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Reckson Associates Realty Corp Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: April 26, 2012 07:10PM
Reckson Associates Realty Corp (RA) filed Quarterly Report for the period ended 2012-03-31. Railamerica Inc has a market cap of $1.05 billion; its shares were traded at around $22.15 with a P/E ratio of 24.1 and P/S ratio of 1.9.
Highlight of Business Operations:Each of our 44 railroads operates independently with its own customer base. Our railroads are spread out geographically and carry diverse commodities. For the three months ended March 31, 2012, coal, agricultural products and chemicals accounted for 18%, 15% and 11%, respectively, of our carloads. As a percentage of our freight revenue, chemicals, agricultural products, and metallic ores and metals generated 16%, 15%, and 11%, respectively, for the three months ended March 31, 2012. Freight revenue per carload is impacted by several factors including the length of haul.
Operating revenue increased by $18.5 million, or 15%, to $143.4 million in the three months ended March 31, 2012 from $124.9 million in the three months ended March 31, 2011. Total carloads during the three months ended March 31, 2012 increased 3% to 215,741 from 209,042 in the three months ended March 31, 2011. The increase in operating revenue was due to rate increases, change in commodity mix, an increase in fuel surcharge, which increased $3.7 million from prior year, higher non-freight revenue, and the increase in carload volume.
Non-freight revenue increased by $8.3 million, or 30%, to $35.6 million in the three months ended March 31, 2012 from $27.3 million in the three months ended March 31, 2011 primarily due to an increase in engineering services income, demurrage, switching and car repair revenue.
Freight revenue was $107.8 million in the three months ended March 31, 2012 compared to $97.6 million in the three months ended March 31, 2011, an increase of $10.2 million or 10%. This increase was primarily due to the net effect of the following:
As of March 31, 2012, we had working capital of $51.4 million, including cash on hand of $98.5 million, and $100 million of availability under the Revolving Credit Facility, compared to working capital of $36.2 million, including cash on hand of $91.0 million at December 31, 2011. The working capital increase at March 31, 2012, compared to December 31, 2011, is primarily due to cash earnings. Our cash flows from operations and borrowings under our credit agreements historically have been sufficient to meet our ongoing operating requirements, to fund acquisitions and capital expenditures for property, plant and equipment, and to satisfy our debt service requirements. During April 2012, we borrowed $18.0 million under the Revolving Credit Facility.
Stocks Discussed: RA,