Progressive Railroading

Newsletter Sign Up
Stay updated on news, articles and information for the rail industry

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

View Current Digital Issue »


Rail News Home Financials


Rail News: Financials

Florida East Coast Industries reclassifies common-stock shares


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.

Contact Progressive Railroading editorial staff.

More News from 9/22/2003