From the Wires
RailAmerica, Inc. Reports December 2012 and Fourth Quarter 2012 Carloads
By: PR Newswire
Jan. 15, 2013 06:30 AM
JACKSONVILLE, Fla., Jan. 15, 2013 /PRNewswire/ -- RailAmerica today reported that its total freight carloads for the month ended December 31, 2012 were 67,562, down 4.7% from 70,889 in December 2011. Total freight carloads in the fourth quarter of 2012 were 214,272 carloads, an increase of 1.1% from 211,848 carloads in the fourth quarter of 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 until the U.S. Surface Transportation Board (STB) issued its decision on GWI's application to control RailAmerica's railroads. The STB issued a final decision that allowed GWI to control RailAmerica's railroads on December 28, 2012 and the voting trust that controlled RailAmerica was dissolved on that date.
For the fourth quarter of 2012, GWI accounted for its ownership of RailAmerica under the equity method of accounting and RailAmerica reported 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. GWI will report consolidated traffic volumes, including carloads from the RailAmerica railroads, beginning with the press release for January 2013 traffic.
RailAmerica's December 2012 shipments increased in six out of twelve commodity groups compared to December 2011. Petroleum, Other, Forest Products and Chemicals showed the highest growth. Petroleum traffic increases were mainly due to strength in the West region driven by LPG shipments. Other increased mainly due to higher crude oil shipments in the Southeast and Northeast regions. Forest Products shipments were up in all regions except the Southeast. Chemicals were up primarily due to growth in the Midwest resulting from the Marquette Rail acquisition.
Motor Vehicles, Coal, Food or Kindred Products and Metallic Ores and Metals represented the largest declines. Motor Vehicles were down mainly due to lower shipments in the Midwest and Northeast. Coal declined primarily in the Central region. Food or Kindred Products declines were largely due to lower shipments in the West, Midwest and Central regions. Metallic Ores & Metals carloads were down in all regions except the Central.
December 2012 carloads include 1,605 carloads from acquisitions. On a "same railroad" basis, December 2012 carloads decreased 7.0% compared to December 2011. Fourth quarter 2012 carloads include 4,709 carloads from acquisitions. On a "same railroad" basis, fourth quarter carloads decreased 1.1% compared to the fourth quarter of 2011.
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 provinces.
CONTACT: Thomas D. Savage, 1-203-629-3722
SOURCE RailAmerica, Inc.
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