The Cronos Group (Nasdaq:CRNS) today reported net income of $2.8
million, or $0.34 per diluted share, for the quarter ended
September 30, 2006, compared to $2.2 million, or $0.27 per diluted
share, for the corresponding period in 2005. In addition, on
November 9, 2006, the Board of Directors declared a dividend of
$0.07 per common share, payable on January 10, 2007, for the fourth
quarter of 2006 to shareholders of record as of the close of
business on December 29, 2006, and a dividend of $0.08 per common
share, payable on April 10, 2007, for the first quarter of 2007 to
shareholders of record as of the close of business on March 23,
2007. Gross lease revenue for the third quarter was $35.9 million,
an increase of 3% over the corresponding quarter of 2005,
reflecting the growth of the Company�s specialized container fleet
and continued strong utilization rates. The utilization of the
combined container fleet finished the third quarter at 93% as
Cronos experienced high levels of demand for all container types.
Direct operating expenses declined by $1.1 million or 25% when
compared with the third quarter of 2005 due to fewer container
redeliveries and reduced inventory levels. Net income for the third
quarter of 2006 was $0.6 million higher than in the same period of
2005 due to a $0.7 million decline in Selling, General &
Administrative expenses. The Company added $114.5 million of new
container equipment to its fleet during the first nine months of
2006, with specialized equipment (comprising refrigerated, tank,
and dry freight special containers) representing 85% of the new
acquisitions. The Company�s Joint Venture Program continues to be
the primary funding source for container acquisitions and,
accordingly, earnings from this program have increased in line with
the growth in its fleet size. The Company�s share of earnings from
the Joint Venture Program increased to $4.2 million for the first
nine months of 2006 from $2.7 million for the corresponding period
of 2005. On November 8, 2006, the maximum debt commitment to the
Joint Venture Program was increased from $300 million to $350
million, and the interest rate margin for this facility was reduced
by 37.5 basis points to a margin of 125 basis points over Libor
(the London Inter-bank Offered rate). Gross lease revenue was
$106.2 million for the first nine months of 2006, an increase of 3%
over the same period in 2005. Net income for the nine months ended
September 30, 2006 was $7.8 million, or $0.96 per diluted share,
compared to $9.3 million, or $1.17 per diluted share for the
comparable period in 2005. The decline in net income when compared
to prior year included the impact of increased interest rates and a
reduction in the level of profit recorded on the disposition of
container assets. Net income for the first nine months of 2006
included $0.9 million of legal fees relating primarily to the
resolution of legal claims. Net income for the first nine months of
2005 included $2.1 million of non-operating income that was
recognized at the conclusion of legal actions, $1.6 million of
litigation-related legal expenses and $0.8 million in respect of
one-off termination expenses relating to involuntary employee
terminations. These items had the effect of reducing net income by
$0.3 million. Cronos is one of the world's leading lessors of
intermodal containers, owning and managing a fleet of over 440,000
TEU (twenty-foot equivalent units). The diversified Cronos fleet of
dry cargo, refrigerated and other specialized containers is leased
to a customer base of over 450 ocean carriers and transport
operators around the world. Cronos provides container-leasing
services through an integrated network of offices using
state-of-the-art information technology. This release discusses
certain forward-looking matters that involve risks and
uncertainties that could cause actual results to vary materially
from estimates. Risks and uncertainties include, among other
things, changes in international operations, exchange rate risks,
changes in market conditions for the Company's container lease
operations and the Company's ability to provide innovative and
cost-effective solutions. For further discussion of the risk
factors attendant to an investment in the Company's Common shares,
see the Business section in Part I (particularly Item 1A, �Risk
Factors�) of the Company's Annual Report on Form 10-K for the year
ended December 31, 2005, which was filed with the SEC on March 30,
2006. This press release and other information concerning Cronos
can be viewed on Cronos' website at www.cronos.com The Cronos Group
� Condensed Unaudited Consolidated Statements of Income (US dollar
amounts in thousands, except per share amounts) � Three Months
Ended September 30, Nine Months Ended September 30, 2006� 2005�
2006� 2005� ________ ________ ________ ________ Gross lease revenue
$35,947� $35,007� $106,249� $103,480� Equipment trading revenue
526� 260� 3,901� 2,210� Commissions, fees and other income: -
Related parties 209� 209� 541� 614� - Unrelated parties 1,131�
1,187� 3,371� 3,737� - Gain on settlement of litigation -� -� -�
1,333� ________ ________ ________ ________ Total revenues 37,813�
36,663� 114,062� 111,374� ________ ________ ________ ________ �
Direct operating expenses 3,179� 4,264� 12,494� 13,504� Payments to
Managed Container Programs: - Related parties 15,135� 11,381�
41,486� 27,816� - Unrelated parties 7,848� 9,177� 23,049� 27,281�
Equipment trading expenses 493� 227� 3,454� 1,978� Depreciation and
amortization 2,978� 3,293� 8,879� 12,463� Selling, general and
administrative expenses 4,951� 5,635� 15,100� 16,337� Interest
expense 1,844� 1,562� 5,343� 4,937� Recovery of amount payable to
Managed Container Program -� -� -� (703) ________ ________ ________
________ Total expenses 36,428� 35,539� 109,803� 103,613� ________
________ ________ ________ Income before income taxes and equity in
earnings of affiliate 1,385� 1,124� 4,257� 7,761� Income taxes
(208) (169) (639) (1,154) Equity in earnings of unconsolidated
affiliate 1,576� 1,238� 4,187� 2,692� ________ ________ ________
________ Net income 2,753� 2,193� 7,805� 9,299� Basic net income
per common share $0.36� $0.30� $1.04� $1.26� Diluted net income per
common share $0.34� $0.27� $0.96� $1.17� The Cronos Group �
Condensed Unaudited Consolidated Balance Sheets (US dollar amounts
in thousands, except per share amounts) � � � September 30,
December 31, 2006� 2005� Assets Cash and cash equivalents $12,739�
$15,829� Restricted cash 250� 4,200� Amounts due from lessees, net
28,958� 28,540� Amounts receivable from Managed Container Programs
2,258� 3,391� New container equipment for resale 18,386� 38,142�
Net investment in direct financing leases 13,005� 12,678�
Investments in unconsolidated affiliates 41,426� 31,358� Container
equipment, net 121,624� 121,988� Other equipment, net 660� 1,130�
Goodwill 11,038� 11,038� Other intangible assets, net 205� 345�
Other assets 4,039� 3,093� Total assets $254,588� $271,732� �
Liabilities and shareholders� equity Amounts payable to Managed
Container Programs 25,812� 25,462� Amounts payable to container
manufacturers 26,924� 52,790� Direct operating expense payables and
accruals 3,886� 5,432� Other amounts payable and accrued expenses
5,408� 11,873� Debt and capital lease obligations 96,970� 87,780�
Current and deferred income taxes 3,131� 3,174� Deferred income and
unamortized acquisition fees 7,396� 7,684� Total liabilities
169,527� 194,195� � Shareholders� equity Common shares issued
15,347� 15,040� Additional paid-in capital 43,489� 43,807� Common
shares held in treasury (297) (297) Accumulated other comprehensive
income 610� 880� Restricted retained earnings 1,832� 1,832�
Retained earnings 24,080� 16,275� Total shareholders� equity
85,061� 77,537� Total liabilities and shareholders� equity
$254,588� $271,732� The Cronos Group (Nasdaq:CRNS) today reported
net income of $2.8 million, or $0.34 per diluted share, for the
quarter ended September 30, 2006, compared to $2.2 million, or
$0.27 per diluted share, for the corresponding period in 2005. In
addition, on November 9, 2006, the Board of Directors declared a
dividend of $0.07 per common share, payable on January 10, 2007,
for the fourth quarter of 2006 to shareholders of record as of the
close of business on December 29, 2006, and a dividend of $0.08 per
common share, payable on April 10, 2007, for the first quarter of
2007 to shareholders of record as of the close of business on March
23, 2007. Gross lease revenue for the third quarter was $35.9
million, an increase of 3% over the corresponding quarter of 2005,
reflecting the growth of the Company's specialized container fleet
and continued strong utilization rates. The utilization of the
combined container fleet finished the third quarter at 93% as
Cronos experienced high levels of demand for all container types.
Direct operating expenses declined by $1.1 million or 25% when
compared with the third quarter of 2005 due to fewer container
redeliveries and reduced inventory levels. Net income for the third
quarter of 2006 was $0.6 million higher than in the same period of
2005 due to a $0.7 million decline in Selling, General &
Administrative expenses. The Company added $114.5 million of new
container equipment to its fleet during the first nine months of
2006, with specialized equipment (comprising refrigerated, tank,
and dry freight special containers) representing 85% of the new
acquisitions. The Company's Joint Venture Program continues to be
the primary funding source for container acquisitions and,
accordingly, earnings from this program have increased in line with
the growth in its fleet size. The Company's share of earnings from
the Joint Venture Program increased to $4.2 million for the first
nine months of 2006 from $2.7 million for the corresponding period
of 2005. On November 8, 2006, the maximum debt commitment to the
Joint Venture Program was increased from $300 million to $350
million, and the interest rate margin for this facility was reduced
by 37.5 basis points to a margin of 125 basis points over Libor
(the London Inter-bank Offered rate). Gross lease revenue was
$106.2 million for the first nine months of 2006, an increase of 3%
over the same period in 2005. Net income for the nine months ended
September 30, 2006 was $7.8 million, or $0.96 per diluted share,
compared to $9.3 million, or $1.17 per diluted share for the
comparable period in 2005. The decline in net income when compared
to prior year included the impact of increased interest rates and a
reduction in the level of profit recorded on the disposition of
container assets. Net income for the first nine months of 2006
included $0.9 million of legal fees relating primarily to the
resolution of legal claims. Net income for the first nine months of
2005 included $2.1 million of non-operating income that was
recognized at the conclusion of legal actions, $1.6 million of
litigation-related legal expenses and $0.8 million in respect of
one-off termination expenses relating to involuntary employee
terminations. These items had the effect of reducing net income by
$0.3 million. Cronos is one of the world's leading lessors of
intermodal containers, owning and managing a fleet of over 440,000
TEU (twenty-foot equivalent units). The diversified Cronos fleet of
dry cargo, refrigerated and other specialized containers is leased
to a customer base of over 450 ocean carriers and transport
operators around the world. Cronos provides container-leasing
services through an integrated network of offices using
state-of-the-art information technology. This release discusses
certain forward-looking matters that involve risks and
uncertainties that could cause actual results to vary materially
from estimates. Risks and uncertainties include, among other
things, changes in international operations, exchange rate risks,
changes in market conditions for the Company's container lease
operations and the Company's ability to provide innovative and
cost-effective solutions. For further discussion of the risk
factors attendant to an investment in the Company's Common shares,
see the Business section in Part I (particularly Item 1A, "Risk
Factors") of the Company's Annual Report on Form 10-K for the year
ended December 31, 2005, which was filed with the SEC on March 30,
2006. This press release and other information concerning Cronos
can be viewed on Cronos' website at www.cronos.com -0- *T The
Cronos Group Condensed Unaudited Consolidated Statements of Income
(US dollar amounts in thousands, except per share amounts) Three
Months Nine Months Ended Ended September 30, September 30, 2006
2005 2006 2005 ________ ________ ________ ________ Gross lease
revenue $35,947 $35,007 $106,249 $103,480 Equipment trading revenue
526 260 3,901 2,210 Commissions, fees and other income: - Related
parties 209 209 541 614 - Unrelated parties 1,131 1,187 3,371 3,737
- Gain on settlement of litigation - - - 1,333 ________ ________
________ ________ Total revenues 37,813 36,663 114,062 111,374
________ ________ ________ ________ Direct operating expenses 3,179
4,264 12,494 13,504 Payments to Managed Container Programs: -
Related parties 15,135 11,381 41,486 27,816 - Unrelated parties
7,848 9,177 23,049 27,281 Equipment trading expenses 493 227 3,454
1,978 Depreciation and amortization 2,978 3,293 8,879 12,463
Selling, general and administrative expenses 4,951 5,635 15,100
16,337 Interest expense 1,844 1,562 5,343 4,937 Recovery of amount
payable to Managed Container Program - - - (703) ________ ________
________ ________ Total expenses 36,428 35,539 109,803 103,613
________ ________ ________ ________ Income before income taxes and
equity in earnings of affiliate 1,385 1,124 4,257 7,761 Income
taxes (208) (169) (639) (1,154) Equity in earnings of
unconsolidated affiliate 1,576 1,238 4,187 2,692 ________ ________
________ ________ Net income 2,753 2,193 7,805 9,299 ========
======== ========= ========= Basic net income per common share
$0.36 $0.30 $1.04 $1.26 ======== ======== ========= =========
Diluted net income per common share $0.34 $0.27 $0.96 $1.17
======== ======== ========= ========= *T -0- *T The Cronos Group
Condensed Unaudited Consolidated Balance Sheets (US dollar amounts
in thousands, except per share amounts) September 30, December 31,
2006 2005 ------------- ------------ Assets Cash and cash
equivalents $12,739 $15,829 Restricted cash 250 4,200 Amounts due
from lessees, net 28,958 28,540 Amounts receivable from Managed
Container Programs 2,258 3,391 New container equipment for resale
18,386 38,142 Net investment in direct financing leases 13,005
12,678 Investments in unconsolidated affiliates 41,426 31,358
Container equipment, net 121,624 121,988 Other equipment, net 660
1,130 Goodwill 11,038 11,038 Other intangible assets, net 205 345
Other assets 4,039 3,093 ------------- ------------ Total assets
$254,588 $271,732 ============= ============ Liabilities and
shareholders' equity Amounts payable to Managed Container Programs
25,812 25,462 Amounts payable to container manufacturers 26,924
52,790 Direct operating expense payables and accruals 3,886 5,432
Other amounts payable and accrued expenses 5,408 11,873 Debt and
capital lease obligations 96,970 87,780 Current and deferred income
taxes 3,131 3,174 Deferred income and unamortized acquisition fees
7,396 7,684 ------------- ------------ Total liabilities 169,527
194,195 ------------- ------------ Shareholders' equity Common
shares issued 15,347 15,040 Additional paid-in capital 43,489
43,807 Common shares held in treasury (297) (297) Accumulated other
comprehensive income 610 880 Restricted retained earnings 1,832
1,832 Retained earnings 24,080 16,275 ------------- ------------
Total shareholders' equity 85,061 77,537 ------------- ------------
Total liabilities and shareholders' equity $254,588 $271,732
============= ============ *T
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