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Reckson Associates Realty Corp Reports Operating Results (10-Q)

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May 12, 2010
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Reckson

Associates Realty Corp (RA, Financial) filed Quarterly Report for the period ended 2010-03-31.

Reckson

Associates Realty Corp has a market cap of $673.4 million; its shares were traded at around $12.27 with a P/E ratio of 53.3 and P/S ratio of 1.6. RA is in the portfolios of George Soros of Soros Fund Management LLC, Ron Baron of Baron Funds, John Keeley of Keeley Fund Management, Manning & Napier Advisors, Inc .

Highlight of Business Operations:

Freight revenue increased $11.1 million, or 14%, in the three months ended March 31, 2010, compared with the three months ended March 31, 2009, primarily due to negotiated rate increases, change in commodity mix and an increase in carloads of 5%. Non-freight revenue increased $2.4 million, or 14%, in the three months ended March 31, 2010, compared with the three months ended March 31, 2009, primarily due to increases in car storage fees and car repair revenue, partially offset by decreases in demurrage and car hire income.

Our operating ratio, defined as total operating expenses divided by total operating revenue, was 83.4% in the three months ended March 31, 2010, compared with an operating ratio of 79.5% in the three months ended March 31, 2009, primarily due to an increase in labor and benefit expense, maintenance expenditures for right of way improvements and diesel fuel prices. Maintenance expenses increased due to the lack of a track maintenance agreement in 2010. Operating expenses were $94.0 million in the three months ended March 31, 2010, compared with $78.9 million in the three months ended March 31, 2009, an increase of $15.1 million, or 19%.

Net loss in the three months ended March 31, 2010, was $2.5 million, compared with net income of $1.0 million in the three months ended March 31, 2009. Loss from continuing operations in the three months ended March 31, 2010, was $2.8 million, compared with $0.1 million in the three months ended March 31, 2009.

Operating revenue increased by $13.5 million, or 14%, to $112.7 million in the three months ended March 31, 2010, from $99.2 million in the three months ended March 31, 2009. Total carloads during the three month period ending March 31, 2010 increased 5% to 209,148 in 2010 from 199,228 in the three months ended March 31, 2009. The increase in operating revenue was primarily due to negotiated rate increases, change in commodity mix, an increase in carloads and the strengthening of the Canadian dollar, partially offset by a decrease in fuel surcharge, which declined $1.5 million from prior year.

Non-freight revenue increased by $2.4 million, or 14%, to $19.6 million in the three months ended March 31, 2010 from $17.3 million in the three months ended March 31, 2009, primarily due to an increase in car repair income and storage revenue, partially offset by a decrease in demurrage revenue and car hire income.

Freight revenue was $93.1 million in the three months ended March 31, 2010, compared to $82.0 million in the three months ended March 31, 2009, an increase of $11.1 million or 14%. This increase was primarily due to the net effect of the following:

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