American Railcar Industries, Inc. Reports Third Quarter 2010 Results
Adjusted EBITDA represents EBITDA before share based compensation
expense related to stock appreciation rights (SARs), and before gains or
losses on investments and derivative instruments. We believe that
Adjusted EBITDA is useful to investors evaluating our operating
performance, and management also uses Adjusted EBITDA for that purpose.
Our SARs (which settle in cash) are revalued each quarter based
primarily upon changes in our stock price. Management believes that
eliminating the expense associated with our stock based compensation,
investments and derivates allows us and our investors to understand
better our operating results independent of financial changes caused by
the fluctuating price and value of our common stock, investments and
derivative instruments. Adjusted EBITDA is not a financial measure
presented in accordance with U.S. GAAP. Accordingly, when analyzing our
operating performance, investors should not consider Adjusted EBITDA in
isolation or as a substitute for net (loss) earnings, cash flows from
operating activities or other statements of operations or statements of
cash flow data prepared in accordance with U.S. GAAP. Our calculation of
Adjusted EBITDA is not necessarily comparable to that of other similarly
titled measures reported by other companies.
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