JACKSONVILLE, Fla., Nov. 13, 2012 /PRNewswire/ -- RailAmerica today reported that its total freight carloads for the month ended October 31, 2012 were 75,833, up 6.2% from 71,418 in October 2011.
On October 1, 2012, RailAmerica, Inc. (RailAmerica) was acquired by Genesee & Wyoming Inc. (GWI) (NYSE: GWR) and simultaneously deregistered its common stock and delisted from the New York Stock Exchange. Immediately following the closing of the acquisition, control of RailAmerica was placed into a voting trust with R. Lawrence McCaffrey appointed as trustee. The voting trust will remain in effect until the STB issues its decision on the Company's application to control RailAmerica's railroads. Based on the Company's application and the statutory STB review periods for minor transactions, the STB decision could be issued as early as the fourth quarter of 2012 or as late as the first quarter of 2013.
For the pendency of the trust, GWI will account for its ownership of RailAmerica under the equity method of accounting and RailAmerica will continue to report its carloadings independent of those of GWI. This press release is posted on RailAmerica's website, www.railamerica.com. GWI's carload press release can be found on www.gwrr.com.
The Company increased shipments in October 2012 in seven out of twelve commodity groups compared to October 2011. The largest increases were in Agricultural Products, Chemicals and Other. Agricultural Products were up in all regions with particular strength in the West and Midwest regions. Chemicals increased primarily due to higher shipments in the Midwest and West regions. Shipments in the Other category were up in all regions, other than the West region, which was slightly down. The Other category includes crude oil, which accounted for a large portion of the increase compared to October 2011.
The largest declines were in Coal, Metallic Ores and Metals, and Waste and Scrap Materials. Metallic Ores and Metals shipments declined primarily due to reduced metals shipments in the Northeast region. Coal decreased primarily due to lower shipments in the Central region. Waste and Scrap Materials declined primarily due to lower volumes in the Southeast, Northeast and Central regions.
October 2012 carloads include 1,415 carloads from acquisitions. On a "same railroad" basis, carloads increased 4.2%.
RailAmerica, Inc. owns and operates short-line and regional freight railroads in North America, operating a portfolio of 45 individual railroads with approximately 7,500 miles of track in 28 U.S. states and three Canadian provinces.
Carload Comparisons by Commodity Group
Month Ended October 31, 2012 and 2011, respectively
Non-Metallic Minerals and Products
Pulp, Paper & Allied Products
Food or Kindred Products
Metallic Ores and Metals
Waste & Scrap Materials
Less WCOR and MQTR*
* Wellsboro and Corning Railroad (WCOR), and Marquette Railroad (MQTR). Represents 100% of WCOR carloads, which is 70% owned by RailAmerica.
** October 2012 carloads exclude 66 carloads from WCOR that are eliminated as part of an intercompany transaction between WCOR and TransRail North America, a transload entity.
SOURCE RailAmerica, Inc.