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Rail News: Financials

Global Railway registers revenue, earning gains in third quarter


Today, Global Railway Industries Ltd. reported third-quarter revenue of $6.9 million, a 6 percent increase compared with similar 2005 data. Net earnings from continuing operations of $530,000 rose about 20 percent.

“We have largely completed Phase 1 of our plan to turn around Global,” said Chief Executive Officer Terry McManaman in a prepared statement. “Continuing operations are performing to our latest expectations, which reflect continuing strong organic growth in demand in the railroad and transit markets.”

During 2006’s first nine months, Global Railway generated revenue of $21.3 million, a 7 percent increase compared with similar 2005 data. Net earnings from continuing operations of $2.5 million rose nearly 60 percent.

“The effect of the weakening U.S. dollar opposite the Canadian dollar still had a negative impact on comparative revenue growth,” said McManaman. “Had the exchange rate remained constant year to date, 2006 sales would have increased by 8 percent compared with the same period in 2005.”

However, Global Railway’s finances have positioned the firm to resume a growth strategy calling for product line expansions and acquisitions, he said.

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 11/14/2006