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RailAmerica reviews options to 'dispose' of Canadian short line, elects board member

RailAmerica Inc. expects to take a hit on its third-quarter financial statement because of costs associated with selling the E&N Railway in British Columbia. Yesterday, the short-line holding company announced it will report a pre-tax, non-cash charge of about $13 million on its quarterly statement.

In 1999, RailAmerica purchased the 181-mile short line from Canadian Pacific Railway for $11 million. Because of declining traffic during the past two years, the company is reviewing several alternatives to "dispose" of the railroad.

"The E&N Railway … is no longer viable [and] we expect to dispose of it during the first half of 2005," said RailAmerica Chief Executive Officer Charles Swinburn in a prepared statement.

RailAmerica Inc. also announced that Harold Curtis has been elected a board member and will serve on the short-line holding company's audit committee.

In 2003, Curtis retired as executive vice president and chief financial officer of marketing services firm The MARC Group. He also served the company in various accounting, budgeting and financial reporting positions.

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More News from 10/1/2004