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American Railcar Industries, Inc. Reports Third Quarter Results Highlighted by Strong Tank Railcar Shipments.

Article Excerpt
ST. CHARLES, Mo. -- American Railcar Industries, Inc. ("ARI" or the "Company") (NASDAQ: ARII) today reported its third quarter financial results.

"We increased railcar shipments in the third quarter of 2008 reaching our second highest shipment level in our Company's history. This was driven by increased tank and hopper railcar production compared with the second quarter of 2008. We have also increased railcar shipments on a year to date basis in 2008 compared to 2007. We continue to experience strong operational performance at most of our locations as a result of labor efficiencies and controlled overhead spending," said James J. Unger, President and CEO of ARI. "Offsetting the strong railcar shipments and efficiencies were decreased selling prices in 2008 compared to 2007 for many of our hopper railcars due to market conditions."

For the three months ended September 30, 2008, revenues were $217.2 million and net earnings available to common shareholders were $7.4 million or $0.35 per diluted share. In comparison, for the three months ended September 30, 2007, the Company had revenues of $139.9 million and net earnings available to common shareholders of $4.9 million or $0.23 per diluted share. Earnings for the third quarter of 2008 included other income of $1.1 million, after-tax, or $0.05 per diluted share, which represents realized gains on sales of a portion of the Company's investment in common stock of The Greenbrier Companies, Inc. (NYSE: GBX), offset by increased net interest expense of $1.1 million, after-tax, in 2008 compared to 2007.

Revenues increased in the third quarter of 2008 compared to the same period in...