Delaware
|
001-31456
|
06-0984624
|
||
(State or other jurisdiction
of incorporation)
|
(Commission
File Number)
|
(I.R.S. Employer
Identification No.)
|
66 Field Point Road, Greenwich, Connecticut
|
06830
|
||
(Address of principal executive offices)
|
(Zip Code)
|
GENESEE & WYOMING INC.
|
||||
Date:
|
November 5, 2012
|
By:
|
/s/ Timothy J. Gallagher
|
|
Name:
|
Timothy J. Gallagher
|
|||
Title:
|
Chief Financial Officer
|
|
·
|
Adjusted diluted earnings per share of $0.74 (adjusted primarily for RailAmerica acquisition and financing-related expenses); Reported diluted net loss of $0.47 per share (1)
|
|
·
|
Revenues increased 2.5% versus third quarter of 2011, as an increase in average revenues per carload more than offset weakness in U.S. coal and Australian grain traffic
|
|
·
|
North American and European adjusted operating ratio of 74.7% (adjusted primarily for RailAmerica acquisition and financing-related expenses); Reported North American and European operating ratio of 77.7% (2)
|
|
·
|
Australian adjusted operating ratio of 75.7% (adjusted primarily for net gains on the sale of assets); Reported Australian operating ratio of 73.3% (2)
|
(Loss)/Income
Before Taxes
Impact
|
After-Tax Net
(Loss)/Income
Impact
|
Diluted
(Loss)/Earnings Per
Share Impact
|
||||||||||||||||||||||
Q3 2012
|
||||||||||||||||||||||||
Mark-to-market loss on Carlyle Convertible
|
$
|
(50.1
|
)
|
$
|
(50.1
|
)
|
$
|
(1.16
|
)
|
|||||||||||||||
RailAmerica acquisition-related costs
|
$
|
(5.8
|
)
|
$
|
(3.5
|
)
|
$
|
(0.08
|
)
|
|||||||||||||||
Dilutive impact from September public
offerings of common stock and TEUs prior to RailAmerica acquisition on October 1 |
$
|
-
|
$
|
-
|
$
|
(0.02
|
)
|
|||||||||||||||||
Net gain on sale of assets
|
$
|
3.0
|
$
|
2.0
|
$
|
0.05
|
||||||||||||||||||
Q3 2011
|
||||||||||||||||||||||||
Acquisition-related costs
|
$
|
(1.3
|
)
|
$
|
(0.8
|
)
|
$
|
(0.02
|
)
|
|||||||||||||||
Refinancing-related costs
|
$
|
(0.9
|
)
|
$
|
(0.6
|
)
|
$
|
(0.01
|
)
|
|||||||||||||||
Net gain on sale of assets
|
$
|
0.6
|
$
|
0.4
|
$
|
0.01
|
||||||||||||||||||
Short line tax credit
|
$
|
-
|
$
|
3.2
|
$
|
0.07
|
||||||||||||||||||
(in millions) |
Nine Months Ended
September 30,
|
|||||||
2012
|
2011
|
|||||||
Net cash provided by operating activities
|
$ | 169.5 | $ | 125.6 | ||||
Net cash used in investing activities, excluding
Australian new business investments |
(52.1 | ) | (125.4 | ) | ||||
Net cash paid/(received) for acquisitions/divestitures (a)
|
0.8 | 88.6 | ||||||
Australian stamp duty (b)
|
- | 13.0 | ||||||
Free cash flow before Australian new
business investments |
$ | 118.3 | $ | 101.8 | ||||
Australian new business investments | (80.3 | ) | (46.7 | ) | ||||
Free cash flow (4) | $ | 38.0 | $ | 55.1 | ||||
(a) The 2011 period included $89.5 million in net cash paid for the acquisition of Arizona Eastern Railway Company.
|
||||||||
(b) The payment of the Australian stamp duty in the 2011 period related to the acquisition of FreightLink in Australia, which was accrued as of December 31, 2010.
|
GENESEE & WYOMING INC. AND SUBSIDIARIES
|
CONSOLIDATED STATEMENTS OF OPERATIONS
|
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2012 AND 2011
|
(in thousands, except per share amounts)
|
(unaudited)
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||||||||||||||
OPERATING REVENUES
|
$
|
222,745
|
$
|
217,210
|
$
|
647,600
|
$
|
618,710
|
||||||||||||||||||||
OPERATING EXPENSES
|
169,870
|
161,187
|
490,938
|
472,319
|
||||||||||||||||||||||||
INCOME FROM OPERATIONS
|
52,875
|
56,023
|
156,662
|
146,391
|
||||||||||||||||||||||||
INTEREST INCOME
|
928
|
853
|
2,759
|
2,486
|
||||||||||||||||||||||||
INTEREST EXPENSE
|
(8,814
|
)
|
(10,573
|
)
|
(26,052
|
)
|
(30,765
|
)
|
||||||||||||||||||||
GAIN ON SALE OF INVESTMENTS
|
-
|
-
|
-
|
894
|
||||||||||||||||||||||||
CONTINGENT FORWARD SALE CONTRACT MARK-TO-MARKET EXPENSE
|
(50,106
|
)
|
-
|
(50,106
|
)
|
-
|
||||||||||||||||||||||
OTHER INCOME/(EXPENSE), NET
|
853
|
(1,064
|
)
|
1,852
|
(595
|
)
|
||||||||||||||||||||||
(LOSS)/INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
|
(4,264
|
)
|
45,239
|
85,115
|
118,411
|
|||||||||||||||||||||||
PROVISION FOR INCOME TAXES
|
15,303
|
12,287
|
46,051
|
32,192
|
||||||||||||||||||||||||
(LOSS)/INCOME FROM CONTINUING OPERATIONS
|
(19,567
|
)
|
32,952
|
39,064
|
86,219
|
|||||||||||||||||||||||
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX
|
-
|
(10
|
)
|
(27
|
)
|
(10
|
)
|
|||||||||||||||||||||
NET (LOSS)/ INCOME
|
$
|
(19,567
|
)
|
32,942
|
$
|
39,037
|
86,209
|
|||||||||||||||||||||
BASIC (LOSS)/EARNINGS PER SHARE:
|
||||||||||||||||||||||||||||
BASIC (LOSS)/EARNINGS PER COMMON SHARE FROM CONTINUING OPERATIONS
|
$
|
(0.47
|
)
|
$
|
0.82
|
$
|
0.96
|
$
|
2.16
|
|||||||||||||||||||
BASIC LOSS PER COMMON SHARE FROM DISCONTINUED OPERATIONS
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
BASIC (LOSS)/EARNINGS PER COMMON SHARE
|
$
|
(0.47
|
)
|
$
|
0.82
|
$
|
0.95
|
$
|
2.16
|
|||||||||||||||||||
WEIGHTED AVERAGE SHARES - BASIC
|
41,682
|
40,078
|
40,888
|
39,825
|
||||||||||||||||||||||||
DILUTED (LOSS)/EARNINGS PER SHARE:
|
||||||||||||||||||||||||||||
DILUTED (LOSS)/EARNINGS PER COMMON SHARE FROM CONTINUING OPERATIONS
|
$
|
(0.47
|
)
|
$
|
0.77
|
$
|
0.90
|
$
|
2.02
|
|||||||||||||||||||
DILUTED LOSS PER COMMON SHARE FROM DISCONTINUED OPERATIONS
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
DILUTED (LOSS)/EARNINGS PER COMMON SHARE
|
$
|
(0.47
|
)
|
$
|
0.77
|
$
|
0.90
|
$
|
2.02
|
|||||||||||||||||||
WEIGHTED AVERAGE SHARES - DILUTED
|
41,682
|
42,821
|
43,471
|
42,711
|
||||||||||||||||||||||||
GENESEE & WYOMING INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF SEPTEMBER 30, 2012 AND DECEMBER 31, 2011
(in thousands)
(unaudited)
|
||||||||||||
September 30,
|
December 31,
|
|||||||||||
ASSETS
|
2012
|
2011
|
||||||||||
CURRENT ASSETS:
|
||||||||||||
Cash and cash equivalents
|
$
|
516,031
|
$
|
27,269
|
||||||||
Accounts receivable, net
|
173,408
|
165,768
|
||||||||||
Materials and supplies
|
15,713
|
14,445
|
||||||||||
Prepaid expenses and other
|
16,651
|
13,332
|
||||||||||
Deferred income tax assets, net
|
19,232
|
19,385
|
||||||||||
Total current assets
|
741,035
|
240,199
|
||||||||||
PROPERTY AND EQUIPMENT, net
|
1,769,467
|
1,643,589
|
||||||||||
GOODWILL
|
160,533
|
160,277
|
||||||||||
INTANGIBLE ASSETS, net
|
225,495
|
230,628
|
||||||||||
DEFERRED INCOME TAX ASSETS, net
|
2,462
|
2,342
|
||||||||||
OTHER ASSETS, net
|
21,723
|
17,122
|
||||||||||
Total assets
|
$
|
2,920,715
|
$
|
2,294,157
|
||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||||||
CURRENT LIABILITIES:
|
||||||||||||
Current portion of long-term debt
|
$
|
48,626
|
$
|
57,168
|
||||||||
Accounts payable
|
140,429
|
134,081
|
||||||||||
Accrued expenses
|
73,347
|
69,097
|
||||||||||
Deferred income tax liabilities, net
|
138
|
925
|
||||||||||
Total current liabilities
|
262,540
|
261,271
|
||||||||||
LONG-TERM DEBT, less current portion
|
594,480
|
569,026
|
||||||||||
DEFERRED INCOME TAX LIABILITIES, net
|
315,809
|
285,780
|
||||||||||
DEFERRED ITEMS - grants from outside parties
|
221,502
|
198,824
|
||||||||||
CONTINGENT FORWARD SALE CONTRACT
|
50,106
|
-
|
||||||||||
OTHER LONG-TERM LIABILITIES
|
22,393
|
18,622
|
||||||||||
TOTAL STOCKHOLDERS' EQUITY
|
1,453,885
|
960,634
|
||||||||||
Total liabilities and stockholders' equity
|
$
|
2,920,715
|
$
|
2,294,157
|
||||||||
GENESEE & WYOMING INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2012 AND 2011
(in thousands)
(unaudited)
|
|||||||||||||
Nine Months Ended
September 30,
|
|||||||||||||
2012
|
2011
|
||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|||||||||||||
Net income
|
$
|
39,037
|
$
|
86,209
|
|||||||||
Adjustments to reconcile net income to net cash provided
|
|||||||||||||
by operating activities:
|
|||||||||||||
Loss from discontinued operations, net of tax
|
27
|
10
|
|||||||||||
Depreciation and amortization
|
54,947
|
48,781
|
|||||||||||
Compensation cost related to equity awards
|
5,763
|
5,584
|
|||||||||||
Excess tax benefits from share-based compensation
|
(2,842
|
)
|
(2,090
|
)
|
|||||||||
Deferred income taxes
|
29,735
|
20,063
|
|||||||||||
Net gain on sale of assets
|
(10,447
|
)
|
(2,708
|
)
|
|||||||||
Gain on sale of investments
|
-
|
(894
|
)
|
||||||||||
Gain on insurance recoveries
|
(5,157
|
)
|
(1,043
|
)
|
|||||||||
Insurance proceeds received
|
21,479
|
24
|
|||||||||||
Contingent forward sale contract mark-to-market expense
|
50,106
|
-
|
|||||||||||
Changes in assets and liabilities which provided (used) cash, net of effect of acquisitions:
|
|||||||||||||
Accounts receivable, net
|
(2,110
|
)
|
(13,650
|
)
|
|||||||||
Materials and supplies
|
(1,063
|
)
|
(531
|
)
|
|||||||||
Prepaid expenses and other
|
(3,081
|
)
|
243
|
||||||||||
Accounts payable and accrued expenses
|
(10,232
|
)
|
(14,204
|
)
|
|||||||||
Other assets and liabilities, net
|
3,376
|
(179
|
)
|
||||||||||
Net cash provided by operating activities from continuing operations
|
169,538
|
125,615
|
|||||||||||
Net cash used in operating activities from discontinued operations
|
(27
|
)
|
(15
|
)
|
|||||||||
Net cash provided by operating activities
|
169,511
|
125,600
|
|||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|||||||||||||
Purchase of property and equipment
|
(170,529
|
)
|
(106,386
|
)
|
|||||||||
Grant proceeds from outside parties
|
24,929
|
18,773
|
|||||||||||
Cash paid for acquisitions, net of cash acquired
|
(837
|
)
|
(89,935
|
)
|
|||||||||
Proceeds from sale of investments
|
-
|
1,369
|
|||||||||||
Insurance proceeds for the replacement of assets
|
370
|
-
|
|||||||||||
Proceeds from disposition of property and equipment
|
13,673
|
4,054
|
|||||||||||
Net cash used in investing activities from continuing operations
|
(132,394
|
)
|
(172,125
|
)
|
|||||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|||||||||||||
Principal payments on long-term borrowings, including capital leases
|
(215,439
|
)
|
(418,907
|
)
|
|||||||||
Proceeds from issuance of long-term debt
|
196,480
|
445,424
|
|||||||||||
Debt amendment/issuance costs
|
-
|
(4,742
|
)
|
||||||||||
Proceeds from employee stock purchases
|
12,088
|
13,238
|
|||||||||||
Treasury stock purchases
|
(1,770
|
)
|
(1,292
|
)
|
|||||||||
Net proceeds from TEU issuance
|
222,856
|
-
|
|||||||||||
Net proceeds from Class A common stock issuance
|
234,361
|
-
|
|||||||||||
Excess tax benefits from share-based compensation
|
2,842
|
2,090
|
|||||||||||
Net cash provided by financing activities from continuing operations
|
451,418
|
35,811
|
|||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
|
227
|
(1,083
|
)
|
||||||||||
CHANGE IN CASH BALANCES INCLUDED IN CURRENT ASSETS OF DISCONTINUED OPERATIONS
|
-
|
1
|
|||||||||||
INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS
|
488,762
|
(11,796
|
)
|
||||||||||
CASH AND CASH EQUIVALENTS, beginning of period
|
27,269
|
27,417
|
|||||||||||
CASH AND CASH EQUIVALENTS, end of period
|
$
|
516,031
|
$
|
15,621
|
|||||||||
GENESEE & WYOMING INC. AND SUBSIDIARIES
SELECTED CONSOLIDATED FINANCIAL INFORMATION
(dollars in thousands)
(unaudited)
|
||||||||||||||||||||||||||
Three Months Ended
September 30,
|
||||||||||||||||||||||||||
2012
|
2011
|
|||||||||||||||||||||||||
Amount
|
% of
Revenue
|
Amount
|
% of
Revenue
|
|||||||||||||||||||||||
Revenues:
|
||||||||||||||||||||||||||
Freight
|
$
|
160,639
|
72.1
|
%
|
$
|
154,561
|
71.2
|
%
|
||||||||||||||||||
Non-freight
|
62,106
|
27.9
|
%
|
62,649
|
28.8
|
%
|
||||||||||||||||||||
Total revenues
|
$
|
222,745
|
100.0
|
%
|
$
|
217,210
|
100.0
|
%
|
||||||||||||||||||
Operating Expense Comparison:
|
||||||||||||||||||||||||||
Natural Classification
|
||||||||||||||||||||||||||
Labor and benefits
|
$
|
64,022
|
28.8
|
%
|
$
|
58,986
|
27.1
|
%
|
||||||||||||||||||
Equipment rents
|
9,289
|
4.2
|
%
|
11,357
|
5.2
|
%
|
||||||||||||||||||||
Purchased services
|
20,962
|
9.4
|
%
|
20,316
|
9.3
|
%
|
||||||||||||||||||||
Depreciation and amortization
|
18,980
|
8.5
|
%
|
16,623
|
7.7
|
%
|
||||||||||||||||||||
Diesel fuel used in operations
|
21,511
|
9.7
|
%
|
21,441
|
9.9
|
%
|
||||||||||||||||||||
Diesel fuel sold to third parties
|
1,359
|
0.6
|
%
|
3,662
|
1.7
|
%
|
||||||||||||||||||||
Casualties and insurance
|
6,237
|
2.8
|
%
|
5,020
|
2.3
|
%
|
||||||||||||||||||||
Materials
|
6,241
|
2.8
|
%
|
6,844
|
3.2
|
%
|
||||||||||||||||||||
Net gain on sale of assets
|
( 3,018
|
)
|
(1.4
|
%)
|
( 610
|
)
|
(0.3
|
%)
|
||||||||||||||||||
Gain on insurance recoveries
|
-
|
0.0
|
%
|
-
|
0.0
|
%
|
||||||||||||||||||||
Other expenses
|
24,287
|
10.9
|
%
|
17,548
|
8.1
|
%
|
||||||||||||||||||||
Total operating expenses
|
$
|
169,870
|
76.3
|
%
|
$
|
161,187
|
74.2
|
%
|
||||||||||||||||||
Functional Classification
|
||||||||||||||||||||||||||
Transportation
|
$
|
68,979
|
31.0
|
%
|
$
|
65,781
|
30.3
|
%
|
||||||||||||||||||
Maintenance of ways and structures
|
22,292
|
10.0
|
%
|
21,386
|
9.8
|
%
|
||||||||||||||||||||
Maintenance of equipment
|
23,151
|
10.4
|
%
|
24,650
|
11.3
|
%
|
||||||||||||||||||||
Diesel fuel sold to third parties
|
1,359
|
0.6
|
%
|
3,662
|
1.7
|
%
|
||||||||||||||||||||
General and administrative
|
38,127
|
17.2
|
%
|
29,695
|
13.7
|
%
|
||||||||||||||||||||
Net gain on sale of assets
|
( 3,018
|
)
|
(1.4
|
%)
|
( 610
|
)
|
(0.3
|
%)
|
||||||||||||||||||
Gain on insurance recoveries
|
-
|
0.0
|
%
|
-
|
0.0
|
%
|
||||||||||||||||||||
Depreciation and amortization
|
18,980
|
8.5
|
%
|
16,623
|
7.7
|
%
|
||||||||||||||||||||
Total operating expenses
|
$
|
169,870
|
76.3
|
%
|
$
|
161,187
|
74.2
|
%
|
||||||||||||||||||
GENESEE & WYOMING INC. AND SUBSIDIARIES
SELECTED CONSOLIDATED FINANCIAL INFORMATION
(dollars in thousands)
(unaudited)
|
||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2012
|
North American & European
Operations
|
Australian Operations
|
Total Operations
|
|||||||||||||||||||||||||||||
Revenues:
|
Amount
|
% of Total
Revenues
|
Amount
|
% of Total
Revenues
|
Amount
|
% of Total
Revenues
|
||||||||||||||||||||||||||
Freight
|
$
|
107,567
|
71.6
|
%
|
$
|
53,072
|
73.3
|
%
|
$
|
160,639
|
72.1
|
%
|
||||||||||||||||||||
Non-freight (excluding fuel sales)
|
42,756
|
28.4
|
%
|
18,011
|
24.9
|
%
|
60,767
|
27.3
|
%
|
|||||||||||||||||||||||
Fuel sales to third parties
|
-
|
0.0
|
%
|
1,339
|
1.8
|
%
|
1,339
|
0.6
|
%
|
|||||||||||||||||||||||
Total revenues
|
150,323
|
100.0
|
%
|
72,422
|
100.0
|
%
|
222,745
|
100.0
|
%
|
|||||||||||||||||||||||
Operating expenses
|
||||||||||||||||||||||||||||||||
Labor and benefits
|
48,880
|
32.5
|
%
|
15,142
|
20.9
|
%
|
64,022
|
28.8
|
%
|
|||||||||||||||||||||||
Equipment rents
|
6,716
|
4.5
|
%
|
2,573
|
3.5
|
%
|
9,289
|
4.2
|
%
|
|||||||||||||||||||||||
Purchased services
|
6,734
|
4.5
|
%
|
14,228
|
19.6
|
%
|
20,962
|
9.4
|
%
|
|||||||||||||||||||||||
Depreciation and amortization
|
12,495
|
8.3
|
%
|
6,485
|
9.0
|
%
|
18,980
|
8.5
|
%
|
|||||||||||||||||||||||
Diesel fuel used in operations
|
13,632
|
9.1
|
%
|
7,879
|
10.9
|
%
|
21,511
|
9.7
|
%
|
|||||||||||||||||||||||
Diesel fuel sold to third parties
|
-
|
0.0
|
%
|
1,359
|
1.9
|
%
|
1,359
|
0.6
|
%
|
|||||||||||||||||||||||
Casualties and insurance
|
4,295
|
2.8
|
%
|
1,942
|
2.7
|
%
|
6,237
|
2.8
|
%
|
|||||||||||||||||||||||
Materials
|
5,706
|
3.8
|
%
|
535
|
0.7
|
%
|
6,241
|
2.8
|
%
|
|||||||||||||||||||||||
Net gain on sale of assets
|
(1,081
|
)
|
(0.7
|
%)
|
(1,937
|
)
|
(2.7
|
%)
|
(3,018
|
)
|
(1.4
|
%)
|
||||||||||||||||||||
Gain on insurance recoveries
|
-
|
0.0
|
%
|
-
|
0.0
|
%
|
-
|
0.0
|
%
|
|||||||||||||||||||||||
Other expenses
|
19,375
|
12.9
|
%
|
4,912
|
6.8
|
%
|
24,287
|
10.9
|
%
|
|||||||||||||||||||||||
Total operating expenses
|
116,752
|
77.7
|
%
|
53,118
|
73.3
|
%
|
169,870
|
76.3
|
%
|
|||||||||||||||||||||||
Income from Operations
|
$
|
33,571
|
$
|
19,304
|
$
|
52,875
|
||||||||||||||||||||||||||
Carloads
|
192,168
|
50,615
|
242,783
|
|||||||||||||||||||||||||||||
Net expenditures for additions to property & equipment
|
$
|
24,023
|
$
|
33,320
|
$
|
57,343
|
||||||||||||||||||||||||||
Three Months Ended September 30, 2011
|
North American & European
Operations
|
Australian Operations
|
Total Operations
|
|||||||||||||||||||||||||||||
Revenues:
|
Amount
|
% of Total
Revenues
|
Amount
|
% of Total
Revenues
|
Amount
|
% of Total
Revenues
|
||||||||||||||||||||||||||
Freight
|
$
|
102,827
|
70.5
|
%
|
$
|
51,734
|
72.5
|
%
|
$
|
154,561
|
71.2
|
%
|
||||||||||||||||||||
Non-freight (excluding fuel sales)
|
42,980
|
29.5
|
%
|
15,732
|
22.0
|
%
|
58,712
|
27.0
|
%
|
|||||||||||||||||||||||
Fuel sales to third parties
|
-
|
0.0
|
%
|
3,937
|
5.5
|
%
|
3,937
|
1.8
|
%
|
|||||||||||||||||||||||
Total revenues
|
145,807
|
100.0
|
%
|
71,403
|
100.0
|
%
|
217,210
|
100.0
|
%
|
|||||||||||||||||||||||
Operating expenses
|
||||||||||||||||||||||||||||||||
Labor and benefits
|
46,474
|
31.9
|
%
|
12,512
|
17.5
|
%
|
58,986
|
27.1
|
%
|
|||||||||||||||||||||||
Equipment rents
|
6,845
|
4.7
|
%
|
4,512
|
6.3
|
%
|
11,357
|
5.2
|
%
|
|||||||||||||||||||||||
Purchased services
|
6,920
|
4.7
|
%
|
13,396
|
18.8
|
%
|
20,316
|
9.3
|
%
|
|||||||||||||||||||||||
Depreciation and amortization
|
11,932
|
8.2
|
%
|
4,691
|
6.6
|
%
|
16,623
|
7.7
|
%
|
|||||||||||||||||||||||
Diesel fuel used in operations
|
13,377
|
9.2
|
%
|
8,064
|
11.3
|
%
|
21,441
|
9.9
|
%
|
|||||||||||||||||||||||
Diesel fuel sold to third parties
|
-
|
0.0
|
%
|
3,662
|
5.1
|
%
|
3,662
|
1.7
|
%
|
|||||||||||||||||||||||
Casualties and insurance
|
3,361
|
2.3
|
%
|
1,659
|
2.3
|
%
|
5,020
|
2.3
|
%
|
|||||||||||||||||||||||
Materials
|
6,166
|
4.2
|
%
|
678
|
0.9
|
%
|
6,844
|
3.2
|
%
|
|||||||||||||||||||||||
Net gain on sale of assets
|
(610
|
)
|
(0.4
|
%)
|
-
|
0.0
|
%
|
(610
|
)
|
(0.3
|
%)
|
|||||||||||||||||||||
Gain on insurance recoveries
|
-
|
0.0
|
%
|
-
|
0.0
|
%
|
-
|
0.0
|
%
|
|||||||||||||||||||||||
Other expenses
|
13,379
|
9.2
|
%
|
4,169
|
5.9
|
%
|
17,548
|
8.1
|
%
|
|||||||||||||||||||||||
Total operating expenses
|
107,844
|
74.0
|
%
|
53,343
|
74.7
|
%
|
161,187
|
74.2
|
%
|
|||||||||||||||||||||||
Income from Operations
|
$
|
37,963
|
$
|
18,060
|
$
|
56,023
|
||||||||||||||||||||||||||
Carloads
|
201,253
|
54,937
|
256,190
|
|||||||||||||||||||||||||||||
Net expenditures for additions to property & equipment
|
$
|
12,054
|
$
|
25,194
|
$
|
37,248
|
||||||||||||||||||||||||||
GENESEE & WYOMING INC. AND SUBSIDIARIES
RAILROAD FREIGHT REVENUES, CARLOADS AND AVERAGE REVENUES PER CARLOAD
COMPARISON BY COMMODITY GROUP
(dollars in thousands, except average revenues per carload)
(unaudited)
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2012
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
North American & European Operations
|
Australian Operations
|
Total Operations
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Commodity Group
|
Freight
Revenues
|
Carloads
|
Average Revenues
Per Carload
|
Freight
Revenues
|
Carloads
|
Average Revenues
Per Carload
|
Freight
Revenues
|
Carloads
|
Average Revenues
Per Carload
|
||||||||||||||||||||||||||||||||||||||||||
Intermodal*
|
$
|
120
|
1,056
|
$
|
114
|
$
|
25,386
|
16,698
|
$
|
1,520
|
$
|
25,506
|
17,754
|
$
|
1,437
|
||||||||||||||||||||||||||||||||||||
Coal & Coke
|
21,561
|
52,990
|
407
|
-
|
-
|
-
|
21,561
|
52,990
|
407
|
||||||||||||||||||||||||||||||||||||||||||
Farm & Food Products
|
5,582
|
11,919
|
468
|
9,058
|
10,450
|
867
|
14,640
|
22,369
|
654
|
||||||||||||||||||||||||||||||||||||||||||
Pulp & Paper
|
17,063
|
27,042
|
631
|
-
|
-
|
-
|
17,063
|
27,042
|
631
|
||||||||||||||||||||||||||||||||||||||||||
Metallic Ores **
|
3,130
|
3,119
|
1,004
|
14,986
|
8,588
|
1,745
|
18,116
|
11,707
|
1,547
|
||||||||||||||||||||||||||||||||||||||||||
Metals
|
14,593
|
22,182
|
658
|
-
|
-
|
-
|
14,593
|
22,182
|
658
|
||||||||||||||||||||||||||||||||||||||||||
Minerals & Stone
|
8,570
|
17,933
|
478
|
3,069
|
14,780
|
208
|
11,639
|
32,713
|
356
|
||||||||||||||||||||||||||||||||||||||||||
Chemicals & Plastics
|
13,612
|
16,665
|
817
|
-
|
-
|
-
|
13,612
|
16,665
|
817
|
||||||||||||||||||||||||||||||||||||||||||
Lumber & Forest Products
|
9,230
|
18,708
|
493
|
-
|
-
|
-
|
9,230
|
18,708
|
493
|
||||||||||||||||||||||||||||||||||||||||||
Petroleum Products
|
6,227
|
7,939
|
784
|
573
|
99
|
5,788
|
6,800
|
8,038
|
846
|
||||||||||||||||||||||||||||||||||||||||||
Autos & Auto Parts
|
2,131
|
2,574
|
828
|
-
|
-
|
-
|
2,131
|
2,574
|
828
|
||||||||||||||||||||||||||||||||||||||||||
Other
|
5,748
|
10,041
|
572
|
-
|
-
|
-
|
5,748
|
10,041
|
572
|
||||||||||||||||||||||||||||||||||||||||||
Totals
|
$
|
107,567
|
192,168
|
$
|
560
|
$
|
53,072
|
50,615
|
$
|
1,049
|
$
|
160,639
|
242,783
|
$
|
662
|
||||||||||||||||||||||||||||||||||||
* Represents intermodal units
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
** Includes carload and intermodal units
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2011
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
North American & European Operations
|
Australian Operations
|
Total Operations
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Commodity Group
|
Freight
Revenues
|
Carloads
|
Average Revenues
Per Carload
|
Freight
Revenues
|
Carloads
|
Average Revenues
Per Carload
|
Freight
Revenues
|
Carloads
|
Average Revenues
Per Carload
|
||||||||||||||||||||||||||||||||||||||||||
Intermodal*
|
$
|
70
|
582
|
$
|
120
|
$
|
23,259
|
15,251
|
$
|
1,525
|
$
|
23,329
|
15,833
|
$
|
1,473
|
||||||||||||||||||||||||||||||||||||
Coal & Coke
|
20,831
|
53,553
|
389
|
-
|
-
|
-
|
20,831
|
53,553
|
389
|
||||||||||||||||||||||||||||||||||||||||||
Farm & Food Products
|
5,581
|
13,192
|
423
|
11,242
|
17,651
|
637
|
16,823
|
30,843
|
545
|
||||||||||||||||||||||||||||||||||||||||||
Pulp & Paper
|
16,139
|
24,893
|
648
|
-
|
-
|
-
|
16,139
|
24,893
|
648
|
||||||||||||||||||||||||||||||||||||||||||
Metallic Ores
|
2,068
|
2,670
|
775
|
13,026
|
6,247
|
2,085
|
15,094
|
8,917
|
1,693
|
||||||||||||||||||||||||||||||||||||||||||
Metals
|
14,040
|
22,748
|
617
|
-
|
-
|
-
|
14,040
|
22,748
|
617
|
||||||||||||||||||||||||||||||||||||||||||
Minerals & Stone
|
10,478
|
22,591
|
464
|
3,397
|
15,651
|
217
|
13,875
|
38,242
|
363
|
||||||||||||||||||||||||||||||||||||||||||
Chemicals & Plastics
|
12,015
|
15,449
|
778
|
-
|
-
|
-
|
12,015
|
15,449
|
778
|
||||||||||||||||||||||||||||||||||||||||||
Lumber & Forest Products
|
8,120
|
16,614
|
489
|
-
|
-
|
-
|
8,120
|
16,614
|
489
|
||||||||||||||||||||||||||||||||||||||||||
Petroleum Products
|
5,773
|
7,439
|
776
|
810
|
137
|
5,912
|
6,583
|
7,576
|
869
|
||||||||||||||||||||||||||||||||||||||||||
Autos & Auto Parts
|
1,830
|
2,408
|
760
|
-
|
-
|
-
|
1,830
|
2,408
|
760
|
||||||||||||||||||||||||||||||||||||||||||
Other
|
5,882
|
19,114
|
308
|
-
|
-
|
-
|
5,882
|
19,114
|
308
|
||||||||||||||||||||||||||||||||||||||||||
Totals
|
$
|
102,827
|
201,253
|
$
|
511
|
$
|
51,734
|
54,937
|
$
|
942
|
$
|
154,561
|
256,190
|
$
|
603
|
||||||||||||||||||||||||||||||||||||
* Represents intermodal units
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
GENESEE & WYOMING INC. AND SUBSIDIARIES
SELECTED CONSOLIDATED FINANCIAL INFORMATION
(dollars in thousands)
(unaudited)
|
||||||||||||||||||||||||||
Nine Months Ended
September 30,
|
||||||||||||||||||||||||||
2012
|
2011
|
|||||||||||||||||||||||||
Amount
|
% of
Revenue
|
Amount
|
% of
Revenue
|
|||||||||||||||||||||||
Revenues:
|
||||||||||||||||||||||||||
Freight
|
$
|
459,399
|
70.9
|
%
|
$
|
434,154
|
70.2
|
%
|
||||||||||||||||||
Non-freight
|
188,201
|
29.1
|
%
|
184,556
|
29.8
|
%
|
||||||||||||||||||||
Total revenues
|
$
|
647,600
|
100.0
|
%
|
$
|
618,710
|
100.0
|
%
|
||||||||||||||||||
Operating Expense Comparison:
|
||||||||||||||||||||||||||
Natural Classification
|
||||||||||||||||||||||||||
Labor and benefits
|
$
|
191,145
|
29.5
|
%
|
$
|
176,034
|
28.4
|
%
|
||||||||||||||||||
Equipment rents
|
28,073
|
4.3
|
%
|
32,887
|
5.3
|
%
|
||||||||||||||||||||
Purchased services
|
58,297
|
9.0
|
%
|
57,463
|
9.3
|
%
|
||||||||||||||||||||
Depreciation and amortization
|
54,947
|
8.5
|
%
|
48,781
|
7.9
|
%
|
||||||||||||||||||||
Diesel fuel used in operations
|
64,643
|
10.0
|
%
|
65,516
|
10.6
|
%
|
||||||||||||||||||||
Diesel fuel sold to third parties
|
10,460
|
1.6
|
%
|
12,241
|
2.0
|
%
|
||||||||||||||||||||
Casualties and insurance
|
17,727
|
2.7
|
%
|
16,686
|
2.7
|
%
|
||||||||||||||||||||
Materials
|
19,131
|
3.0
|
%
|
19,517
|
3.2
|
%
|
||||||||||||||||||||
Net gain on sale of assets
|
( 10,447
|
)
|
(1.6
|
%)
|
( 2,708
|
)
|
(0.4
|
%)
|
||||||||||||||||||
Gain on insurance recoveries
|
( 5,186
|
)
|
(0.8
|
%)
|
( 1,043
|
)
|
(0.2
|
%)
|
||||||||||||||||||
Other expenses
|
62,148
|
9.6
|
%
|
46,945
|
7.5
|
%
|
||||||||||||||||||||
Total operating expenses
|
$
|
490,938
|
75.8
|
%
|
$
|
472,319
|
76.3
|
%
|
||||||||||||||||||
Functional Classification
|
||||||||||||||||||||||||||
Transportation
|
$
|
203,371
|
31.4
|
%
|
$
|
195,801
|
31.6
|
%
|
||||||||||||||||||
Maintenance of ways and structures
|
66,096
|
10.2
|
%
|
58,886
|
9.5
|
%
|
||||||||||||||||||||
Maintenance of equipment
|
68,611
|
10.6
|
%
|
72,209
|
11.7
|
%
|
||||||||||||||||||||
Diesel fuel sold to third parties
|
10,460
|
1.6
|
%
|
12,241
|
2.0
|
%
|
||||||||||||||||||||
General and administrative
|
103,086
|
15.9
|
%
|
88,152
|
14.2
|
%
|
||||||||||||||||||||
Net gain on sale of assets
|
( 10,447
|
)
|
(1.6
|
%)
|
( 2,708
|
)
|
(0.4
|
%)
|
||||||||||||||||||
Gain on insurance recoveries
|
( 5,186
|
)
|
(0.8
|
%)
|
( 1,043
|
)
|
(0.2
|
%)
|
||||||||||||||||||
Depreciation and amortization
|
54,947
|
8.5
|
%
|
48,781
|
7.9
|
%
|
||||||||||||||||||||
Total operating expenses
|
$
|
490,938
|
75.8
|
%
|
$
|
472,319
|
76.3
|
%
|
||||||||||||||||||
GENESEE & WYOMING INC. AND SUBSIDIARIES
SELECTED CONSOLIDATED FINANCIAL INFORMATION
(dollars in thousands)
(unaudited)
|
||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2012
|
North American & European
Operations
|
Australian Operations
|
Total Operations
|
|||||||||||||||||||||||||||||||||||||
Revenues:
|
Amount
|
% of Total
Revenues
|
Amount
|
% of Total
Revenues
|
Amount
|
% of Total
Revenues
|
||||||||||||||||||||||||||||||||||
Freight
|
$
|
311,611
|
70.9
|
%
|
$
|
147,788
|
71.0
|
%
|
$
|
459,399
|
70.9
|
%
|
||||||||||||||||||||||||||||
Non-freight (excluding fuel sales)
|
127,840
|
29.1
|
%
|
49,398
|
23.7
|
%
|
177,238
|
27.4
|
%
|
|||||||||||||||||||||||||||||||
Fuel sales to third parties
|
-
|
0.0
|
%
|
10,963
|
5.3
|
%
|
10,963
|
1.7
|
%
|
|||||||||||||||||||||||||||||||
Total revenues
|
439,451
|
100.0
|
%
|
208,149
|
100.0
|
%
|
647,600
|
100.0
|
%
|
|||||||||||||||||||||||||||||||
Operating expenses
|
||||||||||||||||||||||||||||||||||||||||
Labor and benefits
|
147,251
|
33.5
|
%
|
43,894
|
21.1
|
%
|
191,145
|
29.5
|
%
|
|||||||||||||||||||||||||||||||
Equipment rents
|
19,744
|
4.5
|
%
|
8,329
|
4.1
|
%
|
28,073
|
4.3
|
%
|
|||||||||||||||||||||||||||||||
Purchased services
|
19,455
|
4.4
|
%
|
38,842
|
18.7
|
%
|
58,297
|
9.0
|
%
|
|||||||||||||||||||||||||||||||
Depreciation and amortization
|
37,354
|
8.5
|
%
|
17,593
|
8.5
|
%
|
54,947
|
8.5
|
%
|
|||||||||||||||||||||||||||||||
Diesel fuel used in operations
|
41,858
|
9.5
|
%
|
22,785
|
10.9
|
%
|
64,643
|
10.0
|
%
|
|||||||||||||||||||||||||||||||
Diesel fuel sold to third parties
|
-
|
0.0
|
%
|
10,460
|
5.0
|
%
|
10,460
|
1.6
|
%
|
|||||||||||||||||||||||||||||||
Casualties and insurance
|
11,657
|
2.7
|
%
|
6,070
|
2.9
|
%
|
17,727
|
2.7
|
%
|
|||||||||||||||||||||||||||||||
Materials
|
17,858
|
4.1
|
%
|
1,273
|
0.6
|
%
|
19,131
|
3.0
|
%
|
|||||||||||||||||||||||||||||||
Net gain on sale of assets
|
(8,376
|
)
|
(1.9
|
%)
|
(2,071
|
)
|
(1.0
|
%)
|
(10,447
|
)
|
(1.6
|
%)
|
||||||||||||||||||||||||||||
Gain on insurance recoveries
|
-
|
0.0
|
%
|
(5,186
|
)
|
(2.5
|
%)
|
(5,186
|
)
|
(0.8
|
%)
|
|||||||||||||||||||||||||||||
Other expenses
|
47,868
|
10.9
|
%
|
14,280
|
6.9
|
%
|
62,148
|
9.6
|
%
|
|||||||||||||||||||||||||||||||
Total operating expenses
|
334,669
|
76.2
|
%
|
156,269
|
75.2
|
%
|
490,938
|
75.8
|
%
|
|||||||||||||||||||||||||||||||
Income from Operations
|
$
|
104,782
|
$
|
51,880
|
$
|
156,662
|
||||||||||||||||||||||||||||||||||
Carloads
|
543,021
|
154,255
|
697,276
|
|||||||||||||||||||||||||||||||||||||
Net expenditures for additions to property & equipment
|
$
|
50,761
|
$
|
94,839
|
$
|
145,600
|
||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2011
|
North American & European
Operations
|
Australian Operations
|
Total Operations
|
|||||||||||||||||||||||||||||||||||||
Revenues:
|
Amount
|
% of Total
Revenues
|
Amount
|
% of Total
Revenues
|
Amount
|
% of Total
Revenues
|
||||||||||||||||||||||||||||||||||
Freight
|
$
|
290,154
|
69.5
|
%
|
$
|
144,000
|
71.5
|
%
|
$
|
434,154
|
70.2
|
%
|
||||||||||||||||||||||||||||
Non-freight (excluding fuel sales)
|
127,295
|
30.5
|
%
|
44,313
|
22.0
|
%
|
171,608
|
27.7
|
%
|
|||||||||||||||||||||||||||||||
Fuel sales to third parties
|
-
|
0.0
|
%
|
12,948
|
6.5
|
%
|
12,948
|
2.1
|
%
|
|||||||||||||||||||||||||||||||
Total revenues
|
417,449
|
100.0
|
%
|
201,261
|
100.0
|
%
|
618,710
|
100.0
|
%
|
|||||||||||||||||||||||||||||||
Operating expenses
|
||||||||||||||||||||||||||||||||||||||||
Labor and benefits
|
139,100
|
33.3
|
%
|
36,934
|
18.4
|
%
|
176,034
|
28.4
|
%
|
|||||||||||||||||||||||||||||||
Equipment rents
|
19,851
|
4.8
|
%
|
13,036
|
6.5
|
%
|
32,887
|
5.3
|
%
|
|||||||||||||||||||||||||||||||
Purchased services
|
20,402
|
4.9
|
%
|
37,061
|
18.4
|
%
|
57,463
|
9.3
|
%
|
|||||||||||||||||||||||||||||||
Depreciation and amortization
|
34,843
|
8.3
|
%
|
13,938
|
6.9
|
%
|
48,781
|
7.9
|
%
|
|||||||||||||||||||||||||||||||
Diesel fuel used in operations
|
42,410
|
10.2
|
%
|
23,106
|
11.5
|
%
|
65,516
|
10.6
|
%
|
|||||||||||||||||||||||||||||||
Diesel fuel sold to third parties
|
-
|
0.0
|
%
|
12,241
|
6.1
|
%
|
12,241
|
2.0
|
%
|
|||||||||||||||||||||||||||||||
Casualties and insurance
|
11,417
|
2.7
|
%
|
5,269
|
2.6
|
%
|
16,686
|
2.7
|
%
|
|||||||||||||||||||||||||||||||
Materials
|
18,078
|
4.3
|
%
|
1,439
|
0.7
|
%
|
19,517
|
3.2
|
%
|
|||||||||||||||||||||||||||||||
Net gain on sale of assets
|
(2,694
|
)
|
(0.6
|
%)
|
(14
|
)
|
0.0
|
%
|
(2,708
|
)
|
(0.4
|
%)
|
||||||||||||||||||||||||||||
Gain on insurance recoveries
|
(25
|
)
|
0.0
|
%
|
(1,018
|
)
|
(0.5
|
%)
|
(1,043
|
)
|
(0.2
|
%)
|
||||||||||||||||||||||||||||
Other expenses
|
35,432
|
8.5
|
%
|
11,513
|
5.7
|
%
|
46,945
|
7.5
|
%
|
|||||||||||||||||||||||||||||||
Total operating expenses
|
318,814
|
76.4
|
%
|
153,505
|
76.3
|
%
|
472,319
|
76.3
|
%
|
|||||||||||||||||||||||||||||||
Income from Operations
|
$
|
98,635
|
$
|
47,756
|
$
|
146,391
|
||||||||||||||||||||||||||||||||||
Carloads
|
591,160
|
159,094
|
750,254
|
|||||||||||||||||||||||||||||||||||||
Net expenditures for additions to property & equipment
|
$
|
33,865
|
$
|
53,748
|
$
|
87,613
|
||||||||||||||||||||||||||||||||||
GENESEE & WYOMING INC. AND SUBSIDIARIES
RAILROAD FREIGHT REVENUES, CARLOADS AND AVERAGE REVENUES PER CARLOAD
COMPARISON BY COMMODITY GROUP
(dollars in thousands, except average revenues per carload)
(unaudited)
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2012
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
North American & European Operations
|
Australian Operations
|
Total Operations
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Commodity Group
|
Freight
Revenues
|
Carloads
|
Average Revenues
Per Carload
|
Freight
Revenues
|
Carloads
|
Average Revenues
Per Carload
|
Freight
Revenues
|
Carloads
|
Average Revenues
Per Carload
|
||||||||||||||||||||||||||||||||||||||||||
Intermodal*
|
$
|
382
|
3,400
|
$
|
112
|
$
|
66,913
|
44,520
|
$
|
1,503
|
$
|
67,295
|
47,920
|
$
|
1,404
|
||||||||||||||||||||||||||||||||||||
Coal & Coke
|
53,085
|
124,686
|
426
|
-
|
-
|
-
|
53,085
|
124,686
|
426
|
||||||||||||||||||||||||||||||||||||||||||
Farm & Food Products
|
19,754
|
39,969
|
494
|
31,671
|
43,426
|
729
|
51,425
|
83,395
|
617
|
||||||||||||||||||||||||||||||||||||||||||
Pulp & Paper
|
48,811
|
75,299
|
648
|
-
|
-
|
-
|
48,811
|
75,299
|
648
|
||||||||||||||||||||||||||||||||||||||||||
Metallic Ores **
|
8,076
|
8,531
|
947
|
38,346
|
21,411
|
1,791
|
46,422
|
29,942
|
1,550
|
||||||||||||||||||||||||||||||||||||||||||
Metals
|
46,880
|
72,867
|
643
|
-
|
-
|
-
|
46,880
|
72,867
|
643
|
||||||||||||||||||||||||||||||||||||||||||
Minerals & Stone
|
26,686
|
53,657
|
497
|
8,884
|
44,575
|
199
|
35,570
|
98,232
|
362
|
||||||||||||||||||||||||||||||||||||||||||
Chemicals & Plastics
|
41,693
|
50,269
|
829
|
-
|
-
|
-
|
41,693
|
50,269
|
829
|
||||||||||||||||||||||||||||||||||||||||||
Lumber & Forest Products
|
25,758
|
52,302
|
492
|
-
|
-
|
-
|
25,758
|
52,302
|
492
|
||||||||||||||||||||||||||||||||||||||||||
Petroleum Products
|
19,136
|
23,195
|
825
|
1,974
|
323
|
6,111
|
21,110
|
23,518
|
898
|
||||||||||||||||||||||||||||||||||||||||||
Autos & Auto Parts
|
6,306
|
7,526
|
838
|
-
|
-
|
-
|
6,306
|
7,526
|
838
|
||||||||||||||||||||||||||||||||||||||||||
Other
|
15,044
|
31,320
|
480
|
-
|
-
|
-
|
15,044
|
31,320
|
480
|
||||||||||||||||||||||||||||||||||||||||||
Totals
|
$
|
311,611
|
543,021
|
$
|
574
|
$
|
147,788
|
154,255
|
$
|
958
|
$
|
459,399
|
697,276
|
$
|
659
|
||||||||||||||||||||||||||||||||||||
* Represents intermodal units
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
** Includes carload and intermodal units
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2011
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
North American & European Operations
|
Australian Operations
|
Total Operations
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Commodity Group
|
Freight
Revenues
|
Carloads
|
Average Revenues
Per Carload
|
Freight
Revenues
|
Carloads
|
Average Revenues
Per Carload
|
Freight
Revenues
|
Carloads
|
Average Revenues
Per Carload
|
||||||||||||||||||||||||||||||||||||||||||
Intermodal*
|
$
|
288
|
2,438
|
$
|
118
|
$
|
63,021
|
42,336
|
$
|
1,489
|
$
|
63,309
|
44,774
|
$
|
1,414
|
||||||||||||||||||||||||||||||||||||
Coal & Coke
|
59,824
|
155,288
|
385
|
-
|
-
|
-
|
59,824
|
155,288
|
385
|
||||||||||||||||||||||||||||||||||||||||||
Farm & Food Products
|
18,302
|
41,353
|
443
|
32,615
|
52,687
|
619
|
50,917
|
94,040
|
541
|
||||||||||||||||||||||||||||||||||||||||||
Pulp & Paper
|
46,398
|
73,025
|
635
|
-
|
-
|
-
|
46,398
|
73,025
|
635
|
||||||||||||||||||||||||||||||||||||||||||
Metallic Ores
|
4,913
|
7,544
|
651
|
36,297
|
16,293
|
2,228
|
41,210
|
23,837
|
1,729
|
||||||||||||||||||||||||||||||||||||||||||
Metals
|
37,063
|
67,486
|
549
|
-
|
-
|
-
|
37,063
|
67,486
|
549
|
||||||||||||||||||||||||||||||||||||||||||
Minerals & Stone
|
25,877
|
56,867
|
455
|
10,177
|
47,432
|
215
|
36,054
|
104,299
|
346
|
||||||||||||||||||||||||||||||||||||||||||
Chemicals & Plastics
|
33,855
|
44,933
|
753
|
-
|
-
|
-
|
33,855
|
44,933
|
753
|
||||||||||||||||||||||||||||||||||||||||||
Lumber & Forest Products
|
23,733
|
49,150
|
483
|
-
|
-
|
-
|
23,733
|
49,150
|
483
|
||||||||||||||||||||||||||||||||||||||||||
Petroleum Products
|
17,075
|
22,059
|
774
|
1,890
|
346
|
5,462
|
18,965
|
22,405
|
846
|
||||||||||||||||||||||||||||||||||||||||||
Autos & Auto Parts
|
6,179
|
8,179
|
755
|
-
|
-
|
-
|
6,179
|
8,179
|
755
|
||||||||||||||||||||||||||||||||||||||||||
Other
|
16,647
|
62,838
|
265
|
-
|
-
|
-
|
16,647
|
62,838
|
265
|
||||||||||||||||||||||||||||||||||||||||||
Totals
|
$
|
290,154
|
591,160
|
$
|
491
|
$
|
144,000
|
159,094
|
$
|
905
|
$
|
434,154
|
750,254
|
$
|
579
|
||||||||||||||||||||||||||||||||||||
* Represents intermodal units
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2012
|
Net (Loss)/Income
|
Diluted Shares
|
Diluted (Loss)/Earnings
Per Share Impact
|
|||||||||
As reported
|
$
|
(19.6
|
)
|
41.7
|
$
|
(0.47
|
)
|
|||||
Add back certain items, net of tax:
|
||||||||||||
Contingent forward sale contract
mark-to-market expense
|
50.1
|
2.5
|
(a)
|
1.16
|
||||||||
Acquisition-related costs
|
3.5
|
-
|
0.08
|
|||||||||
Net gain on sale of assets
|
(2.0
|
)
|
-
|
(0.05
|
)
|
|||||||
Weighted average impact of increased share count from
|
||||||||||||
Class A common stock and TEU offering
|
-
|
(0.9
|
)
|
0.02
|
||||||||
Adjusted
|
$
|
32.0
|
43.3
|
$
|
0.74
|
|||||||
(a) - There is no effect of Class B shares outstanding or unvested equity awards in the calculation of loss per diluted share. Amount represents effect of Class B shares outstanding and unvested equity awards in the calculation of earnings per diluted share.
|
||||||||||||
Three Months Ended September 30, 2011
|
Net Income
|
Diluted Shares
|
Diluted Earnings
Per Share Impact
|
|||||||||
As reported
|
$
|
32.9
|
42.8
|
$
|
0.77
|
|||||||
Add back certain items, net of tax:
|
||||||||||||
Acquisition-related costs
|
0.8
|
-
|
0.02
|
|||||||||
Refinancing-related costs
|
0.6
|
-
|
0.01
|
|||||||||
Net gain on sale of assets
|
(0.4
|
)
|
-
|
(0.01
|
)
|
|||||||
Short line tax credit
|
(3.2
|
)
|
-
|
(0.07
|
)
|
|||||||
Adjusted
|
$
|
30.8
|
42.8
|
$
|
0.72
|
|||||||
Three months ended September 30, 2012 | ||||||||||||
|
North American
& European
Operations
|
Australian
Operations
|
Total Operations
|
|||||||||
Operating revenues
|
$
|
150.3
|
$
|
72.4
|
$
|
222.7
|
||||||
Operating expenses
|
116.8
|
53.1
|
169.9
|
|||||||||
Operating income
|
$
|
33.6
|
$
|
19.3
|
$
|
52.9
|
||||||
Operating ratio
|
77.7
|
%
|
73.3
|
%
|
76.3
|
%
|
||||||
Operating expenses
|
$
|
116.8
|
$
|
53.1
|
$
|
169.9
|
||||||
Acquisition-related costs
|
(5.5
|
)
|
(0.2
|
)
|
(5.8
|
)
|
||||||
Net gain on sale of assets
|
1.1
|
1.9
|
3.0
|
|||||||||
Adjusted operating expenses
|
$
|
112.3
|
$
|
54.8
|
$
|
167.1
|
||||||
Adjusted operating income
|
$
|
38.0
|
$
|
17.6
|
$
|
55.6
|
||||||
Adjusted operating ratio
|
74.7
|
%
|
75.7
|
%
|
75.0
|
%
|
||||||
Three months ended September 30, 2011
|
||||||||||||
|
North American
& European
Operations
|
Australian
Operations
|
Total
Operations
|
|||||||||
Operating revenues
|
$
|
145.8
|
$
|
71.4
|
$
|
217.2
|
||||||
Operating expenses
|
107.8
|
53.3
|
161.2
|
|||||||||
Operating income
|
$
|
38.0
|
$
|
18.1
|
$
|
56.0
|
||||||
Operating ratio
|
74.0
|
%
|
74.7
|
%
|
74.2
|
%
|
||||||
Operating expenses
|
$
|
107.8
|
$
|
53.3
|
$
|
161.2
|
||||||
Acquisition-related costs
|
(0.8
|
)
|
(0.3
|
)
|
(1.1
|
)
|
||||||
Refinancing-related costs
|
(0.1
|
)
|
-
|
(0.1
|
)
|
|||||||
Net gain on sale of assets
|
0.6
|
-
|
0.6
|
|||||||||
Adjusted operating expenses
|
$
|
107.5
|
$
|
53.0
|
$
|
160.6
|
||||||
Adjusted operating income
|
$
|
38.3
|
$
|
18.4
|
$
|
56.6
|
||||||
Adjusted operating ratio
|
73.8
|
%
|
74.3
|
%
|
73.9
|
%
|
||||||
Three Months Ended September 30,
|
||||||||
2012
|
2011
|
|||||||
Operating revenue
|
$
|
155.4
|
$
|
139.7
|
||||
Operating expenses
|
133.7
|
108.2
|
||||||
Operating income
|
$
|
21.7
|
$
|
31.5
|
||||
Operating ratio
|
86.0
|
%
|
77.5
|
%
|
||||
Operating expenses
|
$
|
133.7
|
$
|
108.2
|
||||
Strategic alternatives expense
|
(16.6
|
)
|
-
|
|||||
Net gain on sale of assets
|
1.3
|
-
|
||||||
Impairment of assets
|
-
|
(1.9
|
)
|
|||||
45G benefit
|
-
|
3.9
|
||||||
Adjusted operating expenses
|
$
|
118.4
|
$
|
110.1
|
||||
Adjusted operating income
|
$
|
37.0
|
$
|
29.6
|
||||
Adjusted operating ratio
|
76.2
|
%
|
78.9
|
%
|
||||
Nine Months Ended
September 30,
|
||||||||
2012
|
2011
|
|||||||
Net cash provided by operating activities from continuing operations
|
$
|
169.5
|
$
|
125.6
|
||||
Net cash used in investing activities from continuing operations (a)
|
(132.4
|
)
|
(172.1
|
)
|
||||
Net cash paid/(received) for acquisitions/divestitures
|
0.8
|
88.6
|
||||||
Australian stamp duty (b)
|
-
|
13.0
|
||||||
Free cash flow
|
$
|
38.0
|
$
|
55.1
|
(a) The 2012 and 2011 periods include $80.3 million and $46.7 million, respectively, in Australian equipment investments.
|
(b) The payment of the Australian stamp duty in the 2011 period related to the acquisition of FreightLink in Australia, which was accrued as of December 31, 2010.
|
·
|
Revenue increased 11% versus third quarter 2011.
|
·
|
Operating income down 31%; (up 25% excluding 45G benefit, asset sales, impairments and strategic alternatives expense1).
|
·
|
Net income of $0.12 per share.
|
·
|
Adjusted net income per share1 of $0.40.
|
·
|
Acquisition / Transaction costs: In the third quarter of 2012 the Company incurred $17.0 million of transaction related expenses. $16.6 million was due to the Company’s previously announced exploration of strategic alternatives, which resulted in the sale of RailAmerica to Genesee & Wyoming Inc. The remainder of the expenses were due to acquisition and industrial development related activity.
|
·
|
Restricted stock amortization: Third quarter 2012 restricted stock amortization (included in labor and benefits) included $2.4 million related to retirement eligibility vesting for certain participants. The vesting was associated with grants made during the third quarter of 2012 under terms of the agreement to sell the Company. Otherwise these expenses would have been incurred in the first quarter of 2013.
|
·
|
Amortization of swap termination costs: Non-cash charges of $1.3 million and $2.7 million were recorded in interest expense during the third quarters of 2012 and 2011, respectively, due to the June 2009 termination of an interest rate swap agreement.
|
·
|
45G tax credits: A $3.9 million income statement benefit was recorded in the third quarter of 2011, but no benefit was recognized in the third quarter of 2012 since the credit is currently not in effect for 2012.
|
·
|
Asset impairment: Third quarter of 2011 includes a $1.9 million non-cash impairment charge resulting from an evaluation of our locomotive fleet.
|
·
|
Credit facility replacement: Third quarter of 2011 includes a $0.7 million non-cash charge related to the replacement of our asset backed loan facility with a new revolving credit facility.
|
Summary of Noteworthy Items Impacting Third Quarter 2011 and 2012
|
||||||||||||||||
For the Three Months Ended September 30,
|
||||||||||||||||
($ in thousands except EPS)
|
2011
|
2012
|
||||||||||||||
Pre Tax
|
EPS
|
Pre Tax
|
EPS
|
|||||||||||||
Strategic alternatives
|
$ | 0 | $ | 0.00 | $ | (16,587 | ) | $ | (0.26 | ) | ||||||
Acquisition / Transaction costs
|
(203 | ) | (0.00 | ) | (393 | ) | (0.00 | ) | ||||||||
Restricted stock amortization increase
|
- | - | (2,366 | ) | (0.03 | ) | ||||||||||
Amortization of swap termination costs
|
(2,747 | ) | (0.03 | ) | (1,283 | ) | (0.02 | ) | ||||||||
45G credits
|
3,879 | 0.05 | - | - | ||||||||||||
Impairment of assets
|
(1,949 | ) | (0.02 | ) | - | - | ||||||||||
Loss on extinguishment of credit agreement
|
(719 | ) | (0.01 | ) | - | - | ||||||||||
Gain / (loss) on sale of assets
|
(8 | ) | (0.00 | ) | 1,337 | 0.02 | ||||||||||
Note: Effective tax rate of 39% for 2011 and 37% for all 2012 items other than strategic alternatives, which are tax effected at 21%.
|
For the Three Months Ended
|
||||||||
September 30,
|
||||||||
2011
|
2012
|
|||||||
($ in thousands)
|
||||||||
Operating revenue
|
$ | 139,665 | $ | 155,418 | ||||
Operating expense
|
108,177 | 133,670 | ||||||
Operating income, reported
|
31,488 | 21,748 | ||||||
Less: Benefit from 45G credits
|
(3,879 | ) | - | |||||
Operating income excluding 45G Benefit 1
|
27,609 | 21,748 | ||||||
Net (gain) loss on sale of assets
|
8 | (1,337 | ) | |||||
Impairment of assets
|
1,949 | - | ||||||
Strategic alternatives expense
|
- | 16,587 | ||||||
Operating income excluding 45G Benefit, Asset Sales, Impairments and Strategic Alternatives expense 1
|
29,566 | 36,998 | ||||||
1 See schedule at the end of press release for a reconciliation of non-GAAP financial measure
|
|
•
|
Industrial products (includes chemicals, pulp, paper & allied products, metallic ores and metals, waste and scrap materials, other, petroleum, and motor vehicles) revenue increased $5.9 million, or 11%, primarily due to motor vehicle carload growth of 84%, which was driven by increased production at multiple automobile manufacturing plants we serve in Indiana, Michigan, California and Washington, chemicals and other which were driven by rates and commodity mix. The increase in the motor vehicles category was partially offset by an 11% decrease in metallic ores and metals carloads and an 8% decrease in pulp, paper and allied products traffic;
|
|
•
|
Agricultural Products (includes agricultural products and food or kindred products) revenue increased $0.5 million, or 2%, primarily due to agricultural products carload increases of 4% as a result of increased shipments in export traffic destined for Asia. This increase in agricultural products was partially offset by a 9% decrease in carloads for food and kindred products driven by soft demand for dried grain products;
|
|
•
|
Construction Products (includes non-metallic minerals and products and forest products) revenue increased $2.0 million, or 11%, primarily due to increased forest products carloads of 12% which was driven by an increase in lumber traffic in the Northeast and Northwest; and
|
|
•
|
Coal revenue decreased $0.1 million, or 1%, although coal volumes increased by 6%. The volume increase was primarily due to several lower rated Class I detour trains routed over one of our lines due to maintenance on the Class I mainline.
|
|
•
|
Labor and benefits expense increased $6.2 million, or 15%, primarily due to higher profit sharing ($4.5 million), restricted stock amortization ($1.9 million) and increased wages as a result of acquisitions ($1.2 million), partially offset by lower health insurance costs ($0.7 million);
|
|
•
|
Equipment rents expense increased $0.3 million, or 3%, primarily due to higher railcar lease expense ($0.5 million) and acquisitions ($0.5 million), partially offset by lower locomotive lease expense ($0.3 million) and car hire ($0.3 million);
|
|
•
|
Purchased services expense increased $18.0 million, or 164%, primarily due to professional services in connection with our sale of the Company ($16.6 million), increased transport services related to the acquisition of TNA ($1.0 million) and write off of project costs ($0.3 million);
|
|
•
|
Diesel fuel expense approximated prior year expense;
|
|
•
|
Casualties and insurance expense decreased $0.4 million, or 9%, primarily due to a decrease in derailment costs ($1.1 million), partially offset by increased reserves related to crossing accidents ($0.5 million);
|
|
•
|
Materials expense increased $1.4 million, or 17%, primarily due to an increase in car repair material purchases resulting from increased car repair activities;
|
|
•
|
Joint facilities expense decreased $0.3 million, or 13% due to a reduction in maintenance charges;
|
|
•
|
Other expenses increased $0.5 million, or less than 5%, primarily due to an increase in railroad lease expense ($0.4 million) and other fees associated with the sale of the Company ($0.2 million), partially offset by lower taxes ($0.2 million);
|
|
•
|
The execution of the track maintenance agreement in 2011 resulted in a shipper paying for $4.0 million of maintenance expenditures, partially offset by $0.1 million of related consulting fees;
|
|
•
|
Asset sales resulted in a net gain of $1.3 million in the three months ended September 30, 2012, related to the sale of land;
|
|
•
|
Impairment of assets was $1.9 million in the three months ended September 30, 2011, related to a tentative sale agreement for various locomotives and further evaluation of the market value of the remaining units identified for potential fleet reductions; and
|
|
•
|
Depreciation and amortization expense decreased $0.7 million, or 6%, including $1.7 million in lower depreciation expense resulting from a road and track asset life study completed during the first quarter of 2012, offset by increased depreciation and amortization associated with acquisitions.
|
For the Three Months Ended
|
For the Nine Months Ended
|
|||||||||||||||
|
September 30,
|
September 30,
|
||||||||||||||
|
2011
|
2012
|
2011
|
2012
|
||||||||||||
(In thousands, except per share data)
|
||||||||||||||||
Operating revenue
|
$ | 139,665 | $ | 155,418 | $ | 403,817 | $ | 454,956 | ||||||||
Operating expenses:
|
||||||||||||||||
Labor and benefits
|
41,379 | 47,536 | 124,855 | 136,316 | ||||||||||||
Equipment rents
|
9,046 | 9,320 | 26,601 | 27,655 | ||||||||||||
Purchased services
|
10,996 | 28,984 | 31,429 | 55,504 | ||||||||||||
Diesel fuel
|
13,142 | 13,170 | 41,887 | 39,805 | ||||||||||||
Casualties and insurance
|
4,006 | 3,627 | 11,095 | 11,812 | ||||||||||||
Materials
|
7,879 | 9,238 | 18,892 | 25,393 | ||||||||||||
Joint facilities
|
2,459 | 2,132 | 7,214 | 7,478 | ||||||||||||
Other expenses
|
9,271 | 9,736 | 29,876 | 31,425 | ||||||||||||
Track maintenance expense reimbursement
|
(3,879 | ) | - | (13,162 | ) | - | ||||||||||
Net loss (gain) on sale of assets
|
8 | (1,337 | ) | 151 | (1,495 | ) | ||||||||||
Impairment of assets
|
1,949 | - | 5,169 | - | ||||||||||||
Depreciation and amortization
|
11,921 | 11,264 | 35,421 | 33,264 | ||||||||||||
Total operating expenses
|
108,177 | 133,670 | 319,428 | 367,157 | ||||||||||||
Operating income
|
31,488 | 21,748 | 84,389 | 87,799 | ||||||||||||
Interest expense (including amortization costs of $3,973, $1,948, $13,215
and $6,727, respectively) |
(17,792 | ) | (8,764 | ) | (54,526 | ) | (32,442 | ) | ||||||||
Other (loss) income
|
(231 | ) | 426 | 804 | (86,992 | ) | ||||||||||
Income (loss) before income taxes
|
13,465 | 13,410 | 30,667 | (31,635 | ) | |||||||||||
Provision for (benefit from) income taxes
|
4,407 | 7,752 | 8,824 | (8,271 | ) | |||||||||||
Net income (loss)
|
9,058 | 5,658 | 21,843 | (23,364 | ) | |||||||||||
Less: Net loss attributable to noncontrolling interest
|
- | (287 | ) | - | (489 | ) | ||||||||||
Net income (loss) attributable to the Company
|
$ | 9,058 | $ | 5,945 | $ | 21,843 | $ | (22,875 | ) | |||||||
Basic earnings per common share:
|
||||||||||||||||
Net income (loss) attributable to the Company
|
$ | 0.17 | $ | 0.12 | $ | 0.41 | $ | (0.45 | ) | |||||||
Diluted earnings per common share:
|
||||||||||||||||
Net income (loss) attributable to the Company
|
$ | 0.17 | $ | 0.12 | $ | 0.41 | $ | (0.45 | ) | |||||||
Weighted Average common shares outstanding:
|
||||||||||||||||
Basic
|
52,083 | 50,395 | 53,006 | 50,440 | ||||||||||||
Diluted
|
52,083 | 50,603 | 53,006 | 50,440 |
RAILAMERICA, INC. AND SUBSIDIARIES
|
||||||||
CONSOLIDATED BALANCE SHEETS
|
||||||||
(Unaudited)
|
||||||||
|
December 31,
|
September 30,
|
||||||
|
2011
|
2012
|
||||||
(In thousands, except share data)
|
||||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 90,999 | $ | 85,807 | ||||
Restricted cash
|
300 | |||||||
Accounts and notes receivable, net of allowance of $7,291 and $8,874 respectively
|
96,813 | 106,225 | ||||||
Current deferred tax assets
|
9,886 | 8,347 | ||||||
Other current assets
|
17,967 | 26,112 | ||||||
Total current assets
|
215,665 | 226,791 | ||||||
Property, plant and equipment, net
|
1,021,545 | 1,069,543 | ||||||
Intangible assets
|
134,851 | 172,981 | ||||||
Goodwill
|
211,841 | 235,042 | ||||||
Other assets
|
13,478 | 11,855 | ||||||
Total assets
|
$ | 1,597,380 | $ | 1,716,212 | ||||
LIABILITIES AND EQUITY
|
||||||||
Current liabilities:
|
||||||||
Current maturities of long-term debt
|
$ | 71,991 | $ | 82,435 | ||||
Accounts payable
|
78,844 | 92,483 | ||||||
Accrued expenses
|
28,616 | 52,966 | ||||||
Total current liabilities
|
179,451 | 227,884 | ||||||
Long-term debt, less current maturities
|
1,827 | 584,118 | ||||||
Senior secured notes
|
501,876 | - | ||||||
Deferred income taxes
|
213,421 | 203,717 | ||||||
Other liabilities
|
20,680 | 21,432 | ||||||
Total liabilities
|
917,255 | 1,037,151 | ||||||
Commitments and contingencies
|
||||||||
Stockholders’ equity:
|
||||||||
Common stock, $0.01 par value, 400,000,000 shares authorized; 50,605,440 shares issued and outstanding at December 31, 2011;
and 50,394,421 shares issued and outstanding at September 30, 2012 |
506 | 504 | ||||||
Additional paid in capital and other
|
591,341 | 599,174 | ||||||
Retained earnings
|
84,272 | 61,282 | ||||||
Accumulated other comprehensive income
|
4,006 | 10,915 | ||||||
Total stockholders’ equity
|
680,125 | 671,875 | ||||||
Noncontrolling interest
|
- | 7,186 | ||||||
Total equity
|
680,125 | 679,061 | ||||||
Total liabilities and equity
|
$ | 1,597,380 | $ | 1,716,212 |
|
For the Nine Months Ended
|
|||||||
|
September 30,
|
|||||||
|
2011
|
2012
|
||||||
(In thousands)
|
||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net income (loss)
|
$ | 21,843 | $ | (23,364 | ) | |||
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
||||||||
Depreciation and amortization, including amortization of debt issuance costs classified in interest expense
|
39,012 | 35,752 | ||||||
Amortization of swap termination costs
|
9,625 | 4,237 | ||||||
Net (gain) loss on sale or disposal of properties
|
151 | (1,495 | ) | |||||
Impairment of assets
|
5,169 | - | ||||||
Loss on extinguishment of debt
|
- | 88,107 | ||||||
Deferred financing costs expensed
|
719 | - | ||||||
Equity compensation costs
|
7,381 | 11,946 | ||||||
Deferred income taxes and other
|
4,453 | (10,257 | ) | |||||
Changes in operating assets and liabilities, net of acquisitions:
|
||||||||
Accounts receivable
|
(33,167 | ) | (5,594 | ) | ||||
Other current assets
|
(7,209 | ) | (7,919 | ) | ||||
Accounts payable
|
17,048 | (1,368 | ) | |||||
Accrued expenses
|
7,967 | 23,833 | ||||||
Other assets and liabilities
|
(1,253 | ) | (125 | ) | ||||
Net cash provided by operating activities
|
71,739 | 113,753 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Purchase of property, plant and equipment
|
(93,518 | ) | (72,147 | ) | ||||
NECR government grant reimbursements
|
31,329 | 7,129 | ||||||
Proceeds from sale of assets
|
7,598 | 6,511 | ||||||
Acquisitions, net of cash acquired
|
(12,716 | ) | (53,107 | ) | ||||
Change in restricted cash
|
- | (300 | ) | |||||
Other
|
(65 | ) | 16 | |||||
Net cash used in investing activities
|
(67,372 | ) | (111,898 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Principal payments on long-term debt
|
(263 | ) | (3,051 | ) | ||||
Proceeds from issuance of long-term debt
|
- | 582,075 | ||||||
Repurchase of senior secured notes
|
- | (649,720 | ) | |||||
Repayment of revolving credit facility
|
- | (60,000 | ) | |||||
Proceeds from revolving credit facility
|
- | 135,000 | ||||||
Repurchase of common stock
|
(57,664 | ) | (520 | ) | ||||
Financing costs paid
|
(2,891 | ) | (11,196 | ) | ||||
Net cash used in financing activities
|
(60,818 | ) | (7,412 | ) | ||||
Effect of exchange rates on cash
|
(743 | ) | 365 | |||||
Net decrease in cash
|
(57,194 | ) | (5,192 | ) | ||||
Cash, beginning of period
|
152,968 | 90,999 | ||||||
Cash, end of period
|
$ | 95,774 | $ | 85,807 |
RAILAMERICA, INC. AND SUBSIDIARIES
SELECTED FINANCIAL INFORMATION
|
(Dollars in thousands)
|
(Unaudited)
|
|
Three Months Ended September 30,
|
|||||||||||||||
|
2011
|
2012
|
||||||||||||||
Operating revenue
|
$ | 139,665 | 100.0 | % | $ | 155,418 | 100.0 | % | ||||||||
Operating expenses:
|
||||||||||||||||
Labor and benefits
|
41,379 | 29.7 | % | 47,536 | 30.6 | % | ||||||||||
Equipment rents
|
9,046 | 6.5 | % | 9,320 | 6.0 | % | ||||||||||
Purchased services
|
10,996 | 7.9 | % | 28,984 | 18.7 | % | ||||||||||
Diesel fuel
|
13,142 | 9.4 | % | 13,170 | 8.5 | % | ||||||||||
Casualties and insurance
|
4,006 | 2.9 | % | 3,627 | 2.3 | % | ||||||||||
Materials
|
7,879 | 5.6 | % | 9,238 | 5.9 | % | ||||||||||
Joint facilities
|
2,459 | 1.8 | % | 2,132 | 1.4 | % | ||||||||||
Other expenses
|
9,271 | 6.6 | % | 9,736 | 6.3 | % | ||||||||||
Track maintenance expense reimbursement
|
(3,879 | ) | (2.8 | %) | - | 0.0 | % | |||||||||
Net loss (gain) on sale of assets
|
8 | 0.0 | % | (1,337 | ) | (0.9 | %) | |||||||||
Impairment of assets
|
1,949 | 1.4 | % | - | 0.0 | % | ||||||||||
Depreciation and amortization
|
11,921 | 8.5 | % | 11,264 | 7.2 | % | ||||||||||
Total operating expenses
|
108,177 | 77.5 | % | 133,670 | 86.0 | % | ||||||||||
Operating income
|
$ | 31,488 | 22.5 | % | $ | 21,748 | 14.0 | % |
|
Nine Months Ended September 30,
|
|||||||||||||||
|
2011
|
2012
|
||||||||||||||
Operating revenue
|
$ | 403,817 | 100.0 | % | $ | 454,956 | 100.0 | % | ||||||||
Operating expenses:
|
||||||||||||||||
Labor and benefits
|
124,855 | 30.9 | % | 136,316 | 30.0 | % | ||||||||||
Equipment rents
|
26,601 | 6.6 | % | 27,655 | 6.1 | % | ||||||||||
Purchased services
|
31,429 | 7.8 | % | 55,504 | 12.2 | % | ||||||||||
Diesel fuel
|
41,887 | 10.4 | % | 39,805 | 8.7 | % | ||||||||||
Casualties and insurance
|
11,095 | 2.7 | % | 11,812 | 2.6 | % | ||||||||||
Materials
|
18,892 | 4.7 | % | 25,393 | 5.6 | % | ||||||||||
Joint facilities
|
7,214 | 1.8 | % | 7,478 | 1.6 | % | ||||||||||
Other expenses
|
29,876 | 7.4 | % | 31,425 | 6.9 | % | ||||||||||
Track maintenance expense reimbursement
|
(13,162 | ) | (3.3 | %) | - | 0.0 | % | |||||||||
Net loss (gain) on sale of assets
|
151 | 0.0 | % | (1,495 | ) | (0.3 | %) | |||||||||
Impairment of assets
|
5,169 | 1.3 | % | - | 0.0 | % | ||||||||||
Depreciation and amortization
|
35,421 | 8.8 | % | 33,264 | 7.3 | % | ||||||||||
Total operating expenses
|
319,428 | 79.1 | % | 367,157 | 80.7 | % | ||||||||||
Operating income
|
$ | 84,389 | 20.9 | % | $ | 87,799 | 19.3 | % |
Three Months Ended
|
Three Months Ended
|
|||||||||||||||||||||||
|
September 30, 2011
|
September 30, 2012
|
||||||||||||||||||||||
|
|
|
Average Freight
|
|
|
Average Freight
|
||||||||||||||||||
|
Freight
|
|
Revenue per
|
Freight
|
|
Revenue per
|
||||||||||||||||||
|
Revenue
|
Carloads
|
Carload
|
Revenue
|
Carloads
|
Carload
|
||||||||||||||||||
(Dollars in thousands, except average freight revenue per carload)
|
||||||||||||||||||||||||
Chemicals
|
$ | 16,220 | 24,037 | $ | 675 | $ | 18,149 | 24,858 | $ | 730 | ||||||||||||||
Agricultural Products
|
15,911 | 29,044 | 548 | 16,419 | 30,179 | 544 | ||||||||||||||||||
Metallic Ores and Metals
|
10,744 | 17,828 | 603 | 10,819 | 15,778 | 686 | ||||||||||||||||||
Non-Metallic Minerals and Products
|
10,144 | 21,508 | 472 | 10,734 | 21,718 | 494 | ||||||||||||||||||
Pulp, Paper and Allied Products
|
11,043 | 18,639 | 592 | 10,143 | 17,207 | 589 | ||||||||||||||||||
Forest Products
|
7,937 | 12,647 | 628 | 9,356 | 14,112 | 663 | ||||||||||||||||||
Coal
|
8,738 | 35,335 | 247 | 8,646 | 37,495 | 231 | ||||||||||||||||||
Food or Kindred Products
|
7,479 | 14,032 | 533 | 7,520 | 12,826 | 586 | ||||||||||||||||||
Waste and Scrap Materials
|
6,435 | 14,965 | 430 | 6,728 | 14,130 | 476 | ||||||||||||||||||
Petroleum
|
3,746 | 8,274 | 453 | 5,267 | 10,059 | 524 | ||||||||||||||||||
Other
|
4,547 | 7,906 | 575 | 5,872 | 10,916 | 538 | ||||||||||||||||||
Motor Vehicles
|
1,715 | 2,760 | 621 | 3,395 | 5,079 | 668 | ||||||||||||||||||
Total
|
$ | 104,659 | 206,975 | $ | 506 | $ | 113,048 | 214,357 | $ | 527 |
Nine Months Ended
|
Nine Months Ended
|
|||||||||||||||||||||||
|
September 30, 2011
|
September 30, 2012
|
||||||||||||||||||||||
|
|
|
Average Freight
|
|
|
Average Freight
|
||||||||||||||||||
|
Freight
|
|
Revenue per
|
Freight
|
|
Revenue per
|
||||||||||||||||||
|
Revenue
|
Carloads
|
Carload
|
Revenue
|
Carloads
|
Carload
|
||||||||||||||||||
(Dollars in thousands, except average freight revenue per carload)
|
||||||||||||||||||||||||
Chemicals
|
$ | 48,708 | 73,435 | $ | 663 | $ | 52,335 | 72,914 | $ | 718 | ||||||||||||||
Agricultural Products
|
48,888 | 93,900 | 521 | 52,033 | 99,076 | 525 | ||||||||||||||||||
Metallic Ores and Metals
|
32,276 | 52,815 | 611 | 34,214 | 51,447 | 665 | ||||||||||||||||||
Non-Metallic Minerals and Products
|
29,633 | 64,132 | 462 | 31,541 | 63,907 | 494 | ||||||||||||||||||
Pulp, Paper and Allied Products
|
31,256 | 52,800 | 592 | 29,028 | 50,920 | 570 | ||||||||||||||||||
Forest Products
|
22,695 | 36,735 | 618 | 28,155 | 42,658 | 660 | ||||||||||||||||||
Coal
|
25,127 | 110,762 | 227 | 24,276 | 108,813 | 223 | ||||||||||||||||||
Food or Kindred Products
|
22,148 | 41,921 | 528 | 22,692 | 40,494 | 560 | ||||||||||||||||||
Waste and Scrap Materials
|
18,105 | 43,575 | 415 | 19,506 | 42,682 | 457 | ||||||||||||||||||
Petroleum
|
13,698 | 27,936 | 490 | 16,249 | 30,833 | 527 | ||||||||||||||||||
Other
|
10,530 | 21,980 | 479 | 13,947 | 29,988 | 465 | ||||||||||||||||||
Motor Vehicles
|
4,797 | 8,121 | 591 | 10,446 | 16,132 | 648 | ||||||||||||||||||
Total
|
$ | 307,861 | 628,112 | $ | 490 | $ | 334,422 | 649,864 | $ | 515 |
2011 | ||||||||||||||||||||||||||||||||
(In thousands, except per share data)
|
Q1 | Q2 | Q3 |
Q3 YTD
|
||||||||||||||||||||||||||||
After Tax
|
Per Share
|
After Tax
|
Per Share
|
After Tax
|
Per Share
|
After Tax
|
Per Share
|
|||||||||||||||||||||||||
Net income
|
$ | 4,085 | $ | 0.07 | $ | 8,700 | $ | 0.17 | $ | 9,058 | $ | 0.17 | $ | 21,843 | $ | 0.41 | ||||||||||||||||
Add:
|
||||||||||||||||||||||||||||||||
Amortization of swap termination costs
|
2,243 | 0.04 | 1,953 | 0.04 | 1,675 | 0.03 | 5,871 | 0.11 | ||||||||||||||||||||||||
Impairment of assets
|
- | - | 1,964 | 0.04 | 1,189 | 0.02 | 3,153 | 0.06 | ||||||||||||||||||||||||
Loss on extinguishment of credit facility
|
- | - | - | - | 439 | 0.01 | 439 | 0.01 | ||||||||||||||||||||||||
Acquisition expense
|
44 | 0.00 | 148 | 0.00 | 124 | 0.00 | 316 | 0.01 | ||||||||||||||||||||||||
Adjusted net income
|
$ | 6,372 | $ | 0.12 | $ | 12,765 | $ | 0.24 | $ | 12,485 | $ | 0.24 | $ | 31,622 | $ | 0.60 | ||||||||||||||||
Weighted Average common shares outstanding (diluted)
|
54,651 | 52,282 | 52,083 | 53,006 | ||||||||||||||||||||||||||||
2012 | ||||||||||||||||||||||||||||||||
(In thousands, except per share data)
|
Q1 | Q2 | Q3 |
Q3 YTD
|
||||||||||||||||||||||||||||
After Tax
|
Per Share
|
After Tax
|
Per Share
|
After Tax
|
Per Share
|
After Tax
|
Per Share
|
|||||||||||||||||||||||||
Net income (loss)
|
$ | (40,219 | ) | $ | (0.80 | ) | $ | 11,399 | $ | 0.23 | $ | 5,945 | $ | 0.12 | $ | (22,875 | ) | $ | (0.45 | ) | ||||||||||||
Add:
|
||||||||||||||||||||||||||||||||
Amortization of swap termination costs
|
1,002 | 0.02 | 859 | 0.02 | 808 | 0.02 | 2,669 | 0.05 | ||||||||||||||||||||||||
Loss on extinguishment of debt
|
51,938 | 1.03 | 3,570 | 0.07 | - | - | 55,507 | 1.10 | ||||||||||||||||||||||||
Acquisition / industrial development / strategic alternatives expense
|
239 | 0.00 | 1,376 | 0.03 | 13,351 | 0.26 | 14,967 | 0.30 | ||||||||||||||||||||||||
Adjusted net income
|
$ | 12,961 | $ | 0.26 | $ | 17,203 | $ | 0.34 | $ | 20,105 | $ | 0.40 | $ | 50,268 | $ | 0.99 | ||||||||||||||||
Weighted Average common shares outstanding (diluted)
|
50,518 | 50,578 | 50,603 | 50,440 |
2011
|
||||||||||||||||||||||||
($ in thousands)
|
Q1 | Q2 | Q3 | |||||||||||||||||||||
Operating revenue
|
$ | 124,937 | $ | 139,215 | $ | 139,665 | ||||||||||||||||||
Operating expense
|
100,734 | 110,517 | 108,177 | |||||||||||||||||||||
Operating Income, reported
|
24,203 | 28,698 | 31,488 | |||||||||||||||||||||
Operating ratio Reported
|
80.6 | % | 79.4 | % | 77.5 | % | ||||||||||||||||||
Less: Benefit from 45G credits
|
(4,150 | ) | 3.3 | % | (5,133 | ) | 3.7 | % | (3,879 | ) | 2.8 | % | ||||||||||||
Operating income excluding 45G Benefit
|
20,053 | 23,565 | 27,609 | |||||||||||||||||||||
Operating ratio excluding 45G Benefit
|
83.9 | % | 83.1 | % | 80.3 | % | ||||||||||||||||||
Net (gain) loss on sale of assets
|
207 | -0.2 | % | (64 | ) | 0.0 | % | 8 | 0.0 | % | ||||||||||||||
Strategic Alternatives Expense
|
- | 0.0 | % | - | 0.0 | % | - | 0.0 | % | |||||||||||||||
Impairment of assets
|
- | 0.0 | % | 3,220 | -2.3 | % | 1,949 | -1.4 | % | |||||||||||||||
Operating income excluding 45G Benefit, Asset Sales, Impairments & Strategic Alternatives Expense
|
20,260 | 26,721 | 29,566 | |||||||||||||||||||||
Operating ratio, excluding 45G Benefit, Asset Sales,
Impairments & Stratgic Alternatives Expense |
83.8 | % | 80.8 | % | 78.9 | % | ||||||||||||||||||
2012 | ||||||||||||||||||||||||
($ in thousands)
|
Q1 | Q2 | Q3 | |||||||||||||||||||||
Operating revenue
|
$ | 143,442 | $ | 156,096 | $ | 155,418 | ||||||||||||||||||
Operating expense
|
111,566 | 121,921 | 133,670 | |||||||||||||||||||||
Operating Income, reported
|
31,876 | 34,175 | 21,748 | |||||||||||||||||||||
Operating ratio Reported
|
77.8 | % | 78.1 | % | 86.0 | % | ||||||||||||||||||
Less: Benefit from 45G credits
|
- | 0.0 | % | - | 0.0 | % | - | 0.0 | % | |||||||||||||||
Operating income excluding 45G Benefit
|
31,876 | 34,175 | 21,748 | |||||||||||||||||||||
Operating ratio excluding 45G Benefit
|
77.8 | % | 78.1 | % | 86.0 | % | ||||||||||||||||||
Strategic Alternatives Expense
|
- | 0.0 | % | 1,740 | -1.1 | % | 16,587 | -10.7 | % | |||||||||||||||
Net (gain) loss on sale of assets
|
(163 | ) | 0.1 | % | 5 | 0.0 | % | (1,337 | ) | 0.9 | % | |||||||||||||
Operating income excluding 45G Benefit, Asset Sales, Impairments & Strategic Alternatives Expense
|
31,713 | 35,920 | 36,998 | |||||||||||||||||||||
Operating ratio, excluding 45G Benefit, Asset Sales,
Impairments & Stratgic Alternatives Expense |
77.9 | % | 77.0 | % | 76.2 | % |