Greenbrier Reports Fiscal Fourth Quarter Financial Results

          Greenbrier Reports Fiscal Fourth Quarter Financial Results

~ Posts EPS of $0.26; Backlog of 10,700 units valued at $1.20 billion

~~ Record fiscal year revenue and earnings

PR Newswire

LAKE OSWEGO, Ore., Nov. 1, 2012

LAKE OSWEGO, Ore., Nov. 1, 2012 /PRNewswire/ -- The Greenbrier Companies
(NYSE: GBX) today reported results for its fiscal fourth quarter and fiscal
year ended August 31, 2012.

Fourth Quarter and Fiscal Year
Highlights

  oFull year revenue reached $1.81 billion, a 45% increase over last year and
    a new record for the company.
  oRecord net earnings attributable to Greenbrier ("net earnings") for the
    year of $58.7 million was a nine-fold increase over prior year.
  oNet earnings for the fourth quarter were $7.4 million, or $.26 per diluted
    share, on revenue of $443.5 million.
  oNew railcar deliveries for 2012 were a record 15,000 units, compared to
    9,400 units in 2011, and 2,500 units in 2010.
  oDuring the fourth quarter, the Company received orders for 2,900 new
    railcars.
  oNew railcar manufacturing backlog as of August 31, 2012 was 10,700 units
    with an estimated value of $1.20 billion (an average unit sale price of
    $112,000), compared to 11,500 units with an estimated value of $1.14
    billion (an average unit sale price of $99,000) as of May 31, 2012. Based
    on current production plans, approximately 7,300 units in August 31, 2012
    backlog are scheduled for delivery in fiscal 2013. The balance are
    scheduled for delivery in fiscal 2014.
  oMarine backlog totaled $25 million as of August 31, 2012; additionally we
    were awarded a letter of intent for 15 barges valued at $60 million
    subject to significant permitting and other conditions.
  oOperating cash flow was positive $116.1 million for 2012, compared to
    negative $34.3 million in 2011.

William A. Furman, president and chief executive officer, said, "In fiscal
2012, our manufacturing operations responded well to strong demand for new
railcars and our leasing operation significantly enhanced its syndication and
management services model, leading to record revenue and earnings for the full
year. While we realized positive momentum during the year in both of these
operations, our fourth quarter earnings were well below our expectations.
This was principally due to lower than anticipated new railcar deliveries, a
high tax rate for the quarter, and certain employee related costs."

Mark Rittenbaum, chief financial officer, noted, "New railcar deliveries to
two customers totaling 560 railcars, with an aggregate value of nearly $50
million that we expected to occur by year-end, were postponed due to delays in
a lease syndication transaction and one customer's acceptance of certain
railcars. All of these deliveries occurred subsequent to quarter end.
Additionally, our actual tax rate for the quarter of 51% was significantly
higher than our expected tax rate of around 34%. This difference was
primarily due to a change in our geographic mix of earnings. Also, we
incurred certain severance costs of nearly $1 million after-tax during the
quarter. Finally, gain on disposition of equipment was only $.1 million
pre-tax for the quarter, whereas the average gain for the prior three quarters
was nearly $3 million per quarter."

Furman concluded, "In fiscal 2013, we expect less business visibility than in
fiscal 2012, as a result of global economic and geopolitical uncertainty. We
will focus on four key areas beyond basic execution of our operating plan.
First, we will expand capacity in higher margin railcar types, such as tank
cars, to respond to market demand. Second, we will continue to expand our
product offerings in the businesses that are related to the oil, gas and
chemical industries and in other high-growth areas. Third, we will continue
to improve our working capital position, increase free cash flow and pay down
debt. Lastly, we will continue to seek diversification and growth
opportunities in the rail freight marketplace, especially in leasing."

Financial Summary

                    Q4 FY12 Q3 FY12 Sequential Comparison – Main Drivers
Revenue             $443.5M $507.8M Down, due to lower new railcar deliveries
                                    with a higher average sales price
Gross margin        12.3%   12.2%   Up 10 bps on operational efficiencies
Selling and                         Lower incentive compensation expense
                    $27.6M  $28.8M  associated with lower earnings
administrative
Gain on disposition                 Timing of sales fluctuates and is
                    $0.07M  $2.6M   opportunistic
of equipment
Adjusted EBITDA     $36.0 M $44.6M  Down 19.3% due to lower revenue
Effective tax rate  51%     30%     Change in geographic mix of earnings
Net earnings        $7.4M   $19.1M  Down 61% on lower revenue and higher tax
                                    rate
Diluted EPS – GAAP  $0.26   $0.61   "If converted" calculation
Economic EPS        $0.27   $0.69   Excludes "if converted" impact of
                                    out-of-the-money bonds due 2018

Segment Summary

                           Q4 FY12 Q3 FY12 Sequential Comparison – Main
                                           Drivers
Manufacturing:                             Down 16.1% due to lower deliveries
                                         with higher average sales price
 Revenue
                           $306.2M $364.9M Up 100 bps due to operational
                                          efficiencies
                                  
 Gross margin                            Down due to timing of lease
                           11.8%   10.8%   syndications and customer
 Deliveries                              acceptance (560 cars) and change in
                           3,500   4,500   mix

Wheel Services,                          Down 4.8% due to lower wheel
Refurbishment & Parts                      volumes
                                  
 Revenue                                 Down 270 bps due to lower wheel
                           $119.1M $125.1M volumes, sales mix and repair labor
 Gross margin                            inefficiencies
                           8.1%    10.8%
                                           Up 3.4% due to increased volume of
Leasing & Services:                      leased cars

 Revenue                 $18.3M  $17.7M  Down 260 bps due to fewer railcars
                                           held for syndication resulting in
 Gross margin            47.6%   50.2%   less interim rent

 Lease FleetUtilization 93.5%   95.5%   Timing of lease commencement on
                                           certain fleet additions

Business Outlook

Given global economic and geopolitical uncertainty, Greenbrier currently has
less business visibility and more variability now than it had in fiscal 2012.
Based on current business trends and industry forecasts, management currently
anticipates the Company's new railcar deliveries in 2013 to be between 11,500
– 13,000 units. Approximately 7,300 of these units are in firm backlog as of
August 31, 2012, with the balance of deliveries expected to come from
additional orders received during the year. While the range of deliveries is
below the 15,000 deliveries for fiscal 2012, the Company anticipates the
product mix will include railcars with higher average selling prices.
Currently, management anticipates that at the upper end of the delivery
guidance range, fiscal 2013 revenue, adjusted EBITDA and earnings per share
will be similar to fiscal 2012, with the second half of the year being
stronger than the first half of the year.

Conference Call

Greenbrier will host a teleconference to discuss fourth quarter results. In
conjunction with this news release, Greenbrier has posted a supplemental
earnings presentation to our website. Teleconference details are as follows:

  oNovember 1, 2012
  o8:00 a.m. Pacific Daylight Time
  oPhone: 1-630-395-0143, Password: "Greenbrier"
  oReal-time Audio Access: ("Newsroom" at http://www.gbrx.com)

Please access the site 10 minutes prior to the start time. Following the
call, a webcast replay will be available for 30 days. Telephone replay will
be available through December 2, 2012 at 1-402-280-9982.

About Greenbrier Companies

Greenbrier, (www.gbrx.com), headquartered in Lake Oswego, Oregon, is a leading
supplier of transportation equipment and services to the railroad industry.
Greenbrier builds new railroad freight cars in its three manufacturing
facilities in the U.S. and Mexico and marine barges at its U.S. facility. It
also repairs and refurbishes freight cars and provides wheels and railcar
parts at 39 locations across North America. Greenbrier builds new railroad
freight cars and refurbishes freight cars for the European market through both
its operations in Poland and various subcontractor facilities throughout
Europe. Greenbrier owns approximately 11,000 railcars, and performs management
services for approximately 219,000 railcars.

"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995: This release may contain forward-looking statements, including
statements regarding expected new railcar production volumes and schedules,
expected customer demand for the Company's products and services, plans to
increase manufacturing capacity, new railcar delivery volumes and schedules,
growth in demand for the Company's railcar services and parts business, and
the Company's future financial performance. Greenbrier uses words such as
"anticipates," "believes," "forecast," "potential," "contemplates,"
"expects," "intends," "plans," "seeks," "estimates," "could," "would," "will,"
"may," "can," and similar expressions to identify forward-looking statements.
These forward-looking statements are not guarantees of future performance and
are subject to certain risks and uncertainties that could cause actual results
to differ materially from in the results contemplated by the forward-looking
statements. Factors that might cause such a difference include, but are not
limited to, reported backlog is not indicative of our financial results;
turmoil in the credit markets and financial services industry; high levels of
indebtedness and compliance with the terms of our indebtedness; write-downs of
goodwill, intangibles and other assets in future periods; sufficient
availability of borrowing capacity; fluctuations in demand for newly
manufactured railcars or failure to obtain orders as anticipated in developing
forecasts; loss of one or more significant customers; customer payment
defaults or related issues; actual future costs and the availability of
materials and a trained workforce; failure to design or manufacture new
products or technologies or to achieve certification or market acceptance of
new products or technologies; steel or specialty component price fluctuations
and availability and scrap surcharges; changes in product mix and the mix
between segments; labor disputes, energy shortages or operating difficulties
that might disrupt manufacturing operations or the flow of cargo; production
difficulties and product delivery delays as a result of, among other matters,
changing technologies, production of new railcar types, or non-performance of
subcontractors or suppliers; ability to obtain suitable contracts for the sale
of leased equipment and risks related to car hire and residual values;
difficulties associated with governmental regulation, including environmental
liabilities; integration of current or future acquisitions; succession
planning; all as may be discussed in more detail under the headings "Risk
Factors" and "Forward Looking Statements" in our Annual Report on Form 10-K
for the fiscal year ended August 31, 2011, and our other reports on file with
the Securities and Exchange Commission. Readers are cautioned not to place
undue reliance on these forward-looking statements, which reflect management's
opinions only as of the date hereof. Except as otherwise required by law, we
do not assume any obligation to update any forward-looking statements.

Adjusted EBITDA is not a financial measure under generally accepted accounting
principles (GAAP). We define Adjusted EBITDA as earnings attributable to
Greenbrier before loss on extinguishment of debt, interest and foreign
exchange, income tax expense, depreciation and amortization.Adjusted EBITDA
is a performance measurement tool commonly used by rail supply companies and
Greenbrier.You should not consider Adjusted EBITDA in isolation or as a
substitute for other financial statement data determined in accordance with
GAAP.In addition, because Adjusted EBITDA is not a measure of financial
performance under GAAP and is susceptible to varying calculations, the
Adjusted EBITDA measure presented may differ from and may not be comparable to
similarly titled measures used by other companies.

Economic EPS is not a financial measure under GAAP. Economic EPS is used to
measure the current economic impact of our Convertible Bonds due in 2018 that
have a conversion strike price of $38.05/share, which exceeds our current
stock price. We define Economic EPS as net earnings attributable to Greenbrier
divided by the sum of weighted average basic common shares outstanding, plus
the dilutive effect of warrants. This calculation excludes the dilutive
effect of the shares underlying the 2018 bonds under the "if converted"
method, which is included in the calculation of Diluted EPS. You should not
consider Economic EPS in isolation or as a substitute for other financial
statement data determined in accordance with GAAP.In addition, because
Economic EPS is not a measure of financial performance under GAAP and is
susceptible to varying calculations, the Economic EPS measure presented may
differ from and may not be comparable to similarly titled measures used by
other companies.



                                           THE GREENBRIER COMPANIES, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, unaudited)
                   August 31,  May 31,     February    November    August 31,
                                           29,        30,
                   2012        2012        2012        2011        2011
Assets
 Cash and cash   $         $         $         $         $  
equivalents        53,571     44,915     40,666     20,855     50,222
 Restricted cash 6,277       6,089       2,249       2,151       2,113
 Accounts        146,326     172,086     177,544     149,559     188,443
receivable, net
 Inventories     316,741     346,122     365,811     354,045     323,512
 Leased railcars 97,798      66,776      79,681      68,029      30,690
for syndication
 Equipment on
operating leases,  362,968     334,872     322,811     323,878     321,141
net
 Property, plant 182,429     172,729     165,700     159,671     161,200
and equipment, net
 Goodwill        137,066     137,066     137,066     137,066     137,066
 Intangibles and 81,368      84,693      85,155      84,187      87,268
other assets, net
                   $ 1,384,544 $ 1,365,348 $ 1,376,683 $ 1,299,441 $ 1,301,655
Liabilities and
Equity
 Revolving notes $         $         $          $         $  
                   60,755     71,430     101,446    80,679     90,339
 Accounts
payable and        329,508     323,977     340,328     311,519     316,536
accrued
liabilities
 Deferred income 95,363      88,514      89,623      87,395      83,839
taxes
 Deferred        17,194      17,872      1,230       5,724       5,900
revenue
 Notes payable   428,079     428,028     428,454     431,184     429,140
 Total equity    431,777     418,161     399,788     368,528     361,573
Greenbrier
 Noncontrolling  21,868      17,366      15,814      14,412      14,328
interest
 Total equity    453,645     435,527     415,602     382,940     375,901
                   $ 1,384,544 $ 1,365,348 $ 1,376,683 $ 1,299,441 $ 1,301,655



                             THE GREENBRIER COMPANIES, INC.
CONSOLIDATED STATEMENTS OF
INCOME
(In thousands, except per
share amounts)
                             Years Ended August 31,
                             2012              2011              2010
Revenue
Manufacturing                $ 1,253,964      $   721,102     $  295,566
Wheel Services,              481,865           452,865           388,434
Refurbishment & Parts
Leasing & Services           71,887            69,323            72,280
                             1,807,716         1,243,290         756,280
Cost of revenue
Manufacturing                1,122,384         661,127           268,395
Wheel Services,              433,541           405,449           344,522
Refurbishment & Parts
Leasing & Services           37,371            37,183            41,365
                             1,593,296         1,103,759         654,282
Margin                       214,420           139,531           101,998
Selling and administrative   104,596           80,326            69,931
Gain on disposition of       (8,964)           (8,369)           (8,170)
equipment
Special items                -                 -                 (11,870)
Earnings from operations     118,788           67,574            52,107
Other costs
 Interest and foreign      24,809            36,992            45,204
exchange
 Loss (gain) on            -                 15,657            (2,070)
extinguishment of debt
Earnings before income tax
and loss from
                             93,979            14,925            8,973
 unconsolidated
affiliates
Income tax benefit           (32,393)          (3,564)           959
(expense)
Earnings before loss from    61,586            11,361            9,932
unconsolidated affiliates
Loss from unconsolidated     (416)             (2,974)           (1,601)
affiliates
Net earnings                 61,170            8,387             8,331
Net earnings attributable    (2,462)           (1,921)           (4,054)
to noncontrolling interest
Net earnings attributable    $   58,708     $    6,466    $   
to Greenbrier                                                    4,277
Basic earnings per common    $      2.21  $      0.27  $    
share:                                                           0.23
Diluted earnings per common  $      1.91  $      0.24  $    
share:                                                           0.21
Weighted average common
shares:
Basic                        26,572            24,100            18,585
Diluted                      33,718            26,501            20,213



                                  THE GREENBRIER COMPANIES, INC.
CONSOLIDATED STATEMENTS OF CASH
FLOWS
(In thousands)
                                  Years Ended August 31,
                                  2012           2011            2010
Cash flows from operating
activities:
 Net earnings                  $   61,170  $    8,387  $   8,331
 Adjustments to reconcile net
earnings to net cash

  (used in) provided by
operating activities:
  Deferred income taxes       11,617         2,399           15,052
  Depreciation and            42,371         38,293          37,511
amortization
  Gain on sales of leased     (8,964)        (5,121)         (6,543)
equipment
 Accretion of debt discount  3,259          6,583           8,149
  Special items               -              -               (11,870)
 Loss (gain) on
extinguishment of debt (non-cash  -              8,453           (2,070)
portion)
  Other                       13,662         6,762           4,237
  Decrease (increase) in
assets:
 Accounts receivable     37,763         (96,552)        22,430
 Inventories             3,709          (116,866)       (45,212)
 Leased railcars for     (76,071)       (20,839)        759
syndication
 Other                   -              8,863           6,455
 Increase (decrease) in
liabilities:
 Accounts payable and    16,236         130,673         12,777
accrued liabilities
 Deferred revenue        11,304         (5,287)         (7,445)
 Net cash (used in) provided   116,056        (34,252)        42,561
by operating activities
Cash flows from investing
activities:
 Proceeds from sales of        33,560         18,730          22,978
equipment
 Investment in and advances to (506)          (2,330)         (927)
unconsolidated affiliates
 Contract placement fee        -              -               (6,050)
 Decrease (increase) in        (4,164         412             (1,442
restricted cash
 Capital expenditures          (117,885)      (84,302)        (38,989)
 Other                         48             (1,774          260
 Net cash used in investing    (88,947)       (69,264)        (24,170)
activities
Cash flows from financing
activities:
 Net changes in revolving
notes with maturities of 90 days  (57,302)       71,625          (11,934)
or less
 Proceeds from revolving notes
with maturities longer than 90    63,773         25,159          5,698
days
 Repayments of revolving notes
with maturities longer than 90    (33,934)       (10,000)        (5,698)
days
 Proceeds from issuance of     2,750          231,250         2,149
notes payable
 Debt issuance costs           -              (11,469)        (109)
 Repayments of notes payable   (7,070)        (311,360)       (38,267)
 Proceeds from equity offering -              63,180          56,250
 Expenses from equity offering -              (420)           (3,542)
 Excess tax benefit from       1,627          -               -
restricted stock awards
 Investment by joint venture   1,362          -               -
partner
 Other                         -              26              29
 Net cash provided by (used    (28,794)       57,991          4,576
in) financing activities
 Effect of exchange rate       5,034          (3,117)         (290)
changes
Increase (decrease) in cash and   3,349          (48,642)        22,677
cash equivalents
Cash and cash equivalents
Beginning of period               50,222         98,864          76,187
End of period                     $   53,571  $   50,222   $  98,864



                                            THE GREENBRIER COMPANIES, INC.
SUPPLEMENTAL INFORMATION
Quarterly Results of Operations (Unaudited)
(In thousands, except per share amounts)
Operating results by quarter for 2012 and 2011 are as
follows:
                      First      Second     Third      Fourth     Total
2012
Revenue
 Manufacturing      $         $         $         $       $ 
                      262,656    320,206    364,930    306,172    1,253,964
 Wheel Services,    117,749    119,894    125,145    119,077    481,865
Refurbishment & Parts
 Leasing & Services 17,794     18,086     17,722     18,285     71,887
                      398,199    458,186    507,797    443,534    1,807,716
Cost of revenue
 Manufacturing      236,188    290,851    325,424    269,921    1,122,384
 Wheel Services,    105,891    106,554    111,610    109,486    433,541
Refurbishment & Parts
 Leasing & Services 9,663      9,295      8,825      9,588      37,371
                      351,742    406,700    445,859    388,995    1,593,296
Margin                46,457     51,486     61,938     54,539     214,420
Selling and           23,235     24,979     28,784     27,598     104,596
administrative
Gain on disposition   (3,658)    (2,654)    (2,585)    (67)       (8,964)
of equipment
Earnings from         26,880     29,161     35,739     27,008     118,788
operations
Other costs
 Interest and       5,383      6,630      6,560      6,236      24,809
foreign exchange
Earnings before
income tax and
earnings
                      21,497     22,531     29,179     20,772     93,979
 (loss) from
unconsolidated
affiliates
Income tax expense    (7,797)    (5,348)    (8,655)    (10,593)   (32,393)
Earnings (loss) from
unconsolidated        (372)      72         201        (317)      (416)

 affiliates
Net earnings          13,328     17,255     20,725     9,862      61,170
Net (earnings) loss
attributable to
                      1,189      415        (1,608)    (2,458)    (2,462)
 Noncontrolling
interest
Net earnings          $        $        $        $      $   
attributable to       14,517     17,670     19,117      7,404    58,708
Greenbrier
Basic earnings per    $      $      $      $      $     
common share: ^(1)    0.57       0.66       0.71         0.27   2.21
Diluted earnings per  $      $      $      $      $     
common share: ^(2)    0.48       0.57       0.61         0.26   1.91

(1) Quarterly amounts do not total to the year to date amount as each period
    is calculated discretely.
    Quarterly amounts do not total to the year to date amount as each period
    is calculated discretely. Diluted earnings per common share includes the
(2) outstanding warrants using the treasury stock method and the dilutive
    effect of shares underlying the 2018 Convertible Notes using the "if
    converted" method in which debt issuance and interest costs, net of tax,
    were added back to net earnings.



                                             THE GREENBRIER COMPANIES, INC.
SUPPLEMENTAL INFORMATION
Quarterly Results of Operations (Unaudited)
(In thousands, except per share amounts)
                         First      Second   Third     Fourth     Total
2011
Revenue
 Manufacturing         $        $       $        $         $  721,102
                         85,440     156,621  173,487   305,554
 Wheel Services,       95,268     112,015  126,317   119,265    452,865
Refurbishment & Parts
 Leasing & Services    18,226     15,704   17,476    17,917     69,323
                         198,934    284,340  317,280   442,736    1,243,290
Cost of revenue
 Manufacturing         79,747     147,552  158,674   275,154    661,127
 Wheel Services,       86,411     101,413  111,202   106,423    405,449
Refurbishment & Parts
 Leasing & Services    9,120      8,725    9,254     10,084     37,183
                         175,278    257,690  279,130   391,661    1,103,759
Margin                   23,656     26,650   38,150    51,075     139,531
Selling and              17,938     17,693   22,580    22,115     80,326
administrative
Gain on disposition of   (2,510)    (1,961)  (1,678)   (2,220)    (8,369)
equipment
Earnings from operations 8,228      10,918   17,248    31,180     67,574
Other costs
 Interest and foreign  10,304     10,536   9,807     6,345      36,992
exchange
 Loss on               -          -        10,007    5,650      15,657
extinguishment of debt
Earnings (loss) before
income tax and
                         (2,076)    382      (2,566)   19,185     14,925
 loss from
unconsolidated
affiliates
Income tax benefit       611        (100)    301       (4,376)    (3,564)
(expense)
Loss from unconsolidated (587)      (575)    (539)     (1,273)    (2,974)
affiliates
Net earnings (loss)      (2,052)    (293)    (2,804)   13,536     8,387
Net earnings
attributable to
           (252)      (257)    (510)     (902)      (1,921)

 Noncontrolling
interest
Net earnings (loss)      $        $     $       $        $   
attributable to          (2,304)   (550)   (3,314)  12,634     6,466
Greenbrier
Basic earnings (loss)    $       $     $      $      $    
per common share: ^(1)   (0.11)    (0.02)   (0.14)   0.50       0.27
Diluted earnings (loss) $       $     $      $      $    
per common share: ^(2)   (0.11)    (0.02)   (0.14)   0.42       0.24

    Quarterly amounts do not total to the year to date amount as each period
(1) is calculated discretely. Unvested restricted stock awards are excluded
    from the per share calculation for the first, second and third quarters
    due to a net loss in each of those periods.2010 includes income of $11.
    Quarterly amounts do not total to the year to date amount as each period
    is calculated discretely. The dilutive effect of warrants is excluded from
    per share calculations for the first, second and third quarters due to net
(2) losses for those periods. The fourth quarter diluted earnings per common
    share includes the outstanding warrants using the treasury stock method
    and the dilutive effect of shares underlying the 2018 Convertible Notes
    using the "if converted" method in which debt issuance and interest costs,
    net of tax, were added back to net earnings.



                                     THE GREENBRIER COMPANIES, INC.
SUPPLEMENTAL INFORMATION
Reconciliation of Net Earnings attributable to Greenbrier to Adjusted EBITDA
^(1)
(In thousands, unaudited)
                                     Three Months Ended    Year Ended

                                     August 31,            August 31,
                                     2012        2011      2012       2011
Net earnings attributable to         $        $      $        $   
Greenbrier                           7,404       12,634    58,708    6,466
Loss on extinguishment of debt       -           5,650     -          15,657
Interest and foreign exchange        6,236       6,345     24,809     36,992
Income tax expense                   10,593      4,376     32,393     3,564
Depreciation and amortization        11,768      10,119    42,371     38,293
Adjusted EBITDA                      $         $      $        $  
                                     36,001      39,124    158,281    100,972

    Adjusted ^ EBITDA is not a financial measure under generally accepted
    accounting principles (GAAP). We define Adjusted EBITDA as earnings
    attributable to Greenbrier before loss on extinguishment of debt, interest
    and foreign exchange, income tax expense, depreciation and
    amortization.Adjusted EBITDA is a performance measurement tool commonly
(1) used by rail supply companies and Greenbrier.You should not consider
    Adjusted EBITDA in isolation or as a substitute for other financial
    statement data determined in accordance with GAAP.In addition, because
    Adjusted EBITDA is not a measure of financial performance under GAAP and
    is susceptible to varying calculations, the Adjusted EBITDA measure
    presented may differ from and may not be comparable to similarly titled
    measures used by other companies.



                                            Three Months       Year Ended
                                            Ended
                                                               August 31, 2012
                                            August 31, 2012
Backlog Activity (units)
Beginning backlog                           11,500             15,400
Orders received                             2,900              11,200
Production held as Leased railcars for      (300)              (2,700)
syndication
Production sold directly to third parties   (3,400)            (13,200)
Ending backlog                              10,700             10,700
Delivery Information (units)
Production sold directly to third parties   3,400              13,200
Sales of Leased railcars for syndication    100                1,800
Total deliveries                            3,500              15,000



                                  THE GREENBRIER COMPANIES, INC.
SUPPLEMENTAL INFORMATION
Calculation of Diluted Earnings
Per Share
(In thousands, except per share amounts, unaudited)
The shares used in the computation of the Company's basic and diluted earnings
per common share are reconciled as follows:
                                  Three Months Ended         Year Ended

                                  August 31,                 August 31,
                                  2012           2011        2012      2011
Weighted average basic common     27,148         25,177      26,572    24,100
shares outstanding ^(1)
Dilutive effect of warrants       756            2,340       1,101     2,401
Dilutive effect of convertible    6,045          6,045       6,045     -
notes ^(2)
Weighted average diluted common   33,949         33,562      33,718    26,501
shares outstanding

    Restricted stock grants are treated as outstanding when issued and are
(1) included in weighted average basic common shares outstanding when the
    Company is in a net earnings position.
    In 2012 and for the three months ended August 31, 2011, the shares
    underlying the dilutive effect of the 2018 Convertible notes are included
    as they were considered dilutive under the "if converted" method. For the
    year ended August 31, 2011, the dilutive effect of the shares underlying
(2) the 2018 Convertible Notes was excluded from the share calculation as it
    was the less dilutive of two approaches described below. The dilutive
    effect of the 2026 Convertible notes was excluded from the share
    calculations as the stock price for each year presented was less than the
    initial conversion price of $48.05 and is therefore considered
    anti-dilutive.

Diluted EPS was calculated using the more dilutive of two approaches. The
first approach includes the dilutive effect of outstanding warrants and shares
underlying the 2026 Convertible notes in the share count using the treasury
stock method. The second approach supplements the first by including the "if
converted" effect of the 2018 Convertible notes issued in March 2011. Under
the "if converted method" debt issuance and interest costs, both net of tax,
associated with the convertible notes are added back to net earnings and the
share count is increased by shares underlying the convertible notes. The 2026
Convertible notes would only be included in the calculation of both approaches
if the current stock price is greater than the initial conversion price of
$48.05 using the treasury stock method.

                            Three Months Ended        Year Ended

                            August 31,                August 31,
                            2012         2011         2012         2011
 Net earnings attributable  $         $  12,634  $  58,708  $   
 to Greenbrier              7,404                                  6,466
 Add back:
 Interest and debt issuance
 costs on the
                            1,416        1,376        5,677        n/a
  2018 Convertible notes,
 net of tax
 Earnings before interest
 and debt issuance    $   
                            8,820        $  14,010  $  64,385  n/a
 costs on convertible
 notes
 Weighted average diluted   33,949       33,562       33,718       26,501
 common shares outstanding
 Diluted earnings per       $ 0.26  $ 0.42 ^  $  1.91    $   0.24
 share^(1)                  ^

(1) Diluted earnings per share was calculated as follows:
    Earnings before interest and debt issuance costs on convertible notes or
    Net earnings attributable to Greenbrier
    Weighted average diluted common shares outstanding



                                 THE GREENBRIER COMPANIES, INC.
SUPPLEMENTAL INFORMATION
Reconciliation of Basic Earnings Per Share to Economic Earnings Per Share
^(1)
(In thousands, except per share amounts, unaudited)
The shares used in the computation of the Company's basic and economic
earnings per common share are reconciled as follows:
                                 Three Months Ended             Year Ended
                                 August 31,     May 31,         August 31,

                                 2012           2012            2012
Weighted average basic common    27,148         26,981          26,572
shares outstanding
Dilutive effect of warrants      756            836             1,101
Weighted average economic
diluted common shares            27,904         27,817          27,673
outstanding
Net earnings attributable to     $          $   19,117   $   58,708
Greenbrier                       7,404
Economic earnings per share      $         $           $    
                                 0.27           0.69           2.12

    ^Economic EPS is not a financial measure under GAAP. Economic EPS is
    used to measure the current economic impact of our Convertible Bonds due
    in 2018 that have a conversion strike price of $38.05/share, which exceeds
    our current stock price. We define Economic EPS as net earnings
    attributable to Greenbrier divided by the sum of weighted average basic
    common shares outstanding, plus the dilutive effect of warrants. This
(1) calculation excludes the dilutive effect of the shares underlying the 2018
    bonds under the "if converted" method, which is included in the
    calculation of Diluted EPS. You should not consider Economic EPS in
    isolation or as a substitute for other financial statement data determined
    in accordance with GAAP.In addition, because Economic EPS is not a
    measure of financial performance under GAAP and is susceptible to varying
    calculations, the Economic EPS measure presented may differ from and may
    not be comparable to similarly titled measures used by other companies.





SOURCE The Greenbrier Companies, Inc. (GBX)

Website: http://www.gbrx.com
Contact: Mark Rittenbaum, +1-503-684-7000