0000950170-23-019724.txt : 20230509 0000950170-23-019724.hdr.sgml : 20230509 20230509162136 ACCESSION NUMBER: 0000950170-23-019724 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20230509 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230509 DATE AS OF CHANGE: 20230509 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FreightCar America, Inc. CENTRAL INDEX KEY: 0001320854 STANDARD INDUSTRIAL CLASSIFICATION: RAILROAD EQUIPMENT [3743] IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-51237 FILM NUMBER: 23902394 BUSINESS ADDRESS: STREET 1: 125 SOUTH WACKER DRIVE STREET 2: SUITE 1500 CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: (800) 458-2235 MAIL ADDRESS: STREET 1: 125 SOUTH WACKER DRIVE STREET 2: SUITE 1500 CITY: CHICAGO STATE: IL ZIP: 60606 FORMER COMPANY: FORMER CONFORMED NAME: FCA Acquisition Corp. DATE OF NAME CHANGE: 20050316 8-K 1 rail-20230509.htm 8-K 8-K
false000132085400013208542023-05-092023-05-09

UNITED STATES

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): May 9, 2023

_______________________________

FREIGHTCAR AMERICA, INC.

(Exact name of registrant as specified in its charter)

_______________________________

Delaware

000-51237

25-1837219

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

125 S. Wacker Drive, Suite 1500

Chicago, Illinois 60606

(Address of Principal Executive Offices) (Zip Code)

(800) 458-2235

(Registrant's telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

_______________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

RAIL

Nasdaq Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Section 2 - Financial Information

Item 2.02. Results of Operations and Financial Condition.

On May 9, 2023, FreightCar America, Inc. issued a press release announcing its financial results for the first quarter of 2023. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information contained in Exhibit 99.1 is being furnished under Item 2.02 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Section 9 - Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit 99.1

Press release of FreightCar America, Inc., dated May 9, 2023.

Exhibit 104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

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.

FREIGHTCAR AMERICA, INC.

 

Date: May 9, 2023

By:

/s/ Michael A. Riordan

Michael A. Riordan

Vice President, Finance, Chief Financial Officer and Treasurer

 

EX-99 2 rail-ex99_1.htm PRESS RELEASE OF FREIGHTCAR AMERICA INC., DATED AUGUST 8, 2022 EX-99

 

Exhibit 99.1

FreightCar America, Inc. Reports First Quarter 2023 Results

 

Company reaffirms fiscal 2023 revenue, Adjusted EBITDA, and delivery outlook

 

Strong order intake with backlog extending into 2024

 

Chicago, IL, May 9, 2023-- FreightCar America, Inc. (NASDAQ: RAIL) (“FreightCar America” or the “Company”), a diversified manufacturer of railroad freight cars, today reported results for the first quarter ended March 31, 2023.

 

First Quarter 2023 Highlights

 

•
Revenues of $81.0 million on deliveries of 738 railcars, compared to revenues of $129.0 million on deliveries of 1,150 railcars in the prior quarter and revenues of $93.2 million on deliveries of 783 railcars in the first quarter of 2022
•
Gross margin of 9.2% with gross profit of $7.5 million, compared to gross margin of 3.6% with gross profit of $4.6 million in the prior quarter and gross margin of 10.8% with gross profit of $10.1 million in the first quarter of 2022
•
Net loss of ($5.0) million, or ($0.19) per share and Adjusted Net Loss of ($5.7) million, or ($0.21) per share, accounting primarily for non-cash income associated with the change in fair market value of warrant liability
•
Adjusted EBITDA of $2.1 million, compared to Adjusted EBITDA of $1.2 million in the prior quarter and Adjusted EBITDA of $3.3 million in the first quarter of 2022
•
Railcar orders of 1,960 in the first quarter, with quarter-end backlog totaling 3,667 railcars for an aggregate value of approximately $413 million
•
Signed deal to issue non-convertible preferred stock with financial partner to reduce debt and provide additional growth capital
•
2023 revenue, Adjusted EBITDA, and delivery outlook reaffirmed

Jim Meyer, President and Chief Executive Officer of FreightCar America, commented, “We were pleased with our first quarter results, which were in line with our expectations. As anticipated, we experienced sequential improvement in gross margin and profitability as a result of the continued ramp-up of the Castaños, Mexico factory and actions taken to mitigate previously discussed supply chain challenges. We continue to feel confident in our ability to approximately double Adjusted EBITDA this year while continuing to expand the new manufacturing campus.”

 

Meyer continued, “Our production schedule is essentially full for 2023, and we are now heavily focused on next year. We remain committed to positioning FreightCar America as the best-in-class manufacturer in the industry.”

 

Fiscal Year 2023 Outlook

The Company has reaffirmed its outlook for fiscal year 2023 as follows:

 

          Fiscal 2023 Outlook

Year-over-Year Growth at Midpoint

Revenue

$400 - $430 million

13.8%

Adjusted EBITDA

$15 - $20 million

108.1%

Railcar Deliveries

3,400 - 3,700 Railcars

11.5%

 

1

 

 

 

Mike Riordan, Chief Financial Officer of FreightCar America, added, “Given our strengthening order backlog, we are increasingly confident in our outlook and are reaffirming our full year revenue, Adjusted EBITDA, and railcar deliveries guidance ranges. Going forward, our organization is focused on executing and delivering the business in-hand, continuing to build backlog for next year, and creating opportunity for further improvement in our capital structure.”

 

First Quarter 2023 Conference Call & Webcast Information

The Company will host a conference call and live webcast on Wednesday, May 10, 2023 at 11:00 a.m. (Eastern Time) to discuss its first quarter 2023 financial results. Investors, analysts, and members of the media interested in listening to the live presentation are encouraged to join a webcast of the call, available at:

Event URL: https://viavid.webcasts.com/starthere.jsp?ei=1610696&tp_key=685a03b758

 

Please note that the webcast is listen-only and webcast participants will not be able to participate in the question and answer portion of the conference call. Interested parties may also participate in the call by dialing (877) 407-0789 or (201) 689-8562 and entering the passcode 13738212. Interested parties are asked to dial in approximately 10 to 15 minutes prior to the start time of the call.

 

An audio replay of the conference call will be available beginning at 2:00 p.m. (Eastern Time) on Wednesday May 10, 2023, until 12:00 a.m. (Eastern Time) on Thursday May 25, 2023. To access the replay, please dial (844) 512-2921 or (412) 317-6671. The replay passcode is 13738212. An archived version of the webcast will also be available on the FreightCar America Investor Relations website.

 

About FreightCar America

FreightCar America, Inc. is a diversified manufacturer of railroad freight cars that also supplies railcar parts and leases freight cars through its FreightCar America Leasing Company subsidiaries. FreightCar America designs and builds high-quality railcars, including open top hopper cars, covered hopper cars, intermodal and non-intermodal flat cars, mill gondola cars, coil steel cars, boxcars and coal cars, and also specializes in the conversion of railcars for repurposed use. FreightCar America is headquartered in Chicago, Illinois and has facilities in the following locations: Castaños, Mexico; Johnstown, Pennsylvania; and Shanghai, People’s Republic of China. More information about FreightCar America is available on its website at www.freightcaramerica.com.

Forward-Looking Statements

This press release may contain statements relating to our expected financial performance and/or future business prospects, events and plans that are “forward-looking statements” as defined under the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent our estimates and assumptions only as of the date of this press release. Our actual results may differ materially from the results described in or anticipated by our forward-looking statements due to certain risks and uncertainties. These potential risks and uncertainties include, among other things: risks relating to the cyclical nature of our business; adverse economic and market conditions; fluctuating costs of raw materials, including steel and aluminum, and delays in the delivery of raw materials; our ability to maintain relationships with our suppliers of railcar components; our reliance upon a small number of customers that represent a large percentage of our sales; the variable purchase patterns of our customers and the timing of completion, delivery and customer acceptance of orders; potential financial and operational impacts of the COVID-19 pandemic; the highly competitive nature of our industry; the risk of lack of acceptance of our new railcar offerings by our customers; and other competitive factors. We expressly disclaim any duty to provide updates to any forward-looking statements made in this press release, whether as a result of new information, future events or otherwise.

 

 

 

 

INVESTOR & MEDIA CONTACT

Lisa Fortuna or Stephen Poe

E-MAIL

RAIL@alpha-ir.com

TELEPHONE

312-445-2870

# # #

 

2

 

 

FreightCar America, Inc.

Consolidated Balance Sheets

(In thousands, except for share data)

(Unaudited)

 

 

March 31,
2023

 

 

December 31,
2022

 

Assets

 

 

 

Current assets

 

 

 

 

 

 

Cash, cash equivalents and restricted cash equivalents

 

$

27,799

 

 

$

37,912

 

Accounts receivable, net of allowance for doubtful accounts of $146 and $126 respectively

 

 

8,667

 

 

 

9,571

 

VAT receivable

 

 

1,653

 

 

 

4,682

 

Inventories, net

 

 

80,861

 

 

 

64,317

 

Assets held for sale

 

 

3,675

 

 

 

3,675

 

Related party asset

 

 

1,815

 

 

 

3,261

 

Prepaid expenses

 

 

7,178

 

 

 

5,470

 

Total current assets

 

 

131,648

 

 

 

128,888

 

Property, plant and equipment, net

 

 

24,783

 

 

 

23,248

 

Railcars available for lease, net

 

 

11,216

 

 

 

11,324

 

Right of use asset operating lease

 

 

1,331

 

 

 

1,596

 

Right of use asset finance lease

 

 

32,626

 

 

 

33,093

 

Other long-term assets

 

 

1,065

 

 

 

1,589

 

Total assets

 

$

202,669

 

 

$

199,738

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts and contractual payables

 

$

55,766

 

 

$

48,449

 

Related party accounts payable

 

 

1,430

 

 

 

3,393

 

Accrued payroll and other employee costs

 

 

3,281

 

 

 

4,081

 

Reserve for workers' compensation

 

 

840

 

 

 

841

 

Accrued warranty

 

 

1,933

 

 

 

1,940

 

Current portion of long-term debt

 

 

40,548

 

 

 

40,742

 

Other current liabilities

 

 

8,281

 

 

 

6,539

 

Total current liabilities

 

 

112,079

 

 

 

105,985

 

Long-term debt, net of current portion

 

 

53,773

 

 

 

51,494

 

Warrant liability

 

 

30,415

 

 

 

31,028

 

Accrued pension costs

 

 

1,112

 

 

 

1,040

 

Lease liability operating lease, long-term

 

 

1,737

 

 

 

1,780

 

Lease liability finance lease, long-term

 

 

33,080

 

 

 

33,245

 

Other long-term liabilities

 

 

2,987

 

 

 

3,750

 

Total liabilities

 

 

235,183

 

 

 

228,322

 

 

 

 

 

 

 

 

 

 

Stockholders’ deficit

 

 

 

 

 

 

Preferred stock, $0.01 par value, 2,500,000 shares authorized (100,000 shares each
   designated as Series A voting and Series B non-voting, 0 shares issued and outstanding
   at March 31, 2023 and December 31, 2022)

 

 

—

 

 

 

—

 

Common stock, $0.01 par value, 50,000,000 shares authorized, 17,702,459 and 17,223,306
   shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively

 

 

208

 

 

 

203

 

Additional paid-in capital

 

 

90,165

 

 

 

89,104

 

Accumulated other comprehensive income

 

 

1,063

 

 

 

1,022

 

  Accumulated deficit

 

 

(123,950

)

 

 

(118,913

)

Total stockholders' deficit

 

 

(32,514

)

 

 

(28,584

)

Total liabilities and stockholders’ deficit

 

$

202,669

 

 

$

199,738

 

 

3

 

 

FreightCar America, Inc.

Consolidated Statements of Operations

(In thousands, except for share and per share data)

(Unaudited)

 

 

 

 

 

 

Three Months

 

 

 

Three Months Ended
March 31,

 

 

Ended
December 31,

 

 

 

2023

 

 

2022

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

80,999

 

 

$

93,236

 

 

$

128,989

 

Cost of sales

 

 

73,514

 

 

 

83,178

 

 

 

124,367

 

Gross profit

 

 

7,485

 

 

 

10,058

 

 

 

4,622

 

Selling, general and administrative expenses

 

 

6,388

 

 

 

10,713

 

 

 

6,349

 

Impairment on leased railcars

 

 

—

 

 

 

—

 

 

 

4,515

 

Operating income (loss)

 

 

1,097

 

 

 

(655

)

 

 

(6,242

)

Interest expense

 

 

(6,600

)

 

 

(5,705

)

 

 

(7,874

)

Gain (loss) on change in fair market value of Warrant liability

 

 

613

 

 

 

(20,730

)

 

 

4,744

 

Other (expense) income

 

 

(36

)

 

 

1,496

 

 

 

79

 

Loss before income taxes

 

 

(4,926

)

 

 

(25,594

)

 

 

(9,293

)

Income tax provision

 

 

111

 

 

 

253

 

 

 

440

 

Net loss

 

$

(5,037

)

 

$

(25,847

)

 

$

(9,733

)

Net loss per common share – basic

 

$

(0.19

)

 

$

(1.11

)

 

$

(0.37

)

Net loss per common share – diluted

 

$

(0.19

)

 

$

(1.11

)

 

$

(0.37

)

Weighted average common shares outstanding – basic

 

 

26,545,463

 

 

 

23,218,647

 

 

 

26,117,377

 

Weighted average common shares outstanding – diluted

 

 

26,545,463

 

 

 

23,218,647

 

 

 

26,117,377

 

 

 

 

FreightCar America, Inc.

Segment Data

(In thousands)

(Unaudited)

 

 

 

Three Months Ended

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

December 31,

 

 

 

2023

 

 

2022

 

 

 

2022

 

Revenues:

 

 

 

 

 

 

 

 

 

 

Manufacturing

 

$

77,599

 

 

$

90,124

 

 

 

$

126,279

 

Corporate and Other

 

 

3,400

 

 

 

3,112

 

 

 

 

2,710

 

Consolidated revenues

 

$

80,999

 

 

$

93,236

 

 

 

$

128,989

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss):

 

 

 

 

 

 

 

 

 

 

Manufacturing

 

$

5,628

 

 

$

8,516

 

 

 

$

(1,670

)

Corporate and Other

 

 

(4,531

)

 

 

(9,171

)

 

 

 

(4,572

)

Consolidated operating income (loss)

 

$

1,097

 

 

$

(655

)

 

 

$

(6,242

)

 

 

4

 

 

FreightCar America, Inc.

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

 

Three Months Ended March 31,

 

 

 

2023

 

 

2022

 

Cash flows from operating activities

 

 

 

Net loss

 

$

(5,037

)

 

$

(25,847

)

Adjustments to reconcile net loss to net cash flows used in operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

1,072

 

 

 

1,024

 

Non-cash lease expense on right-of-use assets

 

 

731

 

 

 

316

 

Recognition of deferred income from state and local incentives

 

 

—

 

 

 

(1,858

)

(Gain) loss on change in fair market value for Warrant liability

 

 

(613

)

 

 

20,730

 

Stock-based compensation recognized

 

 

(91

)

 

 

4,244

 

Non-cash interest expense

 

 

4,264

 

 

 

3,721

 

Other non-cash items, net

 

 

(1

)

 

 

—

 

Changes in operating assets and liabilities, net of acquisitions:

 

 

 

 

 

 

Accounts receivable

 

 

904

 

 

 

(12,517

)

VAT receivable

 

 

2,960

 

 

 

(1,853

)

Inventories

 

 

(19,698

)

 

 

(2,154

)

Related party asset, net

 

 

(362

)

 

 

1,366

 

Accounts and contractual payables

 

 

9,695

 

 

 

4,798

 

Lease liability

 

 

(1,191

)

 

 

(476

)

Customer deposits

 

 

—

 

 

 

18,706

 

Other assets and liabilities

 

 

(337

)

 

 

(2,555

)

Net cash flows (used in) provided by operating activities

 

 

(7,704

)

 

 

7,645

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

Purchase of property, plant and equipment

 

 

(1,960

)

 

 

(960

)

Net cash flows used in investing activities

 

 

(1,960

)

 

 

(960

)

 

 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

Borrowings on revolving line of credit

 

 

31,688

 

 

 

10,013

 

Repayments on revolving line of credit

 

 

(31,884

)

 

 

(1,910

)

Employee stock settlement

 

 

(106

)

 

 

(13

)

Payment for stock appreciation rights exercised

 

 

—

 

 

 

(4

)

Financing lease payments

 

 

(147

)

 

 

—

 

Net cash flows (used in) provided by financing activities

 

 

(449

)

 

 

8,086

 

Net (decrease) increase in cash and cash equivalents

 

 

(10,113

)

 

 

14,771

 

Cash, cash equivalents and restricted cash equivalents at beginning of period

 

 

37,912

 

 

 

26,240

 

Cash, cash equivalents and restricted cash equivalents at end of period

 

$

27,799

 

 

$

41,011

 

 

 

 

 

 

 

 

 

 

Supplemental cash flow information

 

 

 

 

 

 

Interest paid

 

$

2,340

 

 

$

1,984

 

Non-cash transactions

 

 

 

 

 

 

Change in unpaid construction in process

 

$

539

 

 

$

190

 

Accrued PIK interest paid through issuance of PIK Note

 

$

1,658

 

 

$

364

 

Issuance of equity fee

 

$

535

 

 

$

1,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5

 

 

FreightCar America, Inc.

Reconciliation of loss before taxes to EBITDA(1) and Adjusted EBITDA(2)

(In thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

Three Months

 

 

 

Three Months Ended
March 31,

 

 

Ended
December 31,

 

 

 

2023

 

 

2022

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

Income (Loss) before income taxes

 

$

(4,926

)

 

$

(25,594

)

 

$

(9,293

)

Depreciation & Amortization

 

 

1,072

 

 

 

1,024

 

 

 

1,025

 

Interest Expense, net

 

 

6,600

 

 

 

5,705

 

 

 

7,874

 

EBITDA

 

 

2,746

 

 

 

(18,865

)

 

 

(394

)

 

 

 

 

 

 

 

 

 

 

Change in Fair Value of Warrant (a)

 

 

(613

)

 

 

20,730

 

 

 

(4,744

)

Impairment on leased railcars (b)

 

 

-

 

 

 

-

 

 

 

4,515

 

Alabama Grant Amortization (c)

 

 

-

 

 

 

(1,857

)

 

 

-

 

Mexican Permanent VAT (d)

 

 

-

 

 

 

-

 

 

 

1,861

 

Transaction Costs (e)

 

 

-

 

 

 

-

 

 

 

37

 

Startup Costs (f)

 

 

-

 

 

 

-

 

 

 

164

 

Consulting Costs (g)

 

 

-

 

 

 

350

 

 

 

85

 

Corporate Realignment (h)

 

 

-

 

 

 

185

 

 

 

-

 

Stock Based Compensation

 

 

(91

)

 

 

4,244

 

 

 

(201

)

Other, net

 

 

36

 

 

 

(1,496

)

 

 

(79

)

Adjusted EBITDA

 

$

2,078

 

 

$

3,291

 

 

$

1,244

 

 

(1) EBITDA represents earnings before interest, taxes, depreciation and amortization. We believe EBITDA is useful to investors in evaluating our operating performance compared to that of other companies in our industry. In addition, our management uses EBITDA to evaluate our operating performance. The calculation of EBITDA eliminates the effects of financing, income taxes and the accounting effects of capital spending. These items may vary for different companies for reasons unrelated to the overall performance of the company’s business. EBITDA is not a financial measure presented in accordance with U.S. GAAP. Accordingly, when analyzing our operating performance, investors should not consider EBITDA in isolation or as a substitute for net income, cash flows from operating activities or other statements of operations or statements of cash flow data prepared in accordance with U.S. GAAP. Our calculation of EBITDA is not necessarily comparable to that of other similar titled measures reported by other companies.

 

(2) Adjusted EBITDA represents EBITDA before the following charges:

 

a)
This adjustment removes the non-cash (income) expense associated with the change in fair market value of the Company’s warrant liability.
b)
During the fourth quarter of 2022, the Company recorded a non-cash impairment charge on its leased railcar fleet.
c)
The Company amortized deferred grant income to cost of goods sold in 2022 that represents a non-cash reduction to its gross margin (loss).
d)
The Company transitioned to tolling manufacturing structure in the third quarter of 2022 and as a result incurred permanent VAT costs.
e)
The Company incurred certain costs during 2022 for nonrecurring professional services associated with its financing arrangements.
f)
The Company incurred certain costs during 2022 related to new production lines.
g)
The Company incurred certain non-recurring consulting costs during the first quarter of 2022.
h)
The Company incurred certain non-recurring corporate realignment costs in 2022.

 

We believe that Adjusted EBITDA is useful to investors evaluating our operating performance compared to that of other companies in our industry because it eliminates the impact of certain non-cash charges and other special items that affect the comparability of results in past quarters. Adjusted EBITDA is not a financial measure presented in accordance with U.S. GAAP. Accordingly, when analyzing our operating performance, investors should not consider Adjusted EBITDA in isolation or as a substitute for net income,

6

 

 

cash flows from operating activities or other statements of operations or statements of cash flow data prepared in accordance with U.S. GAAP. Our calculation of Adjusted EBITDA is not necessarily comparable to that of other similarly titled measures reported by other companies.

7

 

 

FreightCar America, Inc.

Reconciliation of Net loss and Adjusted Net loss(1)

(In thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

Three Months

 

 

 

Three Months Ended
March 31,

 

 

Ended
December 31,

 

 

 

2023

 

 

2022

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(5,037

)

 

$

(25,847

)

 

$

(9,733

)

 

 

 

 

 

 

 

 

 

 

Change in Fair Value of Warrant (a)

 

 

(613

)

 

 

20,730

 

 

 

(4,744

)

Impairment on leased railcars (b)

 

 

-

 

 

 

-

 

 

 

4,515

 

Alabama Grant Amortization (c)

 

 

-

 

 

 

(1,857

)

 

 

-

 

Mexican Permanent VAT (d)

 

 

-

 

 

 

-

 

 

 

1,861

 

Transaction Costs (e)

 

 

-

 

 

 

-

 

 

 

37

 

Startup Costs (f)

 

 

-

 

 

 

-

 

 

 

164

 

Consulting Costs (g)

 

 

-

 

 

 

350

 

 

 

85

 

Corporate Realignment (h)

 

 

-

 

 

 

185

 

 

 

-

 

Stock Based Compensation

 

 

(91

)

 

 

4,244

 

 

 

(201

)

Other, net

 

 

36

 

 

 

(1,496

)

 

 

(79

)

Total non-GAAP adjustments

 

 

(668

)

 

 

22,156

 

 

 

1,638

 

Income tax impact on non-GAAP adjustments (i)

 

 

-

 

 

 

(22

)

 

 

(5

)

Adjusted Net loss

 

$

(5,705

)

 

$

(3,713

)

 

$

(8,100

)

 

(1) Adjusted Net Loss represents net loss before the following charges:

 

a)
This adjustment removes the non-cash (income) expense associated with the change in fair market value of the Company’s warrant liability.
b)
During the fourth quarter of 2022, the Company recorded a non-cash impairment charge on its leased railcar fleet.
c)
The Company amortized deferred grant income to cost of goods sold in 2022 that represents a non-cash reduction to its gross margin (loss).
d)
The Company transitioned to tolling manufacturing structure in the third quarter of 2022 and as a result incurred permanent VAT costs.
e)
The Company incurred certain costs during 2022 for nonrecurring professional services associated with its financing arrangements.
f)
The Company incurred certain costs during 2022 related to new production lines.
g)
The Company incurred certain non-recurring consulting costs during the first quarter of 2022.
h)
The Company incurred certain non-recurring corporate realignment costs in 2022.
i)
Income tax impact on non-GAAP adjustments per share represents the tax impact of adjustments specific to Mexico using the effective tax rate. Given the Company’s US based NOLs and Valuation Allowances result in an effective tax rate of about % for the US, all US based adjustments above are not tax affected.

 

We believe that Adjusted Net Loss is useful to investors evaluating our operating performance compared to that of other companies in our industry because it eliminates the impact of certain non-cash charges and other special items that affect the comparability of results in past quarters. Adjusted Net Loss is not a financial measure presented in accordance with U.S. GAAP. Accordingly, when analyzing our operating performance, investors should not consider Adjusted Net Loss in isolation or as a substitute for net income, cash flows from operating activities or other statements of operations or statements of cash flow data prepared in accordance with U.S. GAAP. Our calculation of Adjusted Net Loss is not necessarily comparable to that of other similarly titled measures reported by other companies.

 

 

 

 

 

8

 

 

FreightCar America, Inc.

Reconciliation of EPS and Adjusted EPS(1)

(Unaudited)

 

 

 

 

 

 

 

 

 

Three Months

 

 

 

Three Months Ended
March 31,

 

 

Ended
December 31,

 

 

 

2023

 

 

2022

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

EPS

 

$

(0.19

)

 

$

(1.11

)

 

$

(0.37

)

 

 

 

 

 

 

 

 

 

 

Change in Fair Value of Warrant (a)

 

 

(0.02

)

 

 

0.89

 

 

 

(0.18

)

Impairment on leased railcars (b)

 

 

-

 

 

 

-

 

 

 

0.17

 

Alabama Grant Amortization (c)

 

 

-

 

 

 

(0.08

)

 

 

-

 

Mexican Permanent VAT (d)

 

 

-

 

 

 

-

 

 

 

0.07

 

Startup Costs (e)

 

 

-

 

 

 

-

 

 

 

0.01

 

Consulting Costs (f)

 

 

-

 

 

 

0.02

 

 

 

-

 

Corporate Realignment (g)

 

 

-

 

 

 

0.01

 

 

 

-

 

Stock Based Compensation

 

 

-

 

 

 

0.18

 

 

 

(0.01

)

Other, net

 

 

-

 

 

 

(0.06

)

 

 

-

 

Total non-GAAP adjustments pre-tax per-share

 

 

(0.02

)

 

 

0.96

 

 

 

0.06

 

Income tax impact on non-GAAP adjustments per share (h)

 

 

-

 

 

 

-

 

 

 

-

 

Adjusted EPS

 

$

(0.21

)

 

$

(0.15

)

 

$

(0.31

)

 

(1) Adjusted EPS represents basic EPS before the following charges:

 

a)
This adjustment removes the non-cash (income) expense associated with the change in fair market value of the Company’s warrant liability.
b)
During the fourth quarter of 2022, the Company recorded a non-cash impairment charge on its leased railcar fleet.
c)
The Company amortized deferred grant income to cost of goods sold in 2022 that represents a non-cash reduction to its gross margin (loss).
d)
The Company transitioned to tolling manufacturing structure in the third quarter of 2022 and as a result incurred permanent VAT costs.
e)
The Company incurred certain costs during 2022 for nonrecurring professional services associated with its financing arrangements.
f)
The Company incurred certain costs during 2022 related to new production lines.
g)
The Company incurred certain non-recurring consulting costs during the first quarter of 2022.
h)
The Company incurred certain non-recurring corporate realignment costs in 2022.
i)
Income tax impact on non-GAAP adjustments per share represents the tax impact of adjustments specific to Mexico using the effective tax rate. Given the Company’s US based NOLs and Valuation Allowances result in an effective tax rate of about % for the US, all US based adjustments above are not tax affected.

 

We believe that Adjusted EPS is useful to investors evaluating our operating performance compared to that of other companies in our industry because it eliminates the impact of certain non-cash charges and other special items that affect the comparability of results in past quarters. Adjusted EPS is not a financial measure presented in accordance with U.S. GAAP. Accordingly, when analyzing our operating performance, investors should not consider Adjusted EPS in isolation or as a substitute for net income, cash flows from operating activities or other statements of operations or statements of cash flow data prepared in accordance with U.S. GAAP. Our calculation of Adjusted EPS is not necessarily comparable to that of other similarly titled measures reported by other companies.

 

 

 

9

 

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Document And Entity Information
May 09, 2023
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date May 09, 2023
Entity Registrant Name FREIGHTCAR AMERICA, INC.
Entity Central Index Key 0001320854
Entity File Number 000-51237
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 25-1837219
Entity Address, Address Line One 125 S. Wacker Drive
Entity Address, Address Line Two Suite 1500
Entity Address, City or Town Chicago
Entity Address, State or Province IL
Entity Address, Postal Zip Code 60606
City Area Code 800
Local Phone Number 458-2235
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, par value $0.01 per share
Trading Symbol RAIL
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
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