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Last year was more than encouraging for RailAmerica Inc., which increased its stock price 83 percent, and acquired StatesRail and ParkSierra Rail Group.
"Our operations team made substantial progress on the company's strategic growth initiatives in the face of a weak industrial sector," said Gary Marino, RailAmerica chairman, president and chief executive officer, in a statement prepared Feb 8, adding that the company's carloads rose 4 percent while North American railroads' carloads declined 2 percent.
What was a healthy 2001 — and promising beginning to 2002 as the short-line holding company Jan. 2 began listing its stock on the New York Stock Exchange — might be a harbinger of things to come, said Marino.
"[Our] 2002 strategy is to continue to pursue accretive acquisitions worldwide, grow internally through carload, revenue and margin improvements, and periodically sell non-strategic or under-performing railroads and assets," he said, adding that 2002 earnings projections should be in line with analyst expectations of about $1.30 per diluted share and total consolidated revenues should approach $500 million.
Marino believes a worldwide acquisition market exists, enabling RailAmerica to pursue both domestic and international rail properties.