RailAmerica, Inc. (NYSE:RRA) today reported its financial results
for the fourth quarter and full year ended December 31, 2005.
Income from continuing operations for the fourth quarter ended
December 31, 2005 was $9.4 million, or $0.24 per share compared to
$4.3 million, or $0.11 per share for the same period in 2004.
Consolidated revenue from continuing operations for the fourth
quarter of 2005 increased $15.3 million, or 15.7%, to $112.1
million, from $96.8 million in 2004. On a "same railroad" basis,
revenue for the fourth quarter of 2005 increased $8.9 million, or
9.1%, to $105.7 million, from $96.8 million in the fourth quarter
of 2004. Consolidated operating income for the fourth quarter of
2005 increased to $14.0 million, compared to $11.9 million in 2004.
The operating ratio for the fourth quarter of 2005 was 87.5%
compared to 87.7% in the 2004 quarter. Casualty expense in the
fourth quarter of 2005 decreased to $5.6 million from $6.1 million
in the same period in 2004. Interest expense in the fourth quarter
of 2005 increased to $6.6 million from $4.0 million in the 2004
quarter. The fourth quarter 2005 track maintenance tax credit was
$4.6 million. Net income for the fourth quarter of 2005, which
includes discontinued operations, was $7.7 million, or $0.20 per
share, compared to $4.3 million, or $0.11 per share in 2004. As a
result of the sale of the San Luis & Rio Grande railroad
property and the three Alberta railroad properties, the financial
results of those railroads have been reclassified to discontinued
operations. For the year ended December 31, 2005, revenue from
continuing operations increased 14.7% to $423.7 million from $369.4
million in 2004. Income from continuing operations for the year
ended December 31, 2005 was $30.8 million, or $0.80 per share,
compared to a loss of $23.1 million or $0.66 per share from
continuing operations for the year ended December 31, 2004. The
Company believes that presenting the results of 2004 operations
adjusted for the refinancing costs, the E&N impairment charge
and the former CEO's retirement charge provide a better basis for
comparison of 2005's financial results with those of the prior
year. Excluding charges of $12.6 million, ($8.7 million net-of-tax,
or $0.25 per share) for the impairment of the E&N Railway, the
$39.5 million (of which $20 million was non-cash) ($26.9 million
net-of-tax, or $0.77 per share) for the debt refinancing, and the
$6.7 million, ($5.6 million net-of-tax, or $0.16 per share) for the
former CEO's retirement in 2004, earnings from continuing
operations were $18.1 million or $0.52 per share. The operating
ratio for 2005 was 87.9% compared to 84.3% in 2004, including the
above 2004 adjustments. The full year 2005 track maintenance tax
credit was $12.7 million. Net income for the year ended December
31, 2005, which includes discontinued operations, was $30.8
million, or $0.80 per share, compared to a loss of $25.9 million or
a loss of $0.74 per share for the year ended December 31, 2004.
Charles Swinburn, RailAmerica's Chief Executive Officer said,
"Notwithstanding the challenges from our Ohio operations and Class
I congestion, I am pleased with our fourth quarter. Those results
included our recently acquired Alcoa railroads, whose performance
exceeded our initial expectations. I am especially pleased with the
safety and training initiatives that we implemented in 2005. In the
fourth quarter, casualty and insurance expense declined to 5.0% of
revenue from 6.3% in the 2004 quarter." Michael Howe, RailAmerica's
Executive Vice President and Chief Financial Officer said, "Due to
the sales of the SLRG and Alberta properties, the results of those
railroads are now in discontinued operations. The four properties
sold generated revenue of approximately $7.8 million and earnings
per share of $0.01 in the fourth quarter 2005, and revenue of
approximately $30 million and earnings per share of $0.05 per share
for the full year. As of December 31, 2005, our net debt-to-capital
ratio was 49.3%, which is well within our desired range of 45 to 55
percent." RailAmerica, Inc. (NYSE:RRA) is a leading short line and
regional rail service provider with 43 railroads operating
approximately 8,000 miles in the United States and Canada. The
Company is a member of the Russell 2000(R) Index. Its website may
be found at http://www.railamerica.com. DISCLAIMER REGARDING
FORWARD-LOOKING STATEMENTS: This press release contains
forward-looking statements regarding future events that involve
risks and uncertainties that could cause actual results to differ
materially. Forward-looking statements speak only as of the date
the statement was made. The Company assumes no obligation to update
forward-looking information to reflect actual results, changes in
assumptions or changes in other factors affecting forward-looking
information. If the Company does update any forward-looking
statement, no inference should be drawn that the Company will make
additional updates with respect to that statement or any other
forward-looking statements. We refer you to the documents that
RailAmerica files from time to time with the Securities and
Exchange Commission, such as the Form 10-K, Form 10-Q and Form 8-K,
which contain additional important factors that could cause its
actual results to differ from its current expectations and from the
forward-looking statements contained in this press release. -0- *T
RAILAMERICA, INC. AND SUBSIDIARIES Consolidated Statements of
Income (Unaudited) (Amounts in thousands, except per share) Three
Months Ended Years Ended December 31, December 31, 2005 2004 2005
2004 --------------------- -------------------- Operating revenue
$112,069 $96,821 $423,682 $369,432 ---------------------
-------------------- Operating expenses 88,820 76,894 341,303
302,324 Depreciation and amortization 9,295 8,007 31,114 28,462
--------------------- -------------------- Total operating expenses
98,115 84,901 372,417 330,786 ---------------------
-------------------- Operating income 13,954 11,920 51,265 38,646
Interest and other expense (including amortization costs) (6,604)
(3,957) (20,329) (27,696) Financing costs -- -- (621) (39,549)
--------------------- -------------------- Income (loss) from
continuing operations before income taxes 7,350 7,963 30,315
(28,599) Provision (benefit) for income taxes (2,010) 3,626 (530)
(5,465) --------------------- -------------------- Income (loss)
from continuing operations 9,360 4,337 30,845 (23,134) Loss from
disposal of discontinued operations (net of tax) (2,120) (28)
(1,881) (1,706) Income (loss) from operations of discontinued
segment (net of tax) 415 5 1,858 (1,099) ---------------------
-------------------- Net income (loss) $7,655 $4,314 $30,822
$(25,939) ===================== ==================== Diluted
earnings per share: Continuing operations $0.24 $0.11 $0.80 $(0.66)
Discontinued operations (0.04) -- -- (0.08) ---------------------
-------------------- Net income (loss) $0.20 $0.11 $0.80 $(0.74)
===================== ==================== Weighted average diluted
common shares outstanding 38,768 37,855 38,460 34,982
===================== ==================== *T -0- *T RAILAMERICA,
INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS December 31, 2005
and 2004 2005 2004
----------------------------------------------------------------------
(In thousands, except share data) ASSETS Current assets: Cash and
cash equivalents $ 14,310 $ 24,331 Accounts and notes receivable,
net of allowance of $573 and $518, respectively 82,395 63,414
Current assets of discontinued operations 3,140 -- Other current
assets 14,114 14,935
----------------------------------------------------------------------
Total current assets 113,959 102,680 Property, plant and equipment,
net 904,588 875,883 Long-term assets of discontinued operations
25,879 -- Other assets 102,950 37,580
----------------------------------------------------------------------
Total assets $1,147,376 $1,016,143
======================================================================
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current
maturities of long-term debt $ 6,079 $ 6,097 Accounts payable
75,222 61,276 Accrued expenses 43,524 41,950 Current liabilities of
discontinued operations 4,275 --
----------------------------------------------------------------------
Total current liabilities 129,100 109,323 Long-term debt, less
current maturities 427,794 357,253 Subordinated debt -- 4,028
Deferred income taxes 141,606 149,306 Long-term liabilities of
discontinued operations 2,261 -- Other liabilities 15,337 15,307
----------------------------------------------------------------------
716,098 635,217
----------------------------------------------------------------------
Commitments and contingencies Stockholders' equity: Common stock,
$0.001 par value, 60,000,000 shares authorized; 38,688,496 shares
issued and outstanding at December 31, 2005 and 37,389,660 shares
issued and outstanding at December 31, 2005 39 37 Additional paid
in capital and other 330,919 319,417 Retained earnings 67,628
36,806 Accumulated other comprehensive income 32,692 24,666
----------------------------------------------------------------------
Total stockholders' equity 431,278 380,926
----------------------------------------------------------------------
Total liabilities and stockholders' equity $1,147,376 $1,016,143
======================================================================
*T -0- *T RAILAMERICA, INC. AND SUBSIDIARIES CONSOLIDATED
STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2005 2004
----------------------------------------------------------------------
(in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income
(loss) $30,822 $(25,939) Adjustments to reconcile net income to net
cash provided by operating activities: Depreciation and
amortization 33,451 43,075 Financing costs 621 39,549 Net loss
(gain) on sale or disposal of properties 1,350 (25,304) Impairment
of assets -- 16,595 Initial lease payment to CSX -- (10,000)
Non-cash CEO retirement costs -- 3,600 Deferred income taxes and
other (2,155) 10,198 Changes in operating assets and liabilities,
net of acquisitions and dispositions: Accounts receivable (16,903)
(14,964) Other current assets 1,263 (4,428) Accounts payable 3,166
17,291 Accrued expenses 951 (3,821) Other assets and liabilities
1,571 2,225
----------------------------------------------------------------------
Net cash provided by operating activities 54,137 48,077
----------------------------------------------------------------------
CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property, plant
and equipment (75,907) (75,800) Proceeds from sale of assets, net
of cash on hand 14,920 222,741 Acquisitions, net of cash acquired
(77,850) (33,209) Deferred transaction costs and other (143)
(3,063)
----------------------------------------------------------------------
Net cash provided by (used in) investing activities (138,980)
110,669
----------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of
long-term debt 130,900 494,478 Principal payments on long-term debt
(60,375) (523,815) Repurchase of senior subordinated notes (4,540)
(144,905) Proceeds from exercise of stock options and warrants
9,009 28,843 Purchase of treasury stock -- -- Financing costs (492)
(2,976)
----------------------------------------------------------------------
Net cash provided by (used in) financing activities 74,502
(148,375)
----------------------------------------------------------------------
Effect of exchange rates on cash 320 246
----------------------------------------------------------------------
Net increase (decrease) in cash (10,021) 10,617 Cash, beginning of
period 24,331 13,714
----------------------------------------------------------------------
Cash, end of period $14,310 $24,331
======================================================================
*T -0- *T RAILAMERICA, INC. AND SUBSIDIARIES Selected Financial
Information (Unaudited) (Amounts in thousands) Three Months Ended
December 31, 2005 % of Rev. 2004 % of Rev. --------------------
-------------------- Operating revenue $112,069 100.0% $96,821
100.0% -------------------- -------------------- Operating
expenses: Maintenance of way 13,181 11.7% 12,992 13.4% Maintenance
of equipment 4,359 3.9% 3,618 3.7% Transportation 37,519 33.4%
32,819 33.9% Equipment rental 12,997 11.6% 10,353 10.7% SG&A
21,151 18.9% 19,275 19.9% Net gain on sale of assets (387) -0.3%
(2,163) -2.2% Depreciation and amortization 9,295 8.3% 8,007 8.3%
-------------------- -------------------- Total operating expenses
98,115 87.5% 84,901 87.7% -------------------- --------------------
Operating income $13,954 12.5% $11,920 12.3% ====================
==================== Operating revenue $112,069 100.0% $96,821
100.0% -------------------- -------------------- Operating
expenses: Labor 33,188 29.6% 30,138 31.1% Equipment rent 13,623
12.1% 10,841 11.2% Purchased services 9,058 8.1% 7,764 8.0% Diesel
fuel 13,618 12.1% 10,531 10.9% Casualties and insurance 5,632 5.0%
6,112 6.3% Materials 2,578 2.3% 2,173 2.2% Joint facilities 2,896
2.6% 3,253 3.4% Other expense 8,614 7.7% 8,245 8.5% Net gain on
sale of assets (387) -0.3% (2,163) -2.2% Depreciation 9,295 8.3%
8,007 8.3% -------------------- -------------------- Total
operating expenses 98,115 87.5% 84,901 87.7% --------------------
-------------------- Operating income $13,954 12.5% $11,920 12.3%
==================== ==================== Year Ended December 31,
2005 % of Rev. 2004 % of Rev. --------------------
-------------------- Operating revenue $423,682 100.0% $369,432
100.0% -------------------- -------------------- Operating
expenses: Maintenance of way 52,902 12.5% 45,378 12.3% Maintenance
of equipment 16,078 3.8% 13,350 3.6% Transportation 140,775 33.2%
112,093 30.3% Equipment rental 48,425 11.4% 37,196 10.1% SG&A
84,262 19.9% 85,701 23.2% Net gain on sale of assets (1,139) -0.3%
(3,963) -1.1% Impairment of E&N Railway 0 0% 12,569 3.4%
Depreciation and amortization 31,114 7.4% 28,462 7.7%
-------------------- -------------------- Total operating expenses
372,417 87.9% 330,786 89.5% --------------------
-------------------- Operating income $51,265 12.1% $38,646 10.5%
==================== ==================== Operating revenue
$423,682 100.0% $369,432 100.0% --------------------
-------------------- Operating expenses: Labor 131,107 30.9%
125,679 34.0% Equipment rent 51,088 12.1% 38,865 10.5% Purchased
services 32,718 7.7% 26,368 7.2% Diesel fuel 46,699 11.0% 33,504
9.1% Casualties and insurance 23,083 5.5% 19,948 5.4% Materials
10,345 2.4% 8,274 2.2% Joint facilities 12,375 2.9% 11,902 3.2%
Other expense 35,027 8.3% 29,178 7.9% Net gain on sale of assets
(1,139) -0.3% (3,963) -1.1% Impairment of E&N Railway 0 0.0%
12,569 3.4% Depreciation 31,114 7.4% 28,462 7.7%
-------------------- -------------------- Total operating expense
372,417 87.9% 330,786 89.5% --------------------
-------------------- Operating income $51,265 12.1% $38,646 10.5%
==================== ==================== *T -0- *T RAILAMERICA,
INC. AND SUBSIDIARIES Railroad Freight Revenue, Carloads And
Average Revenue Per Carload Comparison by Commodity Group (dollars
in thousands, except average revenue per carload) (unaudited) Three
months ended Three months ended December 31, 2005 December 31, 2004
-------------------------- -------------------------- Average
Average Revenue Revenue Freight Per Freight Per Commodity Group
Revenue Carloads Carload Revenue Carloads Carload ---------------
------- -------- ------- ------- -------- ------- Lumber &
Forest Products $13,861 30,194 $459 $11,835 29,263 $404 Chemicals
11,509 27,439 419 10,935 27,254 401 Metals 10,038 25,725 390 7,707
21,242 363 Agricultural & Farm Products 8,984 25,031 359 8,587
27,994 307 Paper Products 8,484 22,209 382 7,763 22,247 349 Food
Products 7,975 23,073 346 7,724 23,746 325 Coal 7,903 37,718 210
6,831 37,516 182 Metallic/Non- metallic Ores 6,732 21,605 312 4,126
14,925 276 Bridge Traffic 6,387 48,986 130 6,364 47,364 134
Minerals 6,085 15,477 393 4,738 13,179 360 Petroleum Products 4,760
12,419 383 4,202 12,154 346 Other 3,653 10,700 341 2,826 9,702 291
Autos 1,663 6,278 265 1,673 6,726 249 Intermodal 899 7,588 118 917
8,881 103 -------------------------- --------------------------
Totals $98,933 314,442 $315 $86,228 302,193 $285 *T -0- *T
RAILAMERICA, INC. AND SUBSIDIARIES Railroad Freight Revenue,
Carloads And Average Revenue Per Carload Comparison by Commodity
Group (dollars in thousands, except average revenue per carload)
(unaudited) Twelve months ended Twelve months ended December 31,
2005 December 31, 2004 --------------------------
-------------------------- Average Average Commodity Group Revenue
Revenue --------------- Freight Per Freight Per Revenue Carloads
Carload Revenue Carloads Carload ------- -------- ------- -------
-------- ------- Lumber & Forest Products $55,556 126,421 $439
$47,830 119,012 $402 Chemicals 45,991 112,475 409 40,428 103,410
391 Metal 37,690 98,874 381 31,662 88,309 359 Agricultural &
Farm Products 35,458 106,043 334 30,239 97,397 310 Paper Products
32,936 89,899 366 29,298 88,552 331 Coal 32,622 150,344 217 28,137
149,584 188 Food Products 29,428 87,973 335 26,474 79,618 333
Bridge Traffic 25,217 201,275 125 24,494 191,237 128 Minerals
22,953 59,700 384 19,214 53,093 362 Metallic/Non- metallic Ores
19,485 69,090 282 16,691 59,835 279 Petroleum Products 17,657
48,260 366 15,267 44,730 341 Other 12,986 40,618 320 10,185 36,010
283 Autos 6,339 24,619 257 6,759 28,034 241 Intermodal 3,782 33,444
113 3,703 35,231 105 --------------------------
-------------------------- Totals $378,100 1,249,035 $303 $330,381
1,174,052 $281 *T
Railamerica (NYSE:RRA)
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Railamerica (NYSE:RRA)
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