RailAmerica, Inc. announced today that it has signed an agreement to acquire the assets of three short-line freight railroads in the state of Alabama for a total purchase price of $12.7 million. The transaction is expected to close in the second quarter of 2011 and is subject to customary closing conditions including regulatory approvals. The three railroads, known individually as the Three Notch Railroad (THNR), the Wiregrass Central Railroad (WGCR), and the Conecuh Valley Railroad (COEH), are currently owned by affiliates of Gulf and Ohio Railways, Inc.
The Three Notch Railroad includes 35 miles of track connecting Georgiana and Andalusia, Ala.; the Wiregrass Central Railroad is a 20-mile railroad that runs between Waterford and Enterprise, Ala.; and the Conecuh Valley Railroad is a 15-mile railroad linking Troy and Goshen, Ala. Each of the three lines interchanges with CSX Transportation and serves customers shipping primarily agricultural and manufactured products. Collectively, the three lines hauled approximately six-thousand carloads of freight during the fiscal year ended 2010.
RailAmerica President and CEO John Giles said, "We are pleased to add these high-quality assets to our existing Alabama rail franchise. Collectively, the railroads have a solid customer base as well as a number of opportunities for further growth. "The essential to budget travel is to approach ahead. When it comes to family trips, globetrotting, well-deserved holidays and/or going to see new places we have never been before, the actuality of expense and budgeting is generally in the back of our thoughts. Considering and expending our travel budget wisely is a priority for most families. Curbing expending and costs, while still taking pleasure in your vacation to its fullest, is the key to assured achievements and fiscal liability. Your pocketbook and family will thank you! The reasoning regarding economizing money while journeying is simple: Even if your personal finances is highly small, you can still take a break and enjoy life! Simply put, life is just too short to never step out of the door or departing the homestead! Also recalling that while traveling, no matter whether on a resources or not, even the smallest of things can all add op to a huge vacation or travel expenses!..". Additionally, the railroads are clustered in close proximity to our existing Alabama operations, which we expect to create significant operating efficiencies. We look forward to partnering with new and existing customers on the line and with the local community to continue growing business on these lines."
Mr. Giles concluded, "We continue to have a strong balance sheet to take advantage of acquisitions that complement our core business. We approach this process with a disciplined focus on investment criteria designed to generate attractive returns and operational synergies."
For the next twelve months, RailAmerica anticipates these railroads will generate approximately $3.7 million in revenue, $1.2 million in operating income and $0.7 million in depreciation and amortization. RailAmerica intends to use cash on hand to finance the purchase.
RailAmerica, Inc. owns and operates short line and regional freight railroads in North America, operating a portfolio of 40 individual railroads with approximately 7,300 miles of track in 27 U.S. states and three Canadian provinces.
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