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CAI International, Inc. (NYSE: CAI) announced that its common stockholders approved the merger agreement with Mitsubishi HC Capital Inc. (MHC). Shareholders will receive
CAI International, Inc. (NYSE: CAI) announced a cash dividend of $0.30 per common share, payable on September 27, 2021, to shareholders of record as of September 10, 2021. This decision reflects the company's continued commitment to returning value to its shareholders. As of June 30, 2021, CAI operates a fleet of approximately 1.9 million CEUs of containers across 13 offices globally, showcasing its substantial operational scale.
CAI International, Inc. (NYSE: CAI) announced its subsidiary CAL Funding IV Limited received consents under a solicitation related to its 2.22% Fixed Rate Asset-Backed Notes to amend and waive terms under the indenture. This is tied to the Migration of certain subsidiaries to the U.S., a condition for the proposed merger with Mitsubishi HC Capital Inc. The Consent Solicitation expired on July 28, 2021, and valid consenting holders will receive a cash payment prior to the Migration. Wells Fargo Securities acted as the solicitation agent.
CAI International, Inc. (CAI) announced a definitive agreement to be acquired by Mitsubishi HC Capital Inc. (MHC) for $56.00 per share, valuing CAI at approximately $1.1 billion. This all-cash transaction represents a 46.8% premium over CAI's June 17 closing stock price. The deal, which has been unanimously approved by CAI's Board, is expected to close in late Q3 or early Q4 2021, pending stockholder and regulatory approvals. CAI will continue to pay dividends until the transaction closes, after which its stock will be delisted from the NYSE.
CAI International, Inc. (NYSE: CAI) reported robust first-quarter 2021 results, with net income of $32.5 million, or $1.85 per share, up 210% year-over-year. Total leasing revenue increased 17% to $80.8 million. The company achieved a return on equity of 21.3% and maintained a fleet utilization rate of 99.7%. CAI leased $129 million in new containers and has commitments for an additional $350 million. The Board declared a cash dividend of $0.30 per share, payable on June 25, 2021. Management is optimistic about sustained demand and expects Q2 net income to match or exceed Q1 figures.
CAI International, Inc. (CAI) has announced its Q1 2021 earnings release for April 29, 2021, at 4:00 PM ET. Following this, a conference call will take place at 5:00 PM ET to discuss the financial results. Investors can participate by dialing 1-888-398-8098 domestically or 1-707-287-9363 internationally. A live webcast will also be available on their website, and an archived version will be accessible for 30 days after the call. The details underscore CAI's commitment to transparency and investor communication.
CAI International reported record fourth-quarter 2020 results, with net income of $32.5 million, or $1.81 per diluted share. Container lease revenue reached $81.6 million, marking a 10% increase from the third quarter. The company's return on equity was 21.2%, reflecting strong performance and a focus on maximizing shareholder value. CAI declared a quarterly dividend of $0.30 per share and repurchased approximately 249,000 shares in Q4 2020. The company also expects continued strong demand in 2021 due to limited inventory and high container prices.
CAI International, Inc. (CAI) will release its Q4 and Full Year 2020 financial results on February 16, 2021, at 4:00 PM ET. This will be followed by a conference call at 5:00 PM ET to discuss the results. Interested parties can join the call by dialing 1-888-398-8098 domestically or 1-707-287-9363 internationally. A live webcast of the call will be available on the company's website, and an archived version will be accessible for 30 days.
CAI International, Inc. (NYSE: CAI) has finalized the sale of its remaining railcar fleet to Infinity Transportation for $228.1 million. This transaction fulfills CAI's goal of divesting non-core assets, enabling the company to concentrate fully on its container leasing business. Timothy Page, Interim President and CEO, stated that this strategic move is intended to enhance shareholder returns by redirecting resources toward core operations. CAI International operates a global fleet of approximately 1.7 million CEUs of containers across 14 offices in 12 countries.
CAI International, Inc. (NYSE: CAI) has announced the sale of its remaining railcar fleet to Infinity Transportation for $228.7 million. This transaction, pending Hart-Scott-Rodino review, is expected to close by December 31, 2020. The sale will generate approximately $33 million in net cash after debt repayment but is projected to incur a $17 million after-tax loss in discontinued operations. CAI remains focused on its core container leasing business, experiencing robust demand with a 99.4% utilization rate and significant anticipated earnings growth in Q4 2020.
