American Railcar Industries Inc. (ARII, Financial) filed Quarterly Report for the period ended 2010-09-30.
American Railcar Industries Inc. has a market cap of $329.1 million; its shares were traded at around $15.55 with and P/S ratio of 0.8. ARII is in the portfolios of Chuck Royce of Royce& Associates, Murray Stahl of Horizon Asset Management, Jim Simons of Renaissance Technologies LLC, Manning & Napier Advisors, Inc.
Our joint venture losses decreased to $1.9 million for the three months ended September 30, 2010 compared to a loss of $2.2 million for the three months ended September 30, 2009. This was primarily attributable to our share of Axiss losses decreasing $0.4 million for the three months ended September 30, 2010 as compared to the three months ended September 30, 2009 due to an increase in shipments. We also experienced a decrease in our share of Ohio Castings Company, LLCs (Ohio Castings) losses of $0.1 million for the three months ended September 30, 2010 as compared to the three months ended September 30, 2009, which included one-time expenses related to the plant idling. Partially offsetting these decreases were losses of $0.2 million related to our share of Amtek Railcar Industries Private Limiteds (Amtek Railcar) and US Railcar Company LLCs (USRC) losses for the three months ended September 30, 2010.
Net interest expense for the nine months ended September 30, 2010 was $13.4 million, representing $16.0 million of interest expense and $2.6 million of interest income, compared to $10.7 million of net interest expense for the nine months ended September 30, 2009, representing $15.6 million of interest expense and $4.9 million of interest income.
Our joint venture losses increased to $6.0 million for the nine months ended September 30, 2010 compared to $5.0 million for the nine months ended September 30, 2009. This was primarily attributable to our share of Axiss losses increasing $1.4 million for the nine months ended September 30, 2010 as compared to the nine months ended September 30, 2009 primarily due to production not starting until July 2009. We also recorded a loss of $0.4 million related to our share of Amtek Railcars and USRCs losses for the nine months ended September 30, 2010. These increases were partially offset by our share of joint venture losses from Ohio Castings Company, LLC decreasing $0.8 million for the nine months ended September 30, 2010 as compared to losses for the nine months ended September 30, 2009, which included one-time expenses related to the plant idling.
During the nine months ended September 30, 2010, we contributed $0.6 million to Ohio Castings, $0.5 million to Axis, $9.8 million to Amtek Railcar Industries Private Limited and $0.3 million to US Railcar Company LLC. We also advanced $0.4 million to Axis through their revolving line of credit during the nine months ended September 30, 2010. We anticipate additional capital contributions to certain of these joint ventures in the fourth quarter of 2010.
Our net cash used in operating activities for the nine months ended September 30, 2010 was $21.8 million. Our net loss of $19.2 million was impacted by non-cash items including but not limited to: depreciation expense of $17.8 million, joint venture losses of $6.0 million, stock based compensation expense of $2.4 million, deferred income taxes of $12.3 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 $12.3 million, an increase in inventory of $18.0 million and a decrease in accrued expenses and taxes of $4.4 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 $15.3 million.
Read the The complete Report
American Railcar Industries Inc. has a market cap of $329.1 million; its shares were traded at around $15.55 with and P/S ratio of 0.8. ARII is in the portfolios of Chuck Royce of Royce& Associates, Murray Stahl of Horizon Asset Management, Jim Simons of Renaissance Technologies LLC, Manning & Napier Advisors, Inc.
Highlight of Business Operations:
Net interest expense for the three months ended September 30, 2010 was $4.3 million, representing $5.3 million of interest expense and $1.0 million of interest income, compared to $3.4 million of net interest expense for the three months ended September 30, 2009, representing $5.3 million of interest expense and $1.9 million of interest income.Our joint venture losses decreased to $1.9 million for the three months ended September 30, 2010 compared to a loss of $2.2 million for the three months ended September 30, 2009. This was primarily attributable to our share of Axiss losses decreasing $0.4 million for the three months ended September 30, 2010 as compared to the three months ended September 30, 2009 due to an increase in shipments. We also experienced a decrease in our share of Ohio Castings Company, LLCs (Ohio Castings) losses of $0.1 million for the three months ended September 30, 2010 as compared to the three months ended September 30, 2009, which included one-time expenses related to the plant idling. Partially offsetting these decreases were losses of $0.2 million related to our share of Amtek Railcar Industries Private Limiteds (Amtek Railcar) and US Railcar Company LLCs (USRC) losses for the three months ended September 30, 2010.
Net interest expense for the nine months ended September 30, 2010 was $13.4 million, representing $16.0 million of interest expense and $2.6 million of interest income, compared to $10.7 million of net interest expense for the nine months ended September 30, 2009, representing $15.6 million of interest expense and $4.9 million of interest income.
Our joint venture losses increased to $6.0 million for the nine months ended September 30, 2010 compared to $5.0 million for the nine months ended September 30, 2009. This was primarily attributable to our share of Axiss losses increasing $1.4 million for the nine months ended September 30, 2010 as compared to the nine months ended September 30, 2009 primarily due to production not starting until July 2009. We also recorded a loss of $0.4 million related to our share of Amtek Railcars and USRCs losses for the nine months ended September 30, 2010. These increases were partially offset by our share of joint venture losses from Ohio Castings Company, LLC decreasing $0.8 million for the nine months ended September 30, 2010 as compared to losses for the nine months ended September 30, 2009, which included one-time expenses related to the plant idling.
During the nine months ended September 30, 2010, we contributed $0.6 million to Ohio Castings, $0.5 million to Axis, $9.8 million to Amtek Railcar Industries Private Limited and $0.3 million to US Railcar Company LLC. We also advanced $0.4 million to Axis through their revolving line of credit during the nine months ended September 30, 2010. We anticipate additional capital contributions to certain of these joint ventures in the fourth quarter of 2010.
Our net cash used in operating activities for the nine months ended September 30, 2010 was $21.8 million. Our net loss of $19.2 million was impacted by non-cash items including but not limited to: depreciation expense of $17.8 million, joint venture losses of $6.0 million, stock based compensation expense of $2.4 million, deferred income taxes of $12.3 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 $12.3 million, an increase in inventory of $18.0 million and a decrease in accrued expenses and taxes of $4.4 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 $15.3 million.
Read the The complete Report
