American Railcar Industries Inc. (ARII, Financial) filed Quarterly Report for the period ended 2010-06-30.
American Railcar Industries Inc. has a market cap of $295.7 million; its shares were traded at around $13.88 with and P/S ratio of 0.7. ARII is in the portfolios of Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC, Murray Stahl of Horizon Asset Management.
Our total selling, administrative and other expenses decreased to $11.7 million for the six months ended June 30, 2010, compared to $12.7 million for the six months ended June 30, 2009. The decrease of $1.0 million was primarily attributable to a decrease of $1.6 million due to cost control measures and a non-recurring legal settlement recorded in the first quarter of 2009 all partially offset by a stock-based compensation expense increase of $0.6 million, as described below.
Net interest expense for the six months ended June 30, 2010 was $9.1 million, representing $10.6 million of interest expense and $1.5 million of interest income, compared to $7.3 million of net interest expense for the six months ended June 30, 2009, representing $10.3 million of interest expense and $3.0 million of interest income.
During the six months ended June 30, 2010, we contributed $0.2 million to Ohio Castings, $0.5 million to Axis, $9.8 million to Amtek Railcar Industries Private Limited and $0.2 million to US Railcar Company LLC. We anticipate additional capital contributions to certain of these joint ventures in 2010.
Our net cash used in operating activities for the six months ended June 30, 2010 was $16.9 million. Our net loss of $12.9 million was impacted by non-cash items including but not limited to: depreciation expense of $11.9 million, joint venture losses of $4.1 million, stock based compensation expense of $0.8 million, interest receivable change of $1.2 million, deferred income taxes of $8.2 million and other smaller adjustments. Cash used in operating activities attributable to changes in our current assets and liabilities included an increase in total accounts receivable, including from affiliates of $15.9 million and an increase in inventory of $1.6 million. Cash provided by operating activities attributable to changes in our current assets and current liabilities included an overall increase in total accounts payable, including to affiliates of $4.2 million and an increase in accrued expenses and taxes of $0.8 million.
Net cash used in investing activities was $10.1 million for the six months ended June 30, 2010, including $3.7 million of capital expenditures for the purchase of property, plant and equipment and $10.7 million related to capital contributions to our joint ventures. Net cash provided by investing activities included the sale of short-term investments for $4.2 million.
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American Railcar Industries Inc. has a market cap of $295.7 million; its shares were traded at around $13.88 with and P/S ratio of 0.7. ARII is in the portfolios of Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC, Murray Stahl of Horizon Asset Management.
Highlight of Business Operations:
Net interest expense for the three months ended June 30, 2010 was $4.5 million, representing $5.3 million of interest expense and $0.8 million of interest income, compared to $3.3 million of net interest expense for the three months ended June 30, 2009, representing $5.1 million of interest expense and $1.8 million of interest income.Our total selling, administrative and other expenses decreased to $11.7 million for the six months ended June 30, 2010, compared to $12.7 million for the six months ended June 30, 2009. The decrease of $1.0 million was primarily attributable to a decrease of $1.6 million due to cost control measures and a non-recurring legal settlement recorded in the first quarter of 2009 all partially offset by a stock-based compensation expense increase of $0.6 million, as described below.
Net interest expense for the six months ended June 30, 2010 was $9.1 million, representing $10.6 million of interest expense and $1.5 million of interest income, compared to $7.3 million of net interest expense for the six months ended June 30, 2009, representing $10.3 million of interest expense and $3.0 million of interest income.
During the six months ended June 30, 2010, we contributed $0.2 million to Ohio Castings, $0.5 million to Axis, $9.8 million to Amtek Railcar Industries Private Limited and $0.2 million to US Railcar Company LLC. We anticipate additional capital contributions to certain of these joint ventures in 2010.
Our net cash used in operating activities for the six months ended June 30, 2010 was $16.9 million. Our net loss of $12.9 million was impacted by non-cash items including but not limited to: depreciation expense of $11.9 million, joint venture losses of $4.1 million, stock based compensation expense of $0.8 million, interest receivable change of $1.2 million, deferred income taxes of $8.2 million and other smaller adjustments. Cash used in operating activities attributable to changes in our current assets and liabilities included an increase in total accounts receivable, including from affiliates of $15.9 million and an increase in inventory of $1.6 million. Cash provided by operating activities attributable to changes in our current assets and current liabilities included an overall increase in total accounts payable, including to affiliates of $4.2 million and an increase in accrued expenses and taxes of $0.8 million.
Net cash used in investing activities was $10.1 million for the six months ended June 30, 2010, including $3.7 million of capital expenditures for the purchase of property, plant and equipment and $10.7 million related to capital contributions to our joint ventures. Net cash provided by investing activities included the sale of short-term investments for $4.2 million.
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