<SEC-DOCUMENT>0001171843-18-003357.txt : 20180502
<SEC-HEADER>0001171843-18-003357.hdr.sgml : 20180502
<ACCEPTANCE-DATETIME>20180502171011
ACCESSION NUMBER:		0001171843-18-003357
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180502
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180502
DATE AS OF CHANGE:		20180502

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:		18800651

	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_050218.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): <!--May 2, 2018-->May 2, 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 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;  font-size:10pt; font-family:&quot;times new roman&quot;;">On May 2, 2018, FreightCar America, Inc. issued a press release announcing its financial results for the first quarter of 2018. A copy of the press release is attached hereto as Exhibit&#160;99.1 and is incorporated herein by reference.</font></p>  <p style="margin-left:0in; margin-right:0in;"><font style="color: black;  font-size:10pt; font-family:&quot;times new roman&quot;;">The information contained in Exhibit&#160;99.1 is being furnished under Item&#160;2.02 of Form 8-K and shall not be deemed "filed" for purposes of Section&#160;18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), 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 9 Financial Statements and Exhibits</strong></font></p><p><font style="font-size: 10pt;"><strong>Item 9.01. Financial Statements and Exhibits.</strong></font></p><p><font style="font-size: 10pt;">
 <p><font style="color: black; font-family:&quot;times new roman&quot;;"> &#160; &#160; &#160;(d)&#160;Exhibits </font></p> <table style="width:829; border-collapse:collapse !important;" style="border-collapse: collapse; "><tr><td style="vertical-align: bottom ; "><font style="font-size:10pt; font-family:&quot;Times New Roman&quot;;"><a href="exh_991.htm" rel="nofollow">Exhibit&#160;99.1</a></font></td><td style="vertical-align: bottom ; "><font style="color: black; font-family:&quot;times new roman&quot;;">&#160;</font></td><td style="vertical-align: bottom ; "><font style="font-size:10pt; font-family:&quot;Times New Roman&quot;;"><a href="exh_991.htm" rel="nofollow">Press release of FreightCar America, Inc., dated May 2, 2018.</a></font></td></tr></table></font></p><p><font style="font-size: 10pt;"></font></p><p><font style="font-size: 10pt;"></font></p><hr style="page-break-after: always;" noshade="noshade" /><p align="center"><font style="font-size: 10pt;"><strong>SIGNATURE</strong></font></p><p><font style="font-size: 10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td valign="top" width="49%"><font style="font-size: 10pt;">&#160;</font></td><td style="font-size: 12pt;" colspan="2" valign="top"><font style="font-size: 10pt;"><strong>FreightCar America, Inc.</strong></font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">&#160;</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;"></font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">Date: May 2, 2018</font></td><td width="2%"><font style="font-size: 10pt;">By:&#160;</font></td><td style="text-decoration: underline;" width="49%"><font style="font-size: 10pt;">/s/ Matthew S. Kohnke&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">Matthew S. Kohnke</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">Vice President, Finance, Chief Financial Officer and Treasurer</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;"></font></td></tr></table><p>
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</TEXT>
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<DOCUMENT>
<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 First Quarter 2018 Results</strong></p><p style="text-align: center;">&#8216;Back to Basics&#8217; operational excellence program on track; Company raising delivery outlook for full year 2018</p><p>
 <p align="justify">CHICAGO, May  02, 2018  (GLOBE NEWSWIRE) -- FreightCar America, Inc. (NASDAQ:RAIL) today reported results for the first quarter ended March 31, 2018.<br ></p>  <p><strong>Financial Highlights</strong></p>  <ul type="disc"><li>First quarter revenue of $83.0 million on deliveries of 1,094 units</li><li>First quarter net loss of $6.4 million, or $0.51 per diluted share</li><li>Total cash, cash equivalents, marketable securities and restricted certificates of deposit of $123.0 million at March 31, 2018</li><li>Backlog totaling 2,054 railcars at an aggregate value of approximately $143 million</li><li>Completed acquisition of Navistar, Inc.&#8217;s railcar operations at Shoals facility during the quarter</li><li>Full-year 2018 delivery outlook raised and now expected to range between 4,000 and 4,300 railcars</li></ul>  <p align="justify">&#8220;The first quarter marked a step in the right direction for FreightCar America,&#8221; said Jim Meyer, President and Chief Executive Officer. &#8220;Last quarter, we introduced our &#8216;Back to Basics&#8217; operational excellence initiative rooted in manufacturing best practices, meaningful efficiency improvements and instillation of a cultural change across the organization. This quarter, we began to implement many of these initiatives and are encouraged by our start. Our employees are engaged and excited about the work they are doing, and we remain confident in our ability to achieve our goal of reducing cost of goods sold by $3,000 to $4,000 per railcar on a run rate basis by the end of 2018.&#8221;</p>  <p align="justify">Meyer concluded, &#8220;While challenging industry dynamics continue to put pressure on pricing, FreightCar America is focusing its efforts on areas which we can control. During the first quarter, we delivered nearly 1,100 units, received orders totaling 756 new and rebuilt railcars and continued to have positive conversations across our client base. In particular, we&#8217;re seeing increased demand for our rebuild capabilities as it relates to coal car conversions, the large majority of which we were the original manufacturer. As a result, we have grown more confident in our ability to capitalize on that opportunity this year and we are raising the lower end of our delivery outlook by 500 railcars. We now expect to deliver between 4,000 and 4,300 railcars during fiscal 2018.&#8221;</p>  <p><strong>First Quarter Results</strong></p>  <ul type="disc"><li>Consolidated revenues were $83.0 million in the first quarter of 2018 compared to $139.5 million in the same quarter of 2017.<br ><br ></li><li>The Company delivered 1,094 railcars in the first quarter of 2018, which included 891 new railcars, 81 rebuilt railcars and 122 leased railcars. This compares to 1,525 railcars delivered in the first quarter of 2017, which included 1,425 new railcars and 100 leased railcars.<br ><br ></li><li>The Company had a diversified backlog totaling 2,054 railcars at March 31, 2018, valued at approximately $143 million.<br ><br ></li><li>Consolidated operating loss for the first quarter of 2018 was $8.6 million compared to operating income of $1.4 million for the first quarter of 2017.<br ><br ></li><li>Net loss in the first quarter of 2018 was $6.4 million, or $0.51 per diluted share, compared to net income of $0.6 million, or $0.05 per diluted share, in the first quarter of 2017.<br ><br ></li><li>Cash, cash equivalents, marketable securities and restricted certificates of deposit were $123.0 million as of March 31, 2018, compared to $136.4 million as of December 31, 2017. The decrease in cash was primarily driven by changes in working capital, including increases in accounts receivable that have substantially been collected and inventory on lease.</li></ul>  <p><strong>First Quarter 2018 Conference Call &amp; Webcast Information</strong></p>  <p>The Company will host a conference call and live webcast on Thursday, May 3, 2018 at 11:00 a.m. (Eastern Daylight Time) to discuss the Company&#8217;s first quarter 2018 financial results.&#160; To participate in the conference call, please dial (800) 230-1096, Confirmation Number 448010.&#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> <blockquote> <p>Event URL: https://im.csgsystems.com/cgi-bin/confCast</p>  <p>Conference ID#: 448010</p> </blockquote> <p>If you need technical assistance, call the toll-free AT&amp;T Conference Casting Support Help Line at (888) 793-6118.&#160; 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 Daylight Time) on May 3, 2018 until 11:59 p.m. (Eastern Daylight Time) on June 3, 2018.&#160; To access the replay, please dial (800) 475-6701.&#160; The replay pass code is 448010.&#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 facility not meeting internal assumptions or expectations and 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. 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padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; ">&#160;</td><td colspan="3" style="vertical-align: bottom ; ">&#160;</td><td colspan="3" style="vertical-align: bottom ; ">&#160;</td></tr></table> <p><br ></p> <table style="width:536px; 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>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
