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RAILAMERICA ANNOUNCES FIRST QUARTER RESULTS
Boca Raton, FL -- May 17, 1996 -- RailAmerica, Inc. (NASDAQ: RAIL) today reported its financial results for the first quarter ended March 31, 1996.
Revenues increased 19% for the first quarter of 1996 to $7,935,569 compared with revenues of $6,665,278 for the first quarter of 1995. Net income for the 1996 first quarter was $211,807, or $.05 per share, compared with $430,551, or $.09 per share. The Company noted that net income for the first quarter of 1996 was affected by an increase in depreciation and amortization expense of $125,545 and an increase in interest expense of $137,715 over those items in the first quarter of 1995. In addition, manufacturing revenues and associated income declined during the 1996 quarter due to a deferral of approximately $850,000 of sales in connection with certain government contracts.
The Company also stated that its working capital at March 31, 1996 had increased to $4,062,492 from $3,040,661 at December 31, 1995. Total assets increased by $2,037,718 from December 31, 1995 to March 31, 1996. Additionally, stockholders' equity increased from $9,148,659 at December 31, 1995 to $9,426,211 at March 31, 1996.
Rail freight carloadings increased 56% for the 1996 first quarter to 6,566 versus 4,201 for the first quarter of 1995. The increase in carloadings is attributable to the inclusion of the Company's two new Texas railroads and Dakota Rail, as well as increased carloadings at our railroads in Michigan and Tennessee.
Gary O. Marino, Chief Executive Officer, stated, "The operations of all our subsidiaries during the first quarter were on target with our business plan for 1996. Our transportation and distribution revenues were up more than $2 million for the quarter. The manufacturing revenues posted by our Kalyn/Siebert ("Kalyn") subsidiary reflected a decline of approximately $850,000. This decline, however, was anticipated due to the fact that during the quarter Kalyn was in the prototype stage of its contract to produce the M129A4 twelve ton tactical semi-trailer van for the U.S. Army Tank and Automotive Command (TACOM) in connection with the $27 million contract that Kalyn received from TACOM last November. The five prototype vehicles that were in production were substantially completed during the quarter but will not be invoiced to TACOM until final testing is concluded. As a result, these sales and the related income on them will be reflected in future quarters during 1996. In addition to that, full production under this contract will commence during the second half of 1996 and is expected to result in record revenues and income for the subsidiary. We anticipate that 1996 will be our best year in our Company's history notwithstanding any additional acquisitions that we consummate."
RailAmerica, Inc. is a diversified, publicly-held, multi-modal transportation company with two business groups -- (1) transportation and distribution, and (2) manufacturing and financial services. The Company owns and develops short-line and regional freight railroads and operates seven railroads with approximately 450 miles of rail lines in Michigan, Minnesota, Tennessee, Pennsylvania, Delaware and Texas. The Company also owns a third party logistics management services company, an intermodal services company, a transportation equipment and finance company, and a specialty regional motor carrier based in Sault Ste. Marie, Ontario, Canada. Also, through its subsidiary, Kalyn/Siebert, Inc., the Company manufactures a broad line of heavy duty specialty truck trailers marketed throughout the U.S., Mexico and Canada.
RAILAMERICA, INC. | ||
FIRST QUARTER 1996 FINANCIAL HIGHLIGHTS | ||
For the Three Months Ended | ||
March 31 | ||
1996 | 1995 | |
Revenues | $7,935,569 | $6,665,278 |
Depreciation and Amortization | 508,585 | 383,040 |
Interest Expense | 453,740 | 316,025 |
Operating Income | 810,607 | 895,133 |
Net Income | 211,807 | 430,551 |
Net Income Per Share | $0.05 | $0.09 |
Wtd. Avg. Common Shares and Common Share Equivalents | 4,680,141 | 5,900,532 |
Consolidated Balance Sheet | ||
March 31, 1996 | December 31, 1995 | |
Working Capital | $4,062,492 | $3,040,661 |
Total Assets | 42,101,680 | 40,063,962 |
Stockholders' Equity | 9,426,211 | 9,148,659 |
Common Shares Outstanding | 4,672,910 | 4,848,991 |