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Forum List » Business News and Headlines SEC Filings, Earing Reports, Press Releases  
Reckson
Associates Realty Corp Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: August 5, 2010 12:21PM
Reckson Highlight of Business Operations:Net loss in the three months ended June 30, 2010, was $4.2 million, compared with net income of $18.2 million in the three months ended June 30, 2009. Loss from continuing operations in the three months ended June 30, 2010, was $4.6 million, compared with income from continuing operations of $5.1 million in the three months ended June 30, 2009. Loss from continuing operations for the three months ended June 30, 2010 included $8.4 million of charges related to the extinguishment of $74 million of senior secured notes. Our operating ratio, defined as total operating expenses divided by total operating revenue, was 82.1% in the six months ended June 30, 2010, compared with an operating ratio of 78.2% in the six months ended June 30, 2009. This increase was primarily due to an increase in labor and benefit expense, diesel fuel prices and the lack of track maintenance credits in 2010. Operating expenses were $188.8 million in the six months ended June 30, 2010, compared with $155.6 million in the six months ended June 30, 2009, an increase of $33.2 million, or 21%. Net loss in the six months ended June 30, 2010, was $6.7 million, compared with net income of $19.2 million in the six months ended June 30, 2009. Loss from continuing operations in the six months ended June 30, 2010, was $7.4 million, compared with income from continuing operations of $4.9 million in the six months ended June 30, 2009. Loss from continuing operations for the six months ended June 30, 2010 included $8.4 million of charges related to the extinguishment of $74 million of senior secured notes. Operating revenue increased by $17.6 million, or 18%, to $117.3 million in the three months ended June 30, 2010, from $99.7 million in the three months ended June 30, 2009. Total carloads during the three month period ending June 30, 2010 increased 11% to 216,113 in 2010 from 195,545 in the three months ended June 30, 2009. The increase in operating revenue was due to an increase in carloads, negotiated rate increases, change in commodity mix, the strengthening of the Canadian dollar and an increase in fuel surcharge, which increased $0.8 million from prior year. Non-freight revenue increased by $3.7 million, or 22%, to $20.8 million in the three months ended June 30, 2010 from $17.1 million in the three months ended June 30, 2009, primarily due to an increase in car repair income, storage revenue and real estate revenue, partially offset by a decrease in demurrage revenue. Freight revenue was $96.5 million in the three months ended June 30, 2010, compared to $82.6 million in the three months ended June 30, 2009, an increase of $13.9 million or 17%. This increase was primarily due to the net effect of the following:
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