Genesee & Wyoming Reports Results For The Third Quarter Of 2012
GWI acquired RailAmerica, Inc. (RailAmerica) on October 1, 2012. GWI’s financial results for the third quarter of 2012 do not incorporate RailAmerica’s operations for this period, however the impact of certain RailAmerica acquisition-related expenses are included in the financial results for the quarter and described in more detail below. RailAmerica’s third quarter 2012 earnings press release and supplemental information presentation are posted on RailAmerica’s website www.railamerica.com, under the public information tab.
In the third quarter of 2012 and 2011, GWI's results included certain significant items that are set forth in the following table ($ in millions, except per share amounts).
| (Loss)/IncomeBefore TaxesImpact | After-Tax Net(Loss)/IncomeImpact | Diluted(Loss)/Earnings PerShare Impact | ||||||||||||||||||||||
| Q3 2012 | ||||||||||||||||||||||||
| Mark-to-market loss on Carlyle Convertible | $ | (50.1 | ) | $ | (50.1 | ) | $ | (1.16 | ) | |||||||||||||||
| RailAmerica acquisition-related costs | $ | (5.8 | ) | $ | (3.5 | ) | $ | (0.08 | ) | |||||||||||||||
| Dilutive impact from September public offerings of common stock and TEUs prior to RailAmerica acquisition on October 1 | $ | - | $ | - | $ | (0.02 | ) | |||||||||||||||||
| Net gain on sale of assets | $ | 3.0 | $ | 2.0 | $ | 0.05 | ||||||||||||||||||
| Q3 2011 | ||||||||||||||||||||||||
| Acquisition-related costs | $ | (1.3 | ) | $ | (0.8 | ) | $ | (0.02 | ) | |||||||||||||||
| Refinancing-related costs | $ | (0.9 | ) | $ | (0.6 | ) | $ | (0.01 | ) | |||||||||||||||
| Net gain on sale of assets | $ | 0.6 | $ | 0.4 | $ | 0.01 | ||||||||||||||||||
| Short line tax credit | $ | - | $ | 3.2 | $ | 0.07 | ||||||||||||||||||
Explanation of Q3 2012 Significant Items
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