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5/17/2005



Rail News: Financials

FreightCar America registers first-quarter gains



In its first quarterly financial report as a publicly traded company, FreightCar America Inc. had some good news to share with investors. The rail-car builder — which completed an initial public offering last month — reported first-quarter sales of $165.8 million and net income of $1.9 million compared with sales of $88.9 million and a net loss of $4 million in first-quarter 2004.

FreightCar America’s first-quarter car deliveries rose 51.5 percent and car backlog increased 107 percent compared with the same 2004 period.

“Order activity was strong, as reflected by our backlog of 14,146 units on March 31, which reflects an increase of 24.1 percent since Dec. 31,” said FreightCar America President and Chief Executive Officer John Carroll Jr. in a prepared statement. “We will continue to focus on our cost reduction initiatives and the launch of our manufacturing facility in Roanoke, Va.”

Next month, FreightCar America plans to open the plant — the company’s third manufacturing facility. Housed in a former Norfolk Southern Corp. shop, the plant will produce aluminum, steel and stainless steel cars. The company also owns facilities in Danville, Ill., and Johnstown, Pa.

Formerly Johnstown America Corp., FreightCar America builds coal, flat, intermodal and coil steel cars, mill gondolas and motor vehicle carriers.


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