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Rail News: Rail Industry Trends

Updates from Global Railway Industries, FreightCar America, RailComm and Pacer International

• Global Railway Industries Ltd. announced that Chief Marketing Officer Bill Sturtz would leave the company Sept. 1 “to pursue other opportunities,” in a prepared statement issued yesterday. He’d been with the company for three years “and has been a valued asset to our organization,” said Chairman, President and Chief Executive Officer Terry McManaman.

• FreightCar America Inc. announced today that, due to the delayed filing of its quarterly report on Form 10-Q for the quarter ended June 30, the company has received a notification letter from the Nasdaq Stock Market stating that the company is no longer in compliance with Nasdaq Marketplace Rule 5250(c)(1), which requires timely filing of Securities and Exchange Commission periodic reports. On July 28, FreightCar America announced it had identified “historical accounting errors in accounts payable that have resulted in the understatement of its net earnings since the fourth quarter of 2007,” the company said in a prepared statement, adding that a review of the errors and their impact on consolidated financial statements still was under way. Given the nature and timing of the review, the company was unable to file its second-quarter report on Form 10-Q by the prescribed due date. The company plans to restate certain consolidated financial statements for prior periods and make the required filings during the third quarter.

• RailComm’s DOC® Yard Automation System has been integrated with the company’s existing Shove Track control system at CSX Transportation’s Hamlet facility in North Carolina. The company’s PC-based control system is designed to control the shove track system and provide wireless remote control from the yard tower to all equipped switch locations. The system features eNtrance and eXit (NX) routing, stacked route planning capability and automatic failover. The company’s 2.4 GHz RADiANT™ data radios provide a wireless communications network to link the office with field locations.

• On Aug. 17, Pacer International Inc. closed the previously announced sale of certain assets of its specialized heavy-haul trucking operation to subsidiaries of Universal Truckload Services Inc. (UTSI) In connection with the transaction, UTSI subsidiaries assumed the real property leases and equipment leases for tractors and trailers used in the operation, as well as various customer, agent and other contracts for a purchase price of about $2 million. Pacer retained the rights to all receivables generated by the trucking operation through the closing date.

Contact Progressive Railroading editorial staff.

More News from 8/21/2009