TRAC Intermodal LLC, the largest provider of intermodal chassis in North America, will present its 2013 earnings and financial results on Thursday, March 20, 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=PL68RFG7E Presentation materials to be used by management on the conference call are available on the “Investors” 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 “Investors” section of the Company’s website at www.tracintermodal.com and on Form 8-K furnished to the Securities and Exchange Commission.    
TRAC Intermodal LLC and Subsidiaries Consolidated Balance Sheets At December 31, 2013 and 2012 (Dollars in Thousands)
December 31
2013 2012
Assets
Cash and cash equivalents       $             11,843 $           26,556
Accounts receivable, net of allowances of $12,475 and $7,325, respectively 113,138 80,620
Net investment in direct finance leases            25,026 40,729
Leasing equipment, net of accumulated depreciation of $365,429 and $309,010, respectively 1,394,088 1,325,383
Goodwill          251,907 251,907
Other assets     45,908 43,268
Total assets      $        1,841,910 $      1,768,463
Liabilities and member’s interest
Accounts payable     $             12,092 $           10,270
Accrued expenses and other liabilities          42,692 37,320
Deferred income taxes, net   99,331 73,569
Debt and capital lease obligations:
Due within one year          34,029 25,884
Due after one year            1,130,108 1,082,513
Total debt and capital lease obligations            1,164,137 1,108,397
Total liabilities 1,318,252 1,229,556
Commitments and contingencies         — —
Member’s interest:
Member’s interest     562,006 590,883
Accumulated other comprehensive loss       (38,348) (51,976)
Total member’s interest           523,658 538,907
Total liabilities and member’s interest  $        1,841,910 $      1,768,463
 
TRAC Intermodal LLC and Subsidiaries Consolidated Statements of Operations For the Years Ended December 31, 2013, 2012 and 2011 (Dollars in Thousands)
Year ended December 31
Revenues: 2013 2012 2011
Equipment leasing revenue   $    472,571 $   373,060 $   302,156
Finance revenue       3,254 5,116 6,155
Other revenue           39,419 36,417 31,033
Total revenues            515,244 414,593 339,344
Expenses:
Direct operating expenses     289,767 214,125 172,075
Selling, general and administrative expenses            58,031 46,038 40,942
Depreciation expense           71,791 66,052 64,391
Provision for doubtful accounts       11,369 4,137 3,954
Impairment of leasing equipment     5,857 6,506 1,544
Loss on modification and extinguishment of debt and   capital lease obligations 904 8,850 733
Interest expense        91,085 75,102 65,835
Interest income         (287) (143) (633)
Other income, net     (2,074) (809) (1,535)
Total expenses            526,443 419,858 347,306
Loss before benefit for income taxes  (11,199) (5,265) (7,962)
Provision (benefit) for income taxes    18,154 (2,175) (4,054)
Net loss $   (29,353) $    (3,090) $    (3,908)
   
TRAC Intermodal LLC and Subsidiaries Consolidated Statements of Cash Flows For the Years Ended December 31, 2013, 2012 and 2011 (Dollars in Thousands)
Year ended December 31
2013 2012 2011
Cash flows from operating activities
Net loss $     (29,353) $         (3,090) $         (3,908)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization 72,026 66,471 65,061
Provision for doubtful accounts 11,369 4,137 3,954
Amortization of deferred financing fees 6,183 4,001 2,760
Loss on modification and extinguishment of debt and capital lease obligations 904 8,850 733
Derivative loss reclassified into earnings 19,978 11,018 4,093
Ineffective portion of cash flow hedges (82) 53 189
Payments to terminate derivative instruments — (90,370) (5,006)
Impairment of leasing equipment 5,857 6,506 1,544
Share based compensation 1,181 1,765 58
Deferred income taxes, net 18,080 (5,028) (4,270)
Other, net (1,340) (217) (1,417)
Changes in assets and liabilities:
Accounts receivable (43,888) (27,110) (16,916)
Other assets (36) 848 (700)
Accounts payable 1,822 1,546 (513)
Accrued expenses and other liabilities 4,055 12,349 (13,130)
Net cash provided by (used in) operating activities 66,756 (8,271) 32,532
  Cash flows from investing activities
Proceeds from sale of leasing equipment 7,066 2,689 5,803
Collections on net investment in direct finance leases, net of interest earned 5,706 7,836 12,191
(Increase) decrease in restricted cash — — 6,060
Purchase of leasing equipment (141,113) (102,989) (31,707)
Purchase of fixed assets (4,225) (588) (823)
Net cash used in investing activities (132,566) (93,052) (8,476)
  Cash flows from financing activities
Proceeds from long-term debt 142,000 932,397 111,704
Repayments of long-term debt (87,290) (800,738) (143,743)
Cash paid for debt issuance fees (2,267) (32,588) (1,964)
Capital contribution from member — 3,616 —
Investment in indirect parent — (3,616) —
Excess tax benefits restricted shares 73 — —
Repurchase of shares from employees (820) (307) —
Net cash provided by (used in) financing activities 51,696 98,764 (34,003)
  Effect of changes in exchange rates on cash and cash equivalents (599) 110 275
Net decrease in cash and cash equivalents (14,713) (2,449) (9,672)
Cash and cash equivalents, beginning of year 26,556 29,005 38,677
Cash and cash equivalents, end of year $       11,843 $         26,556 $         29,005
  Supplemental disclosures of cash flow information
Cash paid for interest $       65,957 $         53,552 $         58,538
Cash paid (refunded) for taxes, net $            763 $            (415) $         15,931
  Supplemental non-cash financing activities
Purchase of leasing equipment financed through debt and capital lease obligations $              — $                — $         75,696
  SOURCE TRAC Intermodal LLC