<SEC-DOCUMENT>0001171843-18-001442.txt : 20180227
<SEC-HEADER>0001171843-18-001442.hdr.sgml : 20180227
<ACCEPTANCE-DATETIME>20180226193631
ACCESSION NUMBER:		0001171843-18-001442
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20180226
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180227
DATE AS OF CHANGE:		20180226

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FreightCar America, Inc.
		CENTRAL INDEX KEY:			0001320854
		STANDARD INDUSTRIAL CLASSIFICATION:	RAILROAD EQUIPMENT [3743]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-51237
		FILM NUMBER:		18642447

	BUSINESS ADDRESS:	
		STREET 1:		TWO NORTH RIVERSIDE PLAZA
		STREET 2:		SUITE 1300
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		(800) 458-2235

	MAIL ADDRESS:	
		STREET 1:		TWO NORTH RIVERSIDE PLAZA
		STREET 2:		SUITE 1300
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FCA Acquisition Corp.
		DATE OF NAME CHANGE:	20050316
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k_022718.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<html><head><title></title></head><body><div style="margin-top: 3pt; margin-bottom: 12pt;"><div style="font-size: 1pt; border-top: Black 2.5pt solid; border-bottom: Black 1.1pt solid; width: 100%;"><font style="font-size: 10pt;">&#160;</font></div></div><p style="text-align: center;"><font style="font-size: 14pt;"><strong>UNITED STATES</strong><br /><strong>SECURITIES AND EXCHANGE COMMISSION</strong><br /><strong>Washington, D.C. 20549</strong><br />_____________________</font></p><p style="text-transform: uppercase; text-align: center;"><font style="font-size: 14pt;"><strong>Form 8-K</strong><br />_____________________</font></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>CURRENT REPORT</strong></font></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</strong></font></p><p align="center"><font style="font-size: 10pt;">Date of Report (Date of earliest event Reported): <!--February 26, 2018-->February 26, 2018 &#160;</font></p><p align="center"><font style="font-size: 12pt;"><strong>FreightCar America, Inc.</strong></font><br /><font style="font-size: 10pt;">(Exact Name of Registrant as Specified in Charter)</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td align="center" width="33%"><font style="font-size: 10pt;"><strong>Delaware</strong></font></td><td align="center" width="34%"><font style="font-size: 10pt;"><strong>000-51237</strong></font></td><td align="center" width="33%"><font style="font-size: 10pt;"><strong>25-1837219</strong></font></td></tr><tr valign="top"><td align="center" width="33%"><font style="font-size: 10pt;">(State or Other Jurisdiction of Incorporation)</font></td><td align="center" width="34%"><font style="font-size: 10pt;">(Commission File Number)</font></td><td align="center" width="33%"><font style="font-size: 10pt;">(I.R.S. 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[&#160;&#160; ]</p><div style="margin-top: 12pt; margin-bottom: 3pt;"><div style="font-size: 1pt; border-top: Black 1.1pt solid; border-bottom: Black 2.5pt solid; width: 100%;"><font style="font-size: 10pt;">&#160;</font></div>&#160;</div><hr style="page-break-after: always;" noshade="noshade" /><p><font style="font-size: 10pt;">  <strong>Section 1 Registrants Business and Operations</strong></font></p><p><font style="font-size: 10pt;"><strong>Item 1.01. Entry into a Material Definitive Agreement.</strong></font></p><p><font style="font-size: 10pt;">
 <p style="margin-left:0in; margin-right:0in;"><font style="color: black;">On February 26, 2018, FreightCar America, Inc. (the &#8220;Company&#8221;), through its wholly owned subsidiary, FreightCar Alabama, LLC (&#8220;FreightCar Alabama&#8221;), entered into an Asset Purchase Agreement (the &#8220;Purchase Agreement&#8221;) with Navistar, Inc. (&#8220;Navistar&#8221;) and its wholly owned subsidiary, International Truck and Engine Investments Corporation (&#8220;International Truck&#8221; and, together with Navistar, the &#8220;Sellers&#8221;), pursuant to which FreightCar Alabama agreed to acquire substantially all of the operating assets of the Sellers at Navistar&#8217;s facility in Cherokee, Alabama (the &#8220;Facility&#8221;), including the Sellers&#8217; railcar business, and assume the lease for the Facility (the &#8220;Acquisition&#8221;). The purchase price payable by FreightCar Alabama for the Acquisition is $17,264,284 in cash, plus the value of the acquired inventory at closing, as provided in the Purchase Agreement.&#160; The amount of the purchase price payable by FreightCar Alabama at closing will be offset by $24,130,000 payable by the Sellers to FreightCar Alabama in respect of future rent payments on the Facility. &#160;Under the terms of the Purchase Agreement, Navistar has agreed, on behalf of itself and its subsidiaries, to not engage in the manufacture, distribution or sale of railcars, railcar parts or railcar components in the United States, Canada and Mexico for five years after the closing date of the Acquisition.&#160; The Purchase Agreement includes customary representations, warranties and covenants of the parties. The Sellers and FreightCar Alabama have agreed to provide indemnification to the other parties with respect to their representations, warranties and covenants under the Purchase Agreement as well as for certain other specific matters as set forth in the Purchase Agreement, which indemnification is subject to specified limitations as set forth in the Purchase Agreement.</font></p>  <p style="margin-left:0in; margin-right:0in;"><font style="color: black;">Under the terms of the Purchase Agreement, at the closing of the Acquisition, FreightCar Alabama will assume the Industrial Facility Lease, dated as of September 29, 2011, by and between Teachers&#8217; Retirement Systems of Alabama and the Employees&#8217; Retirement System of Alabama, as landlord, and Navistar, as tenant, for the Facility.&#160; The Facility consists of approximately 700 acres of land and an approximately 2,150,000-square-foot manufacturing facility.&#160; In addition, at the closing of the Acquisition, the parties will terminate the sublease pursuant to which FreightCar Alabama has subleased from Navistar a portion of the Facility since February 2013.</font></p>  <p style="margin-left:0in; margin-right:0in;"><font style="color: black;">The foregoing description of the Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the Purchase Agreement to be filed as an exhibit to the Company&#8217;s quarterly report on Form 10-Q for the quarter ending March 31, 2018.</font></p> </font></p><p><font style="font-size: 10pt;"><strong>Section 2 Financial Information</strong></font></p><p><font style="font-size: 10pt;"><strong>Item 2.02. Results of Operations and Financial Condition.</strong></font></p><p><font style="font-size: 10pt;">
 <p style="margin-left:0in; margin-right:0in;"><font style="color: black;">On February 26, 2018, the Company issued a press release announcing its financial results for the fourth quarter of 2017. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.</font></p>  <p style="margin-left:0in; margin-right:0in;"><font style="color: black;">The information contained in Exhibit 99.1 is being furnished under Item 2.02 of Form 8-K and shall not be deemed &#8220;filed&#8221; for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.</font></p> </font></p><p><font style="font-size: 10pt;"><strong>Section 8 Other Events</strong></font></p><p><font style="font-size: 10pt;"><strong>Item 8.01. 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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh_991.htm
<DESCRIPTION>PRESS RELEASE
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<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"><html lang="en-US"><head><title>EdgarFiling</title><meta content="text/html; charset=windows-1252" ><meta name="GENERATOR" content="MSHTML 8.00.7601.18094" ></head><body bgcolor="#ffffff"><p style="text-align: right;"><strong>EXHIBIT 99.1</strong></p><p style="text-align: center;"><strong>FreightCar America, Inc. Reports Fourth Quarter and Full Year 2017 Results</strong></p><p style="text-align: center;">Company outlines &#8216;Back to Basics&#8217; operational excellence program and announces that it will assume full control of manufacturing at the state-of-the-art Shoals facility</p><p>
 <p>CHICAGO, Feb.  26, 2018  (GLOBE NEWSWIRE) -- FreightCar America, Inc. (NASDAQ:RAIL) today reported results for the fourth quarter ended December 31, 2017.<br ></p>  <p><strong>Financial Highlights</strong></p>  <ul type="disc"><li>Fourth quarter revenue of $79.2 million on deliveries of 977 units</li><li>Fourth quarter net loss of $11.1 million, or $0.90 per diluted share, inclusive of a $2.5 million, or $0.20 per diluted share, tax expense as a result of the Tax Cuts and Jobs Act</li><li>Total cash, cash equivalents, marketable securities and restricted cash increased by $37.7 million to $136.4 million at December 31, 2017</li><li>Year-end backlog totaling 2,392 railcars at an aggregate value of approximately $181 million</li><li>Full-year 2018 delivery outlook forecasted to range between 3,500 and 4,300 railcars </li><li>Exiting long-term agreement with Navistar at Shoals facility through the purchase of Navistar&#8217;s interest; Will become primary tenant and take control of full manufacturing process at Shoals facility</li><li>&#8216;Back to Basics&#8217; operational improvement strategy expected to deliver direct cost of goods sold savings of between $3,000 and $4,000 per railcar, excluding commodity price movements, by the end of 2018</li></ul>  <p>&#8220;During the fourth quarter, we continued to see a number of challenges associated with the lower demand environment and inefficiencies across our manufacturing operations, which hampered our quarterly results,&#8221; said Jim Meyer, President and Chief Executive Officer. &#8220;While 2017 top-line results and deliveries were down year-over-year, our team prudently managed and reduced general and administrative costs, prioritized cash flows and maintained our financial strength, all of which remain critical as we continue to turn around our business. While we do not expect these challenging market conditions to improve in the short term, our focus remains resolute in putting legacy issues behind us, while our markets are still in a cyclical downturn. Our goal and focus now are to achieve operational excellence in every aspect of how we run our business.&#8221;</p>  <p>Meyer continued, &#8220;I&#8217;ve spent several months getting to know many of our customers and discussing their needs. I am very encouraged that they want more supply chain choices and want FreightCar America to be part of their solutions. Our products and customer-centric focus are highly valued by our customers. At the same time, we recognize that delivering maximum value to our customers requires a lean, best-in-class operational foundation.&#8221;</p>  <p>Meyer concluded, &#8220;Therefore, we began executing our &#8216;Back to Basics&#8217; program, which is designed to transform our operational and manufacturing platforms. There are three main components to this program: (1) simplifying our business structure; (2) developing, training and retaining the right talent across our organization; and (3) implementing best-in-class processes across the business. Collectively, these initiatives will help us to address a number of foundational impediments to our success, lower our cost structure and significantly improve our productivity. While these initiatives will take time to implement, we expect that we can start to take meaningful near-term costs out of the business and are forecasting lowering our direct cost of goods sold by $3,000 to $4,000 per railcar delivered on a run rate basis by the end of 2018.&#8221;</p>  <p><strong>Fourth Quarter Results</strong></p>  <ul type="disc"><li>Consolidated revenues were $79.2 million in the fourth quarter of 2017 compared to $135.5 million in the same quarter of 2016.<br ><br > </li><li>The Company delivered 977 railcars in the fourth quarter of 2017, which included 855 new railcars, 47 rebuilt railcars and 75 leased railcars. This compares to 1,364 railcars delivered in the fourth quarter of 2016, which included 1,137 new railcars and 227 rebuilt railcars.<br ><br > </li><li>The Company had a diversified backlog totaling 2,392 railcars at December 31, 2017, valued at approximately $181 million. Based upon current backlog and inquiry levels, the Company expects to deliver between 3,500 and 4,300 railcars in 2018.<br ><br ></li><li>Consolidated operating loss for the fourth quarter of 2017 was $13.3 million compared to $3.1 million for the fourth quarter of 2016.<br ><br > </li><li>Adjusted operating loss, which excluded a $1.5 million provision for a contingent liability, was $11.9 million for the fourth quarter of 2017 compared to adjusted operating loss of $2.4 million, which excluded the effect of $0.7 million of restructuring and impairment charges related to the Company&#8217;s cost reduction plan, for the fourth quarter of 2016. Adjusted operating (loss) income is a non-GAAP financial measure. A reconciliation of adjusted operating (loss) income to operating (loss) income, the most directly comparable GAAP measure, is provided in the attached supplemental disclosure.<br ><br > </li><li>The income tax benefit of $2.0 million recorded in the fourth quarter of 2017 included a $2.5 million tax expense related to a remeasurement of deferred tax assets as a result of the Tax Cuts and Jobs Act.<br ><br ></li><li>Net loss in the fourth quarter of 2017 was $11.1 million, or $0.90 per diluted share, compared to net income of $0.1 million, or $0.01 per diluted share, in the fourth quarter of 2016.&#160;<br ><br > </li><li>Cash, cash equivalents, marketable securities, restricted cash and restricted certificates of deposit were $136.4 million as of December 31, 2017. The $37.7 million increase from December 31, 2016 was primarily attributable to reductions in working capital and the receipt of an $11.9 million income tax refund partially offset by the 2017 net loss.</li></ul>  <p><strong>Full Year 2017 Results</strong></p>  <ul type="disc"><li>Consolidated revenues for the fiscal year ended December 31, 2017 were $409.5 million compared to $523.7 million for the fiscal year ended December 31, 2016.<br ><br > </li><li>The Company delivered 4,427 railcars in 2017, which included 4,305 new railcars, 47 rebuilt railcars and 75 leased railcars. This compares to 5,559 railcars delivered in 2016, which included 5,332 new railcars and 227 rebuilt railcars.<br ><br ></li><li>Consolidated operating loss for 2017 was $31.8 million compared to consolidated operating income of $15.8 million in 2016. Adjusted operating loss, which excluded restructuring and impairment charges, contingency charges related to patent litigation and CEO transition costs, was $24.1 million in 2017. This compared to adjusted operating income of $3.8 million in 2016, which excluded restructuring and impairment charges and the gain on settlement of the retiree benefit plan obligation.<br ><br > </li><li>The income tax benefit of $8.8 million in 2017 included a $2.5 million tax expense related to a remeasurement of deferred tax assets as a result of the Tax Cuts and Jobs Act.<br ><br ></li><li>Net loss in 2017 was $22.6 million, or $1.82 per diluted share, compared to net income of $12.3 million, or $1.00 per diluted share, in 2016.&#160; </li></ul>  <p><strong>Fourth Quarter 2017 Conference Call &amp; Webcast Information</strong></p>  <p>The Company will host a conference call and live webcast on Tuesday, February 27, 2018 at 11:00 a.m. (Eastern Standard Time) to discuss the Company&#8217;s fourth quarter 2017 financial results. To participate in the conference call, please dial (800) 230-1093, Confirmation Number 444979.&#160; Interested parties are asked to dial in approximately 10 to 15 minutes prior to the start time of the call. The live audio-only webcast can be accessed at:</p>  <p>Event URL: https://im.csgsystems.com/cgi-bin/confCast</p>  <p>Conference ID#: 444979</p>  <p>If you need technical assistance, call the toll-free AT&amp;T Conference Casting Support Help Line at (888) 793-6118. Please note that the webcast is listen-only and webcast participants will not be able to participate in the question and answer portion of the conference call.&#160; An audio replay of the conference call will be available beginning at 1:00 p.m. (Eastern Standard Time) on February 27, 2018 until 11:59 p.m. (Eastern Daylight Time) on March 27, 2018.&#160; To access the replay, please dial (800) 475-6701.&#160; The replay pass code is 444979.&#160; An audio replay of the call will be available on the Company&#8217;s website within two days following the earnings call.</p>  <p><strong>About FreightCar America, Inc.</strong></p>  <p>FreightCar America, Inc. manufactures a wide range of railroad freight cars, supplies railcar parts and leases freight cars through its JAIX Leasing Company subsidiary. FreightCar America designs and builds high-quality railcars, including coal cars, bulk commodity cars, covered hopper cars, intermodal and non-intermodal flat cars, mill gondola cars, coil steel cars and boxcars. It is headquartered in Chicago, Illinois and has facilities in the following locations: Cherokee, Alabama; Danville, Illinois; Grand Island, Nebraska; Johnstown, Pennsylvania; Roanoke, Virginia; and Shanghai, People&#8217;s Republic of China. More information about FreightCar America is available on its website at <u>www.freightcaramerica.com</u>.</p>  <p><strong>Forward Looking Statements</strong></p>  <p>This press release may contain statements relating to our expected financial performance and/or future business prospects, events and plans that are &#8220;forward-looking statements&#8221; as defined under the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent our estimates and assumptions only as of the date of this press release. Our actual results may differ materially from the results described in or anticipated by our forward-looking statements due to certain risks and uncertainties. These potential risks and uncertainties include, among other things: risks relating to the Shoals facility, including the acquisition not being completed if certain closing conditions are not met, the facility not meeting internal assumptions or expectations, and the assumption of unforeseen liabilities from Navistar; the cyclical nature of our business; adverse economic and market conditions; fluctuating costs of raw materials, including steel and aluminum, and delays in the delivery of raw materials; our ability to maintain relationships with our suppliers of railcar components; our reliance upon a small number of customers that represent a large percentage of our sales; the variable purchase patterns of our customers and the timing of completion, delivery and customer acceptance of orders; the highly competitive nature of our industry; the risk of lack of acceptance of our new railcar offerings by our customers; and the additional risk factors described in our filings with the Securities and Exchange Commission. We expressly disclaim any duty to provide updates to any forward-looking statements made in this press release, whether as a result of new information, future events or otherwise.<br ></p>  <p align="center"><strong>FreightCar America, Inc.</strong><br ><strong>Consolidated Balance Sheets</strong><br ><strong>(Unaudited)</strong></p> <table style="width:100%; border-collapse:collapse !important;" style="border-collapse: collapse; "><tr><td style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td colspan="3" style="text-align: center;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td colspan="4" style="text-align: center;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td colspan="3" style="text-align: center;  vertical-align: bottom; vertical-align: bottom ; "><strong>December 31,</strong><strong><br ></strong></td><td colspan="4" style="text-align: center; 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text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#8212;</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#8212;</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">(14,306</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">)</td><td style="vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom;   text-align: left;   padding-left: 20.0px; vertical-align: bottom ; ">Restructuring and impairment charges</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">7</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">730</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">2,212</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">2,261</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; 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 vertical-align: bottom; vertical-align: bottom ; ">)</td><td style="vertical-align: bottom ; ">&#160;</td><td style="border-top: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="border-top: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">(31,792</td><td style="border-top: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">)</td><td style="border-top: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="border-top: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">15,848</td><td style="border-top: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; 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text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">(163</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">)</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">(171</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">)</td><td style="vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom;   text-align: left;   padding-left: 20.0px; vertical-align: bottom ; ">Other income</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">217</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">16</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">548</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">111</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom;   text-align: left;   padding-left: 20.0px; vertical-align: bottom ; ">(Loss) income before income taxes</td><td style="border-top: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="border-top: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">(13,185</td><td style="border-top: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">)</td><td style="border-top: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="border-top: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">(3,134</td><td style="border-top: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">)</td><td style="vertical-align: bottom ; ">&#160;</td><td style="border-top: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="border-top: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">(31,407</td><td style="border-top: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">)</td><td style="border-top: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="border-top: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">15,788</td><td style="border-top: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom;   text-align: left;   padding-left: 20.0px; vertical-align: bottom ; ">Income tax (benefit) provision</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">(2,047</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">)</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">(3,208</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">)</td><td style="vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">(8,845</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">)</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">3,464</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom;   text-align: left;   padding-left: 20.0px; vertical-align: bottom ; ">Net (loss) income</td><td style="border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">$</td><td colspan="2" style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">(11,138</td><td style="border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ; 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">)</td><td style="border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">$</td><td colspan="2" style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">12,324</td><td style="border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom;   text-align: left;   padding-left: 30.0px; vertical-align: bottom ; ">&#160;</td><td colspan="4" style="vertical-align: bottom ; ">&#160;</td><td colspan="4" style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td colspan="4" style="vertical-align: bottom ; ">&#160;</td><td colspan="4" style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom; 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vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">$</td><td colspan="2" style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">(1.82</td><td style="border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">)</td><td style="border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">$</td><td colspan="2" style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">1.00</td><td style="border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; 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text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">$</td><td colspan="2" style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">0.01</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">$</td><td colspan="2" style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">(1.82</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">)</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">$</td><td colspan="2" style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">1.00</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom;   text-align: left;   padding-left: 20.0px; vertical-align: bottom ; ">&#160;</td><td colspan="4" style="border-top: double black 3pt ; vertical-align: bottom ; ">&#160;</td><td colspan="4" style="border-top: double black 3pt ; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td colspan="4" style="border-top: double black 3pt ; vertical-align: bottom ; ">&#160;</td><td colspan="4" style="border-top: double black 3pt ; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom;   text-align: left;   padding-left: 20.0px; vertical-align: bottom ; ">Weighted average common shares outstanding -</td><td colspan="4" style="vertical-align: bottom ; ">&#160;</td><td colspan="4" style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; 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vertical-align: bottom ; ">22,723</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom;   text-align: left;   padding-left: 15.0px; vertical-align: bottom ; ">Stock-based compensation expense recognized</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">1,162</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">1,149</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom;   text-align: left;   padding-left: 15.0px; vertical-align: bottom ; ">Other non-cash items</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">1,957</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">1,800</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom;   text-align: left;   padding-left: 15.0px; vertical-align: bottom ; ">Changes in operating assets and liabilities:</td><td colspan="3" style="vertical-align: bottom ; 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vertical-align: bottom ; ">Inventories</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">50,639</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">17,056</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom;   text-align: left;   padding-left: 30.0px; vertical-align: bottom ; ">Other assets</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">(3,248</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">)</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">2,992</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom;   text-align: left;   padding-left: 30.0px; vertical-align: bottom ; ">Accounts and contractual payables</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">(11,170</td><td style="padding-left: 0 ; text-align: left ; 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">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">(5,589</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">)</td></tr><tr><td style="vertical-align: bottom;   text-align: left;   padding-left: 30.0px; vertical-align: bottom ; ">Income taxes receivable/payable</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">9,623</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">(12,746</td><td style="padding-left: 0 ; 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">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#8212;</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">(31,616</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">)</td></tr><tr><td style="vertical-align: bottom;   text-align: left;   padding-left: 30.0px; vertical-align: bottom ; ">Accrued pension costs and accrued postretirement benefits</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; 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">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">10,742</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">7,296</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; ">Purchase of securities held to maturity</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">(85,821</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">)</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#8212;</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; ">Proceeds from maturity of securities</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">43,080</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; 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padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">1,410</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#8212;</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; ">Net cash flows (used in) provided by investing activities</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">(41,929</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">)</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">14,083</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; "><strong>&#160;</strong></td><td colspan="3" style="vertical-align: bottom ; ">&#160;</td><td colspan="3" style="vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; "><strong>Cash flows from financing activities</strong></td><td colspan="3" style="vertical-align: bottom ; ">&#160;</td><td colspan="3" style="vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; ">Employee stock settlement</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; 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padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">$</td><td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">3,803</td><td style="border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td></tr></table> <p><br ></p> <table style="width:100%; border-collapse:collapse !important;" style="border-collapse: collapse; "><tr><td style="vertical-align: bottom ; ">INVESTOR &amp; MEDIA CONTACT</td><td style="vertical-align: bottom ; ">Matthew S. Kohnke</td></tr><tr><td style="vertical-align: bottom ; ">TELEPHONE</td><td style="vertical-align: bottom ; ">(800) 458-2235</td></tr></table></p><p ></p></body></html>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exh_992.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"><html lang="en-US"><head><title>EdgarFiling</title><meta content="text/html; charset=windows-1252" ><meta name="GENERATOR" content="MSHTML 8.00.7601.18094" ></head><body bgcolor="#ffffff"><p style="text-align: right;"><strong>Exhibit 99.2</strong></p><p style="text-align: center;"><strong>FreightCar America, Inc. Announces Agreement to Acquire Assets of Navistar, Inc.&#8217;s Railcar Operations at Shoals Facility</strong></p><p style="text-align: center;">Company to take control of full manufacturing process at state-of-the-art Shoals facility</p><p>
 <p align="left">CHICAGO, Feb.  26, 2018  (GLOBE NEWSWIRE) -- <strong>FreightCar America, Inc.</strong> (NASDAQ:RAIL) (&#8220;FreightCar&#8221;) announced today that it has entered into an asset purchase agreement with Navistar, Inc. (&#8220;Navistar&#8221;) to acquire substantially all of Navistar&#8217;s operating assets associated with its railcar operations at the Shoals facility in Cherokee, Alabama. The transaction is expected to close on or around February 28, 2018 subject to the conditions set forth in the asset purchase agreement.<br ></p>  <p>&#8220;This acquisition will allow us to now control our own destiny and benefit from the full economics of all future railcars built within the Shoals facility,&#8221; said Jim Meyer, President and Chief Executive Officer. &#8220;This is good news for our customers, our brand, our products, our people and the Shoals community. I want to thank Navistar for the prior relationship and the Retirement Systems of Alabama, the owners of the facility, for its support in this transaction.&#8221;</p>  <p>Meyer concluded, &#8220;We are making important investments in people, technology, equipment and infrastructure to enhance our state-of-the-art facility and world-class workforce, which will increase our operational efficiencies and create long-term value for our shareholders. The opportunities afforded to us upon completion of the acquisition, together with the organizational changes and manufacturing best practices that we have already begun to implement, will significantly strengthen our long-term competitive positioning, reduce our costs and allow us to be more responsive to customer needs.&#8221; </p>  <p>FreightCar has subleased a substantial portion of the Shoals facility since 2013. As a result of this transaction, FreightCar will become the sole tenant of the approximately 2.2 million square foot facility, which was purpose-built for the manufacture and repair of railcars.&#160; Additionally, FreightCar will be offering employment opportunities to the majority of Navistar&#8217;s approximately 200 employees on site. &#160;FreightCar will purchase select operating equipment and inventory at the Shoals facility, and receive a one-time up-front payment to cover future operating costs including rent payments at the facility. Net proceeds to FreightCar will be approximately $3 million at closing. </p>  <p><strong>About FreightCar America, Inc.</strong><br ><br > FreightCar America, Inc. manufactures a wide range of railroad freight cars, supplies railcar parts and leases freight cars through its JAIX Leasing Company subsidiary. FreightCar America designs and builds high-quality railcars, including coal cars, bulk commodity cars, covered hopper cars, intermodal and non-intermodal flat cars, mill gondola cars, coil steel cars and boxcars. It is headquartered in Chicago, Illinois and has facilities in the following locations: Cherokee, Alabama; Danville, Illinois; Grand Island, Nebraska; Johnstown, Pennsylvania; Roanoke, Virginia; and Shanghai, People&#8217;s Republic of China. More information about FreightCar America is available on its website at&#160;www.freightcaramerica.com.</p>  <p><strong>Forward Looking Statements</strong></p>  <p>This press release may contain statements relating to our expected financial performance and/or future business prospects, events and plans that are &#8220;forward-looking statements&#8221; as defined under the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent our estimates and assumptions only as of the date of this press release. Our actual results may differ materially from the results described in or anticipated by our forward-looking statements due to certain risks and uncertainties. These potential risks and uncertainties include, among other things: risks relating to the Shoals facility, including the acquisition not being completed if certain closing conditions are not met, the facility not meeting internal assumptions or expectations, and the assumption of unforeseen liabilities from Navistar; the cyclical nature of our business; adverse economic and market conditions; fluctuating costs of raw materials, including steel and aluminum, and delays in the delivery of raw materials; our ability to maintain relationships with our suppliers of railcar components; our reliance upon a small number of customers that represent a large percentage of our sales; the variable purchase patterns of our customers and the timing of completion, delivery and customer acceptance of orders; the highly competitive nature of our industry; the risk of lack of acceptance of our new railcar offerings by our customers; and the additional risk factors described in our filings with the Securities and Exchange Commission. We expressly disclaim any duty to provide updates to any forward-looking statements made in this press release, whether as a result of new information, future events or otherwise.</p> <table style="border-collapse:collapse !important;" style="border-collapse: collapse; "><tr><td style="vertical-align: bottom ; ">INVESTOR &amp; MEDIA CONTACT</td><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Matthew S. Kohnke</td></tr><tr><td style="vertical-align: bottom ; ">TELEPHONE</td><td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">(800) 458-2235</td></tr></table></p><p ></p></body></html>
</TEXT>
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