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Rail News Home Financials

8/14/2008



Rail News: Financials

Updates from L.B. Foster, MISCOR Group, Global Railway, MDI Group, FreightScan and J.L. Patterson


• L.B. Foster Co. subsidiary CXT® Inc. won a contract from Volkmann Railroad Builders Inc. to supply 87,000 concrete ties for a 35-mile rail spur to be built at the Bull Mountain coal mine in central Montana. The company will also supply various clips, pads and insulators. The ties will be produced at L.B. Foster's Spokane, Wash., plant. Deliveries will begin later this year and conclude in mid-2009.

• MISCOR Group Ltd. reported second-quarter net sales of $30.5 million, up 82.3 percent compared with second-quarter 2007 sales. Net income jumped 186 percent to $610,000. MISCOR's Repair, Remanufacturing and Manufacturing unit reported quarterly revenue of $20.8 million vs. $12.1 million in second-quarter 2007. The unit provides maintenance and repair services for industrial motors, generators, lifting magnets, locomotives and locomotive engines, as well as diesel-engine component manufacturing, remanufacturing and repair services.

• Global Railway Industries Ltd. reported second-quarter revenue of $14.6 million and net earnings of $99,788 vs. $9.2 million and $1 million, respectively, in second-quarter 2007. In the first half, the company's revenue jumped 61.1 percent to $30.1 million, but net earnings tumbled 67.4 percent to $741,386 compared with last year's totals. The integration of recently acquired CAD Railway Industries Inc. and start-up phase of a five-year locomotive remanufacturing contract with VIA Rail Canada Inc. are having a negative short-term effect on earnings, Global Railway said. In addition to locomotive and rail-car remanufacturing services, the company provides electronic control equipment, track and signal products, rail gear, and car doors and replacement parts.

• MDI Group obtained a contract from BNSF Railway Co. to handle all of the Class I's technical, administrative and financial-contingent staffing functions. MDI will provide a complete managed service provider program, and administer and manage a contract worker program at BNSF's U.S. locations.

• FreightScan L.L.C. named Melih Sindel vice president of engineering. He most recently was VP of new product development for W&W Communications. Sindel previously held various engineering leadership positions at Thomson, LinCom and DSP Research. FreightScan provides technology solutions to the freight and logistics industries.

• J.L. Patterson & Associates Inc. has landed on the Hispanic Business 500 list for the eighth-straight year. The transportation/rail engineering firm previously had been ranked by Hispanic Business as one of the fastest growing Hispanic-owned companies in the nation.


Contact Progressive Railroading editorial staff.

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