American Railcar Industries, Inc. Reports Another Record Quarter and a Record Year of Earnings

American Railcar Industries, Inc. Reports Another Record Quarter and a Record
Year of Earnings

Board of Directors Declares a $0.25 Dividend Payable in March

Fourth Quarter 2012 Highlights

  *Revenues of $207.7 million were the highest quarterly revenues since Q3 of
    2008
  *Adjusted EBITDA of $48.0 million was a quarterly record
  *Net earnings of $24.5 million, or $1.14 per share, were a quarterly record
  *Railcar shipments were approximately 2,000 railcars, including 390
    railcars to leasing customers
  *Secured $199.8 million of lease fleet financing with attractive interest
    rates

ST. CHARLES, Mo., Feb. 20, 2013 (GLOBE NEWSWIRE) -- American Railcar
Industries, Inc. (ARI or the Company) (Nasdaq:ARII) today reported its fourth
quarter 2012 financial results. "We are pleased with our record financial
performance, operating results and ability to leverage our growing fleet of
leased railcars with financing at attractive terms," said James Cowan,
President and CEO of ARI. "The shipments for tank railcars remained strong,
which provided us with a favorable sales mix during the quarter. Strong tank
railcar volumes generated operational leverage and efficiencies that were
partially offset by lower shipments of hopper railcars. During the quarter we
received orders for 1,430 railcars, resulting in a backlog of 7,060 railcars."

Fourth Quarter Results

Consolidated revenues for the fourth quarter of 2012 were $207.7 million, up
6% when compared to the $196.8 million for the fourth quarter of 2011. The
increase in revenues was primarily due to an increase in revenues for the
manufacturing and leasing segments.

Manufacturing segment revenues were $236.5 million for the fourth quarter of
2012, an increase of 14% over the $207.9 million for the fourth quarter of
2011. The primary reason for the increase was a shift in the sales mix to more
tank railcars, partially offset by a decrease in the volume of hopper railcar
shipments. Manufacturing segment revenues for the fourth quarter of 2012
included estimated revenues of $49.2 million related to railcars built for the
Company's lease fleet, compared to estimated revenues of $26.0 million in the
fourth quarter of 2011. Such revenues are based on an estimated fair market
value of the leased railcars as if they had been sold to a third party, and
are eliminated in consolidation. Revenues for railcars built for the Company's
lease fleet are not recognized in consolidated revenues as a railcar sale, but
are recognized over the term of the lease in accordance with the monthly lease
revenues. Railcars built for the lease fleet represented 20% of ARI's railcar
shipments during the fourth quarter of 2012 compared to 12% for the same
period in 2011.

Leasing segment revenues were $5.1 million for the fourth quarter of 2012, an
increase of $4.7 million over the $0.4 million for the fourth quarter of 2011.
The primary reason for the increase in revenue was an increase in the number
of railcars on lease. We had approximately 2,590 railcars in the Company's
lease fleet at the end of 2012, compared to approximately 490 railcars at the
end of 2011.

Consolidated earnings from operations for the fourth quarter of 2012 set a
quarterly record of $41.3 million, an increase of 185% over the $14.5 million
for the same period in 2011. Operating margins were 20% for the fourth quarter
of 2012 compared to 7% for the comparable quarter of 2011. The increase in
consolidated earnings was primarily due to an increase in manufacturing
earnings from operations. Manufacturing earnings from operations were $47.0
million for the fourth quarter of 2012 compared to $24.5 million for the same
period in 2011. This increase was due primarily to a higher mix of tank
railcars as well as operating leverage and efficiencies achieved as a result
of strong tank railcar production volumes, partially offset by lower hopper
railcar shipments. The Company also continued to benefit from cost savings
achieved by the vertical integration projects put in place during the past
several years. Manufacturing earnings from operations for the fourth quarter
of 2012 included $7.1 million of estimated profit on railcars built for the
Company's lease fleet, which is eliminated in consolidation and is based on an
estimated fair market value of revenues as if the railcars had been sold to a
third party, less the cost to manufacture.

Adjusted EBITDA, which excludes stock based compensation and other income on
short-term investments, was a quarterly record of $48.0 million for the fourth
quarter of 2012, compared to $23.7 million for the fourth quarter of 2011.
Stock based compensation expense was $0.9 million for the fourth quarter of
2012, compared to $4.7 million for the same period in 2011. Stock based
compensation fluctuates with changes in the Company's stock price. Other
income on short-term investments was $1.9 million in the fourth quarter of
2012, as the Company sold approximately 70% of the investment it held in
Greenbrier stock. In January 2013, the Company sold its remaining position in
Greenbrier stock.

Interest expense was $3.1 million for the fourth quarter of 2012 compared to
$5.1 million for the same period in 2011. The $2.0 million decrease was
primarily the result of the Company's redemption of $100.0 million of its 7.5%
senior unsecured notes due in 2014 (the Notes). The Company has announced the
redemption of the remaining $175 million of outstanding Notes on March 1,
2013.

The effective tax rate for the fourth quarter of 2012 was 39.3% compared to
46.2% for the same period in 2011. The effective tax rate decrease in 2012
compared to 2011 was primarily attributable to significantly higher earnings
before income taxes in 2012.

Net earnings for the fourth quarter of 2012 were a quarterly record of $24.5
million, or $1.14 per share; compared to $5.1 million, or $0.24 per share, for
the fourth quarter of 2011 as a result of strong manufacturing earnings and
higher profits from leasing.

2012 Full Year Highlights

  *Record adjusted EBITDA of $149.5 million
  *Record operating margins of 17%
  *Record net earnings of $63.8 million, or $2.99 per share

2012 Results

Consolidated revenues for 2012 were $711.7 million compared to $519.4 million
in 2011. The increase in revenues was primarily due to an increase in
manufacturing segment revenues. The Company shipped approximately 7,880
railcars, including approximately 2,100 railcars to leasing customers, during
2012, which was 51% higher than the approximately 5,230 railcars shipped
during 2011, of which approximately 350 were to leasing customers.

Manufacturing segment revenues were $853.0 million for 2012 compared to $488.8
million for 2011. The primary reasons for the increase include a shift in the
sales mix to more tank railcars and increased volumes of shipments. The
increase in shipments included railcars shipped for our leasing business.
Manufacturing segment revenues for 2012 included estimated revenues of $219.5
million relating to railcars built for the lease fleet, compared to $35.7
million in the comparable period in 2011. As noted above, such revenues are
eliminated in consolidation. Railcars built for the lease fleet represented
over 26% of ARI's railcar shipments in 2012 compared to 7% for 2011.

Leasing segment revenues were $13.4 million for 2012 compared to $1.1 million
for 2011. The primary reason for the increase in revenue was an increase in
the number of railcars on lease, as described above.

Consolidated earnings from operations for 2012 were $121.4 million and up
substantially from $32.7 million in 2011. Operating margins were 17% in 2012
compared to 6% in 2011. The increase in consolidated earnings was primarily
due to an increase in manufacturing earnings from operations. Manufacturing
earnings from operations were $156.0 million in 2012 compared to $40.9 million
in 2011. This increase was due predominately to improved sales mix, increased
volumes, and operating leverage and efficiencies as a result of strong
production volumes. The Company also continued to benefit from cost savings
achieved by the vertical integration projects put in place during the past
several years. The increase in volumes included railcars produced for our
leasing business. Manufacturing earnings from operations in 2012 included
$35.7 million of profit on railcars built for the lease fleet that is
eliminated in consolidation.

The Company recorded a $0.5 million loss from joint ventures in 2012 compared
to a loss of $7.9 million in 2011. The improvement was due largely to
increased production levels at our castings and axle manufacturing joint
ventures in 2012 compared to 2011.

Adjusted EBITDA was $149.5 million in 2012, and almost three times the $50.5
million in 2011. Stock based compensation expense was $4.7 million in 2012,
compared to $3.5 million in 2011. Other income on short-term investments was
$1.9 million in 2012, as the Company sold approximately 70% of the investment
it held in Greenbrier stock.

Net earnings in 2012 were $63.8 million, or $2.99 per share, compared to $4.3
million, or $0.20 per share, in 2011.

Backlog

At December 31, 2012, the Company's backlog consisted of approximately 5,250
railcars to be manufactured for direct sale and 1,810 railcars to be
manufactured for lease. The estimated market value of the direct sale and
lease railcars was $662.8 million and $227.0 million, respectively.

Cash Flow and Liquidity

The Company's record earnings have contributed to strong cash flow from
operations. Cash flow from operations for 2012 was $121.4 million, which
helped to fund the growth of the Company's lease fleet. As of December 31,
2012, the Company's lease fleet was approximately 2,590 railcars. In December,
the Company finalized a financing of approximately $199.8 million in a delayed
draw facility that is secured by certain assets of its railcar leasing
business (Lease Fleet Financing). In conjunction with finalizing the Lease
Fleet Financing, $100.0 million was drawn on the facility with availability to
draw up to an additional $99.8 million by May 15, 2013, subject to the terms
and conditions of the loan, including the sufficiency of the Company's lease
fleet borrowing base. Using our existing cash balance and availability under
the Lease Fleet Financing, the Company delivered notice that it will redeem
the remaining $175.0 million of outstanding Notes. The Notes will be redeemed
at par plus accrued and unpaid interest on March 1, 2013.

The Company also paid a dividend of $0.25 per share of common stock of ARI,
approximately $5.3 million, in December. At the board meeting in February, the
Company's board of directors declared a cash dividend of $0.25 per share of
common stock of the Company to shareholders of record as of March 18, 2013
that will be paid on March 28, 2013.

Segment and Non-GAAP Financial Measures

A reconciliation of the Company's segment revenues and earnings (loss) from
operations, used for corporate management and resource allocation purposes, to
the consolidated revenues and earnings (loss) from operations is set forth in
the supplemental disclosure attached to this press release. A reconciliation
of the Company's net earnings to EBITDA and Adjusted EBITDA (both non-GAAP
financial measures) is set forth in the supplemental disclosure attached to
this press release.

Conference Call and Webcast

ARI will host a webcast and conference call on Thursday, February 21, 2013 at
10:00 am (Eastern Time) to discuss the Company's fourth quarter 2012 financial
results. To participate in the webcast, please log-on to ARI's investor
relations page through the ARI website at www.americanrailcar.com. To
participate in the conference call, please dial 877-745-9389. Participants are
asked to log-on to the ARI website or dial in to the conference call
approximately 10 to 15 minutes prior to the start time. An audio replay of the
call will also be available on the Company's website promptly following the
earnings call.

About ARI

ARI is a leading North American designer and manufacturer of hopper and tank
railcars. ARI and its subsidiaries lease railcars manufactured by the Company
to certain markets. In addition, ARI repairs and refurbishes railcars,
provides fleet management services and designs and manufactures certain
railcar and industrial components. ARI provides its railcar customers with
integrated solutions through a comprehensive set of high quality products and
related services. More information about American Railcar Industries, Inc. is
available on its website at www.americanrailcar.com.

Forward Looking Statement Disclaimer

This press release contains statements relating to expected financial
performance and/or future business prospects, events and plans that are
forward-looking statements. Forward-looking statements represent the Company's
estimates and assumptions only as of the date of this press release. Such
statements include, without limitation, statements regarding customer demand
for the Company's products, the Company's strategic objectives and long-term
strategies, the growth of the Company's leasing business, anticipated future
production rates, the Company's plans regarding future dividends, the
Company's joint ventures, the Company's backlog and any implication that the
Company's backlog may be indicative of future revenues. These forward-looking
statements are subject to known and unknown risks and uncertainties that could
cause actual results to differ materially from the results described in or
anticipated by the Company's forward-looking statements. The payment of future
dividends, if any, and the amount thereof, will be at the discretion of ARI's
board of directors and will depend upon the Company's operating results,
strategic plans, capital requirements, financial condition, provisions of its
borrowing arrangements, applicable law and other factors the Company's board
of directors considers relevant. Other potential risks and uncertainties
include, among other things: the impact of an economic downturn, adverse
market conditions and restricted credit markets; ARI's reliance upon a small
number of customers that represent a large percentage of revenues and backlog;
the health of and prospects for the overall railcar industry; prospects in
light of the cyclical nature of the railcar manufacturing business and the
current economic environment; anticipated trends relating to shipments,
leasing, railcar services, revenues, financial condition or results of
operations; the Company's ability to manage overhead and variations in
production rates; the highly competitive nature of the railcar manufacturing
industry; fluctuating costs of raw materials, including steel and railcar
components and delays in the delivery of such raw materials and components;
fluctuations in the supply of components and raw materials that ARI uses in
railcar manufacturing; anticipated production schedules for products and the
anticipated financing needs, construction and production schedules of ARI's
joint ventures; the risks associated with potential joint ventures, potential
acquisitions or new business endeavors; the implementation, integration with
other systems or ongoing management of the Company's new enterprise resource
planning system; the international economic and political risks related to
ARI's joint ventures' current and potential international operations; the risk
of the lack of acceptance of new railcar offerings by ARI's customers and the
risk of initial production costs for the Company's new railcar offerings being
significantly higher than expected; the sufficiency of the Company's liquidity
and capital resources; the conversion of ARI's railcar backlog into revenues;
compliance with covenants contained in the Company's Lease Fleet Financing;
the impact and anticipated benefits of any acquisitions ARI may complete; the
impact and costs and expenses of any litigation ARI may be subject to now or
in the future; the ongoing benefits and risks related to the Company's
relationship with Mr. Carl Icahn (the chairman of the Company's board of
directors and, through his holdings of Icahn Enterprises L.P., the Company's
principal beneficial stockholder) and certain of his affiliates; and the
additional risk factors described in ARI's filings with the Securities and
Exchange Commission. The Company expressly disclaims any duty to provide
updates to any forward-looking statements made in this press release, whether
as a result of new information, future events or otherwise.


AMERICAN RAILCAR INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts)
                                                                  
                                                        December 31,
                                                        2012       2011
Assets                                                             
Current assets:                                                    
Cash and cash equivalents                                $205,045 $307,172
Short-term investments - available for sale securities   12,557    --
Accounts receivable, net                                 36,100    33,626
Accounts receivable, due from related parties            3,539     6,106
Income taxes receivable                                  --        4,074
Inventories, net                                         110,075   95,827
Deferred tax assets                                      4,114     3,203
Prepaid expenses and other current assets                3,917     4,539
Total current assets                                     375,347   454,547
                                                                  
Property, plant and equipment, net                       155,893   155,643
Railcars on operating lease, net                         220,282   38,599
Deferred debt issuance costs                             2,374     1,335
Interest receivable, due from related parties            --        292
Goodwill                                                 7,169     7,169
Investments in and loans to joint ventures               44,536    45,122
Other assets                                             4,157     1,063
Total assets                                             $809,758 $703,770
                                                                  
Liabilities and Stockholders' Equity                               
Current liabilities:                                               
Accounts payable                                         $64,971  $62,318
Accounts payable, due to related parties                 2,831     800
Accrued expenses and taxes                               8,432     5,879
Accrued compensation                                     17,940    14,446
Accrued interest expense                                 4,465     6,875
Short-term debt, including current portion of long-term  2,755     --
debt
Total current liabilities                                101,394   90,318
                                                                  
Long-term debt, net of current portion                   272,245   275,000
Deferred tax liability                                   53,466    14,923
Pension and post-retirement liabilities                  9,518     9,280
Other liabilities                                        3,670     4,080
Total liabilities                                        440,293   393,601
                                                                  
Stockholders' equity:                                              
Common stock, $0.01 par value, 50,000,000 shares
authorized, 21,352,297 shares issued and outstanding as  213       213
of December 31, 2012 and 2011
Additional paid-in capital                               239,609   239,609
Retained earnings                                        130,030   71,545
Accumulated other comprehensive loss                     (387)     (1,198)
Total stockholders' equity                               369,465   310,169
Total liabilities and stockholders' equity               $809,758 $703,770


AMERICAN RAILCAR INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts, unaudited)
                                                                
                                                   For the Three Months Ended
                                                   December 31,
                                                   2012          2011
                                                   
Revenues:                                                        
Manufacturing (including revenues from affiliates
of $42,820 and $9 for the three months ended        $187,274    $181,832
December 31, 2012 and 2011, respectively)
Railcar leasing                                     5,129        427
Railcar services (including revenues from
affiliates of $4,584 and $5,681 for the three       15,277       14,586
months ended December 31, 2012 and 2011,
respectively)
Total revenues                                      207,680      196,845
                                                                
Cost of revenues:                                                
Manufacturing                                      (145,576)    (159,762)
Railcar leasing                                     (1,710)      (336)
Railcar services                                    (12,534)     (12,106)
Total cost of revenues                              (159,820)    (172,204)
Gross profit                                        47,860       24,641
                                                                
Selling, general and administrative (including
costs to a related party of $145 and $146 for the   (6,543)      (10,169)
three months ended December 31, 2012 and 2011,
respectively)
Earnings from operations                            41,317       14,472
                                                                
Interest income (including income from related
parties of $701 and $728 for the three months ended 706          789
December 31, 2012 and 2011, respectively)
Interest expense                                    (3,135)      (5,148)
Other income (loss) (including income from a
related party of $5 for both the three months ended 1,868        (34)
December 31, 2012 and 2011)
Loss from joint ventures                            (482)        (659)
Earnings before income taxes                        40,274       9,420
Income tax expense                                  (15,826)     (4,350)
Net earnings                                        $24,448     $5,070
                                                                
Net earnings per common share - basic and diluted   $1.14       $0.24
Weighted average common shares outstanding - basic  21,352       21,352
and diluted
                                                                

AMERICAN RAILCAR INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
                                                                  
                                                        For the Year Ended
                                                        December 31,
                                                        2012       2011
                                                        
Revenues:                                                          
Manufacturing (including revenues from affiliates of
$103,679 and $1,230 for the year ended December 31, 2012 $633,547 $453,092
and 2011, respectively)
Railcar leasing                                          13,444    1,075
Railcar services (including revenues from affiliates of
$21,442 and $24,730 for the year ended December 31, 2012 64,732    65,218
and 2011, respectively)
Total revenues                                           711,723   519,385
                                                                  
Cost of revenues:                                                  
Manufacturing                                           (506,083) (410,308)
Railcar leasing                                          (5,906)   (682)
Railcar services                                         (51,383)  (50,599)
Total cost of revenues                                   (563,372) (461,589)
                                                                  
Gross profit                                             148,351   57,796
                                                                  
Selling, general and administrative (including costs to
a related party of $586 and $582 for the year ended      (26,931)  (25,047)
December 31, 2012 and 2011, respectively)
Earnings from operations                                 121,420   32,749
                                                                  
Interest income (including income from related parties
of $2,902 and $2,839 for the year ended December 31,     3,003     3,654
2012 and 2011, respectively)
Interest expense                                         (17,765)  (20,291)
Loss on debt extinguishment                              (2,267)   --
Other income (loss) (including income from a related
party of $15 and $16 for the year ended December 31,     1,905     (10)
2012 and 2011, respectively)
Loss from joint ventures                                 (451)     (7,900)
Earnings before income taxes                             105,845   8,202
Income tax expense                                       (42,022)  (3,866)
Net earnings                                             $63,823  $4,336
                                                                  
Net earnings per common share - basic and diluted        $2.99    $0.20
Weighted average common shares outstanding - basic and   21,352    21,352
diluted
                                                                  

AMERICAN RAILCAR INDUSTRIES, INC. AND SUBSIDIARIES
SEGMENT DATA
(In thousands, unaudited)
                                                                      
              Revenues                            Earnings (Loss) from Operations
              External  Intersegment Total      External  Intersegment Total
For the Three
Months Ended                                                           
December 31,
2012
Manufacturing $187,274 $49,232     $236,506 $39,931  $7,082      $47,013
Railcar        5,129     --          5,129     3,377     10           3,387
Leasing
Railcar        15,277    54           15,331    2,024     (3)          2,021
Services
Corporate      --       --          --       (4,015)   --          (4,015)
Eliminations   --       (49,286)     (49,286)  --       (7,089)      (7,089)
Total          $207,680 $--        $207,680 $41,317  $--        $41,317
Consolidated
For the Three
Months Ended                                                           
December 31,
2011
Manufacturing $181,832 $26,041     $207,873 $19,820  $4,633      $24,453
Railcar        427       --          427       51        20           71
Leasing
Railcar        14,586    68           14,654    1,841     29           1,870
Services
Corporate      --       --          --       (7,240)   --          (7,240)
Eliminations   --       (26,109)     (26,109)  --       (4,682)      (4,682)
Total          $196,845 $--        $196,845 $14,472  $--        $14,472
Consolidated
For the Year
Ended December                                                         
31, 2012
Manufacturing $633,547 $219,499    $853,046 $120,623 $35,362     $155,985
Railcar        13,444    --          13,444    7,371     29           7,400
Leasing
Railcar        64,732    495          65,227    10,718    (99)         10,619
Services
Corporate      --       --          --       (17,292)  --          (17,292)
Eliminations   --       (219,994)    (219,994) --       (35,292)     (35,292)
Total          $711,723 $--        $711,723 $121,420 $--        $121,420
Consolidated
For the Year
Ended December                                                         
31, 2011
Manufacturing $453,092 $35,658     $488,750 $36,075  $4,860      $40,935
Railcar        1,075     --          1,075     239       20           259
Leasing
Railcar        65,218    285          65,503    12,476    19           12,495
Services
Corporate      --       --          --       (16,041)  --          (16,041)
Eliminations   --       (35,943)     (35,943)  --       (4,899)      (4,899)
Total          $519,385 $--        $519,385 $32,749  $--        $32,749
Consolidated
                                                                      

AMERICAN RAILCAR INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
                                                                  
                                                        For the Year Ended
                                                        December 31,
                                                        2012       2011
Operating activities:                                              
Net earnings                                             $63,823  $4,336
                                                                  
Adjustments to reconcile net earnings to net cash                  
provided by operating activities:
Depreciation                                             23,850    22,167
Amortization of deferred costs                           605       699
Loss on disposal of property, plant and equipment        37        171
Stock-based compensation                                 4,668     3,537
Change in interest receivable, due from related parties  292       (105)
Loss from joint ventures                                 451       7,900
Provision for deferred income taxes                      37,113    6,533
Adjustment to provision for losses on accounts           90        (22)
receivable
Item related to investing activities:                              
Realized gain on sale of short-term investments -        (1,863)   --
available for sale securities
Item related to financing activities:                              
Loss on debt extinguishment                              2,267     --
Changes in operating assets and liabilities:                       
Accounts receivable, net                                 (2,568)   (12,616)
Accounts receivable, due from related parties            2,588     (1,170)
Income taxes receivable                                  4,057     10,590
Inventories, net                                         (14,224)  (45,813)
Prepaid expenses and other current assets                621       (1,885)
Accounts payable                                         2,653     32,988
Accounts payable, due to related parties                 2,031     525
Accrued expenses and taxes                               (2,135)   207
Other                                                    (2,978)   81
Net cash provided by operating activities                121,378   28,123
Investing activities:                                              
Purchases of property, plant and equipment               (19,962)  (6,202)
Capital expenditures - leased railcars                   (185,918) (29,444)
Proceeds from the sale of property, plant and equipment  259       122
Purchase of short-term investments - available for sale  (40,334)  --
securities
Proceeds from sale of short-term investments - available 31,506    --
for sale securities
Proceeds from the repayments of loans by joint ventures  1,908     775
Investments in and loans to joint ventures               (1,856)   (5,711)
Net cash used in investing activities                    (214,397) (40,460)
Financing activities:                                              
Repayment of long-term debt                              (100,000) --
Proceeds from long-term debt                             100,000   --
Premium on debt redemption                               (1,875)   --
Payment of common stock dividends                        (5,338)   --
Debt issuance costs                                      (1,917)   --
Proceeds from stock option exercises                     --        756
Net cash (used in) provided by financing activities      (9,130)   756
Effect of exchange rate changes on cash and cash         22        (5)
equivalents
Decrease in cash and cash equivalents                    (102,127) (11,586)
Cash and cash equivalents at beginning of period         307,172   318,758
Cash and cash equivalents at end of period               $205,045 $307,172
                                                                  

AMERICAN RAILCAR INDUSTRIES, INC. AND SUBSIDIARIES
RECONCILIATION OF NET EARNINGS TO EBITDA AND ADJUSTED EBITDA
(In thousands, unaudited)
                             For the Three Months Ended For the Year Ended
                             December 31,                December 31,
                             2012          2011          2012       2011
                                                                 
                                                                 
Net earnings                  $24,448     $5,070      $63,823  $4,336
Income tax expense            15,826       4,350        42,022    3,866
Interest expense              3,135        5,148        17,765    20,291
Loss on debt extinguishment   --           --           2,267     --
Interest income               (706)        (789)        (3,003)   (3,654)
Depreciation                  6,344        5,295        23,850    22,167
EBITDA                       $49,047     $19,074     $146,724 $47,006
Other income related to our   (1,863)      --           (1,863)   --
short-term investments
Expense related to stock
appreciation rights           858          4,665        4,668     3,537
compensation ^1
Adjusted EBITDA               $48,042     $23,739     $149,529 $50,543
                                                                 
^1 SARs are cash settled at                                       
time of exercise

EBITDA represents net earnings before income tax expense, interest expense
(income), loss on debt extinguishment and depreciation of property, plant and
equipment. The Company believes EBITDA is useful to investors in evaluating
ARI's operating performance compared to that of other companies in the same
industry. In addition, ARI's management uses EBITDA to evaluate operating
performance. The calculation of EBITDA eliminates the effects of financing,
income taxes and the accounting effects of capital spending. These items may
vary for different companies for reasons unrelated to the overall operating
performance of a company's business. EBITDA is not a financial measure
presented in accordance with U.S. generally accepted accounting principles
(U.S. GAAP). Accordingly, when analyzing the Company's operating performance,
investors should not consider EBITDA in isolation or as a substitute for net
earnings, cash flows provided by operating activities or other statement of
operations or cash flow data prepared in accordance with U.S. GAAP. The
calculation of EBITDA is not necessarily comparable to that of other similarly
titled measures reported by other companies.

Adjusted EBITDA represents EBITDA before stock based compensation related to
stock appreciation rights (SARs) and other income related to our short-term
investments. Management believes that Adjusted EBITDA is useful to investors
in evaluating the Company's operating performance, and therefore uses Adjusted
EBITDA for that purpose. The Company's SARs, which settle in cash, are
revalued each period based primarily upon changes in ARI's stock price.
Management believes that eliminating the expense associated with stock-based
compensation and income associated with short-term investments allows
management and ARI's investors to understand better the operating results
independent of financial changes caused by the fluctuating price and value of
the Company's common stock and short-term investments. Adjusted EBITDA is not
a financial measure presented in accordance with U.S. GAAP. Accordingly, when
analyzing operating performance, investors should not consider Adjusted EBITDA
in isolation or as a substitute for net earnings, cash flows provided by (used
in) operating activities or other statements of operations or cash flow data
prepared in accordance with U.S. GAAP. The Company's calculation of Adjusted
EBITDA is not necessarily comparable to that of other similarly titled
measures reported by other companies.

CONTACT: Dale C. Davies
         Michael Obertop
         636.940.6000
 
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