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:
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV