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TheStreet Open House

Genesee & Wyoming Reports Results For The Fourth Quarter Of 2012

Stocks in this article: GWR

Consolidated Annual Results – Continuing Operations

GWI reported net income for the twelve months ended December 31, 2012, of $52.4 million, compared with net income of $119.5 million for the twelve months ended December 31, 2011. Excluding the impact of certain significant items listed below that primarily related to the RailAmerica acquisition, GWI's adjusted net income in the twelve months ended December 31, 2012 was $129.7 million, compared with adjusted net income of $105.6 million in the twelve months ended December 31, 2011 (1).

GWI's diluted EPS for the twelve months ended December 31, 2012 were $1.02 with 51.3 million weighted average shares outstanding, compared with diluted EPS of $2.79 with 42.8 million weighted average shares outstanding for the twelve months ended December 31, 2011. Excluding the significant items listed below, GWI's adjusted diluted EPS for the twelve months ended December 31, 2012 were $2.53 with 51.3 million weighted average shares outstanding, compared with adjusted diluted EPS of $2.47 with 42.8 million weighted average shares outstanding for the twelve months ended December 31, 2011 (1).

GWI’s 2012 and 2011 results included certain significant items that are set forth in the following table ($ in millions, except per share amounts).

                       
After-Tax

 

Net (Loss)/

 

(Loss)/

Income

Diluted

Income

Attributable

(Loss)/

Before Taxes

to GWI

Earnings Per

Impact

Impact

Share Impact

2012

RailAmerica acquisition-related costs $ (18.6 ) $ (14.5 ) $ (0.28 )
RailAmerica financing-related costs $ (15.8 ) $ (9.5 ) $ (0.19 )
RailAmerica integration costs $ (11.4 ) $ (6.8 ) $ (0.13 )
Acquisition/integration costs incurred by RailAmerica $ - $ (3.5 ) $ (0.07 )
Other business/corporate development costs $ (1.8 ) $ (1.2 ) $ (0.02 )
Gain on insurance recoveries $ 0.8 $ 0.5 $ 0.01
Net gain on sale of assets $ 11.2 $ 8.6 $ 0.17
Contract termination expense in Australia $ (1.1 ) $ (0.8 ) $ (0.02 )
Mark-to-market loss on Carlyle Convertible $ (50.1 ) $ (50.1 ) $ (0.98 )
 

2011

Acquisition-related income tax benefits $ - $ 1.9 $ 0.04
Gain on insurance recoveries $ 1.1 $ 0.7 $ 0.02
Net gain/(loss) on the sale and impairment of assets $ 5.7 $ 3.9 $ 0.09
Edith River derailment costs $ (1.8 ) $ (1.3 ) $ (0.03 )
Business/corporate development costs $ (3.5 ) $ (2.3 ) $ (0.05 )
Short line tax credit $ - $ 10.2 $ 0.24
Gain on sale of investment $ 0.9 $ 0.8 $ 0.02
 

Free Cash Flow from Continuing Operations (5)

(in millions)   Twelve Months Ended
December 31,
2012         2011
Net cash provided by operating activities $ 166.4 $ 173.5
Net cash used in investing activities, excluding
Australian new business investments (1,999.8 ) (156.9 )
Net cash used/(received) for acquisitions/divestitures (a) 1,964.2 88.6
Australian stamp duty (b)   -     13.0  
Free cash flow before Australian new
business investments 130.8 118.1
Australian new business investments   (101.9 )   (78.2 )
Free cash flow (5) $ 28.9   $ 39.9  
 

(a) The 2012 period included $1.9 billion in net cash paid for the acquisition of RailAmerica, Inc. as well as $38.9 million in cash paid for incremental expenses related to the purchase, integration and financing of the acquisition. The 2011 period included $89.9 million in net cash paid for the acquisition of Arizona Eastern Railway Company.

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