RailAmerica, Inc. Reports October 2012 Carloads
JACKSONVILLE, Fla., Nov. 13, 2012
JACKSONVILLE, Fla., Nov. 13, 2012 /PRNewswire/ -- RailAmerica today reported
that its total freight carloads for the month ended October 31, 2012 were
75,833, up 6.2% from 71,418 in October 2011.
On October 1, 2012, RailAmerica, Inc. (RailAmerica) was acquired by Genesee &
Wyoming Inc. (GWI) (NYSE: GWR) and simultaneously deregistered its common
stock and delisted from the New York Stock Exchange. Immediately following
the closing of the acquisition, control of RailAmerica was placed into a
voting trust with R. Lawrence McCaffrey appointed as trustee. The voting
trust will remain in effect until the STB issues its decision on the Company's
application to control RailAmerica's railroads. Based on the Company's
application and the statutory STB review periods for minor transactions, the
STB decision could be issued as early as the fourth quarter of 2012 or as late
as the first quarter of 2013.
For the pendency of the trust, GWI will account for its ownership of
RailAmerica under the equity method of accounting and RailAmerica will
continue to report its carloadings independent of those of GWI. This press
release is posted on RailAmerica's website, www.railamerica.com. GWI's carload
press release can be found on www.gwrr.com.
The Company increased shipments in October 2012 in seven out of twelve
commodity groups compared to October 2011. The largest increases were in
Agricultural Products, Chemicals and Other. Agricultural Products were up in
all regions with particular strength in the West and Midwest regions.
Chemicals increased primarily due to higher shipments in the Midwest and West
regions. Shipments in the Other category were up in all regions, other than
the West region, which was slightly down. The Other category includes crude
oil, which accounted for a large portion of the increase compared to October
The largest declines were in Coal, Metallic Ores and Metals, and Waste and
Scrap Materials. Metallic Ores and Metals shipments declined primarily due to
reduced metals shipments in the Northeast region. Coal decreased primarily
due to lower shipments in the Central region. Waste and Scrap Materials
declined primarily due to lower volumes in the Southeast, Northeast and
October 2012 carloads include 1,415 carloads from acquisitions. On a "same
railroad" basis, carloads increased 4.2%.
RailAmerica, Inc. owns and operates short-line and regional freight railroads
in North America, operating a portfolio of 45 individual railroads with
approximately 7,500 miles of track in 28 U.S. states and three Canadian
Carload Comparisons by Commodity Group
Month Ended October 31, 2012 and 2011, respectively
Commodity Group 2012 2011 % Chg
Agricultural Products 14,824 10,555 40.4%
Coal 10,818 13,926 -22.3%
Chemicals 8,443 7,346 14.9%
Non-Metallic Minerals and Products 7,237 7,367 -1.8%
Pulp, Paper & Allied Products 5,830 4,899 19.0%
Forest Products 5,013 4,016 24.8%
Food or Kindred Products 4,734 4,889 -3.2%
Metallic Ores and Metals 4,663 6,388 -27.0%
Waste & Scrap Materials 4,372 5,483 -20.3%
Other 3,956 2,447 61.7%
Petroleum 3,815 2,762 38.1%
Motor Vehicles 2,128 1,340 58.8%
TOTAL 75,833 71,418 6.2%
Less WCOR and MQTR* (1,415)
Same Railroad 74,418 71,418 4.2%
* Wellsboro and Corning Railroad (WCOR), and Marquette Railroad (MQTR).
Represents 100% of WCOR carloads, which is 70% owned by RailAmerica.
** October 2012 carloads exclude 66 carloads from WCOR that are eliminated as
part of an intercompany transaction between WCOR and TransRail North America,
a transload entity.
SOURCE RailAmerica, Inc.
Contact: Donia Crime, +1-904-645-6200, Cell, +1-404-271-1437
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