RailAmerica, Inc. has reported third-quarter 2009 earnings from continuing operations of $3.5 million compared to $2.0 million for the third quarter of 2008. Third-quarter 2009 net income, which includes discontinued operations, was $3.5 million, compared to $2.9 million for the third quarter of 2008.
The company reported a third-quarter 2009 operating ratio of 76.7% vs. 81.5% last year.
John Giles, RailAmerica’s President and Chief Executive Officer, commented: "In the third quarter, we posted solid financia lresults generating adjusted EBITDA of $37.6 million, down 4% compared to the record third quarter of 2008 and up 7% compared to the second quarter of 2009. With the completion of the initial public offering in October, we have a strong balance sheet with approximately $130 million of cash and are well positioned to make strategic investments that will complement the opportunities we have to grow organically through freight and non-freight revenue growth and further productivity gains."
RailAmerica, Inc. operates of 40 railroads with approximately 7,500 miles of track in 27 U.S. states and three Canadian provinces.