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Yesterday, RailAmerica Inc. reported fourth-quarter and full-year financial results, which included $69 million in gross proceeds received in December after the company terminated its lease of the Ottawa Valley Railway.

RailAmerica reported a quarterly loss from continuing operations of $12.5 million, or 24 cents per diluted share, compared with income from continuing operations of $6 million, or 14 cents per diluted share, in fourth-quarter 2008. Revenue declined 9 percent to $105.4 million, freight revenue dropped 10 percent to $86.1 million — primarily because of lower fuel surcharges and carloadings — and non-freight revenue decreased 5 percent to $19.3 million, driven down by less car hire and demurrage revenue. Total operating expenses declined 6 percent year over year to $91.2 million.

Operating income fell 26 percent to $14.2 million. However, excluding $6.3 million in costs associated with an initial public offering conducted in October, operating income rose 7 percent to $20.5 million, said RailAmerica President and Chief Executive Officer John Giles in a prepared statement.

For the full year, RailAmerica reported a loss from continuing operations of $5.5 million, or 11 cents per diluted share, compared with earnings of $9.6 million, or 22 cents per diluted share, in 2008. Net income, which includes discontinued operations, dropped from $16.5 million in 2008 to $15.8 million. On a year-over-year basis, operating revenue fell from $488.4 million to $410.6 million and total operating expenses declined from $408.6 million to $329.7 million.

The company — which owns and operates 40 regionals and short lines in the United States and Canada — is encouraged by recent traffic growth and is positioned for “strong performance” as volumes increase, said Giles.

“This year, we plan to maintain a sharp focus on our three strategic priorities: delivering organic growth and efficiency gains, strengthening our balance sheet, and capitalizing on external growth opportunities,” he said.