Income from continuing operations for the quarter was $10.8 million, compared to $11.9 million the previous year. Revenue from continuing operations decreased 4.7% to $72.9 million down from $76.5 million in 2001, primarily due to decreased operating lease revenue from domestic intermodal business resulting from the slowdown of economic activity in North America, a change in how California licensing fees are charged to chassis users and the elimination of revenues from non-core assets sold to GE Capital in 2001.
Operating lease revenue for the quarter decreased 6.3 % to $66.8 million from $71.3 million for the same period one year ago. Pre-tax profit from operating leases was $13.7 million in the first quarter of 2002, vs. $17.6 million in the first quarter of 2001.
The company's container operating lease fleet grew approximately 15% on an annual basis to 438,000 twenty-foot-equivalent units (TEU), up from 382,000 TEUs at the end of the first quarter of 2001 and up from 425,000 TEUs at the end of the previous quarter.
The chassis operating lease fleet at March 31 was 190,000, up from 170,000 the previous year. Utilization of the container fleet for the first quarter of 2002 was 97%, down from 99% in the same period a year ago and up from 96% in the prior quarter. Chassis utilization for the first quarter of 2002 was 92%, down from 95% in the first quarter of 2001 and level with 92% in the fourth quarter of 2001.
