Genesee & Wyoming Inc. (GWI) (NYSE: GWR) reported today that net income in the second quarter of 2003 was $7.7 million compared with net income of $7.4 million in the second quarter of 2002. GWI's diluted earnings per share in the second quarter of 2003 increased 2.1% to $0.43 with 17.8 million shares outstanding compared with diluted earnings per share in the second quarter of 2002 of $0.42 with 17.6 million shares outstanding.
In the second quarter of 2003, GWI's North American revenue increased 20.9% to $62.9 million compared with $52.1 million in the second quarter of 2002. Of this $10.9 million increase in revenue, $5.5 million was from the acquisition of Utah Railway and $1.0 million was from the start-up of a new rail line in Oregon. Same railroad revenue in the second quarter of 2003 increased $4.4 million, or 8.3%, of which approximately $1.0 million was due to the strengthening of the Canadian dollar versus the U.S. dollar.
North American operating income increased 29.9% to $10.9 million in the second quarter of 2003 compared with $8.4 million in the second quarter of 2002. GWI's North American operating ratio improved to 82.7% in the second quarter of 2003 compared with 83.9% in the second quarter of 2002.
In Australia, second quarter 2003 revenue for GWI's 50%-owned subsidiary, Australian Railroad Group (ARG), increased 8.1% to US$59.9 million compared with US$55.4 million in the second quarter of 2002. In comparing the second quarter of 2003 with the second quarter of 2002, it is notable that the Australian dollar appreciated 16.1%.
ARG's operating income in the second quarter of 2003 was US$13.3 million compared with operating income of US$14.3 million in the second quarter of 2002. ARG's operating ratio in the second quarter of 2003 was 77.7%, compared with 74.1% in the second quarter of 2002.
Equity income from ARG in the second quarter of 2003 was US$2.1 million compared with US$2.7 million in the second quarter of 2002. Equity income from GWI's 22.9% indirect ownership of a Bolivian railroad, Empresa Ferroviaria Oriental, S.A., was US$0.2 million in the second quarter of 2003 compared with US$0.3 million in the second quarter of 2002.
Mortimer B. Fuller III, Chairman and Chief Executive Officer of GWI, commented, "Our second quarter results were as expected. In North America, our coal shipments in Illinois were strong despite maintenance work at a major customer, our Utah acquisition continues to perform well, and traffic levels in Mexico were much improved. In Australia, our management team is performing well in a difficult year for grain shipments and ARG's safety record has improved significantly."
As previously announced, GWI's conference call to discuss financial results for the second quarter will be held today at 11:00AM (Eastern Daylight Time). The dial-in number for the teleconference is (888) 273-9887. An audio replay of the conference call will be accessible at Genesee & Wyoming's website (www.gwrr.com) this afternoon through October 30, 2003. To access the replay, click on the Investors tab.
GWI is a leading operator of short line and regional freight railroads in the United States, Canada, Mexico, Australia and Bolivia. The Company operates in five countries on three continents over 8,000 miles of owned and leased track. It also operates over an additional 3,000 miles under track access arrangements.
This press release contains forward-looking statements regarding future events and the future performance of Genesee & Wyoming Inc. that involve risks and uncertainties that could cause actual results to differ materially including, but not limited to, economic conditions, customer demand, increased competition in relevant markets, and others. The Company refers you to the documents that Genesee & Wyoming Inc. files from time to time with the Securities and Exchange Commission, such as the Company's Forms 10-Q and 10-K which contain additional important factors that could cause its actual results to differ from its current expectations and from the forward-looking statements contained in this press release.
GENESEE & WYOMING INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2003 2002 2003 2002
REVENUES $62,937 $52,075 $121,798 $100,372
OPERATING EXPENSES 52,075 43,711 102,949 85,468
INCOME FROM OPERATIONS 10,862 8,364 18,849 14,904
INTEREST EXPENSE (2,167) (1,691) (4,510) (3,291)
OTHER INCOME, NET 386 63 713 169
INCOME BEFORE INCOME TAXES AND
EQUITY EARNINGS 9,081 6,736 15,052 11,782
PROVISION FOR INCOME TAXES 3,702 2,283 5,875 4,009
INCOME BEFORE EQUITY EARNINGS 5,379 4,453 9,177 7,773
EQUITY IN NET INCOME OF
INTERNATIONAL AFFILIATES:
AUSTRALIAN RAILROAD GROUP 2,130 2,713 4,144 4,551
SOUTH AMERICA 186 269 (91) 499
NET INCOME 7,695 7,435 13,230 12,823
IMPACT OF PREFERRED STOCK OUTSTANDING 293 293 586 586
NET INCOME AVAILABLE TO
COMMON SHAREHOLDERS $7,402 $7,142 $12,644 $12,237
BASIC EARNINGS PER SHARE:
NET INCOME AVAILABLE TO COMMON
SHAREHOLDERS $0.49 $0.49 $0.84 $0.84
WEIGHTED AVERAGE NUMBER
OF SHARES OUTSTANDING 15,097 14,649 15,058 14,618
DILUTED EARNINGS PER SHARE:
NET INCOME $0.43 $0.42 $0.74 $0.73
WEIGHTED AVERAGE NUMBER
OF SHARES OUTSTANDING 17,804 17,565 17,767 17,539 GENESEE & WYOMING INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
June 30, December 31,
ASSETS 2003 2002
CURRENT ASSETS:
Cash and cash equivalents $12,329 $11,028
Accounts receivable, net 51,482 54,527
Materials and supplies 6,081 5,468
Prepaid expenses and other 5,898 7,447
Deferred income tax assets, net 2,681 2,484
Total current assets 78,471 80,954
PROPERTY AND EQUIPMENT, net 270,588 264,728
INVESTMENT IN UNCONSOLIDATED AFFILIATES 98,985 81,287
GOODWILL 24,447 24,174
INTANGIBLE ASSETS, net 58,674 59,269
OTHER ASSETS, net 4,108 4,447
Total assets $535,273 $514,859
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt $6,561 $6,116
Accounts payable 43,716 49,482
Accrued expenses 15,840 12,314
Total current liabilities 66,117 67,912
LONG-TERM DEBT, less current portion 106,589 119,301
DEFERRED INCOME TAX LIABILITIES, net 35,231 31,686
DEFERRED ITEMS - grants from
governmental agencies 42,355 42,509
DEFERRED GAIN - sale/leaseback 4,216 4,448
OTHER LONG-TERM LIABILITIES 13,925 12,280
MINORITY INTEREST 3,189 3,122
REDEEMABLE CONVERTIBLE PREFERRED STOCK 24,066 23,980
TOTAL LIABILITIES 295,688 305,238
TOTAL STOCKHOLDERS' EQUITY 239,585 209,621
Total liabilities and
stockholders' equity $535,273 $514,859 GENESEE & WYOMING INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Six Months Ended
June 30, 2003 June 30, 2002
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $13,230 $12,823
Adjustments to reconcile net income
to net cash provided by operating activities-
Depreciation and amortization 7,568 6,566
Deferred income taxes 4,128 2,157
Loss (gain) on disposition of property 176 (424)
Equity earnings of unconsolidated
international affiliates (4,053) (5,050)
Minority interest expense 67 268
Tax benefit realized upon
exercise of stock options 648 395
Changes in assets and liabilities,
net of effect of acquisitions -
Accounts receivable 3,922 (334)
Materials and supplies (493) (1,049)
Prepaid expenses and other 1,496 231
Accounts payable and accrued expenses (4,181) (4,245)
Other assets and liabilities, net 558 1,047
Net cash provided by
operating activities 23,066 12,385
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment,
net of proceeds from government grants (7,135) (8,900)
Locomotive upgrade project (97) --
Purchase of Emons Transportation Group, Inc.,
net of cash received -- (29,449)
Cash received from unconsolidated
international affiliates 132 --
Proceeds from disposition of property
and equipment, including sale/leasebacks 526 557
Net cash used in investing activities (6,574) (37,792)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on long-term
borrowings, including capital leases (71,743) (41,497)
Proceeds from issuance of long-term debt 55,000 51,500
Proceeds from employee stock purchases 1,594 986
Purchase of treasury stock (180) --
Dividend on Redeemable Convertible
Preferred Stock (500) (500)
Net cash (used in) provided
by financing activities (15,829) 10,489
EFFECT OF EXCHANGE RATE CHANGES ON
CASH AND CASH EQUIVALENTS 638 (565)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 1,301 (15,483)
CASH AND CASH EQUIVALENTS,
beginning of period 11,028 28,732
CASH AND CASH EQUIVALENTS, end of period $12,329 $13,249 GENESEE & WYOMING INC. AND SUBSIDIARIES
North American Railroad Freight Revenue,
Carloads and Average Revenue Per Carload
Comparison by Commodity Group
Three Months Ended June 30, 2003 and 2002
(dollars in thousands, except average revenue per carload)
Three Months Ended Three Months Ended
June 30, 2003 June 30, 2002
Average Average
Revenue Revenue
Freight Per Freight Per
Commodity Group Revenues Carloads Carload Revenues Carloads Carload
Coal, Coke & Ores $9,805 40,132 $244 $5,523 27,431 $201
Paper 7,943 19,105 416 6,526 16,403 398
Petroleum Products 6,183 7,707 802 5,610 7,795 720
Minerals & Stone 5,821 14,672 397 5,736 13,167 436
Metals 4,678 16,528 283 4,046 14,431 280
Lumber & Forest Products 4,580 14,777 310 3,294 9,122 361
Chemicals-Plastics 2,856 5,958 479 2,567 5,231 491
Farm & Food Products 2,599 6,591 394 2,498 5,744 435
Autos & Auto Parts 1,706 4,234 403 2,135 4,985 428
Intermodal 431 1,692 255 355 1,515 234
Other 551 2,612 211 1,206 4,340 278
Totals $47,153 134,008 352 $39,496 110,164 359 GENESEE & WYOMING INC. AND SUBSIDIARIES
North American Railroad Freight Revenue,
Carloads and Average Revenue Per Carload
Comparison by Commodity Group
Six Months Ended June 30, 2003 and 2002
(dollars in thousands, except average revenue per carload)
Six Months Ended Six Months Ended
June 30, 2003 June 30, 2002
Average Average
Revenue Revenue
Freight Per Freight Per
Commodity Group Revenues Carloads Carload Revenues Carloads Carload
Coal, Coke & Ores $19,648 82,111 $239 $11,709 56,459 $207
Paper 15,269 36,979 413 12,116 30,717 394
Petroleum Products 12,671 16,397 773 10,647 14,855 717
Minerals & Stone 11,097 28,665 387 11,125 24,262 459
Metals 8,585 30,388 283 7,784 27,899 279
Lumber & Forest Products 8,443 26,856 314 6,248 17,480 357
Farm & Food Products 5,491 14,862 369 5,225 14,076 371
Chemicals-Plastics 5,434 11,633 467 4,774 9,779 488
Autos & Auto Parts 3,235 7,991 405 3,912 9,421 415
Intermodal 788 2,988 264 561 2,377 236
Other 1,018 5,068 201 2,387 8,673 275
Totals $91,679 263,938 347 $76,488 215,998 354 GENESEE & WYOMING INC. AND SUBSIDIARIES
Selected Consolidated Financial Information
Three Months Ended June 30, 2003 and 2002
(dollars in thousands)
(Unaudited)
Three Months Ended
June 30,
2003 2002
% of % of
Amount Revenue Amount Revenue
Revenues:
Freight $47,153 74.9% $39,496 75.8%
Non-freight 15,784 25.1% 12,579 24.2%
Total revenues $62,937 100.0% $52,075 100.0%
Operating Expense Comparison:
Natural Classification
Labor and benefits $21,933 34.8% $19,112 36.7%
Equipment rents 4,302 6.8% 4,614 8.9%
Purchased services 4,913 7.8% 3,957 7.6%
Depreciation and amortization 3,843 6.1% 3,113 6.0%
Diesel fuel 4,449 7.1% 3,131 6.0%
Casualties and insurance 3,328 5.3% 2,355 4.5%
Materials 3,969 6.3% 3,268 6.3%
Net loss (gain) on sale and
impairment of assets 175 0.3% (426) -0.8%
Other expenses 5,163 8.2% 4,587 8.7%
Total operating expenses $52,075 82.7% $43,711 83.9%
Functional Classification
Transportation $20,905 33.2% $16,129 31.0%
Maintenance of ways and structures 6,963 11.1% 5,829 11.2%
Maintenance of equipment 9,157 14.5% 8,772 16.8%
General and administrative 11,032 17.5% 10,294 19.7%
Net loss (gain) on sale and
impairment of assets 175 0.3% (426) -0.8%
Depreciation and amortization 3,843 6.1% 3,113 6.0%
Total operating expenses $52,075 82.7% $43,711 83.9% GENESEE & WYOMING INC. AND SUBSIDIARIES
Selected Consolidated Financial Information
Six Months Ended June 30, 2003 and 2002
(dollars in thousands)
(Unaudited)
Six Months Ended
June 30,
2003 2002
% of % of
Amount Revenue Amount Revenue
Revenues:
Freight $91,679 75.3% $76,488 76.2%
Non-freight 30,119 24.7% 23,884 23.8%
Total revenues $121,798 100.0% $100,372 100.0%
Operating Expense Comparison:
Natural Classification
Labor and benefits $43,800 36.0% $37,738 37.6%
Equipment rents 8,800 7.2% 8,709 8.7%
Purchased services 8,956 7.4% 7,369 7.3%
Depreciation and amortization 7,568 6.2% 6,566 6.5%
Diesel fuel 9,620 7.9% 5,960 5.9%
Casualties and insurance 6,299 5.2% 4,457 4.4%
Materials 7,665 6.3% 6,079 6.1%
Net loss (gain) on sale and
impairment of assets 176 0.1% (424) -0.4%
Other expenses 10,065 8.2% 9,014 9.1%
Total operating expenses $102,949 84.5% $85,468 85.2%
Functional Classification
Transportation $41,752 34.3% $30,760 30.6%
Maintenance of ways and structures 13,101 10.8% 11,282 11.2%
Maintenance of equipment 18,153 14.9% 17,253 17.2%
General and administrative 22,199 18.2% 20,031 20.1%
Net loss (gain) on sale and
impairment of assets 176 0.1% (424) -0.4%
Depreciation and amortization 7,568 6.2% 6,566 6.5%
Total operating expenses $102,949 84.5% $85,468 85.2% AUSTRALIAN RAILROAD GROUP PTY. LTD.
CONSOLIDATED STATEMENTS OF INCOME
(U.S. Dollars in Thousands)
(Unaudited - U.S. GAAP)
Three Months Ended Six Months Ended
June 30, June 30,
2003 2002 2003 2002
REVENUES $59,912 $55,421 $113,272 $104,907
OPERATING EXPENSES 46,574 41,079 87,607 78,390
RESTRUCTURING COSTS -- -- 267 --
BID COSTS -- -- -- 827
TOTAL OPERATING EXPENSES 46,574 41,079 87,874 79,217
INCOME FROM OPERATIONS 13,338 14,342 25,398 25,690
INTEREST EXPENSE (7,633) (6,419) (14,697) (12,347)
OTHER INCOME, NET 779 174 1,538 316
INCOME BEFORE TAX 6,484 8,097 12,239 13,659
PROVISION FOR INCOME TAX 2,224 2,672 3,951 4,558
NET INCOME $4,260 $5,425 $8,288 $9,101Australian Railroad Group Pty. Ltd. is a 50%-owned joint venture of Genesee & Wyoming Inc.
AUSTRALIAN RAILROAD GROUP PTY. LTD.
CONSOLIDATED BALANCE SHEETS
As of June 30, 2003 and December 31, 2002
(U.S. Dollars in Thousands)
(Unaudited - U.S. GAAP)
June 30, 2003 December 31, 2002
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $14,483 $5,882
Accounts receivable, net 40,080 30,315
Materials and supplies 8,743 7,985
Prepaid expenses and other 5,421 2,061
Total current assets 68,727 46,243
PROPERTY AND EQUIPMENT, net 481,901 402,286
DEFERRED INCOME TAX ASSETS, net 3,965 8,094
RESTRICTED CASH 67,793 53,380
OTHER ASSETS, net 3,763 4,224
Total assets $626,149 $514,227
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt $160,009 $133,285
Accounts payable 23,103 20,574
Accrued expenses 11,325 8,789
Current income tax liabilities 2,008 1,672
Total current liabilities 196,445 164,320
LONG-TERM DEBT 234,118 195,017
OTHER LONG-TERM LIABILITIES 1,221 1,032
FAIR VALUE OF INTEREST RATE SWAPS 21,969 16,622
TOTAL STOCKHOLDERS' EQUITY 172,396 137,236
Total liabilities and
stockholders' equity $626,149 $514,227Australian Railroad Group Pty. Ltd. is a 50%-owned joint venture of Genesee & Wyoming Inc.
AUSTRALIAN RAILROAD GROUP PTY. LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Six Months Ended June 30, 2003 AND 2002
(U.S. Dollars in Thousands)
(Unaudited - U.S. GAAP)
Six Months Ended
June 30, 2003 June 30, 2002
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $8,288 $9,101
Adjustments to reconcile net income to net
cash provided by operating activities-
Depreciation and amortization 10,875 7,882
Deferred income taxes 5,265 3,880
Gain on disposition of property (633) (151)
Changes in assets and liabilities (4,320) (14,300)
Net cash provided by
operating activities 19,475 6,412
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment (12,003) (16,903)
Proceeds from disposition of
property and equipment 2,716 151
Transfer to restricted funds on deposit (3,396) --
Net cash used in investing activities (12,683) (16,752)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings -- 5,280
Net cash provided by
financing activities -- 5,280
EFFECT OF EXCHANGE RATE DIFFERENCES
ON CASH AND CASH EQUIVALENTS 1,809 947
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 8,601 (4,113)
CASH AND CASH EQUIVALENTS, beginning of period 5,882 9,908
CASH AND CASH EQUIVALENTS, end of period $14,483 $5,795Australian Railroad Group Pty. Ltd. is a 50%-owned joint venture of Genesee & Wyoming Inc.
AUSTRALIAN RAILROAD GROUP PTY. LTD.
Australian Railroad Freight Revenue,
Carloads and Average Revenue Per Carload
Comparison by Commodity Group
Three Months Ended June 30, 2003 and 2002
(U.S. Dollars in Thousands)
(Unaudited)
Three Months Ended Three Months Ended
June 30, 2003 June 30, 2002
Average Average
Revenue Revenue
Freight Per Freight Per
Commodity Group Revenues Carloads Carload Revenues Carloads Carload
Grain $15,662 41,005 $382 $14,819 44,800 $331
Other Ores and Minerals 11,210 25,500 440 9,859 25,482 387
Iron Ore 8,194 41,597 197 7,499 47,022 159
Alumina 4,173 38,646 108 3,483 37,636 93
Bauxite 2,916 32,105 91 2,530 31,452 80
Hook and Pull (Haulage) 884 1,592 555 1,713 5,589 306
Gypsum 655 10,677 61 643 10,446 62
Other 5,527 15,321 361 5,797 16,479 352
Total $49,221 206,443 238 $46,343 218,906 212Australian Railroad Group Pty. Ltd. is a 50%-owned joint venture of Genesee & Wyoming Inc.
AUSTRALIAN RAILROAD GROUP PTY. LTD.
Australian Railroad Freight Revenue,
Carloads and Average Revenue Per Carload
Comparison by Commodity Group
Six Months Ended June 30, 2003 and 2002
(U.S. Dollars in Thousands)
(Unaudited)
Six Months Ended Six Months Ended
June 30, 2003 June 30, 2002
Average Average
Revenue Revenue
Freight Per Freight Per
Commodity Group Revenues Carloads Carload Revenues Carloads Carload
Grain $27,411 68,817 $398 $27,943 93,536 $299
Other Ores and Minerals 21,399 50,295 425 18,625 49,303 378
Iron Ore 15,680 84,604 185 13,749 88,159 156
Alumina 7,944 76,082 104 6,769 75,388 90
Bauxite 5,670 64,004 89 4,958 63,059 79
Hook and Pull (Haulage) 1,682 2,893 581 4,448 16,662 267
Gypsum 1,310 21,306 61 1,223 20,455 60
Other 11,481 31,335 366 10,710 31,287 342
Total $92,577 399,336 232 $88,425 437,849 202Australian Railroad Group Pty. Ltd. is a 50%-owned joint venture of Genesee & Wyoming Inc.
AUSTRALIAN RAILROAD GROUP PTY. LTD.
Selected Consolidated Financial Information
Three Months Ended June 30, 2003 and 2002
(U.S. Dollars in Thousands)
(Unaudited - U.S. GAAP)
Three Months Ended
June 30,
2003 2002
% of % of
Amount Revenue Amount Revenue
Revenues:
Freight $49,221 82.2% $46,343 83.6%
Non-freight and Alice
Springs construction 10,691 17.8% 9,078 16.4%
Total railroad revenues $59,912 100.0% $55,421 100.0%
Operating Expenses:
Natural Classification
Labor and benefits $10,983 18.3% $9,802 17.6%
Equipment rents 368 0.6% 334 0.6%
Purchased services 14,190 23.7% 12,151 21.9%
Depreciation and amortization 5,718 9.5% 4,137 7.5%
Diesel fuel 5,034 8.4% 4,223 7.6%
Casualties and insurance 3,031 5.1% 3,002 5.4%
Materials 2,590 4.3% 1,868 3.4%
Net gain on sale and
impairment of assets (208) -0.3% (130) -0.2%
Other expenses 4,868 8.1% 5,692 10.3%
Total operating expenses $46,574 77.7% $41,079 74.1%
Functional Classification
Transportation $18,664 31.2% $16,579 29.9%
Maintenance of ways and structures 8,313 13.9% 6,039 10.9%
Maintenance of equipment 5,992 10.0% 6,122 11.0%
General and administrative 8,095 13.4% 8,332 15.0%
Net gain on sale and
impairment of assets (208) -0.3% (130) -0.2%
Depreciation and amortization 5,718 9.5% 4,137 7.5%
Total operating expenses $46,574 77.7% $41,079 74.1%Australian Railroad Group Pty. Ltd. is a 50%-owned joint venture of Genesee & Wyoming Inc.
AUSTRALIAN RAILROAD GROUP PTY. LTD.
Selected Consolidated Financial Information
Six Months Ended June 30, 2003 and 2002
(U.S. Dollars in Thousands)
(Unaudited - U.S. GAAP)
Six Months Ended
June 30,
2003 2002
% of % of
Amount Revenue Amount Revenue
Revenues:
Freight $92,577 81.7% $88,425 84.3%
Non-freight and
Alice Springs construction 20,695 18.3% 16,482 15.7%
Total railroad revenues $113,272 100.0% $104,907 100.0%
Operating Expenses:
Natural Classification
Labor and benefits $20,617 18.2% $19,203 18.3%
Equipment rents 722 0.6% 505 0.5%
Purchased services 26,850 23.7% 23,243 22.2%
Depreciation and amortization 10,875 9.6% 7,882 7.5%
Diesel fuel 9,974 8.8% 7,899 7.5%
Casualties and insurance 4,881 4.3% 6,151 5.9%
Materials 5,434 4.8% 3,126 3.0%
Net gain on sale and
impairment of assets (633) -0.6% (151) -0.1%
Other expenses 9,154 8.2% 11,359 10.8%
Total operating expenses $87,874 77.6% $79,217 75.6%
Functional Classification
Transportation $34,669 30.6% $32,185 30.8%
Maintenance of ways and structures 15,374 13.7% 11,238 10.7%
Maintenance of equipment 12,361 10.9% 10,883 10.4%
General and administrative 15,228 13.4% 17,180 16.4%
Net gain on sale and
impairment of assets (633) -0.6% (151) -0.1%
Depreciation and amortization 10,875 9.6% 7,882 7.4%
Total operating expenses $87,874 77.6% $79,217 75.6%Australian Railroad Group Pty. Ltd. is a 50%-owned joint venture of Genesee & Wyoming Inc.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Genesee & Wyoming's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.
