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American Railcar Industries, Inc. Reports Record Operating Margins

EBITDA, adjusted to exclude share-based compensation and other income on short term investments (Adjusted EBITDA), was $43.0 million for the second quarter of 2013 compared to $34.4 million for the comparable quarter of 2012. The increase resulted primarily from increased earnings from operations, partially offset by losses incurred by the Company's joint ventures. The joint venture loss is largely due to softer railcar demand for railcar types other than tank railcars, which adversely impacted demand for the Company's domestic joint venture products, and increased costs related to the start up of operations for our Indian joint venture. A reconciliation of the Company's net earnings to EBITDA and Adjusted EBITDA (both non-GAAP financial measures) is set forth in the supplemental disclosure attached to this press release.

Interest expense was $1.3 million for the second quarter of 2013 compared to $5.1 million in the same period in 2012. The decrease was the result of a more favorable rate obtained on the Company's lease fleet financing and lower average debt balance as a result of the Company's early redemption of its 7.5% senior unsecured notes.

Net earnings for the second quarter of 2013 were $23.6 million, or $1.11 per share, compared to $13.4 million, or $0.63 per share, for the comparable quarter of 2012. The increase in earnings was a result of strong manufacturing and leasing earnings, lower selling, general and administrative expenses and lower interest expense, as discussed above.

Year-to-Date Results

Consolidated revenues for the first six months of 2013 were $354.5 million compared to $335.8 million for the comparable period in 2012. The Company shipped approximately 3,210 railcars, including approximately 910 railcars to leasing customers, during the first half of 2013, which was 27% lower than the approximately 4,410 railcars shipped during the same period of 2012, of which 1,380 were to leasing customers.

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