ST. CHARLES, Mo., Feb. 23, 2011 (GLOBE NEWSWIRE) -- American Railcar Industries, Inc. (ARI or the Company) (Nasdaq:ARII) today reported its fourth quarter 2010 financial results.
"During 2010, the railcar industry saw railcar loadings increase by almost 10%, orders for approximately 30,000 new railcars and a reduction of approximately 130,000 railcars in storage, according to an independent third party industry analyst," said James Cowan, President and CEO of ARI. "We received orders for approximately 2,590 new railcars during 2010 and order activity has begun to increase significantly thus far in 2011. Since our announcement of our intent to enter into the railcar leasing business, we have been actively quoting leases to our customers. Our railcar services segment grew by 16% in 2010 over the prior year, with 2010 revenues of $67.5 million. This growth resulted from higher volumes at our railcar repair plants and repair work performed at our railcar manufacturing plants."
For the three months ended December 31, 2010, revenues were $95.3 million and net losses were $7.8 million or $0.37 per share. In comparison, for the three months ended December 31, 2009, revenues were $78.5 million and net earnings were $10.5 million or $0.50 per share. Net earnings for the three months ended December 31, 2009 included a pre-tax gain on the sale of corporate bonds of $20.8 million. Revenues were higher in the fourth quarter of 2010 when compared to the same period of 2009 primarily due to higher railcar shipments and increased railcar repair volumes, all partially offset by an overall decrease in average selling prices due to competitive pricing and a change in product mix. During the three months ended December 31, 2010, the Company shipped approximately 950 new railcars as compared to approximately 600 new railcars in the same period of 2009. Our new railcar order backlog was approximately 1,050 railcars as of December 31, 2010.