RailAmerica, Inc. Reports Second Quarter 2010 Results
JACKSONVILLE, Fla., July 28 /PRNewswire-FirstCall/ --
Second Quarter Highlights
- Carloads up 11% versus second quarter 2009.
- Revenue up 18% versus second quarter 2009.
- Operating income of $22.5 million; depreciation/amortization of $10.7 million.
- Adjusted income from continuing operations(1) 0.07 per share.
- Loss from continuing operations of $0.08 per share, including $0.15 per share for debt redemption charges and swap amortization expense.
RailAmerica, Inc. (NYSE: RA) today reported financial results for the quarter ended June 30, 2010. Second quarter 2010 revenue increased 18% to $117.3 million from $99.7 million in the second quarter of 2009. Freight revenue increased 17% to $96.5 million with carloads up 11%. Non-freight revenue increased 22% to $20.8 million.
John Giles, RailAmerica's President and Chief Executive Officer, said, "During the second quarter, we made progress on each of our strategic priorities of organic growth, balance sheet strength and external growth. Our solid operating performance was driven by significantly higher revenue and further improvements in our underlying cost structure. Despite higher fuel prices, operating income was up 20% versus a year ago excluding the impact of 45G tax credit monetization recognized in the second quarter of 2009. Late in the second quarter of 2010 we redeemed an additional $74 million of our senior notes, further strengthening our balance sheet. With the acquisition of Atlas Railroad Construction Company early in the third quarter, we expanded our presence in growing rail-related markets."
Including charges totaling $8.5 million after tax, or $0.15 per share, for the early retirement of debt and interest rate swap termination costs, RailAmerica reported a second quarter 2010 loss from continuing operations of $4.6 million, or $0.08 per diluted share. This compares to income from continuing operations of $5.1 million, or $0.12 per diluted share, for second quarter 2009. Second quarter 2009 included a $0.7 million after tax loss, or $0.02 per diluted share, for the early retirement of debt, interest rate swap termination costs, and foreign exchange gain on debt. Net loss, which includes discontinued operations, was $0.08 per diluted share in the second quarter of 2010 compared to net income of $0.42 per diluted share for the second quarter of 2009. Prior year net income included a $12.8 million after tax benefit primarily resulting from the settlement of an Australian tax matter.
Second quarter 2010 operating income was $22.5 million compared to $22.9 million in the second quarter of 2009. A non-comparable item, $4.1 million of 45G tax credits in 2009, was a significant cause of the decline in operating income as shown in the table below. Labor costs increased $5.6 million primarily due to higher incentive compensation and health insurance costs. Fuel expense was up $3.3 million, with $2.6 million of the increase due to higher prices.
For the Three Months Ended
($ in thousands) June 30,
--------------------------
2010 2009
-------- -------
Operating revenue $117,306 $99,672
Operating expense (94,773) (76,770)
-------- -------
Operating income, reported 22,533 22,902
Less: Benefit from 45G tax credit
monetization - (4,129)
-------- -------
Operating income before 45G benefit (1) $22,533 $18,773
(1) See schedule at the end of press release for a reconciliation of
non-GAAP financial measure
As previously announced, RailAmerica, Inc. will present its second quarter earnings on Thursday, July 29, 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 82843995. 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 August 12, 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 82843995.
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," "appears," "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 Annual Report on Form 10-K filed with the Commission on March 26, 2010. 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) See schedule at the end of press release for a reconciliation of non-GAAP financial measure
RAILAMERICA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
For the Three For the Six
Months Ended Months Ended
June 30, June 30,
------------------ ------------------
2010 2009 2010 2009
-------- ------- -------- --------
(In thousands, except per share data)
Operating revenue $117,306 $99,672 $230,050 $198,909
Operating expenses:
Transportation 55,328 41,966 107,738 87,228
Selling, general and
administrative 28,808 23,199 59,516 47,031
Net (gain) loss on sale of
assets (110) 1,468 (142) 1,014
Depreciation and
amortization 10,747 10,137 21,662 20,351
------- ------ ------- -------
Total operating expenses 94,773 76,770 188,774 155,624
------- ------ ------- -------
Operating income 22,533 22,902 41,276 43,285
Interest expense (including
amortization costs of
$6,870, $3,479, $14,174 and
$8,592, respectively) (22,153) (16,673) (44,857) (35,263)
Other loss (7,900) (256) (7,441) (1,420)
------- ------- ------- -------
Income (loss) from
continuing operations
before income taxes (7,520) 5,973 (11,022) 6,602
Provision for (benefit from)
income taxes (2,930) 916 (3,602) 1,682
------- ------- -------- -------
Income (loss) from
continuing operations (4,590) 5,057 (7,420) 4,920
Discontinued operations:
Gain (loss) on disposal of
discontinued business (net
of income taxes (benefit)
of $(48), $12,085, $(48)
and $11,994, respectively) (93) 12,767 (92) 12,951
Income from operations of
discontinued business (net
of income taxes of $207,
$202, $349 and $668,
respectively) 462 410 777 1,356
------- ------- ------- -------
Net income (loss) $(4,221) $18,234 $(6,735) $19,227
======= ======= ======= =======
Dividends declared and paid
per common share $- $0.46 $- $0.46
Basic earnings (loss) per
common share:
Continuing operations $(0.08) $0.12 $(0.14) $0.12
Discontinued operations 0.00 0.30 0.02 0.33
------- ------- ------- -------
Net income (loss) $(0.08) $0.42 $(0.12) $0.45
Diluted earnings (loss) per
common share:
Continuing operations $(0.08) $0.12 $(0.14) $0.12
Discontinued operations 0.00 0.30 0.02 0.33
------- ------- ------- -------
Net income (loss) $(0.08) $0.42 $(0.12) $0.45
Weighted Average common
shares outstanding:
Basic 54,869 43,740 54,718 43,672
Diluted 54,869 43,740 54,718 43,672
RAILAMERICA, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
June 30, December 31,
2010 2009
---------- -----------
(In thousands, except share data)
ASSETS
Current assets:
Cash and cash equivalents $141,854 $190,218
Accounts and notes receivable, net of
allowance of $5,670 and $4,557, respectively 78,899 66,619
Current deferred tax assets 12,697 12,697
Other current assets 14,415 21,958
---------- ----------
Total current assets 247,865 291,492
Property, plant and equipment, net 963,539 952,527
Intangible assets 132,703 136,654
Goodwill 200,676 200,769
Other assets 14,493 17,187
---------- ----------
Total assets $1,559,276 $1,598,629
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current maturities of long-term debt $569 $669
Accounts payable 62,209 53,948
Accrued expenses 56,670 34,675
---------- ----------
Total current liabilities 119,448 89,292
Long-term debt, less current maturities 2,733 3,013
Senior secured notes 570,041 640,096
Deferred income taxes 183,939 185,002
Other liabilities 22,111 21,895
---------- ----------
Total liabilities 898,272 939,298
---------- ----------
Commitments and contingencies
Stockholders' equity:
Common stock, $0.01 par value, 400,000,000
shares authorized; 54,855,256 shares issued
and outstanding at June 30, 2010; and
54,364,306 shares issued and outstanding at
December 31, 2009 549 544
Additional paid in capital and other 632,804 630,653
Retained earnings 39,651 46,386
Accumulated other comprehensive loss (12,000) (18,252)
---------- ----------
Total stockholders' equity 661,004 659,331
---------- ----------
Total liabilities and stockholders' equity $1,559,276 $1,598,629
========== ==========
RAILAMERICA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
For the Six Months Ended
June 30,
------------------------
2010 2009
-------- -------
(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $(6,735) $19,227
Adjustments to reconcile net income (loss) to
net cash provided by (used in) operating
activities:
Depreciation and amortization, including
amortization of debt issuance costs classified
in interest expense 24,139 28,150
Amortization of swap termination costs 11,708 972
Net (gain) loss on sale or disposal of
properties (10) 59
Foreign exchange gain on debt - (1,160)
Swap termination costs - (55,750)
Loss on extinguishment of debt 8,357 2,593
Equity compensation costs 3,490 1,942
Deferred income taxes and other (5,994) 9,340
Changes in operating assets and liabilities,
net of acquisitions and dispositions:
Accounts receivable (12,399) 707
Other current assets 7,421 2,225
Accounts payable 6,677 (9,087)
Accrued expenses 21,884 (22,471)
Other assets and liabilities 192 (20,105)
-------- --------
Net cash provided by (used in) operating
activities 58,730 (43,358)
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment (30,582) (25,766)
Proceeds from sale of assets 652 19,620
Deferred disposition costs and other - (355)
-------- --------
Net cash used in investing activities (29,930) (6,501)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of senior secured notes - 709,830
Principal payments on long-term debt (380) (625,585)
Repurchase of senior secured notes (76,220) -
Costs associated with sale of common stock (106) -
Dividends paid to common stockholders - (19,485)
Deferred financing costs paid (224) (17,863)
-------- --------
Net cash provided by (used in) financing
activities (76,930) 46,897
-------- --------
Effect of exchange rates on cash (234) (59)
-------- --------
Net decrease in cash (48,364) (3,021)
Cash, beginning of period 190,218 26,951
-------- --------
Cash, end of period $141,854 $23,930
======== ========
RAILAMERICA, INC. AND SUBSIDIARIES
SELECTED FINANCIAL INFORMATION
(amounts in thousands)
(unaudited)
Three Months Ended June 30,
-------------------------------------
2010 2009
----------------- ----------------
Operating revenue $117,306 100.0% $99,672 100.0%
Operating expenses:
Labor and benefits 36,918 31.5% 31,312 31.4%
Equipment rents 8,603 7.3% 9,303 9.3%
Purchased services 9,610 8.2% 7,696 7.7%
Diesel fuel 10,115 8.6% 6,832 6.9%
Casualties and insurance 4,913 4.2% 3,524 3.5%
Materials 3,829 3.3% 2,414 2.4%
Joint facilities 1,945 1.6% 915 0.9%
Other expenses 8,203 7.0% 7,298 7.3%
Track maintenance credit
(45G) - 0.0% (4,129) (4.1)%
Net loss (gain) on sale
of assets (110) (0.1)% 1,468 1.5%
Depreciation and
amortization 10,747 9.2% 10,137 10.2%
-------- ----- ------- -----
Total operating expenses 94,773 80.8% 76,770 77.0%
-------- ----- ------- -----
Operating income $22,533 19.2% $22,902 23.0%
======== ===== ======= =====
Six Months Ended June 30,
-------------------------------------
2010 2009
----------------- -----------------
Operating revenue $230,050 100.0% $198,909 100.0%
Operating expenses:
Labor and benefits 73,883 32.1% 62,726 31.5%
Equipment rents 17,035 7.4% 18,337 9.2%
Purchased services 18,107 7.9% 15,561 7.8%
Diesel fuel 20,900 9.1% 14,521 7.3%
Casualties and insurance 8,462 3.7% 8,168 4.1%
Materials 7,680 3.4% 5,025 2.5%
Joint facilities 4,091 1.8% 2,325 1.2%
Other expenses 17,096 7.4% 15,849 8.0%
Track maintenance credit
(45G) - 0.0% (8,253) (4.1)%
Net loss (gain) on sale
of assets (142) (0.1)% 1,014 0.5%
Depreciation and
amortization 21,662 9.4% 20,351 10.2%
-------- ----- -------- -----
Total operating expenses 188,774 82.1% 155,624 78.2%
-------- ----- -------- -----
Operating income $41,276 17.9% $43,285 21.8%
======== ===== ======== =====
RAILAMERICA, INC. AND SUBSIDIARIES
Railroad Freight Revenue, Carloads and Average Freight Revenue
Per Carload
Comparison by Commodity Group
(unaudited)
Three Months Ended Three Months Ended
June 30, 2010 June 30, 2009
----------------------------- ----------------------------
Average Average
Freight Freight
Freight Revenue per Freight Revenue per
Revenue Carloads Carload Revenue Carloads Carload
-------- -------- ----------- -------- -------- ----------
(Dollars in thousands, except carloads and average
freight revenue per carload)
Chemicals $14,989 24,203 $619 $11,380 19,527 $583
Agricultural
Products 14,404 31,032 464 12,328 28,513 432
Coal 9,774 44,191 221 9,897 45,025 220
Metallic Ores
and Metals 9,433 16,002 589 5,061 9,365 540
Non-Metallic
Minerals and
Products 9,278 21,419 433 7,946 19,183 414
Pulp, Paper and
Allied
Products 7,946 14,695 541 7,652 14,276 536
Food or Kindred
Products 7,326 14,939 490 6,427 13,043 493
Forest Products 7,290 12,689 575 6,883 12,170 566
Waste and Scrap
Materials 6,670 15,999 417 4,602 12,231 376
Petroleum 4,681 10,154 461 4,378 9,023 485
Other 2,711 7,471 363 4,548 9,092 500
Motor Vehicles 1,966 3,319 592 1,475 4,097 360
------- ------- ------ ------- ------- ------
Total $96,468 216,113 $446 $82,577 195,545 $422
======= ======= ====== ======= ======= ======
Six Months Ended Six Months Ended
June 30, 2010 June 30, 2009
---------------------------- ---------------------------
Average Average
Freight Freight
Freight Revenue per Freight Revenue per
Revenue Carloads Carload Revenue Carloads Carload
------- -------- ----------- ------- -------- ----------
(Dollars in thousands, except carloads and average
freight revenue per carload)
Agricultural
Products $29,890 64,974 $460 $24,546 57,079 $430
Chemicals 28,623 47,117 607 22,818 39,401 579
Coal 19,359 86,966 223 18,958 89,535 212
Metallic Ores
and Metals 19,054 33,058 576 10,802 19,524 553
Non-Metallic
Minerals
and Products 17,163 39,171 438 16,046 38,742 414
Pulp, Paper
and Allied
Products 15,904 28,690 554 15,233 28,741 530
Food or Kindred
Products 14,178 28,957 490 13,158 26,154 503
Forest
Products 13,838 24,112 574 13,790 23,831 579
Waste and Scrap
Materials 11,969 29,104 411 9,323 25,412 367
Petroleum 10,326 21,977 470 9,737 21,337 456
Other 5,498 14,575 377 7,461 17,659 423
Motor Vehicles 3,772 6,560 575 2,671 7,358 363
-------- ------- ---- -------- ------- ----
Total $189,574 425,261 $446 $164,543 394,773 $417
======== ======= ==== ======== ======= ====
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP MEASURES
Adjusted income (loss) from continuing operations is a supplemental measure of profitability 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 income (loss) from continuing operations has limitations as an analytical tool. It is not a measurement of our profitability under GAAP and should not be considered as an alternative to Income (loss) from continuing operations as a measure of profitability.
Adjusted income (loss) from continuing operations assists us in measuring our performance and profitability of our operations without the impact of foreign exchange loss (gain) on debt and transaction costs related to debt extinguishment, acquisitions and swap termination. The following table sets forth the reconciliation of Adjusted income (loss) from continuing operations.
2010
----------------------------------------------------
(In thousands, except
per share data) Q1 Q2 Q2 YTD
After Per After Per After Per
Tax Share Tax Share Tax Share
----------------------------------------------------
Income (loss) from
continuing
operations ($2,830) ($0.05) ($4,590) ($0.08) ($7,420) ($0.14)
Add:
Amortization of
swap termination
costs 3,644 0.07 3,437 0.06 7,081 0.13
Loss on
extinguishment of
debt - - 5,098 0.09 5,098 0.09
Acquisition costs - - 159 0.00 159 0.00
Adjusted income (loss)
from continuing
operations $814 $0.01 $4,104 $0.07 $4,918 $0.09
Weighted Average common
shares outstanding
(diluted) 54,568 54,869 54,718
2009
-------------------------------------------------
Q1 Q2 Q2 YTD
After Per After Per After Per
Tax Share Tax Share Tax Share
--------------------------------------------------
Income (loss) from
continuing
operations ($137) ($0.00) $5,057 $0.12 $4,920 $0.11
Add:
Amortization of
swap termination
costs - - 583 0.01 583 0.01
Foreign exchange
loss (gain)
on debt 698 0.02 (1,394) (0.03) (696) (0.02)
Loss on
extinguishment of
debt - - 1,556 0.04 1,556 0.04
Acquisition costs - - - - - -
- -
Adjusted income (loss)
from continuing
operations $561 $0.01 $5,802 $0.13 $6,363 $0.15
Weighted Average common
shares outstanding
(diluted) 43,604 43,740 43,672
Note: Numbers may not add due to rounding
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP MEASURES
Operating Income Before 45G Benefit and Operating Ratio Before 45G Benefit are supplemental measures of profitability that are not calculated or presented in accordance with U.S. generally accepted accounting principles ("GAAP"). We use non-GAAP financial measures as a supplement to our GAAP results in order to provide a more complete understanding of the factors and trends affecting our business. However, Operating Income Before 45G Benefit and Operating Ratio Before 45G Benefit have limitations as an analytical tool. They are not measurements of our profitability under GAAP and should not be considered as an alternative to Operating Income or Operating Ratio as a measure of profitability.
Operating Income Before 45G Benefit and Operating Ratio Before 45G Benefit assists us in measuring our performance and profitability of our operations without the impact of monetizing the 45G Tax Benefit. The following table sets forth the reconciliation of Operating Income Before 45G Benefit from our Operating Income and Operating Ratio Before 45G Benefit from our Operating Ratio.
Quarter Ended June 30,
---------------------------------------
($ in thousands) 2010 2009
----------------- ----------------
Operating revenue $117,306 $99,672
Operating expense (94,773) (76,770)
-------- -------
Operating income, reported $22,533 $22,902
Operating ratio, reported 80.8% 77.0%
Less: Benefit from 45G tax
credit monetization - 0.0% (4,129) (4.1%)
----------------- ----------------
Operating income, before 45G
benefit $22,533 $18,773
Operating ratio, before 45G
benefit 80.8% 81.1%
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 met certain financial ratios and tests. Adjusted EBITDA represents EBITDA before impairment of assets, equity compensation costs, gain (loss) on foreign currency exchange, acquisition costs 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):
Q1 2010 Q2 2010 YTD 2010
------- ------- --------
Cash flows from operating activities
to Adjusted EBITDA Reconciliation:
Net cash provided by operating activities $25,440 $33,290 $58,730
Changes in working capital accounts (10,191) (13,584) (23,775)
Depreciation and amortization, including
amortization of debt issuance costs
classified in interest expense (12,151) (11,988) (24,139)
Amortization of swap termination costs (6,073) (5,635) (11,708)
Net gain (loss) on sale or disposal of
properties 34 (24) 10
Loss on debt extinguishment - (8,357) (8,357)
Equity compensation costs (1,525) (1,965) (3,490)
Deferred income taxes 1,952 4,042 5,994
------- ------- -------
Net loss (2,514) (4,221) (6,735)
------- ------- -------
Add: Discontinued operations gain (316) (369) (685)
------- ------- -------
Loss from continuing operations (2,830) (4,590) (7,420)
Add:
Benefit from income taxes (672) (2,930) (3,602)
Interest expense, including amortization
costs 22,704 22,153 44,857
Depreciation and amortization 10,915 10,747 21,662
-------- ------- -------
EBITDA 30,117 25,380 55,497
Add:
Equity compensation costs 1,525 1,965 3,490
Loss on debt extinguishment - 8,357 8,357
Acquisition costs - 261 261
------- ------- -------
Adjusted EBITDA $31,642 $35,963 $67,605
======= ======= =======
Q1 2009 Q2 2009 YTD 2009
-------- --------- ---------
Cash flows from operating activities to
Adjusted EBITDA Reconciliation:
Net cash used in operating activities $(6,335) $(37,023) $(43,358)
Changes in working capital accounts 25,308 23,423 48,731
Depreciation and amortization, including
amortization of debt issuance costs
classified in interest expense (15,432) (12,718) (28,150)
Amortization of swap termination costs - (972) (972)
Net gain (loss) on sale or disposal of
properties 728 (787) (59)
Foreign exchange gain (loss) on debt (1,164) 2,324 1,160
Swap termination costs - 55,750 55,750
Loss on extinguishment of debt - (2,593) (2,593)
Equity compensation costs (790) (1,152) (1,942)
Deferred income taxes (1,322) (8,018) (9,340)
------- ------- -------
Net income 993 18,234 19,227
------- ------- -------
Add: Discontinued operations gain (1,130) (13,177) (14,307)
------- ------- -------
Income (loss) from continuing operations (137) 5,057 4,920
Add:
Provision for income taxes 766 916 1,682
Interest expense, including amortization
costs 18,590 16,673 35,263
Depreciation and amortization 10,214 10,137 20,351
------- ------- -------
EBITDA 29,433 32,783 62,216
Add:
Equity compensation costs 790 1,152 1,942
Foreign exchange loss on debt 1,164 (2,324) (1,160)
Loss on debt extinguishment - 2,593 2,593
Non-recurring headquarter relocation costs 509 127 636
------- ------- -------
Adjusted EBITDA $31,896 $34,331 $66,227
======= ======= =======
SOURCE RailAmerica
Share this article