-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JODuGv97dD83xXyEgUklEkdD98tMkiXKon3Dkm5UWRKRe4sx4fTRXNRcKxEEIzFG C4xnQzLwG1ib+MytKaojWw== 0000950123-03-004933.txt : 20030430 0000950123-03-004933.hdr.sgml : 20030430 20030430083050 ACCESSION NUMBER: 0000950123-03-004933 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030430 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030430 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GENESEE & WYOMING INC CENTRAL INDEX KEY: 0001012620 STANDARD INDUSTRIAL CLASSIFICATION: RAILROADS, LINE-HAUL OPERATING [4011] IRS NUMBER: 060984624 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-31456 FILM NUMBER: 03670830 BUSINESS ADDRESS: STREET 1: 66 FIELD POINT ROAD CITY: GREENWICH STATE: CT ZIP: 06830 BUSINESS PHONE: 2036293722 MAIL ADDRESS: STREET 1: 66 FIELD POINT ROAD CITY: GREENWICH STATE: CT ZIP: 06830 8-K 1 y85991e8vk.txt GENESEE & WYOMING INC. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): April 30, 2003 ---------------- GENESEE & WYOMING INC. --------------------------------------------------- (Exact Name of registrant specified in its charter) Delaware 001-31456 06-0984624 - ---------------------------- --------------- ------------------- (State or other Jurisdiction Commission File (I.R.S. Employer of Incorporation) Number) Identification No.) 66 Field Point Road Greenwich, Connecticut 06830 ---------------------------------------- (Address of principal executive offices) Registrant's telephone number: (203) 629-3722 Item 7. Exhibits. (c) The following exhibit is being furnished herewith:
EXHIBIT NO. DESCRIPTION ----------- ----------- 99.1 Press Release, dated April 30, 2003, issued by Genesee & Wyoming Inc. announcing its 2003 first quarter financial results.
Item 9. Regulation FD Disclosure ------------------------ The following information is furnished pursuant to Item 12, Disclosure of Results of Operations and Financial Condition. It is being furnished under Item 9 of this Form 8-K in accordance with interim guidance issued by the SEC in release No. 33-8216. On April 30, 2003, Genesee & Wyoming Inc. (the "Company") issued a press release setting forth the Company's 2003 first quarter financial results. A copy of the Company's press release is attached hereto as Exhibit 99.1. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. GENESEE & WYOMING INC. --------------------------- (Registrant) By: /s/ John C. Hellmann ------------------------------- Name: John C. Hellmann Title: Chief Financial Officer April 30, 2003 INDEX TO EXHIBITS
EXHIBIT NO. DESCRIPTION - ----------- ----------- 99.1 Press Release, dated April 30, 2003, issued by Genesee & Wyoming Inc. announcing its 2003 first quarter financial results.
EX-99.1 3 y85991exv99w1.txt PRESS RELEASE Exhibit 99.1 GENESEE & WYOMING REPORTS FINANCIAL RESULTS FOR THE FIRST QUARTER OF 2003 GREENWICH, Conn., April 30, 2003/PR Newswire/ -- Genesee & Wyoming Inc. (GWI) (NYSE: GWR) reported today that net income in the first quarter of 2003 was $5.5 million compared with net income of $5.4 million in the first quarter of 2002. In the first quarter of 2003, North American net income increased 14.4% to $3.8 million, equity income from GWI's 50%-owned subsidiary, Australian Railroad Group (ARG), increased 9.6% to $2.0 million, and South America reported an equity loss of $0.3 million compared with equity income of $0.2 million in the first quarter of 2002. GWI's diluted earnings per share in the first quarter of 2003 were $0.31 with 17.7 million shares outstanding compared with diluted earnings per share in the first quarter of 2002 of $0.31 with 17.5 million shares outstanding. In the first quarter of 2003, GWI's North American revenue increased 21.9% to $58.9 million compared with $48.3 million in the first quarter of 2002. Of this $10.6 million increase in revenue, $5.3 million was from the acquisition of Utah Railway, $3.5 million was from the acquisition of Emons Transportation and $0.6 million was from the start-up of a new rail line in Oregon. Same railroad revenue in the first quarter of 2003 increased $1.2 million, or 2.5%. North American operating income increased 22.1% to $8.0 million in the first quarter of 2003 compared with $6.5 million in the first quarter of 2002. GWI's North American operating ratio was 86.4% in the first quarter of 2003 compared with 86.5% in the first quarter of 2002. This slight improvement in the operating ratio was noteworthy given the negative impact of three factors: i) a $1.5 million, or 54.0% increase in same-railroad fuel expense due primarily to higher diesel fuel prices, ii) a $0.5 million increase in same-railroad maintenance of way and transportation costs in its Canada region due to severe winter weather and related service disruptions at connecting Class I carriers, and iii) approximately $0.4 million in start-up costs for the first quarter of operation of GWI's new rail line in Oregon. In Australia, first quarter 2003 revenue for the Australian Railroad Group increased 9.4% to US$53.4 million compared with US$48.8 million in the first quarter of 2002. Revenue from grain shipments decreased 10.5% in the first quarter of 2003, a decline of 42.9% by carloads, due to drought conditions as well as limited shipments of grain held in storage. In comparing the first quarter of 2003 with the first quarter of 2002, it is notable that the Australian dollar appreciated 13.9%. ARG's operating income in the first quarter of 2003 was US$12.1 million compared with operating income of US$11.3 million in the first quarter of 2002. ARG's operating ratio in the first quarter of 2003 was 77.4%, compared with 76.7% in the first quarter of 2002. Financial results for the first quarter of 2003 included US$0.3 million in severance costs related to workforce reductions, while the first quarter of 2002 included US$0.8 million in costs from an unsuccessful bid for the privatization of an Australian railroad. For GWI, equity income from ARG in the first quarter of 2003 was US$2.0 million compared with US$1.8 million in the first quarter of 2002. Equity loss from GWI's 22.9% indirect ownership of a Bolivian railroad, Empresa Ferroviaria Oriental, S.A., was US$0.3 million in the first quarter of 2003 compared with US$0.2 million of equity income in the first quarter of 2002. The primary causes for the weakness in Bolivia were: i) low shipments of soya products, and ii) general economic weakness that was aggravated by certain federal tax and budgetary changes. Mortimer B. Fuller III, Chairman and Chief Executive Officer of GWI, commented, "In North America, our first quarter results were promising. Despite high fuel prices and high operating costs due to severe winter weather and the Oregon start-up, our coal shipments were strong, our Rail Link port operations in Corpus Christi benefited from military traffic, and our Mexican railroad contributed much improved results. The main blemish on the quarter was an equity loss from Bolivia, however, we do not expect this to be recurring as we have now begun to ship a strong 2003 soybean harvest. "In Australia, despite a steep decline in grain shipments, the railroad achieved reasonably good operating results. ARG's recent reductions to overhead expense and an improving safety record were apparent. Under the leadership of ARG's new CEO, Mike Mohan, we believe that our Australian operations continue to have great promise." Mr. Fuller continued, "Finally, our North American business generated excellent operating cash flow in the first quarter and we reduced long-term debt by over $13 million, thereby giving us over $160 million in acquisition capacity under our revolving credit facility." As previously announced, GWI's conference call to discuss financial results for the first quarter will be held today at 10:00AM (Eastern Daylight Time). The dial-in number for the teleconference is 888-428-4473. An audio replay of the conference call will be accessible at Genesee & Wyoming's website (www.gwrr.com) this afternoon through July 30, 2003. To access the replay, click on the Investors tab. GWI is a leading operator of short line and regional freight railroads in the United States, Canada, Mexico, Australia and Bolivia, and provides freight car switching and related services to industrial companies that have extensive railroad facilities within their complexes. The Company operates in five countries on three continents over 8,000 miles of owned and leased track. It also operates over an additional 3,000 miles under track access arrangements. This press release contains forward-looking statements regarding future events and the future performance of Genesee & Wyoming Inc. that involve risks and uncertainties that could cause actual results to differ materially including, but not limited to, economic conditions, customer demand, increased competition in relevant markets, and others. The Company refers you to the documents that Genesee & Wyoming Inc. files from time to time with the Securities and Exchange Commission, such as the Company's Forms 10-Q and 10-K which contain additional important factors that could cause its actual results to differ from its current expectations and from the forward-looking statements contained in this press release. SOURCE Genesee & Wyoming Inc. - -0- 4/30/03 /CONTACT: John C. Hellmann, Chief Financial Officer, Genesee & Wyoming Inc., 203-629-3722/ /Web site: http://www.gwrr.com/ GENESEE & WYOMING INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share amounts) (Unaudited)
Three Months Ended March 31, ------------------------- 2003 2002 -------- -------- REVENUES $ 58,862 $ 48,297 OPERATING EXPENSES 50,875 41,757 -------- -------- INCOME FROM OPERATIONS 7,987 6,540 INTEREST EXPENSE (2,342) (1,600) OTHER INCOME, NET 326 105 -------- -------- INCOME BEFORE INCOME TAXES AND EQUITY EARNINGS 5,971 5,045 PROVISION FOR INCOME TAXES 2,174 1,726 -------- -------- INCOME BEFORE EQUITY EARNINGS 3,797 3,319 EQUITY IN NET INCOME OF INTERNATIONAL AFFILIATES: AUSTRALIAN RAILROAD GROUP 2,014 1,838 SOUTH AMERICA (277) 231 -------- -------- NET INCOME 5,534 5,388 IMPACT OF PREFERRED STOCK OUTSTANDING 293 293 -------- -------- NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 5,241 $ 5,095 ======== ======== BASIC EARNINGS PER SHARE: NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 0.35 $ 0.35 ======== ======== WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 15,019 14,587 ======== ======== DILUTED EARNINGS PER SHARE: NET INCOME $ 0.31 $ 0.31 ======== ======== WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 17,729 17,507 ======== ========
GENESEE & WYOMING INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited)
March 31, December 31, ASSETS 2003 2002 -------- -------- CURRENT ASSETS: Cash and cash equivalents $ 8,865 $ 11,028 Accounts receivable, net 47,742 54,527 Materials and supplies 5,702 5,468 Prepaid expenses and other 7,185 7,447 Deferred income tax assets, net 3,038 2,484 -------- -------- Total current assets 72,532 80,954 PROPERTY AND EQUIPMENT, net 264,957 264,728 INVESTMENT IN UNCONSOLIDATED AFFILIATES 87,712 81,287 GOODWILL 24,288 24,174 INTANGIBLE ASSETS, net 57,517 59,269 OTHER ASSETS, net 5,189 4,447 -------- -------- Total assets $512,195 $514,859 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Current portion of long-term debt $ 6,415 $ 6,116 Accounts payable 46,789 49,482 Accrued expenses 13,932 12,314 -------- -------- Total current liabilities 67,136 67,912 LONG-TERM DEBT, less current portion 105,757 119,301 DEFERRED INCOME TAX LIABILITIES, net 32,981 31,686 DEFERRED ITEMS - grants from governmental agencies 42,330 42,509 DEFERRED GAIN - sale/leaseback 4,333 4,448 OTHER LONG-TERM LIABILITIES 12,017 12,280 MINORITY INTEREST 3,156 3,122 REDEEMABLE CONVERTIBLE PREFERRED STOCK 24,023 23,980 TOTAL STOCKHOLDERS' EQUITY 220,462 209,621 -------- -------- Total liabilities and stockholders' equity $512,195 $514,859 ======== ========
GENESEE & WYOMING INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited)
Three Months Ended March 31, 2003 March 31, 2002 -------------- -------------- CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 5,534 $ 5,388 Adjustments to reconcile net income to net cash provided by operating activities- Depreciation and amortization 3,724 3,453 Deferred income taxes 1,236 880 Loss on disposition of property 1 2 Equity earnings of unconsolidated international affiliates (1,737) (2,069) Minority interest expense 34 94 Tax benefit realized upon exercise of stock options 276 120 Changes in assets and liabilities, net of effect of acquisitions - Accounts receivable 6,994 (830) Materials and supplies (235) 84 Prepaid expenses and other 195 238 Accounts payable and accrued expenses (2,294) (5,696) Other assets and liabilities, net 300 749 -------- -------- Net cash provided by operating activities 14,028 2,413 -------- -------- CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment, net of proceeds from government grants (1,988) (3,179) Locomotive upgrade project (52) -- Purchase of Emons Transportation Group, Inc., net of cash received -- (26,125) Cash received from unconsolidated international affiliates 132 -- Proceeds from disposition of property and equipment, including sale/leasebacks 33 3 -------- -------- Net cash used in investing activities (1,875) (29,301) -------- -------- CASH FLOWS FROM FINANCING ACTIVITIES: Principal payments on long-term borrowings, including capital leases (38,614) (15,804) Proceeds from issuance of long-term debt 23,500 27,000 Proceeds from employee stock purchases 1,146 253 Purchase of treasury stock (178) (23) Dividend on Redeemable Convertible Preferred Stock (250) (250) -------- -------- Net cash (used in) provided by financing activities (14,396) 11,176 -------- -------- EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS 80 126 -------- -------- DECREASE IN CASH AND CASH EQUIVALENTS (2,163) (15,586) CASH AND CASH EQUIVALENTS, beginning of period 11,028 28,732 -------- -------- CASH AND CASH EQUIVALENTS, end of period $ 8,865 $ 13,146 ======== ========
GENESEE & WYOMING INC. AND SUBSIDIARIES Selected Consolidated Financial Information Three Months Ended March 31, 2003 and 2002 (dollars in thousands) (Unaudited)
Three Months Ended March 31, -------------------------------------------------- 2003 2002 % of % of Amount Revenue Amount Revenue ------- ------- ------- ------- Revenues: - --------- Freight $44,526 75.6% $36,992 76.6% Non-freight 14,336 24.4% 11,305 23.4% ------- ----- ------- ----- Total revenues $58,862 100.0% $48,297 100.0% ======= ===== ======= ===== Operating Expense Comparison: - ----------------------------- Natural Classification - ---------------------- Labor and benefits $21,867 37.1% $18,626 38.6% Equipment rents 4,497 7.6% 4,095 8.5% Purchased services 4,042 6.9% 3,412 7.1% Depreciation and amortization 3,724 6.3% 3,453 7.1% Diesel fuel 5,171 8.8% 2,829 5.9% Casualties and insurance 2,971 5.0% 2,102 4.4% Materials 3,696 6.3% 2,811 5.8% Net loss on sale and impairment of assets 1 0.0% 2 0.0% Other expenses 4,906 8.4% 4,427 9.1% ------- ----- ------- ----- Total operating expenses $50,875 86.4% $41,757 86.5% ======= ===== ======= ===== Functional Classification - ------------------------- Transportation $20,848 35.4% $15,176 31.4% Maintenance of ways and structures 6,138 10.4% 5,390 11.2% Maintenance of equipment 8,997 15.3% 7,936 16.5% General and administrative 11,167 19.0% 9,800 20.3% Net loss on sale and impairment of assets 1 0.0% 2 0.0% Depreciation and amortization 3,724 6.3% 3,453 7.1% ------- ----- ------- ----- Total operating expenses $50,875 86.4% $41,757 86.5% ======= ===== ======= =====
GENESEE & WYOMING INC. AND SUBSIDIARIES North America Railroad Freight Revenue, Carloads and Average Revenue Per Carload Comparison by Commodity Group Three Months Ended March 31, 2003 and 2002 (dollars in thousands, except average revenue per carload)
Three Months Ended Three Months Ended March 31, 2003 March 31, 2002 --------------------------------------------- --------------------------------------------- Freight Average Revenue Freight Average Revenue Commodity Group Revenues Carloads Per Carload Revenues Carloads Per Carload --------------------------------------------- --------------------------------------------- Coal, Coke & Ores $9,843 41,979 $234 $6,186 29,028 $213 Paper 7,326 17,874 410 5,590 14,314 391 Petroleum Products 6,488 8,690 747 5,037 7,060 713 Minerals & Stone 5,276 13,993 377 5,389 11,095 486 Metals 3,907 13,860 282 3,738 13,468 278 Lumber & Forest Products 3,863 12,079 320 2,954 8,358 353 Farm & Food Products 2,892 8,271 350 2,727 8,332 327 Chemicals-Plastics 2,578 5,675 454 2,207 4,548 485 Autos & Auto Parts 1,529 3,757 407 1,777 4,436 401 Intermodal 357 1,296 275 206 862 239 Other 467 2,456 190 1,181 4,333 273 ---------------------- ---------------------- Totals $44,526 129,930 343 $36,992 105,834 350 ====================== ======================
AUSTRALIAN RAILROAD GROUP PTY. LTD. CONSOLIDATED STATEMENTS OF INCOME Three Months Ended March 31, 2003 and 2002 (U.S. Dollars in Thousands) (Unaudited - U.S. GAAP)
Three Months Ended March 31, 2003 March 31, 2002 -------------- -------------- REVENUES $ 53,360 $ 48,768 OPERATING EXPENSES 41,032 36,594 RESTRUCTURING COSTS 267 -- BID COSTS -- 827 -------- -------- TOTAL OPERATING EXPENSES 41,299 37,421 -------- -------- INCOME FROM OPERATIONS 12,061 11,347 INTEREST EXPENSE (7,064) (5,928) OTHER INCOME, NET 759 143 -------- -------- INCOME BEFORE TAX 5,756 5,562 PROVISION FOR INCOME TAX 1,727 1,886 -------- -------- NET INCOME $ 4,029 $ 3,676 ======== ========
Australian Railroad Group Pty. Ltd. is a 50%-owned joint venture of Genesee & Wyoming Inc. AUSTRALIAN RAILROAD GROUP PTY. LTD. CONSOLIDATED BALANCE SHEETS As of March 31, 2003 and December 31, 2002 (U.S. Dollars in Thousands) (Unaudited - U.S. GAAP)
March 31, 2003 December 31, 2002 -------------- ----------------- ASSETS CURRENT ASSETS: Cash and cash equivalents $ 15,825 $ 5,882 Accounts receivable, net 29,298 30,315 Materials and supplies 8,641 7,985 Prepaid expenses and other 757 2,061 -------- -------- Total current assets 54,521 46,243 PROPERTY AND EQUIPMENT, net 430,228 402,286 DEFERRED INCOME TAX ASSETS, net 8,310 8,094 RESTRICTED CASH 57,923 53,380 OTHER ASSETS, net 3,947 4,224 -------- -------- Total assets $554,929 $514,227 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Current portion of long-term debt $143,284 $133,285 Accounts payable 20,970 20,574 Accrued expenses 9,017 8,789 Current income tax liabilities 1,102 1,672 -------- -------- Total current liabilities 174,373 164,320 LONG-TERM DEBT 209,647 195,017 OTHER LONG-TERM LIABILITIES 1,091 1,032 FAIR VALUE OF INTEREST RATE SWAPS 18,982 16,622 TOTAL STOCKHOLDERS' EQUITY 150,836 137,236 -------- -------- Total liabilities and stockholders' equity $554,929 $514,227 ======== ========
Australian Railroad Group Pty. Ltd. is a 50%-owned joint venture of Genesee & Wyoming Inc. AUSTRALIAN RAILROAD GROUP PTY. LTD. CONSOLIDATED STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2003 AND 2002 (U.S. Dollars in Thousands) (Unaudited - U.S. GAAP)
Three Months Ended March 31, 2003 March 31, 2002 -------------- -------------- CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 4,029 $ 3,676 Adjustments to reconcile net income to net cash provided by operating activities- Depreciation and amortization 5,157 3,745 Other provisions -- 330 Deferred income taxes 715 1,717 Gain on disposition of property (425) (20) Changes in assets and liabilities 2,950 (6,697) -------- -------- Net cash provided by operating activities 12,426 2,751 -------- -------- CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (3,578) (8,814) Proceeds from disposition of property and equipment 1,050 20 Transfer to restricted funds on deposit (531) (5,636) -------- -------- Net cash used in investing activities (3,059) (14,430) -------- -------- CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from borrowings -- 5,275 -------- -------- Net cash provided by financing activities -- 5,275 -------- -------- EFFECT OF EXCHANGE RATE DIFFERENCES ON CASH AND CASH EQUIVALENTS 576 223 -------- -------- INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 9,943 (6,181) CASH AND CASH EQUIVALENTS, beginning of period 5,882 9,908 -------- -------- CASH AND CASH EQUIVALENTS, end of period $ 15,825 $ 3,727 ======== ========
Australian Railroad Group Pty. Ltd. is a 50%-owned joint venture of Genesee & Wyoming Inc. AUSTRALIAN RAILROAD GROUP PTY. LTD. Selected Consolidated Financial Information Three Months Ended March 31, 2003 and 2002 (U.S. Dollars in Thousands) (Unaudited - U.S. GAAP)
Three Months Ended March 31, --------- 2003 2002 % of % of Amount Revenue Amount Revenue ------ ------- ------ ------- Revenues: - --------- Freight $ 43,356 81.3% $ 42,082 86.3% Non-freight and Alice Springs construction 10,004 18.7% 6,686 13.7% -------- ----- -------- ----- Total railroad revenues $ 53,360 100.0% $ 48,768 100.0% ======== ===== ======== ===== Operating Expenses: - ------------------- Natural Classification - ---------------------- Labor and benefits $ 9,634 18.1% $ 9,424 19.3% Equipment rents 354 0.7% 177 0.4% Purchased services 12,660 23.7% 11,139 22.8% Depreciation and amortization 5,157 9.7% 3,745 7.7% Diesel fuel 4,940 9.3% 3,699 7.6% Casualties and insurance 1,850 3.5% 3,147 6.5% Materials 2,844 5.3% 1,281 2.5% Net gain on sale and impairment of assets (425) -0.8% (20) 0.0% Other expenses 4,285 7.9% 4,829 9.9% -------- ----- -------- ----- Total operating expenses $ 41,299 77.4% $ 37,421 76.7% ======== ===== ======== ===== Functional Classification - ------------------------- Transportation $ 16,005 30.0% $ 14,889 30.5% Maintenance of ways and structures 7,061 13.2% 5,199 10.7% Maintenance of equipment 6,369 11.9% 4,762 9.8% General and administrative 7,132 13.4% 8,846 18.0% Net gain on sale and impairment of assets (425) -0.8% (20) 0.0% Depreciation and amortization 5,157 9.7% 3,745 7.7% -------- ----- -------- ----- Total operating expenses $ 41,299 77.4% $ 37,421 76.7% ======== ===== ======== =====
Australian Railroad Group Pty. Ltd. is a 50%-owned joint venture of Genesee & Wyoming Inc. AUSTRALIAN RAILROAD GROUP PTY. LTD. Australian Railroad Freight Revenue, Carloads and Average Revenue Per Carload Comparison by Commodity Group Three Months Ended March 31, 2003 and 2002 (U.S. Dollars in Thousands) (Unaudited)
Three Months Ended Three Months Ended March 31, 2003 March 31, 2002 ----------------------------------------- --------------------------------------- Freight Average Revenue Freight Average Revenue Commodity Group Revenues Carloads Per Carload Revenues Carloads Per Carload ----------------------------------------- --------------------------------------- Grain $11,749 27,812 $422 $13,124 48,736 $269 Other Ores and Minerals 10,189 24,795 411 8,766 23,821 368 Iron Ore 7,486 43,007 174 6,250 41,137 152 Alumina 3,771 37,436 101 3,286 37,752 87 Bauxite 2,754 31,899 86 2,428 31,607 77 Hook and Pull (Haulage) 798 1,301 613 2,735 11,073 247 Gypsum 655 10,629 62 580 10,009 58 Other 5,954 16,014 372 4,913 14,808 332 ---------------------- ---------------------- Total $43,356 192,893 225 $42,082 218,943 192 ====================== ======================
Australian Railroad Group Pty. Ltd. is a 50%-owned joint venture of Genesee & Wyoming Inc. -----END PRIVACY-ENHANCED MESSAGE-----