RAIL released its 3rd q. earnings report on Thursday. I have been following this company for the last couple of months. The report (thr first few paragraphs of which I've copied below) looks pretty good to me. It didn't move the price much on Friday however; though the volume was significantly higher than it had been.
One of the things that I've been wondering is how the Union Pacific mess might impact these smaller rail lines like RAIL?
BOCA RATON, Fla.--(BUSINESS WIRE)--Nov. 13, 1997--RailAmerica, Inc. (Nasdaq/NNM:RAIL - news) today announced
results for the third quarter and nine months ended September 30, 1997, reporting record revenues, income and carloadings for the
second consecutive quarter.
Operating revenues for the third quarter of 1997 were $13.1 million, up 122% from the $5.9 million reported in the third quarter of
1996. Operating income increased 251% to $2.0 million, from $0.6 million in 1996. Income from continuing operations for the 1997
third quarter rose to $937,011, or $.11 per share, on 8.8 million weighted average common shares and common share equivalents,
versus $62,816, or $.02 per share, on 4.6 million weighted average common shares and common share equivalents in the 1996
quarter. Net income for the 1997 third quarter, after the loss from discontinued operations of the Company's motor carrier segment,
was $891,250, or $.10 per share, up more than $850,000 from the $24,731, or $.01 per share, reported in the comparable 1996
period.
Comparing the results of the nine months ended September 30, 1997 with the same period of 1996, operating revenues increased
73% to $34.0 million, while operating income rose 99% to $5.3 million. Income from continuing operations increased 140% to $1.9
million, or $.23 per share, on 8.5 million common shares and common share equivalents, compared with $0.8 million, or $.17 per
share, on 4.7 million common shares and common share equivalents for the first nine months of 1996. Net income for the 1997 nine
month period, after the loss from discontinued operations, increased 219% to $1.8 million, or $.21 per share, from $0.6 million, or
$.12 per share, in the comparable 1996 period.
Rail freight carloadings for the third quarter increased 235% to 17,722, while year-to-date carloadings were 48,192, a 186% increase.
Revenues from domestic rail operations increased 85% to $3.5 million in the quarter, and through the nine month period, rose 71% to
$11.4 million. International rail revenues from RailAmerica's Chilean railroad, Ferronor, were $2.4 million in the quarter and $4.7
million through the first seven months of operation in 1997. RailAmerica, which acquired Ferronor in February of 1997, owns a
55% equity interest in that railroad. The growth in carloadings and rail revenues was attributable to the inclusion of the Company's
new railroads acquired in the latter half of 1996, including railroads in Washington, Pennsylvania, Minnesota and Chile. |
