(RailAmerica issued the following news release on April 8.)
BOCA RATON, Fla. — RailAmerica, Inc. reported its carloads (including intermodal units) for March 2003. As compared to the same period in 2002, March 2003 North American “same railroad” carloads increased 7.2% and Chilean carloads were up 15.3%, while Australian carloads decreased 28.8% due to the impact of the previously announced drought. “Same railroad” totals exclude carloads associated with railroads, or portions of railroads, sold by the Company after December 31, 2001.
Consolidated Carloads
Consolidated carloads for March 2003 increased 2.0% to 124,193, from 121,770 in March 2002. On a “same railroad” basis, March 2003 carloads were up 2.4% to 124,193, from 121,273 in 2002. Year-to-date through March 31, 2003, total carloads were 352,086, down 1.9% from 358,932 in 2002. On a “same railroad” basis, year-to-date carloads decreased 1.1% to 352,086, from 355,857 in 2002. The year-to-date decreases were driven almost exclusively by the drought as 2003 Australian grain carloads were down 13,291 cars versus 2002.
North American Carloads
Total North American carloads for March 2003 were 98,499, up 6.6% from 92,360 in March 2002. On a “same railroad” basis, March 2003 carloads increased 7.2% to 98,499, from 91,863 in 2002. For the month, strong coal, petroleum, paper products and chemical carloads were partially offset by lower auto traffic. Year-to-date through March 31, 2003, total carloads were unchanged at 277,137, versus 277,011 in 2002. On a “same railroad” basis, year-to-date carloads increased 1.2% to 277,137, from 273,936 in 2002, despite 2003 U.S. low-margin bridge traffic being down 5,427 cars versus 2002.
International Carloads
For March 2003, international carloads were 25,694, down 12.6% from 29,410 in March 2002. For the month, traffic in Chile was up 15.3% due to a new copper ore contract, while Australia traffic was down 28.8% due to the severe drought affecting grain shipments. Australia’s March 2003 grain shipments were 5,858 carloads, or 66.3%, lower than March 2002, which experienced normal grain shipment levels. Year-to-date through March 31, 2003, total carloads were 74,949, down 8.5% from 81,921 in 2002.
Historically, the Company has found that carload information may be indicative of freight revenues on its railroads, but may not be indicative of total revenues, operating expenses, operating income or net income. Attached is a comparison of consolidated and segment carloads by commodity group for the month and year-to-date ended March 31, 2003 and 2002.
RailAmerica, Inc. (NYSE:RRA) is the world’s largest short line and regional railroad operator with 49 railroads operating approximately 12,900 miles in the United States, Canada, Australia and Chile. In Australia and Argentina, an additional 4,300 miles are operated under track access arrangements. The Company is a member of the Russell 2000(R) Index. http://www.railamerica.com