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May 1, 2003 12:00 PM

The Cronos Group reported net income of $3.1 million for 2002, compared with net income of $3.2 million for the prior year. Excluding the non-recurring $2.5 million income tax benefit recorded in second-quarter 2002 in connection with an overseas taxation settlement, net income for the 2002 was $0.6 million. During 2001, the net effect of non-operating revenue and expense items increased net income by $1.7 million.

Total revenues for 2002 were $119.7 million compared with total revenues of $131.7 million for 2001. Despite a 12% increase in utilization levels, gross lease revenue for 2002 declined by $6.7 million when compared with 2001 due to the combined effect of lower per-diem rental rates and disposal of older dry cargo equipment.

Total expenses for 2002 were $118.8 million compared with $128.4 million for 2001. During 2002, direct operating expenses declined by $4.1 million when compared with 2001 as increased demand for dry cargo containers reduced the company's off-hire inventory levels and concurrent storage costs.