CAI International reported consolidated audited earnings results for the first quarter ended March 31, 2016. For the quarter, the company reported a revenue increase of 14.5% to $66,966,000 from the first quarter of 2015 and lease-related revenue increase over the same period by 1%. During the quarter, the company reported net income of $7.2 million or $0.36 per fully diluted share compared to net income of $13.5 million or $0.64 per fully diluted share for the first quarter of 2015. The first quarter is typically its weakest quarter of the year. Operating income was $18,456,000 against $23,650,000 a year ago. Net income before income taxes and non-controlling interest was $8,333,000 against $14,913,000 a year ago. Net cash provided by operating activities was $30,111,000 against $34,204,000 a year ago. Purchase of furniture, fixtures and equipment was $25,000 against $15,000 a year ago.

The company expects the effective tax rate in the coming quarters to be similar as in the first quarter of 13.6%.