JACKSONVILLE, Fla., Dec. 14 /PRNewswire-FirstCall/ -- RailAmerica, Inc. today reported its freight carloads for the month ended November 30, 2009. Total carloads for November 2009 were 67,834, down 8.3% from 73,953 in November 2008. In the second quarter of 2009, the Company restructured a customer contract, which resulted in the Company recording the revenue derived from that contract as non-freight revenue instead of freight revenue and carloads. Excluding the effect of this contract, carloads were down approximately 2% for November 2009 compared to November 2008.
The Company had decreased shipments in November 2009 in nine out of twelve commodity groups compared to November 2008. The largest decline was in the Other commodity group and was primarily due to the restructured contract mentioned above. Continued softness in residential construction contributed to the 2,158 fewer carloads in the Non-Metallic Minerals & Products and Forest Products commodity groups, and reduced demand for Metallic Ores & Metals accounted for 857 fewer cars.
Three commodity segments showed year-over-year growth for November 2009 when compared to November 2008. Agricultural Products were up 28% primarily due to a delayed harvest in the Midwest. Motor Vehicles were up 56% due to a new production facility in the Midwest and a general increase in the movement of new automobiles. Waste & Scrap Materials were up 3%.
RailAmerica, Inc. is the largest owner and operator of short line and regional freight railroads in North America, measured in terms of total track-miles, operating a portfolio of 40 individual railroads with approximately 7,500 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," "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, 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 prospectus filed with the Commission on October 13, 2009. 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.
RailAmerica, Inc. Carload Comparisons by Commodity Group Month / Quarter to Date Ended November 30, 2009 and 2008 November --------------------------- Commodity Group 2009 2008 % Chg --------------- ------ ------ ----- Coal 13,943 14,165 -1.6% Agricultural Products 13,333 10,402 28.2% Chemicals 6,631 6,673 -0.6% Non-Metallic Minerals & Products 5,600 6,412 -12.7% Pulp, Paper & Allied Products 5,048 5,480 -7.9% Waste & Scrap Materials 4,337 4,228 2.6% Food or Kindred Products 4,179 4,344 -3.8% Metallic Ores & Metals 3,985 4,842 -17.7% Forest Products 3,433 4,779 -28.2% Petroleum 3,575 4,054 -11.8% Other 1,929 7,394 -73.9% Motor Vehicles 1,841 1,180 56.0% ------ ------ ----- TOTAL 67,834 73,953 -8.3% QTD November --------------------------- Commodity Group 2009 2008 % Chg --------------- ------ ------ ----- Coal 27,997 27,816 0.7% Agricultural Products 25,474 24,310 4.8% Chemicals 13,774 15,134 -9.0% Non-Metallic Minerals & Products 11,509 14,361 -19.9% Pulp, Paper & Allied Products 10,353 12,269 -15.6% Waste & Scrap Materials 9,301 10,209 -8.9% Food or Kindred Products 8,811 9,544 -7.7% Metallic Ores & Metals 7,981 11,656 -31.5% Forest Products 7,413 10,760 -31.1% Petroleum 7,018 7,455 -5.9% Other 4,473 15,852 -71.8% Motor Vehicles 3,889 2,197 77.0% ------- ------- ----- TOTAL 137,993 161,563 -14.6%
RailAmerica, Inc.
CONTACT: INVESTOR CONTACT: Ira Berger, +1-904-538-6332, or MEDIA
CONTACT: Karen Burdette, +1-904-645-6200, Cell: +1-904-210-3559
