Latest News Continued

FreightCar America, Inc has reported second quarter 2010 revenues of $31.0 million and a net loss of $1.3 million, or 11 cents a share. This compares with revenues of $104.3 million and net income of $7.0 million, or 59 cents per a share, in second quarter 2009.

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Connecticut Gov. M. Jodi Rell announced that the state will exercise an option under a purchase agreement with Kawasaki to acquire 80 additional M-8 railcars valued at $226 million for the Metro-North and Shore Line East commuter fleets.

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The Surface Transportation Board announced that it will establish the Toxic by Inhalation Hazard (TIH) Common Carrier Transportation Advisory Committee to provide the Board with  guidance on the obligation of railroads to move TIH cargo. STB said the committee "will specifically focus on the amount of economic responsibility for liability that railroads can reasonably ask TIH shippers to assume before the carrier will transport the cargo."

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Portec Rail Products, Inc., had unaudited net income of $864,000 or $0.09 per share for the three months ended June 30, 2010, and $1,321,000 or $0.14 per share for the six months ended June 30, 2010. Results for the three and six months ended June 30, 2010 include charges of $0.23 and $0.33 per share for expenses related to the proposed merger with L.B. Foster Company, which was announced on February 17, 2010.

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Amtrak may advertise its speedy Acela trains as the "civilized commute," but NJ Transit has a comfy ride that isn't as pricey and is more historic, the Asbury Park Press reports.

 

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Genesee & Wyoming reported second quarter net income of $20.6 million or 49 cents per diluted share, exceeding the Wall Street estimate of 44 cents. This compares with earnings of $7.4 million or 20 cents per share in the second quarter of 2009.

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Robert W. Downing, one of the great railroaders of the Twentieth Century, died Aug. 2 at the age of 96.

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Borealis, the infrastructure investment arm of Ontario Municipal Employees Retirement System, and Ontario Teachers' Pension Plan are reported to be considering o a joint offer for High Speed 1, which has a 30-year concession to run a 68-mile high-speed rail line from central London to the Channel Tunnel.

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First Union Rail announced Tuesday that it has acquired 2,370 mill gondolas, flatcars, coal gondolas and hoppers valued at more than $100 million. No further details were given.

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Progress Rail Services, a wholly-owned subsidiary of Caterpillar Inc., announced that it has completed the acquisition of Electro-Motive Diesel from Berkshire Partners LLC and Greenbriar Equity Group LLC. The terms are $820 million in cash, plus a net working capital adjustment subject to post-closing finalization, currently estimated at approximately $108 million. 

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