RAILAMERICA INC /DE - FORM 8-K - EX-99.1

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8-K - FORM 8-K - RAILAMERICA INC /DE	d297621d8k.htm
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Exhibit 99.1

LOGO

FOR IMMEDIATE RELEASE

RailAmerica, Inc. Reports Fourth Quarter and Full Year 2011 Results

Fourth Quarter Highlights

•

Revenue increased 15% versus fourth quarter 2010.

•

Net income of $0.29 per share.

•

Adjusted net income¹ of $0.33 per share.

JACKSONVILLE, FL, February 8, 2012 – RailAmerica, Inc. (NYSE: RA) today reported financial results for the quarter ended December 31, 2011. Fourth quarter 2011 revenue increased 15% to $147.3 million from $127.6 million in the fourth quarter of 2010. Freight revenue increased 5% to $103.3 million with average revenue per car up 7% and carloads down 2%. Non-freight revenue increased 48% to $44 million.

RailAmerica President and Chief Executive Officer John Giles, said “Our solid finish to 2011 gives us significant momentum as we move into the new year. Operating income excluding 45G credits, impairments and asset sales increased 30% in the fourth quarter. This strong increase was driven by continued execution of our pricing and productivity initiatives combined with excellent non-freight revenue growth led by Atlas.”

Giles continued, “Adding to the strong foundation of our core operations, we have achieved excellent traction in corporate development and continue making strides in reducing our debt costs. Last week we announced three investments - the acquisition of the Marquette Railroad and controlling investments in both the Wellsboro & Corning Railroad and the Industrial Waste Group, a transloading operation. In addition, we completed another $74 million redemption of our 9.25% senior notes and announced a tender offer for a substantial portion of the remaining senior notes.”

RailAmerica reported fourth quarter 2011 net income of $15.0 million, or $0.29 per diluted share. This compares to $17.9 million, or $0.33 per diluted share in the fourth quarter of 2010. Noteworthy items impacting the fourth quarters of 2011 and 2010 include:

•

45G tax credits: Congress extended the credits in December 2010 (for 2010 and 2011) resulting in the full-year income statement amount of $17.6 million benefiting the fourth quarter of 2010. In 2011, credits totaling $16.7 million were recognized in the income statement throughout the year with $3.6 million occurring in the fourth quarter. In addition to the income statement impact, a portion of the 45G tax credit was recognized as credits to capital expenditures in 2010 and 2011.

¹	See schedule at end of press release for a reconciliation of non-GAAP financial measure.

•

Amortization of swap termination costs: Non-cash charges of $2.3 million and $4.3 million were recorded in interest expense during the fourth quarters of 2011 and 2010, respectively, due to the June 2009 termination of an interest rate swap agreement.

•

Severance costs: Fourth quarter 2011 labor and benefits costs include $1.6 million in executive severance expense.

•

Taxes: Cash taxes paid in the fourth quarter of 2011 were $1.0 million compared to the financial statement provision for income tax expense of $5.3 million.


	For the Three Months Ended December 31,
	2010						2011
($ in thousands except EPS)	Pre Tax			EPS			Pre Tax			EPS
45G benefit	$	17,589		$	0.20		$	3,552		$	0.04
Amortization of swap termination costs		(4,309	)		(0.05	)		(2,283	)		(0.03	)
Severance		—			—			(1,552	)		(0.02	)

Note: Effective tax rate of 39%.

The Company reported operating income of $37.2 million in the fourth quarter of 2011 compared to $43.8 million in the fourth quarter of 2010. Fourth quarter 2010 and 2011 operating income and expenses were impacted by 45G credits and severance as discussed above. In addition, fourth quarter 2011 operating expenses reflect higher purchased services and materials expenses largely due to growth in engineering services. Reductions in personal injury reserves and derailment costs resulted in lower casualty and insurance expense. Operating income excluding the impact of 45G benefit, asset sales and impairments is shown below.


	For the Three Months Ended December 31,
($ in thousands)	2010			2011
Operating revenue	$	127,636		$	147,306
Operating expense		83,881			110,073

Operating income, reported		43,755			37,233
Less: Benefit from 45G credits		(17,589	)		(3,552	)

Operating income excluding 45G Benefit ¹		26,166			33,681
Net (gain) on sale of assets		(474	)		(201	)

Operating income excluding 45G Benefit, Asset Sales and Impairments ¹	$	25,692		$	33,480

¹	See schedule at the end of press release for a reconciliation of non-GAAP financial measure

For the full year of 2011, operating revenue increased 12% to $551.1 million from $490.3 million in 2010. Full year 2011 net income was $36.9 million, or $0.70 per diluted share. This compares to net income of $19.1 million, or $0.35 per diluted share for full year 2010.

As previously announced, RailAmerica, Inc. will present its fourth quarter earnings on Thursday, February 9, 2012 at 8:30 a.m. Eastern Time via live teleconference and webcast. Those interested in participating via teleconference may dial (877) 756-2088. Callers outside the U.S. may dial (706) 643-9763. The conference ID number is 38755724. Participants should dial in no later than 10 minutes prior

to the call. Presentation materials and access to the live webcast will be available in the Investors section of RailAmerica’s website (www.railamerica.com). Following the earnings call, a webcast replay will be archived on the Company’s website. A telephone replay will be available through February 16, 2012 beginning approximately two hours after the call. The recording can be accessed by dialing (800) 585-8367 or (404) 537-3406. The conference ID number is 38755724.

RailAmerica, Inc. owns and operates short-line and regional freight railroads in North America, operating a portfolio of 43 individual railroads with approximately 7,400 miles of track in 27 U.S. states and three Canadian provinces.

Cautionary Note Regarding Forward-Looking Statements

Certain items in this press release and other information we provide from time to time may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, but not necessarily limited to, statements relating to future events and financial performance. Words such as “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “appears,” “may,” “will,” “would,” “could,” “should,” “seeks,” “estimates” and variations on these words and similar expressions are intended to identify such forward-looking statements. These statements are based on management’s current expectations and beliefs and are subject to a number of factors that could lead to actual results materially different from those described in the forward-looking statements. RailAmerica, Inc. can give no assurance that its expectations will be attained. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. Factors that could have a material adverse effect on our operations and future prospects or that could cause actual results to differ materially from RailAmerica, Inc.’s expectations include, but are not limited to, prolonged capital markets disruption and volatility, general economic conditions and business conditions, our relationships with Class I railroads and other connecting carriers, our ability to obtain railcars and locomotives from other providers on which we are currently dependent, legislative and regulatory developments including rulings by the Surface Transportation Board or the Railroad Retirement Board, strikes or work stoppages by our employees, our transportation of hazardous materials by rail, rising fuel costs, goodwill assessment risks, acquisition risks, competitive pressures within the industry, risks related to the geographic markets in which we operate; and other risks detailed in RailAmerica, Inc.’s filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. In addition, new risks and uncertainties emerge from time to time, and it is not possible for RailAmerica, Inc. to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this press release. RailAmerica, Inc. expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.

###

INVESTOR CONTACT

Ira Berger

Vice President & Treasurer

Office: 904.538.6332

MEDIA CONTACT

Donia Crime

Office: 904.645.6200

Cell: 404.271.1437

RAILAMERICA, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)


	For the Quarters Ended December 31,						For the Years Ended December 31,
	2010			2011			2010			2011
	(In thousands, except per share data)
Operating revenue	$	127,636		$	147,306		$	490,291		$	551,123
Operating expenses:
Labor and benefits		39,612			39,819			153,993			164,674
Equipment rents		8,262			8,215			34,119			34,816
Purchased services		9,913			16,646			37,971			48,075
Diesel fuel		11,794			12,974			43,316			54,861
Casualties and insurance		4,319			2,749			17,574			13,844
Materials		5,026			9,004			19,607			27,896
Joint facilities		2,122			2,453			8,667			9,667
Other expenses		9,064			9,538			35,226			39,414
Track maintenance expense reimbursement		(17,589	)		(3,552	)		(17,589	)		(16,714	)
Net gain on sale of assets		(474	)		(201	)		(2,191	)		(50	)
Impairment of assets		—			—			—			5,169
Depreciation and amortization		11,832			12,428			45,091			47,849

Total operating expenses		83,881			110,073			375,784			429,501

Operating income		43,755			37,233			114,507			121,622
Interest expense, including amortization costs		(19,183	)		(17,397	)		(83,775	)		(71,923	)
Other income (loss)		418			527			(4,759	)		1,331

Income before income taxes		24,990			20,363			25,973			51,030
Provision for income taxes		7,106			5,338			6,856			14,162

Net income	$	17,884		$	15,025		$	19,117		$	36,868

Basic earnings per common share:
Net income	$	0.33		$	0.29		$	0.35		$	0.70
Diluted earnings per common share:
Net income	$	0.33		$	0.29		$	0.35		$	0.70
Weighted Average common shares outstanding:
Basic		54,864			51,059			54,793			52,519
Diluted		54,864			51,059			54,793			52,519

RAILAMERICA, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)


	December 31, 2010		December 31, 2011
	(In thousands, except share data)
ASSETS
Current assets:
Cash and cash equivalents	$	152,968	$	90,999
Accounts and notes receivable, net of allowance of $6,767 and $7,291, respectively		74,668		96,813
Current deferred tax assets		12,769		9,886
Other current assets		15,200		17,967

Total current assets		255,605		215,665
Property, plant and equipment, net		981,622		1,021,545
Intangible assets		140,546		134,851
Goodwill		212,495		211,841
Other assets		13,385		13,478

Total assets	$	1,603,653	$	1,597,380

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current maturities of long-term debt	$	403	$	71,991
Accounts payable		66,258		78,844
Accrued expenses		36,913		28,616

Total current liabilities		103,574		179,451
Long-term debt, less current maturities		2,147		1,827
Senior secured notes		571,161		501,876
Deferred income taxes		202,985		213,421
Other liabilities		19,037		20,680

Total liabilities		898,904		917,255

Commitments and contingencies
Stockholders’ equity:
Common stock, $0.01 par value, 400,000,000 shares authorized; 54,859,261 shares issued and outstanding at December 31, 2010; and 50,605,440 shares issued and outstanding at December 31, 2011		549		506
Additional paid in capital and other		636,757		591,341
Retained earnings		65,503		84,272
Accumulated other comprehensive income		1,940		4,006

Total stockholders’ equity		704,749		680,125

Total liabilities and stockholders’ equity	$	1,603,653	$	1,597,380

RAILAMERICA, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	For the Years Ended December 31,
	2010			2011
	(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	19,117		$	36,868
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, including amortization of debt issuance costs classified in interest expense		49,847			52,702
Amortization of swap termination costs		20,891			11,908
Net gain on sale or disposal of properties		(2,191	)		(50	)
Impairment of assets		—			5,169
Loss on extinguishment of debt		8,357			—
Recognition of deferred financing costs		—			719
Equity compensation costs		7,534			10,219
Deferred income taxes and other		2,765			10,524
Changes in operating assets and liabilities, net of acquisitions and dispositions:
Accounts receivable		(2,435	)		(22,283	)
Other current assets		7,512			(2,778	)
Accounts payable		7,574			9,465
Accrued expenses		1,268			(8,125	)
Other assets and liabilities		(3,070	)		(2,049	)

Net cash provided by operating activities		117,169			102,289

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment		(60,281	)		(130,779	)
NECR government grant reimbursements		2,455			37,212
Proceeds from sale of assets		4,108			16,353
Acquisitions, net of cash acquired		(23,926	)		(12,716	)
Deferred costs and other		—			(144	)

Net cash used in investing activities		(77,644	)		(90,074	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on long-term debt		(622	)		(428	)
Repurchase of senior secured notes		(76,220	)		—
Other		—			12
Repurchase of common stock		—			(70,574	)
Costs associated with sale of common stock		(106	)		—
Deferred financing costs paid		(224	)		(3,028	)

Net cash used in financing activities		(77,172	)		(74,018	)

Effect of exchange rates on cash		397			(166	)

Net decrease in cash		(37,250	)		(61,969	)
Cash, beginning of period		190,218			152,968

Cash, end of period	$	152,968		$	90,999

RAILAMERICA, INC. AND SUBSIDIARIES

SELECTED FINANCIAL INFORMATION

(Dollars in thousands)

(Unaudited)


	Quarters Ended December 31,
	2010					2011
Operating revenue	$	127,636		100.0	%	$	147,306		100.0	%
Operating expenses:
Labor and benefits		39,612		31.0	%		39,819		27.0	%
Equipment rents		8,262		6.5	%		8,215		5.5	%
Purchased services		9,913		7.8	%		16,646		11.3	%
Diesel fuel		11,794		9.2	%		12,974		8.8	%
Casualties and insurance		4,319		3.4	%		2,749		1.9	%
Materials		5,026		3.9	%		9,004		6.1	%
Joint facilities		2,122		1.7	%		2,453		1.7	%
Other expenses		9,064		7.1	%		9,538		6.5	%
Track maintenance expense reimbursement		(17,589	)	-13.8	%		(3,552	)	-2.4	%
Net gain on sale of assets		(474	)	-0.4	%		(201	)	-0.1	%
Depreciation and amortization		11,832		9.3	%		12,428		8.4	%

Total operating expenses		83,881		65.7	%		110,073		74.7	%

Operating income	$	43,755		34.3	%	$	37,233		25.3	%


	Years Ended December 31,
	2010					2011
Operating revenue	$	490,291		100.0	%	$	551,123		100.0	%
Operating expenses:
Labor and benefits		153,993		31.4	%		164,674		29.9	%
Equipment rents		34,119		7.0	%		34,816		6.3	%
Purchased services		37,971		7.7	%		48,075		8.7	%
Diesel fuel		43,316		8.8	%		54,861		10.0	%
Casualties and insurance		17,574		3.6	%		13,844		2.5	%
Materials		19,607		4.0	%		27,896		5.0	%
Joint facilities		8,667		1.8	%		9,667		1.8	%
Other expenses		35,226		7.2	%		39,414		7.1	%
Track maintenance expense reimbursement		(17,589	)	-3.6	%		(16,714	)	-3.0	%
Net gain on sale of assets		(2,191	)	-0.5	%		(50	)	0.0	%
Impairment of assets		—		0.0	%		5,169		0.9	%
Depreciation and amortization		45,091		9.2	%		47,849		8.7	%

Total operating expenses		375,784		76.6	%		429,501		77.9	%

Operating income	$	114,507		23.4	%	$	121,622		22.1	%

RAILAMERICA, INC. AND SUBSIDIARIES

Railroad Freight Revenue, Carloads and Average Freight Revenue

Per Carload

Comparison by Commodity Group (Unaudited)


	Quarter Ended December 31, 2010						Quarter Ended December 31, 2011
	Freight Revenue		Carloads		Average Freight Revenue per Carload		Freight Revenue		Carloads		Average Freight Revenue per Carload
	(Dollars in thousands, except average freight revenue per carload)
Agricultural Products	$	17,418		35,248	$	494	$	16,289		32,827	$	496
Chemicals		15,109		24,197		624		14,666		21,180		692
Metallic Ores and Metals		8,627		15,412		560		11,155		17,436		640
Non-Metallic Minerals and Products		8,641		19,752		437		9,696		20,482		473
Coal		10,219		44,593		229		9,333		40,925		228
Pulp, Paper and Allied Products		9,571		16,258		589		8,353		14,878		561
Food or Kindred Products		7,206		14,195		508		8,014		14,680		546
Forest Products		6,331		10,957		578		7,821		12,149		644
Waste and Scrap Materials		5,844		13,760		425		6,809		14,884		457
Petroleum		5,051		10,946		461		4,771		9,776		488
Other		2,602		7,785		334		3,589		8,021		447
Motor Vehicles		1,368		2,351		582		2,793		4,610		606

Total	$	97,987		215,454	$	455	$	103,289		211,848	$	488


	Year Ended December 31, 2010						Year Ended December 31, 2011
	Freight Revenue		Carloads		Average Freight Revenue per Carload		Freight Revenue		Carloads		Average Freight Revenue per Carload
	(Dollars in thousands, except average freight revenue per carload)
Agricultural Products	$	63,999		132,952	$	481	$	65,177		126,727	$	514
Chemicals		59,038		96,105		614		63,374		94,615		670
Metallic Ores and Metals		37,825		66,626		568		43,431		70,251		618
Pulp, Paper and Allied Products		37,379		65,308		572		39,609		67,678		585
Non-Metallic Minerals and Products		34,646		80,376		431		39,329		84,614		465
Coal		39,880		178,735		223		34,460		151,687		227
Forest Products		27,017		47,048		574		30,516		48,884		624
Food or Kindred Products		28,027		56,812		493		30,161		56,601		533
Waste and Scrap Materials		23,765		57,121		416		24,914		58,459		426
Petroleum		19,542		41,952		466		18,470		37,712		490
Other		10,937		29,883		366		14,118		30,001		471
Motor Vehicles		6,694		11,553		579		7,591		12,731		596

Total	$	388,749		864,471	$	450	$	411,150		839,960	$	489

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP MEASURES

Adjusted net income (loss) is a supplemental measure of profitability that is not calculated or presented in accordance with U.S. generally accepted accounting principles (“GAAP”). We use non-GAAP financial measures as a supplement to our GAAP results in order to provide a more complete understanding of the factors and trends affecting our business. However, Adjusted net income (loss) has limitations as an analytical tool. It is not a measurement of our profitability under GAAP and should not be considered as an alternative to Net income (loss) as a measure of profitability.

Adjusted net income (loss) assists us in measuring our performance and profitability of our operations without the impact of transaction costs related to debt and credit facility extinguishment, acquisitions, impairment of assets and swap termination. The following table sets forth the reconciliation of Adjusted net income (loss).


	2011
(In thousands, except per share data)	Q1						Q2						Q3						Q4				Q4 YTD
(In thousands, except per share data)	After Tax			Per Share			After Tax			Per Share			After Tax			Per Share			After Tax		Per Share		After Tax			Per Share
Net income (loss)	$	4,085		$	0.07		$	8,700		$	0.17		$	9,058		$	0.17		$	15,025	$	0.29	$	36,868		$	0.70
Add:
Amortization of swap termination costs		2,243			0.04			1,953			0.04			1,675			0.03			1,393		0.03		7,264			0.14
Impairment of assets		—			—			1,964			0.04			1,189			0.02			—		—		3,153			0.06
Loss on extinguishment of credit facility		—			—			—			—			439			0.01			—		—		439			0.01
Acquisition expense		44			0.00			148			0.00			124			0.00			332		0.01		648			0.01
Adjusted net income (loss)	$	6,372		$	0.12		$	12,765		$	0.24		$	12,485		$	0.24		$	16,750	$	0.33	$	48,372		$	0.92
Weighted Average common shares outstanding (diluted)		54,651						52,282						52,083						51,059				52,519

	2010
(In thousands, except per share data)	Q1						Q2						Q3						Q4				Q4 YTD
(In thousands, except per share data)	After Tax			Per Share			After Tax			Per Share			After Tax			Per Share			After Tax		Per Share		After Tax			Per Share
Net income (loss)	($	2,514	)	($	0.05	)	($	4,221	)	($	0.08	)	$	7,968		$	0.15		$	17,884	$	0.33	$	19,117		$	0.35
Add:
Amortization of swap termination costs		3,644			0.07			3,437			0.06			2,973			0.05			2,628		0.05		12,682			0.23
Loss on extinguishment of debt		—			—			5,098			0.09			—			—			—		—		5,098			0.09
Acquisition (income) expense		—			—			159			0.00			(1,043	)		(0.02	)		91		0.00		(793	)		(0.01	)
Adjusted net income (loss)	$	1,130		$	0.02		$	4,473		$	0.08		$	9,898		$	0.18		$	20,603	$	0.38	$	36,104		$	0.66
Weighted Average common shares outstanding (diluted)		54,568						54,869						54,872						54,864				54,793

Note: Numbers may not add due to rounding

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP MEASURES

Operating Income Excluding 45G Benefit, Operating Ratio Excluding 45G Benefit, Operating Income Excluding 45G Benefit, Asset Sales & Impairments and Operating Ratio Excluding 45G Benefit, Asset Sales & Impairments are supplemental measures of profitability that are not calculated or presented in accordance with U.S. generally accepted accounting principles (“GAAP”). We use non-GAAP financial measures as a supplement to our GAAP results in order to provide a more complete understanding of the factors and trends affecting our business. However, Operating Income Excluding 45G Benefit, Operating Ratio Excluding 45G Benefit, Operating Income Excluding 45G Benefit, Asset Sales & Impairments and Operating Ratio Excluding 45G Benefit, Asset Sales & Impairments have limitations as analytical tools. They are not measurements of our profitability under GAAP and should not be considered as alternatives to Operating Income or Operating Ratio as measures of profitability.

Operating Income Excluding 45G Benefit and Operating Ratio Excluding 45G Benefit assist us in measuring our performance and profitability of our operations without the impact of monetizing the 45G tax benefit. Operating Income Excluding 45G Benefit, Asset Sales & Impairments and Operating Ratio Excluding 45G Benefit, Asset Sales & Impairments assist us in measuring our performance and profitability of our operations without the impact of monetizing the 45G tax benefit, Asset Sales and Impairments. The following table sets forth the reconciliation of Operating Income Excluding 45G Benefit from our Operating Income, Operating Ratio Excluding 45G Benefit from our Operating Ratio, Operating Income Excluding 45G Benefit, Asset Sales & Impairments from our Operating Income and Operating Ratio Excluding 45G Benefit, Asset Sales & Impairments from our Operating Ratio.


	2011
($ in thousands)	Q1					Q2					Q3					Q4					FY
Operating revenue	$	124,937				$	139,215				$	139,665				$	147,306				$	551,123
Operating expense		100,734					110,517					108,177					110,073					429,501

Operating Income, reported		24,203					28,698					31,488					37,233					121,622
Operating ratio Reported				80.6	%				79.4	%				77.5	%				74.7	%				77.9	%
Less: Benefit from 45G credits		(4,150	)	3.3	%		(5,133	)	3.7	%		(3,879	)	2.8	%		(3,552	)	2.4	%		(16,714	)	3.0	%

Operating income excluding 45G Benefit		20,053					23,565					27,609					33,681					104,908
Operating ratio excluding 45G Benefit				83.9	%				83.1	%				80.3	%				77.1	%				81.0	%
Net (gain) loss on sale of assets		207		-0.2	%		(64	)	0.0	%		8		0.0	%		(201	)	0.1	%		(50	)	0.0	%
Impairment of assets		—		0.0	%		3,220		-2.3	%		1,949		-1.4	%		—		0.0	%		5,169		-0.9	%

Operating income excluding 45G Benefit, Asset Sales & Impairments	$	20,260				$	26,721				$	29,566				$	33,480				$	110,027
Operating ratio, excluding 45G Benefit, Asset Sales & Impairments				83.8	%				80.8	%				78.9	%				77.3	%				80.0	%

		2010
($ in thousands)	Q1					Q2					Q3					Q4					FY
Operating revenue	$	114,941				$	119,457				$	128,257				$	127,636				$	490,291
Operating expense		95,740					96,397					99,766					83,881					375,784

Operating Income, reported		19,201					23,060					28,491					43,755					114,507
Operating ratio Reported				83.3	%				80.7	%				77.8	%				65.7	%				76.6	%
Less: Benefit from 45G credits		—		0.0	%		—		0.0	%		—		0.0	%		(17,589	)	13.8	%		(17,589	)	3.6	%

Operating income excluding 45G Benefit		19,201					23,060					28,491					26,166					96,918
Operating ratio excluding 45G Benefit				83.3	%				80.7	%				77.8	%				79.5	%				80.2	%
Net (gain) loss on sale of assets		(34	)	0.0	%		25		0.0	%		(1,708	)	1.3	%		(474	)	0.4	%		(2,191	)	0.4	%
Addback IPO charge		—		0.0	%		—		0.0	%		—		0.0	%		—		0.0	%		—		0.0	%

Operating income excluding 45G Benefit, Asset Sales & Impairments	$	19,167				$	23,085				$	26,783				$	25,692				$	94,727
Operating ratio, excluding 45G Benefit, Asset Sales & Impairments				83.3	%				80.7	%				79.1	%				79.9	%				80.7	%

Note: Numbers may not add due to rounding

RAILAMERICA INC /DE - FORM 8-K - EX-99.1 - February 9, 2012

Attached files

RAILAMERICA INC /DE Reports