FreightCar America, Inc. (NASDAQ:RAIL) today reported results for the fourth quarter ended December 31, 2013, with revenues of $79.7 million and a net loss of $12.3 million, or $(1.03) per diluted share. For the same quarter in 2012, the Company reported revenues of $116.6 million and a net loss of $1.0 million, or $(0.08) per diluted share. Revenues were $75.9 million with a net loss of $0.9 million, or $(0.08) per diluted share, in the third quarter of 2013.
“FreightCar America experienced a significant transformation of the business in 2013. While the financial results are not what we desired, we completed several key strategic milestones in the past year,” said Joe McNeely, Chief Executive Officer. “We successfully started up the Shoals facility and brought to market a number of non-coal car types including intermodal and covered hopper railcars. We also continued to make changes to improve the returns of our services business, which resulted in the decision to close one of our underperforming repair shops. With the execution of our strategic priorities and maintaining our market leadership in coal cars, we expect to deliver approximately 7,000 cars in 2014.”
FOURTH QUARTER RESULTS
The Company delivered 1,101 railcars in the fourth quarter of 2013, which included 190 new, 99 used and 812 rebuilt railcars. This compares to 1,308 railcars delivered in the fourth quarter of 2012, including 528 new cars and 780 rebuilt cars. There were 937 railcars delivered in the third quarter of 2013, of which 194 were new and 743 were rebuilds. Total manufacturing backlog was 6,826 units at December 31, 2013, compared to 2,881 units at December 31, 2012 and 7,129 units at September 30, 2013.
Fourth quarter 2013 results include restructuring and non-cash impairment charges totaling $10.5 million. The Manufacturing segment results include a non-cash impairment charge of $7.6 million related to the Danville facility. The Services segment results include a $1.9 million restructuring and impairment charge related to the closure of the Clinton, Indiana facility. Lastly, Corporate costs include severance expense of $1.3 million.