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Rail News: Financials

Global Railway boosts revenue and earnings, names new CFO

In 2006, Global Railway Industries Ltd. capped off year-long revenue growth with a strong fourth quarter. Total quarterly revenue increased 6.3 percent to $6.5 million and the company reported net earnings of $600,000 compared with a net loss of $34,000 in fourth-quarter 2005.

For the year, Global Railway’s total revenue rose 6.7 percent to $27.5 million and net earnings doubled to $3.1 million compared with 2005. However, The strong Canadian dollar vs. the U.S. dollar affected annual revenue, which would have increased 12 percent year over year had the exchange rate remained constant, the company said.

“The sales growth for the year reflects continued strong demand in the railroad and transit markets,” said Global Railway President and Chief Executive Officer Terry McManaman in a prepared statement.

Meanwhile, Global Railway named Brian McMullan chief financial officer to succeed Michael Feschak, who will retire. McMullan will assume the post April 2 and Feschak will remain with the company for 60 days to assist the transition.

A chartered accountant, McMullan previously served Canon Canada Inc. in various senior and management-level financial positions after launching his accounting career with KPMG.

Finally, Global Railway announced plans to open its new corporate offices in Rochester, N.Y., on May 1. The corporate office currently is located in Berwick, Pa.

Through subsidiaries G&B Specialties Inc., Bach-Simpson Corp. and Prime Railway Services, Global Railway supplies event recorder monitoring/control systems, train speedometers, track and signal components, rail-car doors and replacement parts, and rail gear.

Contact Progressive Railroading editorial staff.

More News from 3/21/2007