SAN FRANCISCO--(BUSINESS WIRE)--Oct. 8, 2018--
CAI International, Inc. (CAI) (NYSE: CAI), one of the world’s leading
transportation finance and logistics companies, today announced that its
Board of Directors has approved a stock repurchase program (the
“Program”). Under the Program, CAI is authorized to repurchase up to
three million shares of its outstanding common stock from time to time
and at prices considered appropriate by the company depending upon share
price and prevailing economic and market conditions. The stock
repurchases may be made in the open market, block trades or privately
negotiated transactions. The primary purpose of the Program is to allow
CAI the flexibility to repurchase its common stock to return value to
stockholders. The number of shares of common stock actually repurchased,
if any, by CAI will depend on subsequent developments, corporate needs
and market conditions. The Program replaces any available prior share
repurchase authorization and may be discontinued at any time.
"This stock repurchase authorization reaffirms our commitment to
increase stockholder value and our confidence in the outlook and
financial strength of the company,” said Victor Garcia, CAI's President
and Chief Executive Officer. “Our business continues to generate healthy
cash flow under multi-year long term leases which allows us to
repurchase our outstanding stock and continue investing in the business."
About CAI International, Inc.
CAI is one of the world’s leading transportation finance and logistics
companies. As of June 30, 2018, CAI operated a worldwide fleet of
approximately 1.4 million CEUs of containers, and owned a fleet of 7,430
railcars that it leases within North America. CAI operates through 24
offices located in 14 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 share repurchase authorization, 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181008005162/en/
Source: CAI International, Inc.
CAI International, Inc.
Tim Page, 415-788-0100
Chief Financial
Officer
tpage@capps.com
