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Rail News: Financials

Henriques to head Florida East Coast; railroad subsidiary to retain role as profit rainmaker


Today, Florida East Coast Industries Inc. (FECI) named Adolfo Henriques chairman, president and chief executive officer to succeed Robert Anestis, who plans to leave the company in late March, ending his six-year tenure as top executive.

An FECI board member since 1998, Henriques most recently served as regional CEO of Regions Bank. He previously served as CEO of Union Planters Southern Group, and held senior executive positions with NationsBank, Barnett Bank and the Bank of Nova Scotia.

"Adolfo's personal knowledge of local markets, network of relationships in Florida and familiarity with the company … make him the perfect fit," Anestis said in a prepared statement.

FECI owns the 351-mile Florida East Coast Railway L.L.C. (FECR) and real estate development and management firm Flagler Development Co. — subsidiaries that helped the holding company post banner fourth-quarter and full-year financial results.

Today, FECI also reported that FECR's quarterly revenue and operating profit increased 19.2 percent to $55.8 million and 29.3 percent to $15.7 million, respectively, compared with fourth-quarter 2003. The regional's quarterly operating ratio improved 2.2 points to 71.8.

"The railway quickly rebounded from the third quarter hurricanes," said Anestis, adding that strong fourth-quarter aggregate and intermodal carloads helped drive the recovery.

For the full year, FECR increased revenue and operating profit 11 percent to $200.7 million and 10.3 percent to $47.3 million, respectively, compared with 2003. However, operating expenses rose 12 percent to $153.4 million and the regional's operating ratio worsened 0.1 points to 76.4.

This year, FECI officials expect the railroad's revenue to increase between 5 percent and 9 percent to about $218 million, and operating profit to increase between 10 percent and 14 percent to about $54 million. FECR's capital expenditures are projected to range between $30 million and $36 million.

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More News from 2/10/2005