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Freightcar America, Inc. (RAIL) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2012

Freightcar America, Inc.

CIK: 1320854 Ticker: RAIL

Exhibit 99.1

 

INVESTOR AND MEDIA CONTACT      Joe McNeely
TELEPHONE      (800) 458-2235

FOR IMMEDIATE RELEASE         February 19, 2013

FreightCar America, Inc. Reports Fourth Quarter and Full Year 2012 Results

Highlights

 

   

Revenues of $677.4 million, net income of $19.1 million, or $1.60 per share, for the full year 2012

 

   

Revenues of $116.6 million, net loss of $1.0 million, or $(0.08) per share, for the fourth quarter of 2012

 

   

Coal car demand remains under pressure from low natural gas prices, high coal inventories and reduced electricity demand

 

   

Cash and short- term investments increased to $155.2 million as of December 31, 2012

 

   

Announced sub-lease of Shoals Alabama facility to support strategic non-coal car manufacturing efforts

Chicago, IL, February 19, 2013 — FreightCar America, Inc. (NASDAQ: RAIL) today reported results for the fourth quarter ended December 31, 2012, with revenues of $116.6 million and a net loss of $1.0 million, or $(0.08) per diluted share. For the same quarter in 2011, the Company reported revenues of $187.1 million and net income of $8.5 million, or $0.71 per diluted share. Revenues were $160.6 million and net income was $4.8 million, or $0.40 per diluted share, in the third quarter of last year.

“2012 was a good year for FreightCar despite the fact that fourth quarter results were impacted by a decrease in coal car demand and product line change-over costs at both our manufacturing plants,” said Ed Whalen, President and Chief Executive Officer. “As we look forward, 2013 will be a challenging year for our traditional coal car business, but the long term need to replace the Eastern coal car fleet remains. In the near term, we will focus closely on the factors within our control, including improving production efficiency, improving the results of our services business and controlling costs throughout the Company. I am encouraged by the prospects for our non-coal railcar products and the value that our new Shoals facility will bring to our bottom line when operational,” Whalen concluded.

FOURTH QUARTER RESULTS

In line with Company’s expectations, deliveries decreased to 1,308 railcars in the fourth quarter of 2012, which included 528 new railcars and 780 rebuilt railcars. This compares to 2,489 railcars delivered in the fourth quarter of 2011 and 1,618 railcars delivered in the third quarter of 2012. There were 473 units ordered in the fourth quarter of 2012. This compares to 4,481 units ordered in the fourth quarter of 2011 and 225 units ordered in the third quarter of 2012. Total manufacturing backlog was 2,881 units at December 31, 2012, compared to 8,303 units at December 31, 2011 and 3,716 units at September 30, 2012.

The Manufacturing segment had revenues of $109.3 million in the fourth quarter of 2012, compared to $179.2 million in the fourth quarter of 2011 and $152.5 million in the third quarter of 2012. Operating income for the Manufacturing segment was $6.5 million in the fourth quarter of 2012, compared to $16.5 million in the fourth quarter of 2011 and $13.9 million in the third quarter of 2012.

Revenues for the Services segment were $7.3 million in the fourth quarter of 2012, compared to $7.8 million in the fourth quarter of 2011 and $8.1 million in the third quarter of 2012. Services segment operating income was $0.1 million in the fourth quarter of 2012, compared to $0.5 million in the fourth quarter of 2011 and $0.6 million in the third quarter of 2012.

Corporate costs were $6.6 million for the quarter ended December 31, 2012, compared to $7.6 million in the same quarter of 2011 and $6.6 million in the third quarter of 2012.

The Company’s income tax expense of $0.8 million for the fourth quarter of 2012 included a provision to adjust deferred tax balances due to enacted changes in certain states’ statutory tax rates and to reflect a reduction of the blended effective state rate.

Cash, cash equivalents, marketable securities and restricted cash as of December 31, 2012 increased to $155.2 million from $144.2 million as of September 30, 2012. The Company’s $30.0 million revolving credit facility remains undrawn.

Railcars under lease totaled $43.4 million at the end of the fourth quarter of 2012, compared to $51.0 million at the end of the third quarter of 2012. The decrease in railcars under lease reflects sales of leased railcars.


The following information was filed by Freightcar America, Inc. (RAIL) on Wednesday, February 20, 2013 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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Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (loss)
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Accumulated Other Comprehensive Income (loss)
Accumulated Other Comprehensive Income (loss) (changes In Aoci) (details)
Accumulated Other Comprehensive Income (loss) (components Of Aoci) (details)
Accumulated Other Comprehensive Income (loss) (narrative) (details)
Accumulated Other Comprehensive Income (loss) (tables)
Business Acquisition
Business Acquisition (narrative) (details)
Business Acquisition (pro Forma Results) (details)
Business Acquisition (tables)
Description Of Business (details)
Description Of The Business
Earnings Per Share
Earnings Per Share (narrative) (details)
Earnings Per Share (table) (details)
Earnings Per Share (tables)
Employee Benefit Plans
Employee Benefit Plans (amounts Recognized In Accumulated Other Comprehensive Loss) (details)
Employee Benefit Plans (amounts Recognized In The Consolidated Balance Sheets) (details)
Employee Benefit Plans (asset Allocations) (details)
Employee Benefit Plans (assumptions Used In The Measurement Of Net Periodic Cost) (details)
Employee Benefit Plans (assumptions Used To Determine End Of Year Benefit Obligations) (details)
Employee Benefit Plans (change In Accumulated Other Comprehensive Loss) (details)
Employee Benefit Plans (change In Plan Assets And Funded Status) (details)
Employee Benefit Plans (compents Of Net Periodic Benefit Cost) (details)
Employee Benefit Plans (expected Future Benefit Payments) (details)
Employee Benefit Plans (fair Value Of Pension Plan Assets) (details)
Employee Benefit Plans (narrative) (details)
Employee Benefit Plans (tables)
Fair Value Measurements
Fair Value Measurements (financial Assets And Liabilities That Were Recorded At Fair Value On A Recurring Basis) (details)
Fair Value Measurements (tables)
Income Taxes
Income Taxes (components Of Deferred Tax Assets And Liabilities) (details)
Income Taxes (composition Of Income Tax Expense) (details)
Income Taxes (income Tax Years Subject To Examination) (details)
Income Taxes (narrative) (details)
Income Taxes (reconciliation Of Income Tax Rate) (details)
Income Taxes (reconciliation Of Unrecognized Tax Benefits) (details)
Income Taxes (tables)
Intangible Assets And Goodwill
Intangible Assets And Goodwill (estimated Future Intangible Amortization) (details)
Intangible Assets And Goodwill (intangible Assets) (details)
Intangible Assets And Goodwill (narrative) (details)
Intangible Assets And Goodwill (tables)
Inventories
Inventories (narrative) (details)
Inventories (schedule Of Inventory Current) (details)
Inventories (tables)
Labor Agreements
Labor Agreements (narrative) (details)
Leased Railcars
Leased Railcars (future Minimum Rental Revenue) (details)
Leased Railcars (narrative) (details)
Leased Railcars (tables)
Other Commitments
Other Commitments (narrative) (details)
Other Commitments (operating Leases Of Lessee Disclosure) (details)
Other Commitments (tables)
Product Warranties
Product Warranties (changes In Warranty Reserve) (details)
Product Warranties (narrative) (details)
Product Warranties (tables)
Property, Plant And Equipment
Property, Plant And Equipment (narrative) (details)
Property, Plant And Equipment (table) (details)
Property, Plant And Equipment (tables)
Revenue Sources And Concentration Of Sales
Revenue Sources And Concentration Of Sales (narrative) (details)
Revenue Sources And Concentration Of Sales (schedule Of Revenue Sources And Concentration Of Sales) (details)
Revenue Sources And Concentration Of Sales (tables)
Revolving Credit Facility
Revolving Credit Facility (narrative) (details)
Risks And Contingencies
Segment Information
Segment Information (narrative) (details)
Segment Information (reconciliation Of Assets From Segment To Consolidated) (details)
Segment Information (schedule Of Segment Reporting Information, By Segment) (details)
Segment Information (tables)
Selected Quarterly Financial Data (unaudited)
Selected Quarterly Financial Data (unaudited) (details)
Selected Quarterly Financial Data (unaudited) (tables)
Stock-based Compensation
Stock-based Compensation (narrative) (details)
Stock-based Compensation (nonvested Restricted Shares) (details)
Stock-based Compensation (option Activity) (details)
Stock-based Compensation (options Outstanding) (details)
Stock-based Compensation (tables)
Subsequent Event
Subsequent Event (narrative) (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (details)
Summary Of Significant Accounting Policies (policy)
Summary Of Significant Accounting Policies (tables)
Ticker: RAIL
CIK: 1320854
Form Type: 10-K Annual Report
Accession Number: 0001193125-13-109977
Submitted to the SEC: Fri Mar 15 2013 4:18:23 PM EST
Accepted by the SEC: Fri Mar 15 2013
Period: Monday, December 31, 2012
Industry: Railroad Equipment

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