CAI International, Inc. Announces the Sale of $200 Million Portfolio of Railcars

SAN FRANCISCO–(BUSINESS WIRE)–CAI International, Inc. (CAI) (NYSE: CAI), one of the world’s leading
transportation finance and logistics companies, today announced that it
has entered an agreement to sell 2,146 railcars, or approximately 30% of
its railcar fleet, for approximately $200 million. The sale of 1,946
railcars was completed today, realizing a gain of approximately $7.0
million. The remaining 200 railcars are currently being manufactured and
the sale of those rail cars is expected to complete in the second
quarter of 2019.

“In line with our strategy to maximize overall corporate returns, we
have focused on the sale of rail equipment in order to redeploy capital
to other investments,” said Victor Garcia, CAI’s President and Chief
Executive Officer. “Our strategy commenced during the fourth quarter of
2018, when we sold 385 railcars for $40 million, reporting a gain of
$1.8 million. Following today’s announcement, we have made approximately
$50 million of equity available for container-related investments and
repurchases of shares.”

About CAI International, Inc.

CAI is one of the world’s leading transportation finance and logistics
companies. As of December 31, 2018, CAI operated a worldwide fleet of
approximately 1.6 million CEUs of containers, and owned a fleet of 7,279
railcars that it leases within North America. CAI operates through 22
offices located in 12 countries including the United States.

Forward-Looking Statements

This press release contains forward-looking statements regarding future
events and the future performance of CAI, including, but not limited to,
statements regarding the future sale of railcars, and CAI’s continued
growth and cash generation prospects. These statements and others herein
are forward-looking statements within the meaning of the safe harbor
provisions of Section 21E of the Securities Exchange Act of 1934 and
involve risks and uncertainties that could cause actual results of
operations and other performance measures to differ materially from
current expectations. CAI refers you to the documents that it has filed
with the Securities and Exchange Commission, including its Annual Report
on Form 10-K for the year ended December 31, 2017, its Quarterly Reports
on Form 10-Q and its Current Reports on Form 8-K. These documents
contain important factors that could cause actual results to differ from
current expectations and from forward-looking statements contained in
this press release. Furthermore, CAI is under no obligation to (and
expressly disclaims any such obligation to) update or alter any of the
forward-looking statements contained in this press release whether as a
result of new information, future events or otherwise, unless required
by law.


Tim Page, Chief Financial Officer
(415) 788-0100

error: Content is protected !!