European Shorting
| New Threads Only: |  |  |  |
|
|---|---|---|---|---|
| New Threads & Replies: | | | |
|
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: November 2, 2010 04:46PM
Reckson Highlight of Business Operations:In 2009, we entered into a track maintenance agreement with an unrelated third-party customer (“Shipper”). Under the agreement, the Shipper paid for qualified railroad track maintenance expenditures during 2009 in exchange for the assignment of railroad track miles which permits the Shipper to claim certain tax credits pursuant to Section 45G of the Internal Revenue Code. For the quarter ended September 30, 2009, the Shipper paid for $4.6 million of maintenance expenditures and $5.2 million of capital expenditures and we incurred $0.1 million of consulting fees related to the agreement. The track maintenance tax credit has not been renewed by Congress for 2010 and therefore, there was no track maintenance agreement entered into during the nine months of 2010. Net income and income from continuing operations in the three months ended September 30, 2010, were $8.0 million, compared with $3.5 million in the three months ended September 30, 2009. Net income and income from continuing operations for the three months ended September 30, 2010 included $1.8 million of income related to a transaction break-up fee. Net income and income from continuing operations for the three months ended September 30, 2009, included $5.4 million of tax benefits primarily related to the conversion of For the nine months ended September 30, 2009, the Shipper paid for $13.1 million of maintenance expenditures and $5.2 million of capital expenditures and we incurred $0.3 million of consulting fees related to the agreement. Net income in the nine months ended September 30, 2010, was $1.2 million, compared with net income of $22.7 million in the nine months ended September 30, 2009. Income from continuing operations in the nine months ended September 30, 2010, was $1.2 million, compared with income from continuing operations of $9.8 million in the nine months ended September 30, 2009. Net income for the nine months ended September 30, 2010 included $8.4 million of charges related to the extinguishment of $74 million of senior secured notes and $1.8 million of income related to a transaction break-up fee. Net income for the nine months ended September 30, 2009, included $3.0 million of tax benefits primarily related to the resolution of the Australian tax audit, conversion of certain operating subsidiaries to single member limited liability companies effective September 30, 2009 and the adjustment of our deferred tax balances resulting from a change in estimate of our apportioned state tax rates. In addition, net income for the nine months ended September 30, 2009 includes an adjustment to the gain on disposal of discontinued operations of $12.9 million primarily related to the resolution of an Australian tax matter. Operating revenue increased by $18.2 million, or 16%, to $128.3 million in the three months ended September 30, 2010, from $110.1 million in the three months ended September 30, 2009. Total carloads during the three month period ending September 30, 2010 increased 5% to 219,499 in 2010 from 208,271 in the three months ended September 30, 2009. The increase in operating revenue was due to the acquisition of Atlas, an increase in carloads, negotiated rate increases, change in commodity mix, an increase in fuel surcharge, which increased $1.9 million from prior year and the strengthening of the Canadian dollar. Freight revenue was $97.7 million in the three months ended September 30, 2010, compared to $88.0 million in the three months ended September 30, 2009, an increase of $9.7 million or 11%. This increase was primarily due to the net effect of the following:
Sorry, only registered users may post in this forum.
Please Login if you have an account or Create a Free Account if you don't 
Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names
| Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More) 
|
Feedback
My Portfolios
Browse Gurus
RSS