<SEC-DOCUMENT>0001171843-18-005630.txt : 20180801
<SEC-HEADER>0001171843-18-005630.hdr.sgml : 20180801
<ACCEPTANCE-DATETIME>20180801171013
ACCESSION NUMBER:		0001171843-18-005630
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180801
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180801
DATE AS OF CHANGE:		20180801

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:		18985661

	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_080118.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): <!--August 1, 2018-->August 1, 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 August 1, 2018, FreightCar America, Inc. issued a press release announcing its financial results for the second 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 &#8220;filed&#8221; for purposes of Section&#160;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 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 style="margin-left:0in; margin-right:0in;"><font style="color:black;font-size:10pt;font-family:&quot;times new roman&quot;;">(d)&#160;Exhibits</font></p>    <table style="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>&#160;</font></td><td style="vertical-align: bottom ; "> <font style="color:black;font-size:10pt;font-family:&quot;times new roman&quot;;">&#160;</font> </td><td style="vertical-align: bottom ; "><font style="color:black; font-size:10pt; font-family:&quot;times new roman&quot;;"><a href="exh_991.htm" rel="nofollow"> Press release of FreightCar America, Inc., dated August 1, 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: August 1, 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>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh_991.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 99.1</strong></p><p style="text-align: center;"><strong>FreightCar America, Inc. Reports Second Quarter 2018 Results</strong></p><p style="text-align: center;">&#8216;Back to Basics&#8217; operational excellence program gaining momentum; Company raises delivery outlook for full year 2018, but remains cautious about near-term market fundamentals</p><p>
 <p>CHICAGO, Aug.  01, 2018  (GLOBE NEWSWIRE) -- FreightCar America, Inc. (NASDAQ: RAIL) today reported results for the second quarter ended June 30, 2018.<br ></p>  <p><strong>Financial Highlights</strong></p>  <ul type="disc"><li>Second quarter revenue of $66.7 million on deliveries of 1,185 units</li><li>Second quarter net loss of $2.3 million, or $0.19 per diluted share</li><li>Total cash, cash equivalents, restricted cash equivalents, marketable securities and restricted certificates of deposit of $86.9 million at June 30, 2018, which reflects a total investment of $37.8 million in railcars built for the Company&#8217;s JAIX leasing arm</li><li>Backlog now totals 2,319 railcars with an aggregate value of approximately $190 million</li><li>Completed all integration work associated with the acquisition of Navistar&#8217;s rail operations at Shoals facility</li><li>Entered into a definitive agreement to sell the Danville, IL production facility for $2.2 million</li><li>On track to deliver original &#8220;Back to Basics&#8221; cost reduction goal early and now targeting to exit the year with a per car total cost reduction of $4,000 to $5,000</li><li>Full-year 2018 delivery outlook raised to range between 4,250 and 4,500 railcars</li></ul>  <p align="justify">"The second quarter marks another step in the right direction for FreightCar America," said Jim Meyer, President and Chief Executive Officer of FreightCar America. "Our marketplace remains extremely challenging with continued pressures on pricing, and our backlog includes several smaller production runs. However, we have made meaningful progress on our &#8216;Back to Basics&#8217; operational improvement strategy and those efforts positively impacted our quarterly results. We are ahead of schedule on our previously announced plan to reduce our cost of goods sold by $3,000 to $4,000 per railcar by year end. As a result, we are now increasing our goal to exit the year on a run rate of $4,000 to $5,000 in savings per railcar."</p>  <p align="justify">Meyer concluded, "Despite soft industry dynamics, our railcar deliveries of 1,185 units showed improvement to both year-over-year and sequential period deliveries. Our quarterly order total of 1,450 railcars is down slightly compared to the second quarter of 2017 but increased compared to the first quarter of 2018. All 1,450 of the railcar orders received were for new railcars. Because of this, we are raising our full-year railcar delivery outlook range slightly from 4,000 to 4,300 railcars to 4,250 to 4,500 railcars for fiscal year 2018."</p>  <p><strong>Second Quarter Results</strong></p>  <ul type="disc"><li>Consolidated revenues were $66.7 million in the second quarter of 2018 compared to $118.7 million in the same quarter of 2017. The Company delivered 1,185 railcars in the second quarter of 2018, which included 368 new railcars, 514 rebuilt railcars and 303 leased railcars. This compares to 1,096 railcars delivered in the second quarter of 2017, all of which were new railcars.</li><li>The Company had a diversified backlog totaling 2,319 railcars at June 30, 2018, valued at approximately $190 million.</li><li>Consolidated operating loss for the second quarter of 2018 was $3.5 million compared to an operating loss of $1.0 million for the second quarter of 2017.</li><li>Net loss in the second quarter of 2018 was $2.3 million, or $0.19 per diluted share, compared to a net loss of $0.4 million, or $0.04 per diluted share, in the second quarter of 2017.&#160;</li><li>Cash, cash equivalents, restricted cash equivalents, marketable securities and restricted certificates of deposit were $86.9 million as of June 30, 2018, compared to $136.4 million as of December 31, 2017. The decrease in cash was primarily driven by Company funded deliveries of leased railcars into its short-term lease fleet and an increase in accounts receivable. &#160;</li></ul>  <p><strong>Second Quarter 2018 Conference Call &amp; Webcast Information</strong></p>  <p>The Company will host a conference call and live webcast on Thursday, August 2, 2018 at 11:00 a.m. (Eastern Daylight Time) to discuss the Company&#8217;s second quarter 2018 financial results. To participate in the conference call, please dial (800) 288-8960, Confirmation Number 452079.&#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#: 452079</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 Daylight Time) on August 2, 2018 until 11:59 p.m. (Eastern Daylight Time) on September 2, 2018.&#160; To access the replay, please dial (800) 475-6701.&#160; The replay pass code is 452079.&#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 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 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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">&#160;</td></tr></table> <p><br ></p> <table style="width:425.85pt; border-collapse:collapse !important;" style="border-collapse: collapse; "><tr><td width="255" style="vertical-align: bottom ; ">INVESTOR &amp; MEDIA CONTACT</td><td width="313" style="vertical-align: bottom ; ">Matthew S. Kohnke</td></tr><tr><td width="255" style="vertical-align: bottom ; ">TELEPHONE</td><td width="313" style="vertical-align: bottom ; ">(800) 458-2235</td></tr><tr><td width="255" style="vertical-align: bottom ; ">&#160;</td><td width="313" style="vertical-align: bottom ; ">&#160;</td></tr></table></p><p ></p></body></html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
