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Genesee & Wyoming Reports Results For The Second Quarter Of 2012

Average same railroad freight revenues per carload increased 10.2% in the second quarter of 2012. A change in the mix of commodities and higher fuel surcharges increased average same railroad freight revenues per carload by 4.5% and 0.3%, respectively, partially offset by the depreciation of the Australian and Canadian dollars versus the U.S. dollar, which decreased average same railroad freight revenues per carload by 2.3%. Other than these factors, average same railroad freight revenues per carload increased 7.7%. Average same railroad freight revenues per carload were impacted by changes in the mix of customers within certain commodity groups, primarily other commodities and metals.

GWI’s same railroad non-freight revenues in the second quarter of 2012 were $62.8 million, equal to same railroad non-freight revenues in the second quarter of 2011. Excluding a $1.4 million decrease from the net impact from foreign currency depreciation, GWI’s same railroad non-freight revenues increased by $1.4 million, or 2.2%, primarily due to higher railcar switching revenues in the United States.

GWI's operating income in the second quarter of 2012 was $62.5 million, an increase of $11.3 million, compared with $51.2 million in the second quarter of 2011. GWI’s operating ratio in the second quarter of 2012 was 71.3%, compared with an operating ratio of 75.6% in the second quarter of 2011. Operating income in the second quarter of 2012 included gains on the sale of assets of $6.2 million and insurance recoveries of $5.2 million primarily related to a business interruption claim associated with lost profits incurred in the first quarter as a result of the Edith River Bridge derailment. This recovery represents a partial payment of our total expected business interruption claim. Additional recovery for business interruption losses is expected in the fourth quarter of 2012. Operating income in the second quarter of 2012 was negatively impacted by $1.9 million of business/corporate development costs and $0.5 million of lost income due to the 9-day strike of Canadian Pacific’s railroad engineers in May 2012. Operating income in the second quarter of 2011 included $1.1 million in gains on the sale of assets and $1.0 million in insurance recoveries, partially offset by $0.4 million of business/corporate development expenses. Excluding these items, GWI’s adjusted operating ratio was 75.5% in the second quarter of 2012, compared with 76.4% in the second quarter of 2011. (1)

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