Exhibit 99.1

 

For release: November 3, 2011, 6:00 a.m. EDT

     Contact:       Mark Rittenbaum
      503-684-7000

Greenbrier Reports Strong Fiscal Fourth Quarter; Growing Backlog

EPS, excluding one-time charges, increases to $0.52; backlog continues to grow to 15,400

units valued at $1.2 billion

Lake Oswego, Oregon, November 3, 2011 – The Greenbrier Companies (NYSE: GBX) today reported results for its fiscal fourth quarter and fiscal year ended August 31, 2011.

Fourth Quarter Highlights

Financial Highlights:

 

   

Revenues for the fourth quarter of 2011 were a record $442.7 million, up from $178.8 million in the prior year’s fourth quarter.

 

   

Adjusted EBITDA for the quarter was $39.1 million, or 8.8% of revenue, compared to $15.5 million, or 8.7% of revenues in the fourth quarter of 2010.

 

   

Net earnings attributable to Greenbrier (“net earnings”) for the quarter were $12.6 million, or $.42 per diluted share, compared to net earnings of $7.7 million, or $.33 per diluted share, in the prior year’s fourth quarter.

 

   

Results for the quarter include a loss on extinguishment of debt of $5.7 million pre-tax, $3.4 million after-tax, for costs associated with the repayment in full of a $72 million term loan. Excluding these charges, net earnings were $16.0 million, or $.52 per diluted share.

 

   

Net earnings for the prior year’s fourth quarter included earnings of $11.9 million, both pre- and net of tax, or $.50 per diluted share, related to a special non-cash item for the release of the liability related to the 2008 deconsolidation of the Company’s former subsidiary, TrentonWorks. Excluding this item, net loss for the prior year’s fourth quarter was $4.2 million, or $0.17 per diluted share.

Fiscal 2011 Highlights

Segment Summary:

 

   

New railcar deliveries in the fourth quarter of 2011 were a record 4,000 units, compared to 700 units in the fourth quarter of 2010. Total new railcar deliveries were 9,400 units in fiscal 2011, compared to 2,500 units in fiscal 2010.

 

   

New railcar orders for 5,300 units were received during the quarter; orders for 19,500 units were received during the full fiscal year.

 

   

Greenbrier’s new railcar manufacturing backlog as of August 31, 2011 was 15,400 units with an estimated value of $1.23 billion, compared to 13,600 units with a value of $1.05 billion as of May 31, 2011, and 5,300 units valued at $420 million as of August 31, 2010.


The following information was filed by Greenbrier Companies Inc (GBX) on Thursday, November 3, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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