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RailAmerica Inc. July 16 announced plans to repurchase up to 2 million shares of its common stock over the next two years.


The repurchase program — replacing the holding company's previous plan, under which it repurchased about $4 million worth of its common stock over the past two years — would enable RailAmerica to buy shares from time to time in the open market to help increase share value.


"RailAmerica's exceptional growth rate, high profit margins, strong balance sheet, low price-to-earnings multiple, and excellent business prospects, coupled with its reduced debt levels and high liquidity, clearly position its
stock as significantly undervalued in the marketplace," said Gary Marino, RailAmerica chairman, president and chief executive officer, in a prepared statement.