Algeco Scotsman ends Q4 with €2.3 billion debt, €84 million cash

By Lisa Kerner

Charlotte, N.C., April 12 - Algeco Scotsman ended the fourth quarter of 2012 on a pro forma basis with cash and equivalents of €84 million, total net debt of about €2.3 billion and availability under its ABL in excess of $325 million.

The company released its earnings information on Friday.

According to its earnings presentation, Algeco Scotsman's debt included €1.72 billion of senior secured debt and €565 million of 10¾% senior unsecured notes. The senior secured net leverage ratio was 4.11 times, and the senior unsecured net leverage ratio was 1.35 times, for total net leverage at quarter's end of 5.46 times.

Revenue for the quarter was down €3 million from the prior-year period at €385 million.

Adjusted EBITDA decreased 1.3% to €105 million, while adjusted EBITDA margin percentage remained strong at 27.3%, the company said.

For the full-year 2012, Algeco Scotsman reported adjusted EBITDA of €418 million.

The company's net capital expenditures decreased 14% for the quarter compared to the same period last year, to €59 million.

Algeco Scotsman is a Baltimore, Md.-based business services provider focused on modular space and secure portable storage solutions.

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