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Rail News: Financials

Updates from Mitsui Rail, US&S, Unitrac, Integrated Concepts, FreightCar America and RailRunner N.A.

• Rail-car lessor Mitsui Rail Capital L.L.C. announced President Mark Brecht will leave the company Aug. 8 to pursue other opportunities. Chief Executive Officer Seigo Watanabe will serve as interim president. Vice President of Sales and Marketing Joseph McNeely, VP of Operations Peter Jones and VP of Treasury Morihiro Aoki will assist with interim leadership.

• Union Switch & Signal Inc. (US&S) appointed Jeremy Hill vice president and chief operating officer. He most recently was VP of advanced technology and helmed a communications-based train control project in China and positive train control project in Alaska. During his 29-year US&S career, Hill also has served stints as senior engineer, director of quality assurance and director of marketing and sales, and held several VP posts.

• Unitrac Railroad Materials Inc. named Ed Saam general manager of Midwest sales and operations. A 23-year rail industry veteran, Saam will be responsible for sales, marketing and operating functions in the Midwest.

• Integrated Concepts and Research Corp. won a contract from the U.S. Department of Transportation Maritime Administration to continue providing program management services for the Port of Anchorage Intermodal Expansion project until it’s completed in 2015. The more than $700 million project, which began in 2003, calls for doubling the port's size, installing container cranes, building a new rail connection to the Alaska Railroad Corp. and constructing new access roads.

• FreightCar America Inc. reported second-quarter sales of $141.3 million and a net loss of $900,000 vs. sales of $195.4 million and net income of $11.5 million in second-quarter 2007. A combination of a sharp cost increases — specifically, steel and aluminum expenses — and pricing pressures reduced margins, the rail-car builder said. Orders in the quarter totaled 1,436 units compared with 2,396 units in the first quarter and 2,262 units in second-quarter 2007. The backlog stood at 4,917 units on June 30 vs. 6,785 units on March 31 and 5,589 units on June 30, 2007.

• RailRunner N.A. Inc. received an investment of $11.7 million through a private placement. The additional capital will help the company "move more quickly" to meet demand for its intermodal equipment, RailRunner said. The company provides the Terminal Anywhere™ system featuring chassis and rail trucks that can shift a loaded container from road to rail and back without transloading, or the need for terminals or cranes.

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More News from 8/5/2008