Revenues for the Services segment were $8.1 million in the third quarter of 2012 compared to $7.9 million in the third quarter of 2011 and $9.4 million in the second quarter of 2012. Services segment operating income was $0.6 million for the third quarter of 2012 compared to $1.1 million in the third quarter of 2011 and $0.7 million in the second quarter of 2012. Results for the Services segment reflect a less favorable mix versus the prior quarter and same quarter last year.
Corporate costs were $6.6 million for the quarter ended September 30, 2012 compared to $6.2 million in the same quarter of 2011 and flat with the second quarter of 2012.
The Company’s effective tax rate was 39.2% in the first nine months ended September 30, 2012. The effective tax rate was 12.3% in the first nine months of 2011.
Cash, cash equivalents and restricted cash as of September 30, 2012 were $144.2 million, compared to $124.4 million as of June 30, 2012. The increase in cash is primarily due to reduction in inventories partially offset by an increase in receivables and decrease in payables. The Company’s $30.0 million revolving credit facility remains undrawn.
Railcars under lease totaled $51.0 million at the end of the third quarter of 2012 compared to $67.1 million at the end of the second quarter of 2012.
The Company will host a conference call and live webcast on Thursday, November 1, 2012 at 11:00 a.m. (Eastern Daylight Time) to discuss the Company’s third quarter 2012 financial results. To participate in the conference call, please dial (800) 288-8967, Confirmation Number 268906. 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:
Conference ID#: 268906
If you need technical assistance, call the toll-free AT&T Conference Casting Support Help Line at 1-888-793-6118. Please note that the webcast is listen-only and webcast participants will not be able to participate in the question and answer portion of the conference call. An audio replay of the conference call will be available beginning at 1:00 p.m. (Eastern Daylight Time) on November 1, 2012 until 11:59 p.m. (Eastern Standard Time) on December 1, 2012. To access the replay, please dial (800) 475-6701. The replay pass code is 268906. An audio replay of the call will be available on the Company’s website within two days following the earnings call.