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Reckson Associates Realty Corp Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: July 28, 2011 05:17PM

Reckson Associates Realty Corp (RA) filed Quarterly Report for the period ended 2011-06-30. Railamerica has a market cap of $762 million; its shares were traded at around $14.6 with a P/E ratio of 19.4 and P/S ratio of 1.6.



Highlight of Business Operations:

30, 2011, the Shipper paid for $5.3 million of maintenance expenditures and $4.1 million of capital expenditures and we incurred $0.2 million of consulting fees related to the agreement. The track maintenance tax credit was not renewed by Congress for 2010 until December 2010. This resulted in no Shipper reimbursements in the three months or six months ended June 30, 2010.

For the six months ended June 30, 2011, the Shipper paid for $9.5 million of maintenance expenditures and $4.1 million of capital expenditures and we incurred $0.3 million of consulting fees related to the agreement.

Net income in the six months ended June 30, 2011, was $12.8 million, compared with a net loss of $6.7 million in the six months ended June 30, 2010. Net loss 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 $19.8 million, or 17%, to $139.2 million in the three months ended June 30, 2011, from $119.5 million in the three months ended June 30, 2010. Total carloads during the three months ended June 30, 2011 decreased 3% to 212,095 in 2011 from 218,268 in the three months ended June 30, 2010. The increase in operating revenue was due to the acquisition of Atlas, rate increases, change in commodity mix, and an increase in fuel surcharge, which increased $3.3 million from prior year.

Freight revenue was $105.6 million in the three months ended June 30, 2011, compared to $98.3 million in the three months ended June 30, 2010, an increase of $7.3 million or 7%. This increase was primarily due to the net effect of the following:

Interest Expense. Interest expense, including amortization of deferred financing costs, decreased $4.0 million to $18.1 million for the three months ended June 30, 2011, from $22.2 million in the three months ended June 30, 2010. This decrease is primarily due to a decrease in the principal amount of the senior secured notes as a result of a repayment in June 2010 and the decrease of swap termination cost amortization to $3.2 million during the three months ended June 30, 2011 from $5.6 million during the three months ended June 30, 2010. Interest expense includes $4.4 million and $6.9 million of amortization costs for the three months ended June 30, 2011 and 2010, respectively.

Read the The complete Report



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