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RAIL EMPLOYMENT



Rail News Home Financials

9/22/2003



Rail News: Financials

Florida East Coast Industries reclassifies common-stock shares


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On Sept. 22, Florida East Coast Industries Inc. (FECI) announced that it had reclassified all its Class A and Class B common stock into a single common-stock class.

As a result of the reclassification, FECI's Class B common stock was suspended from the New York Stock Exchange (NYSE) prior to trading Sept. 22; the single common-stock class continues to trade on the NYSE under the ticker symbol "FLA." Each common-stock share has one vote in corporate governance matters.

Certificates representing outstanding shares of Class A and Class B common stock represent an equal number of shares of the single common-stock class, so shareholders don't need to exchange existing certificates for new certificates, according to a prepared statement.

St. Augustine, Fla.-based FECI conducts operations through two wholly owned subsidiaries: Flagler Development Co. and Florida East Coast Railway L.L.C., a regional freight railroad that operates 351 miles of mainline track from Jacksonville, Fla., to Miami, and provides intermodal drayage services at terminals in Atlanta, Jacksonville and Miami.



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