Purchase of fixed assets         

(1,023)

(2,339)

Net cash used in investing activities 

(87,858)

(83,168)




Cash flows from financing activities



Proceeds from long-term debt

92,000

86,000

Repayments of long-term debt              

(61,192)

(48,824)

Cash paid for debt issuance fees            

(1,973)

(1,769)

Repurchase of indirect parent shares from employees          

(585)

(470)

Net cash provided by financing activities         

28,250

34,937




Effect of changes in exchange rates on cash and cash equivalents         

(99)

(241)

Net increase (decrease) in cash and cash equivalents             

1,744

(20,197)

Cash and cash equivalents, beginning of year        

11,843

26,556

Cash and cash equivalents, end of period        

$             13,587

$               6,359

Supplemental disclosures of cash flow information



Cash paid for interest            

$             31,224

$             32,845

Cash paid for taxes, net         

$                  937

$                    28




 

SOURCE TRAC Intermodal LLC

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
The Industrial Internet revolution is now underway, enabled by connected machines and billions of devices that communicate and collaborate. The massive amounts of Big Data requiring real-time analysis is flooding legacy IT systems and giving way to cloud environments that can handle the unpredictable workloads. Yet many barriers remain until we can fully realize the opportunities and benefits from the convergence of machines and devices with Big Data and the cloud, including interoperability, ...
The move in recent years to cloud computing services and architectures has added significant pace to the application development and deployment environment. When enterprise IT can spin up large computing instances in just minutes, developers can also design and deploy in small time frames that were unimaginable a few years ago. The consequent move toward lean, agile, and fast development leads to the need for the development and operations sides to work very closely together. Thus, DevOps become...
SYS-CON Media announced that Cisco, a worldwide leader in IT that helps companies seize the opportunities of tomorrow, has launched a new ad campaign in Cloud Computing Journal. The ad campaign, a webcast titled 'Is Your Data Center Ready for the Application Economy?', focuses on the latest data center networking technologies, including SDN or ACI, and how customers are using SDN and ACI in their organizations to achieve business agility. The Cisco webcast is available on-demand.
Datapipe has acquired GoGrid, a provider of multi-cloud solutions for Big Data deployments. GoGrid’s proprietary orchestration and automation technologies provide 1-Button deployment for Big Data solutions that speed creation and results of new cloud projects. “GoGrid has made it easy for companies to stand up Big Data solutions quickly,” said Robb Allen, CEO, Datapipe. “Datapipe customers will achieve significant value from the speed at which we can now create new Big Data projects in the clou...
IoT is still a vague buzzword for many people. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed the business value of IoT that goes far beyond the general public's perception that IoT is all about wearables and home consumer services. He also discussed how IoT is perceived by investors and how venture capitalist access this space. Other topics discussed were barriers to success, what is new, what is old, and what th...
The Internet of Things (IoT) is rapidly in the process of breaking from its heretofore relatively obscure enterprise applications (such as plant floor control and supply chain management) and going mainstream into the consumer space. More and more creative folks are interconnecting everyday products such as household items, mobile devices, appliances and cars, and unleashing new and imaginative scenarios. We are seeing a lot of excitement around applications in home automation, personal fitness,...
Security can create serious friction for DevOps processes. We've come up with an approach to alleviate the friction and provide security value to DevOps teams. In her session at DevOps Summit, Shannon Lietz, Senior Manager of DevSecOps at Intuit, will discuss how DevSecOps got started and how it has evolved. Shannon Lietz has over two decades of experience pursuing next generation security solutions. She is currently the DevSecOps Leader for Intuit where she is responsible for setting and driv...
Dale Kim is the Director of Industry Solutions at MapR. His background includes a variety of technical and management roles at information technology companies. While his experience includes work with relational databases, much of his career pertains to non-relational data in the areas of search, content management, and NoSQL, and includes senior roles in technical marketing, sales engineering, and support engineering. Dale holds an MBA from Santa Clara University, and a BA in Computer Science f...
The Internet of Things (IoT) promises to evolve the way the world does business; however, understanding how to apply it to your company can be a mystery. Most people struggle with understanding the potential business uses or tend to get caught up in the technology, resulting in solutions that fail to meet even minimum business goals. In his session at @ThingsExpo, Jesse Shiah, CEO / President / Co-Founder of AgilePoint Inc., showed what is needed to leverage the IoT to transform your business. ...
SYS-CON Media announced today that PagerDuty has launched a popular blog feed on DevOps Journal. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. DevOps Journal brings valuable information to DevOps professionals who are transforming the way enterprise IT is done.
Things are being built upon cloud foundations to transform organizations. This CEO Power Panel at 15th Cloud Expo, moderated by Roger Strukhoff, Cloud Expo and @ThingsExpo conference chair, addressed the big issues involving these technologies and, more important, the results they will achieve. Rodney Rogers, chairman and CEO of Virtustream; Brendan O'Brien, co-founder of Aria Systems, Bart Copeland, president and CEO of ActiveState Software; Jim Cowie, chief scientist at Dyn; Dave Wagstaff, VP ...
SYS-CON Events announced today that CodeFutures, a leading supplier of database performance tools, has been named a “Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. CodeFutures is an independent software vendor focused on providing tools that deliver database performance tools that increase productivity during database development and increase database performance and scalability during production.
SYS-CON Events announced today Isomorphic Software, the global leader in high-end, web-based business applications, will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Isomorphic Software is the global leader in high-end, web-based business applications. We develop, market, and support the SmartClient & Smart GWT HTML5/Ajax platform, combining the productivity and performance of traditional desktop software ...
Cloud Technology Partners on Wednesday announced it has been recognized by the Modern Infrastructure Impact Awards as one of the Best Amazon Web Services (AWS) Consulting Partners. Selected by the editors of TechTarget's SearchDataCenter.com, and by votes from customers and strategic channel partners, the companies acknowledged by the Modern Infrastructure Impact Awards represent the top providers of cloud consulting services for AWS including application migration, application development, inf...
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile ...