CAI International, Inc. (CAI) has reported 25.92 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $5.27 million, or $0.27 a share in the quarter, compared with $7.12 million, or $0.36 a share for the same period last year. Revenue during the quarter grew 21.71 percent to $81.51 million from $66.97 million in the previous year period. Total expenses were 77.98 percent of quarterly revenues, up from 72.44 percent for the same period last year. That has resulted in a contraction of 554 basis points in operating margin to 22.02 percent.
Operating income for the quarter was $17.95 million, compared with $18.46 million in the previous year period.
Victor Garcia, president and chief executive officer of CAI, commented, "We are extremely excited about the improvement in our results this quarter and the prospects for the coming year. For the quarter, we reported revenue of $81.5 million and net income per fully diluted share of $5.3 million, or $0.27 per fully diluted share. During the quarter, we increased our average owned container fleet utilization to 95.7% compared to 94.3% for the fourth quarter of 2016. This is particularly noteworthy considering that the first quarter is traditionally our weakest demand period and reflects the strong demand for equipment we are witnessing. The utilization of our owned container fleet is currently 96.9% and we expect it to increase further during the second quarter when we expect utilization to exceed 97%.
Operating cash flow declinesCAI International, Inc. has generated cash of $25.66 million from operating activities during the quarter, down 14.79 percent or $ 4.45 million, when compared with the last year period. The company has spent $26.09 million cash to meet investing activities during the quarter as against cash outgo of $32.74 million in the last year period. It has incurred net capital expenditure of $28.79 million on net basis during the quarter, down 13.03 percent or $4.31 million from year ago period.
The company has spent $14.17 million cash to carry out financing activities during the quarter as against cash inflow of $2.97 million in the last year period.
Cash and cash equivalents stood at $12.14 million as on Mar. 31, 2017, down 77.14 percent or $40.96 million from $53.10 million on Mar. 31, 2016.
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