RailAmerica, Inc. Reports Fourth Quarter and Full Year 2009 Results
JACKSONVILLE, Fla., Feb. 24 /PRNewswire-FirstCall/ --
Fourth Quarter Highlights
- Operating income of $14.2 million, after $6.3 million expense related to initial public offering (IPO)(1).
- Adjusted EBITDA(2) $33.5 million up 1% from fourth quarter 2008.
- Net cash provided by operating activities of $4.4 million versus $6.9 million in fourth quarter 2008.
- Strengthened balance sheet; year-end cash of $190.2 million.
RailAmerica, Inc. (NYSE: RA) today reported financial results for the quarter and year ended December 31, 2009. Reported results reflect the Ottawa Valley Railway (OVR) as a discontinued operation. In December 2009, the Company received C$73 million gross proceeds upon the termination of its lease of the OVR.
Compared to the prior year period, Adjusted EBITDA(2) increased 1% to $33.5 million for fourth quarter 2009. Net cash provided by operating activities was $4.4 million and $6.9 million, respectively, for the fourth quarters of 2009 and 2008.
John Giles, RailAmerica's President and Chief Executive Officer, said, "In the fourth quarter we posted solid financial results as we increased Adjusted EBITDA 1% to $33.5 million in a challenging economic environment. Excluding the $6.3 million IPO-related charge our operating income was up 7% for the quarter to $20.5 million. This was a result of our continued focus on running safe railroads and driving operating efficiencies. With the completion of the IPO and the OVR transaction, we have strengthened our balance sheet and are well positioned to pursue external growth opportunities. We will apply the same discipline to strategic investments that we have used over the past three years to improve the Company's operational and financial performance."
Mr. Giles continued, "Although still evolving, we are encouraged by the recent growth in carloads and have positioned RailAmerica for strong performance as volumes improve. This year, we plan to maintain a sharp focus on our three strategic priorities: delivering organic growth and efficiency gains, strengthening our balance sheet, and capitalizing on external growth opportunities."
Including charges totaling $0.24 per diluted share for the early retirement of debt, interest rate swap termination and the IPO, RailAmerica reported a fourth quarter 2009 loss from continuing operations of $12.5 million, or $0.24 per diluted share. This compares to income from continuing operations of $6.0 million, or $0.14 per diluted share, for fourth quarter 2008. The prior year quarter included expenses of $0.08 per diluted share for foreign exchange loss on former bridge debt and an income tax benefit of $0.29 per diluted share primarily related to 45G tax credits.
Net loss, which includes discontinued operations, for the fourth quarter of 2009 was $6.9 million, compared to net income of $8.9 million for the fourth quarter of 2008. The OVR is now included in discontinued operations, and for the fourth quarter of 2009 it generated total revenue of $3.7 million, operating income of $2.3 million and minimal depreciation/amortization expense. For the fourth quarter of 2008, the OVR had total revenue of $4.1 million, operating income of $1.0 million and minimal depreciation/amortization expense.
Below are details of the fourth quarter 2009 charges for debt retirement, swap amortization and the IPO. These expenses total $19.8 million on a pre-tax basis, of which $17.6 million are non-cash.
- $6.9 million ($4.5 million after tax, or $0.08 per diluted share) related to the early retirement of $74.0 million in senior notes. $4.7 million of this pre-tax expense is non-cash.
- $6.6 million ($4.3 million after tax, or $0.08 per diluted share) for the non-cash amortization of swap termination costs in connection with terminating an interest rate swap on former variable rate debt.
- $6.3 million ($4.1 million after tax, or $0.08 per diluted share) for a non-cash charge related to the IPO for the expiration of restricted stock repurchase feature.
Fourth quarter 2009 revenue declined 9% to $105.4 million from $115.7 million in the prior year quarter. Freight revenue declined 10% to $86.1 million primarily due to lower fuel surcharge and carloads. Non-freight revenue declined 5% to $19.3 million primarily due to lower car hire and demurrage revenue, which offset strong growth in car repair and storage revenue.
Fourth quarter 2009 operating income declined 26% to $14.2 million from $19.1 million in the fourth quarter of 2008 primarily due to the $6.3 million IPO-related expense. The impact of lower revenue was offset by operating expense reductions resulting from lower volumes and productivity initiatives. Additionally, the Company had a $3.9 million operating expense benefit in the fourth quarter of 2009 from a Track Maintenance Agreement executed in 2009 to monetize 45G tax credits. Fourth quarter 2008 results include a $1.7 million impairment charge and $1.9 million in expenses for headquarters relocation compared to fourth quarter 2009 results which include $0.4 million in expenses for headquarters relocation.
Full year 2009 loss from continuing operations was $5.5 million, or $0.11 per diluted share, compared to earnings of $9.6 million, or $0.22 per diluted share, for full year 2008. Full year 2009 net income, which includes discontinued operations, was $15.8 million, compared to $16.5 million for full year 2008. Full year 2009 results include the $19.8 million of expenses discussed above ($0.28 per diluted share, after tax, on a full year basis) plus an additional $10.0 million ($6.5 million after tax, or $0.14 per diluted share) for the non-cash amortization of swap termination costs and a $1.2 million non-cash, benefit ($0.8 million after tax, or $0.02 per diluted share) for foreign exchange gain on former bridge debt. Full year 2008 results include $8.3 million ($5.5 million after tax, or $0.13 per diluted share) of non-cash expense for foreign exchange loss on former bridge debt.
As previously announced, RailAmerica, Inc. will present its fourth quarter earnings on Thursday, February 25, 2010 at 8:30 a.m. Eastern Time via live teleconference and webcast. Those interested in participating via teleconference may dial (877) 756-2088. Callers outside the U.S. may dial (574) 941-1456. The conference ID number is 52696051. Participants should dial in no later than 10 minutes prior to the call. Presentation materials and access to the live webcast will be available in the Investors section of RailAmerica's website (www.railamerica.com). Following the earnings call, a webcast replay will be archived on the Company's website. A telephone replay will be available through March 8, 2010 beginning approximately two hours after the call. The recording can be accessed by dialing (800) 642-1687 or (706) 645-9291. The conference ID number is 52696051.
RailAmerica, Inc. owns and operates short line and regional freight railroads in North America, operating a portfolio of 40 individual railroads with approximately 7,400 miles of track in 27 U.S. states and three Canadian provinces.
Cautionary Note Regarding Forward-Looking Statements
Certain items in this press release and other information we provide from time to time may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, but not necessarily limited to, statements relating to future events and financial performance. Words such as "anticipates," "expects," "intends," "plans," "projects," "believes," "may," "will," "would," "could," "should," "seeks," "estimates" and variations on these words and similar expressions are intended to identify such forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of factors that could lead to actual results materially different from those described in the forward-looking statements. RailAmerica, Inc. can give no assurance that its expectations will be attained. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. Factors that could have a material adverse effect on our operations and future prospects or that could cause actual results to differ materially from RailAmerica, Inc.'s expectations include, but are not limited to, prolonged capital markets disruption and volatility, general economic conditions and business conditions, our relationships with Class I railroads and other connecting carriers, our ability to obtain railcars and locomotives from other providers on which we are currently dependent, legislative and regulatory developments including rulings by the Surface Transportation Board or the Railroad Retirement Board, strikes or work stoppages by our employees, our transportation of hazardous materials by rail, rising fuel costs, acquisition risks, competitive pressures within the industry, risks related to the geographic markets in which we operate; and other risks detailed in RailAmerica, Inc.'s filings with the Securities and Exchange Commission, including our prospectus filed with the Commission on October 13, 2009. In addition, new risks and uncertainties emerge from time to time, and it is not possible for RailAmerica, Inc. to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this press release. RailAmerica, Inc. expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.
(1) Refers to non-cash charge related to IPO for expiration of restricted stock repurchase feature
(2) See schedule at the end of press release for a reconciliation of non-GAAP financial measures
RAILAMERICA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
For the quarters For the years
ended December 31, ended December 31,
-------------------- --------------------
2009 2008 2009 2008
---------- --------- ---------- ---------
(In thousands, except per share data)
Operating revenue $105,426 $115,746 $410,603 $488,457
Operating expenses:
Transportation 46,155 61,313 179,338 267,541
Selling, general and
administrative 33,858 24,874 107,641 99,956
Net gain (loss) on sale of
assets 44 (1,164) 899 (1,696)
Impairment of assets - 1,689 - 3,420
Depreciation and amortization 11,207 9,973 41,804 39,359
------- ------- ------- -------
Total operating expenses 91,264 96,685 329,682 408,580
------- ------- ------- -------
Operating income 14,162 19,061 80,921 79,877
Interest expense, including
amortization costs (24,108) (20,055) (86,878) (61,718)
Other loss (6,721) (5,498) (8,117) (9,008)
------- ------- ------- -------
Income (loss) from continuing
operations before income
taxes (16,667) (6,492) (14,074) 9,151
Benefit from income taxes (4,139) (12,471) (8,539) (481)
------- ------- ------- -------
Income (loss) from
continuing operations (12,528) 5,979 (5,535) 9,632
Discontinued operations:
Gain on disposal of
discontinued business (net
of income taxes) 4,109 2,219 17,040 2,764
Income from operations of
discontinued business (net
of income taxes) 1,551 679 4,337 4,131
------- ------- ------- -------
Net income (loss) $(6,868) $8,877 $15,842 $16,527
======= ======= ======= =======
Basic earnings (loss) per
common share:
Continuing operations $(0.24) $0.14 $(0.11) $0.22
Discontinued operations 0.11 0.06 0.46 0.16
------- ------- ------- -------
Net income (loss) $(0.13) $0.20 $0.35 $0.38
Diluted earnings (loss) per
common share:
Continuing operations $(0.24) $0.14 $(0.11) $0.22
Discontinued operations 0.11 0.06 0.46 0.16
------- ------- ------- -------
Net income (loss) $(0.13) $0.20 $0.35 $0.38
Weighted average common shares
outstanding:
Basic 52,849 43,533 45,979 43,443
Diluted 52,849 43,533 45,979 43,443
RAILAMERICA, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
December 31,
2009 2008
--------------------
(In thousands,
except share data)
ASSETS
Current assets:
Cash and cash equivalents $190,218 $26,951
Accounts and notes receivable, net of
allowance of $4,557 and $3,338, respectively 66,619 76,384
Other current assets 21,958 18,480
Current deferred tax assets 12,697 5,854
---------- ----------
Total current assets 291,492 127,669
Property, plant and equipment, net 954,165 953,604
Intangible assets 136,654 172,859
Goodwill 200,769 199,754
Other assets 17,187 16,561
---------- ----------
Total assets $1,600,267 $1,470,447
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current maturities of long-term debt $669 $899
Accounts payable 53,948 56,058
Accrued expenses 34,675 51,349
---------- ----------
Total current liabilities 89,292 108,306
Long-term debt, less current maturities 3,013 628,681
Senior secured notes 640,096 -
Deferred income taxes 185,002 144,748
Other liabilities 21,895 117,192
---------- ----------
Total liabilities 939,298 998,927
---------- ----------
Commitments and contingencies
Stockholders' equity:
Common stock, $0.01 par value, 400,000,000
shares authorized; 54,364,306 shares issued
and outstanding at December 31, 2009; and
43,531,272 shares issued and outstanding at
December 31, 2008 544 435
Additional paid in capital and other 630,653 470,578
Retained earnings 46,386 50,029
Accumulated other comprehensive loss (16,614) (49,522)
---------- ----------
Total stockholders' equity 660,969 471,520
---------- ----------
Total liabilities and stockholders' equity $1,600,267 $1,470,447
========== ==========
RAILAMERICA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
For the years
ended December 31,
--------------------
2009 2008
---------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $15,842 $16,527
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization, including
amortization of debt issuance costs classified
in interest expense 52,340 49,118
Amortization of swap termination costs 16,616 -
Net gain on sale or disposal of properties (26,826) (1,738)
Foreign exchange loss (gain) on debt (1,160) 8,260
Swap termination costs (55,750) -
Loss on extinguishment of debt 9,499 -
Equity compensation costs 10,712 3,042
Deferred income taxes 21,057 (3,161)
Changes in operating assets and liabilities, Net
of acquisitions and dispositions:
Accounts receivable 10,873 12,257
Other current assets (3,093) (5,861)
Accounts payable (3,122) (5,016)
Accrued expenses (16,677) 7,196
Other assets and liabilities (20,771) 2,948
------- -------
Net cash provided by operating activities 9,540 83,572
------- -------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment (47,789) (61,282)
Proceeds from disposition of business/sale of assets 90,340 17,367
Deferred acquisition/disposition costs and other (355) (1,736)
------- -------
Net cash provided by (used in) investing activities 42,196 (45,651)
------- -------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of senior secured notes 709,830 -
Principal payments on long-term debt (625,898) (7,359)
Repurchase of senior secured notes (76,220) -
Sale of common stock 143,123 635
Dividends paid to common stockholders (19,485) -
Deferred financing costs paid (20,175) (18,075)
------- -------
Net cash provided by (used in) financing activities 111,175 (24,799)
------- -------
Effect of exchange rates on cash 356 (1,558)
------- -------
Net increase in cash 163,267 11,564
Cash, beginning of period 26,951 15,387
------- -------
Cash, end of period $190,218 $26,951
======== =======
RAILAMERICA, INC. AND SUBSIDIARIES
SELECTED FINANCIAL INFORMATION
(amounts in thousands)
(unaudited)
For the years ended December 31,
-------------------------------
2009 2008
--------------- ---------------
Operating revenue $410,603 100.0% $488,457 100.0%
Operating expenses:
Labor and benefits 139,132 33.9% 140,760 28.8%
Equipment rents 35,838 8.7% 44,790 9.2%
Purchased services 31,055 7.6% 38,425 7.8%
Diesel fuel 32,243 7.8% 68,657 14.0%
Casualties and insurance 15,520 3.8% 20,929 4.3%
Materials 11,175 2.7% 10,286 2.1%
Joint facilities 6,941 1.7% 12,573 2.6%
Other expenses 15,075 3.7% 31,077 6.3%
Net loss on sale and impairment of
assets 899 0.2% 1,724 0.4%
Depreciation and amortization 41,804 10.2% 39,359 8.1%
------- ------- ------- -------
Total operating expenses 329,682 80.3% 408,580 83.6%
------- ------- ------- -------
Operating income $80,921 19.7% $79,877 16.4%
======= ======= ======= =======
For the quarters ended December 31,
----------------------------------
2009 2008
----------------- ----------------
Operating revenue $105,426 100.0% $115,746 100.0%
Operating expenses:
Labor and benefits 41,772 39.7% 36,333 31.4%
Equipment rents 8,623 8.2% 10,960 9.5%
Purchased services 7,811 7.4% 9,817 8.5%
Diesel fuel 9,640 9.2% 11,481 9.9%
Casualties and insurance 2,938 2.8% 6,712 5.8%
Materials 3,189 3.0% 2,883 2.5%
Joint facilities 2,119 2.0% 2,609 2.2%
Other expenses 3,921 3.7% 5,392 4.6%
Net loss on sale and impairment of
assets 44 0.0% 525 0.5%
Depreciation and amortization 11,207 10.6% 9,973 8.6%
------- ------- ------- -------
Total operating expenses 91,264 86.6% 96,685 83.5%
------- ------- ------- -------
Operating income $14,162 13.4% $19,061 16.5%
======= ======= ======= =======
RAILAMERICA, INC. AND SUBSIDIARIES
Railroad Freight Revenue, Carloads and Average Freight Revenue
Per Carload
Comparison by Commodity Group
(unaudited)
Year ended Year ended
December 31, 2009 December 31, 2008
---------------------------- -------------------------
Average Average
Freight Freight
Revenue Revenue
Freight per Freight per
Revenue Carloads Carload Revenue Carloads Carload
------- -------- ------- ------- -------- -------
(Amounts in thousands, except carloads and average
freight revenue per carload)
Agricultural
Products $56,458 126,683 $446 $61,193 143,730 $426
Chemicals 47,022 80,748 582 59,543 103,290 576
Coal 36,914 178,028 207 37,362 177,842 210
Non-Metallic
Minerals and
Products 31,603 75,701 417 38,467 93,413 412
Pulp, Paper and
Allied Products 30,453 57,865 526 39,456 72,167 547
Forest Products 26,642 46,755 570 40,023 70,737 566
Food or Kindred
Products 25,386 52,298 485 26,279 54,659 481
Metallic Ores and
Metals 23,802 41,542 573 52,361 93,351 561
Waste and Scrap
Materials 20,227 53,685 377 28,379 77,434 366
Petroleum 19,429 41,943 463 19,725 44,912 439
Other 13,504 32,709 413 13,697 36,087 380
Motor Vehicles 6,454 17,458 370 5,437 19,330 281
-------- ------- ------- -------- ------- -------
Total $337,894 805,415 $420 $421,922 986,952 $428
======== ======= ======= ======== ======= =======
Quarter ended Quarter ended
December 31, 2009 December 31, 2008
---------------------------- ---------------------------
Average Average
Freight Freight
Revenue Revenue
Freight per Freight per
Revenue Carloads Carload Revenue Carloads Carload
------- -------- ------- ------- -------- -------
(Amounts in thousands, except carloads and average
freight revenue per carload)
Agricultural
Products $16,543 38,199 $433 $14,856 34,661 $429
Chemicals 12,219 20,785 588 13,083 21,194 617
Coal 8,576 41,687 206 8,135 41,316 197
Non-Metallic
Minerals and
Products 6,996 16,882 414 8,553 19,492 439
Pulp, Paper and
Allied Products 7,575 14,216 533 9,577 16,031 597
Forest Products 6,120 10,916 561 9,300 14,767 630
Food or Kindred
Products 6,168 13,102 471 6,381 13,912 459
Metallic Ores and
Metals 6,954 11,649 597 10,720 16,064 667
Waste and Scrap
Materials 5,438 13,930 390 6,147 14,214 432
Petroleum 5,045 10,700 471 4,427 11,568 383
Other 2,152 6,287 342 3,173 7,161 443
Motor Vehicles 2,300 6,053 380 1,020 3,225 316
------- -------- ------- ------- -------- -------
Total $86,086 204,406 $421 $95,372 213,605 $446
======= ======== ======= ======= ======== =======
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP MEASURES
Adjusted EBITDA is a supplemental measure of liquidity that is not calculated or presented in accordance with U.S. generally accepted accounting principles ("GAAP"). We use non-GAAP financial measures as a supplement to our GAAP results in order to provide a more complete understanding of the factors and trends affecting our business. However, Adjusted EBITDA has limitations as an analytical tool. It is not a measurement of our cash flows from operating activities under GAAP and should not be considered as an alternative to cash flow from operating activities as a measure of liquidity.
Adjusted EBITDA assists us in monitoring our ability to undertake key investing and financing functions such as making investments, transferring property, paying dividends, and incurring additional indebtedness, which are generally prohibited by the covenants under our senior secured notes unless we meet certain financial ratios and tests. Adjusted EBITDA represents EBITDA before impairment of assets, equity compensation costs, gain (loss) on foreign currency exchange and non-recurring headquarter relocation costs. EBITDA, also a non-GAAP financial measure, is defined as net income (loss) before interest expense, provision for (benefit from) income taxes and depreciation and amortization.
The following tables set forth the reconciliation of Adjusted EBITDA from our cash flow from operating activities (in thousands):
Year
ended
Dec. 31,
Q1 2009 Q2 2009 Q3 2009 Q4 2009 2009
------- ------- ------- ------- --------
Cash flows from operating
activities to Adjusted
EBITDA Reconciliation:
Net cash provided By
(used in) operating
activities $(6,335) $(37,023) $48,486 $4,412 $9,540
Changes in Working
capital accounts 25,308 23,423 (29,231) 13,290 32,790
Depreciation and
amortization, including
amortization of debt
issuance costs classified
in interest expense (15,432) (12,718) (11,708) (12,482) (52,340)
Amortization of Swap
termination costs -- (972) (9,054) (6,590) (16,616)
Net gain (loss) on sale or
disposal of properties 728 (787) 190 26,695 26,826
Foreign exchange gain (loss)
on debt (1,164) 2,324 -- -- 1,160
Swap termination costs -- 55,750 -- -- 55,750
Loss on debt extinguishment -- (2,593) -- (6,906) (9,499)
Equity compensation costs (790) (1,152) (1,204) (7,566) (10,712)
Deferred income taxes (1,322) (8,018) 6,004 (17,721) (21,057)
------- ------- ------- ------- --------
Net income (loss) 993 18,234 3,483 (6,868) 15,842
------- ------- ------- ------- --------
Add: Discontinued
operations income/gain (1,130) (13,177) (1,410) (5,660) (21,377)
------- ------- ------- ------- --------
Income (loss) from
continuing operations (137) 5,057 2,073 (12,528) (5,535)
Add:
Provision for (benefit
from) income taxes 766 916 (6,082) (4,139) (8,539)
Interest expense, including
amortization costs 18,590 16,673 27,507 24,108 86,878
Depreciation and
amortization 10,214 10,137 10,246 11,207 41,804
------- ------- ------- ------- --------
EBITDA 29,433 32,783 33,744 18,648 114,608
Add:
Equity
compensation
costs 790 1,152 1,204 7,566 10,712
Foreign exchange (gain)
loss on debt 1,164 (2,324) - - (1,160)
Loss on debt extinguishment -- 2,593 - 6,906 9,499
Non-recurring headquarter
relocation costs 509 127 408 359 1,403
------- ------- ------- ------- --------
Adjusted EBITDA $31,896 $34,331 $35,356 $33,479 $135,062
======= ======= ======= ======= ========
Year
ended
Dec. 31,
Q1 2008 Q2 2008 Q3 2008 Q4 2008 2008
------- ------- ------- ------- --------
Cash flows from Operating
activities to Adjusted
EBITDA Reconciliation:
Net cash provided by
operating activities $8,186 $30,568 $37,963 $6,855 $83,572
Changes in working
capital accounts 8,602 (7,134) (15,864) 2,872 (11,524)
Depreciation and
amortization, including
amortization of debt
issuance costs classified
in interest expense (10,506) (11,182) (13,420) (14,010) (49,118)
Net gain (loss) on sale
or disposal of properties (209) (144) (515) 2,606 1,738
Foreign exchange gain
(loss) on debt (1,735) 395 (1,422) (5,498) (8,260)
Equity compensation costs (1,043) (652) (723) (624) (3,042)
Deferred income taxes (5,113) (5,259) (3,143) 16,676 3,161
------- ------- ------- ------- --------
Net income (loss) (1,818) 6,592 2,876 8,877 16,527
------- ------- ------- ------- --------
Add: Discontinued Operations
income/gain (1,127) (809) (2,061) (2,898) (6,895)
------- ------- ------- ------- --------
Income (loss) from
continuing operations (2,945) 5,783 815 5,979 9,632
Add:
Provision for (benefit from)
income taxes 4,547 4,854 2,589 (12,471) (481)
Interest expense, Including
amortization costs 12,183 12,192 17,288 20,055 61,718
Depreciation and
amortization 9,717 9,755 9,914 9,973 39,359
------- ------- ------- ------- --------
EBITDA 23,502 32,584 30,606 23,536 110,228
Add:
Impairment of assets - - 1,731 1,689 3,420
Equity compensation costs 1,043 652 723 624 3,042
Foreign exchange (gain) loss
on debt 1,735 (395) 1,422 5,498 8,260
Non-recurring headquarter
relocation costs 222 1,152 2,864 1,851 6,089
------- ------- ------- ------- --------
Adjusted EBITDA $26,502 $33,993 $37,346 $33,198 $131,039
======= ======= ======= ======= ========
SOURCE RailAmerica, Inc.
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