The Greenbrier Companies
Revenues for the first quarter of fiscal 2001 were $154 million, up 36% from the $113 million in the first quarter of fiscal 2000. Net earnings for the first quarter were $3.0 million, or $.21 per diluted share, up dramatically from $.4 million, or $.03 per diluted share, in the comparable quarter of the prior fiscal year.
The company's new railcar manufacturing backlog as of November 30, 2000 remained strong at 6,200 units valued at $360 million, compared to 7,800 units valued at $440 million at August 31, 2000.
Mark Rittenbaum, vice president and treasurer, said, "Increased new railcar deliveries for the quarter, as well as improved performance from European operations led the way to the Company's solid financial results."
William A. Furman, president and chief executive officer, noted, "We remain well-positioned in the North American marketplace with long new railcar backlogs, robust intermodal railcar demand, where Greenbrier is the market leader; and our unique leasing capabilities. However, the market remains intensely competitive. As have our competitors, we have adjusted production in North America to reflect the overall slowdown in railcar demand."
Furman added, "We are pleased with our continuing momentum in the European market, where we are now operating at increased levels of profitability. It is anticipated that this momentum will continue to build over the year and serve to help insulate us from the slowdown in North American operations."
The Greenbrier Companies, headquartered in Lake Oswego, Oregon, is a leading supplier of transportation equipment and services to the railroad industry in North America and Europe. Greenbrier builds new railroad freight cars in the U.S., Canada and Mexico, and repairs and refurbishes freight cars and wheels at eleven locations across North America. The company also builds new railroad freight cars for the European market through its manufacturing operations in Poland. At Greenbrier's Portland, Oregon manufacturing facility, it builds ocean-going barges for the maritime industry. Greenbrier owns or manages a fleet of approximately 39,000 railcars.
Except for historical information contained herein, this press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation, statements as to expectations, beliefs and future financial performance. These forward-looking statements are dependent on a number of factors, business risks and issues, a change in which could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Such factors, risks and issues are set forth from time to time under "Forward-Looking Statements," in Management's Discussion and Analysis of Financial Condition and Results of Operations in Greenbrier's SEC filings and reports. Any forward-looking statement speaks only as of the date on which such statement is made. Greenbrier undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made.
THE GREENBRIER COMPANIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, unaudited)
November 30, August 31,
2000 2000
Assets
Cash and cash equivalents $5,610 12,908
Accounts and notes receivable 60,842 66,150
Inventories 130,379 127,484
Investment in direct finance leases 119,821 124,780
Equipment on operating leases 161,752 122,074
Property, plant and equipment 77,713 77,628
Intangibles assets 22,021 23,001
Other 32,082 30,084
$610,220 $584,109
Liabilities and stockholders' equity
Revolving notes $61,351 $13,019
Accounts payable and accrued liabilities 134,282 147,792
Deferred participation 55,011 54,266
Deferred income taxes 22,814 25,238
Notes payable 152,448 159,363
Subordinated debt 37,748 37,748
Minority interest 5,095 5,068
Stockholders' equity 141,471 141,615
$610,220 $584,109
THE GREENBRIER COMPANIES, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except per
share amounts, unaudited)
Three Months Ended
November 30,
2000 1999
Revenue
Manufacturing $134,779 $91,749
Leasing and services 19,205 21,253
153,984 113,002
Cost of revenue
Manufacturing 120,364 80,013
Leasing and services 10,195 12,214
130,559 92,227
Margin 23,425 20,775
Other costs
Selling and administrative expense 13,930 12,405
Interest expense 4,994 4,978
18,924 17,383
Earnings before income tax expense,
minority interest and equity in
unconsolidated subsidiary 4,501 3,392
Income tax expense (1,371) (2,237)
Earnings before minority interest
and equity in unconsolidated subsidiary 3,130 1,155
Minority interest (123) (746)
Equity in unconsolidated subsidiary (8) 15
Net earnings $2,999 $424
Basic earnings per share $0.21 $0.03
Diluted earnings per share $0.21 $0.03
Weighted average shares outstanding:
Basic 14,179 14,255
Diluted 14,194 14,305
SOURCE: Greenbrier Companies
Contact: Mark Rittenbaum or Bruce Harmon of The Greenbrier Companies,
503-684-7000
Website: http://www.gbrx.com/
Company News On-Call: http://www.prnewswire.com/comp/327175.html or fax,
800-758-5804, ext. 327175