The Manufacturing segment had revenues of $171.8 million in the second quarter of 2012 compared to $88.3 million for the second quarter of 2011. Manufacturing segment revenues were $210.4 million in the first quarter of 2012. Operating income for the Manufacturing segment was $15.3 million in the second quarter of 2012 compared to $2.1 million in the second quarter of 2011 and $22.7 million in the first quarter of 2012.
Revenues for the Services segment were $9.4 million in the second quarter of 2012 compared to $9.3 million in the second quarter of 2011 and $8.6 million in the first quarter of 2012. Services segment operating income was $0.7 million for the second quarter of 2012 compared to $1.2 million in the second quarter of 2011 and $0.7 million in the first quarter of 2012.
Corporate costs were $6.6 million for the quarter ended June 30, 2012 compared to $5.2 million in the same quarter of 2011. Corporate costs were $7.4 million in the first quarter of 2012.
The Company’s effective tax rate was 39.3% in the first six months ended June 30, 2012. The effective tax rate was 81.1% in the first half of 2011.Cash and cash equivalents and restricted cash as of June 30, 2012 were $124.4 million, compared to $144.6 million as of March 31, 2012. The decrease in cash is due to the addition of inventory on lease and reduction of payables during the quarter. The Company’s $30.0 million revolving credit facility remains undrawn. Railcars under lease totaled $67.1 million at the end of the second quarter of 2012 compared to $44.4 million at the end of the first quarter of 2012 and $65.8 million at the end of the second quarter of 2011. The Company will host a conference call and live webcast on Monday, August 6, 2012 at 11:00 a.m. (Eastern Daylight Time) to discuss the Company’s second quarter 2012 financial results. To participate in the conference call, please dial (800) 230-1766, Confirmation Number 255509. 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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