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11/12/2002



Rail News: Rail Industry Trends

Florida East Coast sells surplus Sunshine State land


Florida East Coast Industries Inc. (FECI) continued down its asset-shedding path Nov. 11 when it announced that subsidiary Flager Development Co. sold 1,334 acres of surplus land in Brevard County, Fla., to Willow Creek Development L.L.C. for about $6.9 million.


Flagler also is selling other real estate worth about $38.9 million and recently secured buyers for land valued at $22 million, affecting a total of 8,700 surplus acres.


"We will continue to focus on functions that are core to our business, which includes commercial real-estate ownership, management and development," said Flagler President G. John Carey in a prepared statement.


FECI recently discontinued regional long-haul trucking operations through subsidiary Florida Express Carriers Inc. and exited the telecommunications business by writing off the entire book value of subsidiary EPIK Communications in the third quarter.


The holding company plans to focus on the real-estate market through Flagler and railroad business through 351-mile Florida East Coast Railway.


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