(Source: RailAmerica press release, April 25, 2012)
JACKSONVILLE, Fla., — RailAmerica, Inc. today reported financial results for the quarter ended March 31, 2012. First quarter 2012 revenue increased 15% to $143.4 million from $124.9 million in the first quarter of 2011. Freight revenue increased 10% to $107.8 million with average revenue per car up 7% and carloads up 3%. Non-freight revenue increased 30% to $35.6 million.
First Quarter Highlights
• Operating income up 32%; (up 57% excluding 45G benefit and asset sales[1]).
• Net loss of $0.80 per share after $1.03 per share tender / refinancing charges.
• Adjusted net income per share[1] of $0.26.
• Continued execution of acquisition strategy.
RailAmerica President and Chief Executive Officer John Giles said, “Our positive momentum continues to build as reflected in our record first quarter revenue and operating income excluding 45G benefits and asset sales. On a comparable basis, operating income was up 57% as we leveraged strong revenue growth and productivity gains. During the quarter, we completed our senior notes tender / refinancing, which will reduce our interest expense sharply while providing additional financial flexibility.”
Giles continued, “We remain active in the corporate development area, closing on the Wellsboro & Corning and its affiliated transload operations, TransRail North America, investment in early April. We expect to close on the Marquette Railroad acquisition in May, and our pipeline of additional opportunities remains promising.”
RailAmerica reported a first quarter 2012 net loss of $40.2 million, or $0.80 per diluted share, including $51.9 million after tax, or $1.03 per diluted share, of refinancing charges. This compares to net income of $4.1 million, or $0.07 per diluted share in the first quarter of 2011. The Company had adjusted net income[1] of $13.0 million and $6.4 million for the first quarters of 2012 and 2011, respectively.