CAI Q1 Total Revenue Down
The company posted a net income of $3.04m for the first quarter of 2010, or $0.17 per diluted share, compared to $3.95m, or $0.22 per diluted share, for the prior year period. Operating income was $4.71m for the first quarter of 2010, compared to $6.84m for the year ago period.
Masaaki Nishibori, CEO of CAI, said: “Demand for containers has continued to strengthen each month in 2010 and is reflected in the improving utilization of our container fleet. We expect that the improving utilization on our existing assets and the amounts we are spending on investments in containers will result in revenue and net income improvement in the coming quarters.
“We remain optimistic about the prospects in 2010 and beyond. We expect demand to remain strong this year and we will continue to invest in new containers to meet our customers’ demand.”
Will the company improve its performance in Q2?
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