Revenues for the Services segment were $8.6 million in the first quarter of 2012 compared to $9.1 million in the first quarter of 2011 and $7.8 million in the fourth quarter of 2011. Services segment operating income was $0.7 million for the first quarter of 2012 compared to $1.1 million in the first quarter of 2011 and $0.5 million in the fourth quarter of 2011.
Corporate costs were $7.4 million for the quarter ended March 31, 2012, which were $2.3 million higher than in the same quarter in 2011 and $0.2 million lower than in the fourth quarter of 2011.
The Company’s effective tax rate for the first quarter of 2012 was 38.8%. The effective tax rate was 66.7% in the first quarter of 2011 and 9.1% in the fourth quarter of 2011.
Cash and cash equivalents and restricted cash as of March 31, 2012 were $144.6 million, compared to $103.7 million as of December 31, 2011. The increase in cash reflects the proceeds from the sale of railcars and other working capital changes. The Company’s $30.0 million revolving credit facility remains undrawn.Railcars under lease totaled $44.4 million at the end of the first quarter of 2012 compared to $54.7 million at the end of the fourth quarter of 2011 and $64.9 million at the end of the first quarter of 2011. The decrease in railcars under lease reflects sales of leased railcars. * * * * * The Company will host a conference call and live webcast on Tuesday, May 8, 2012 at 11:00 a.m. (Eastern Daylight Time) to discuss the Company’s first quarter 2012 financial results. To participate in the conference call, please dial (800) 230-1074, Confirmation Number 246557. Interested parties are asked to dial in approximately 10 to 15 minutes prior to the start time of the call. The live audio-only webcast can be accessed at:
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