<SEC-DOCUMENT>0001171843-19-001252.txt : 20190227
<SEC-HEADER>0001171843-19-001252.hdr.sgml : 20190227
<ACCEPTANCE-DATETIME>20190227094513
ACCESSION NUMBER:		0001171843-19-001252
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190226
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190227
DATE AS OF CHANGE:		20190227

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:		19636061

	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_022719.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, 2019-->February 26, 2019 &#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 &#8212; 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; font-size:10pt; font-family:'times new roman';">On February 26, 2019, FreightCar America, Inc. (the &#8220;Company&#8221;) and its wholly owned subsidiary, FreightCar Alabama, LLC (&#8220;FreightCar Alabama&#8221;), entered into the Second Amendment to Industrial Facility Lease (the &#8220;Lease Amendment&#8221;) with the Teachers&#8217; Retirement Systems of Alabama and the Employees&#8217; Retirement System of Alabama, as landlord (collectively, the &#8220;Landlord&#8221;), in connection with the Industrial Facility Lease, dated as of September 29, 2011, which was assigned to FreightCar Alabama on February 28, 2018 (as previously amended and assigned, the &#8220;Original Lease&#8221;) and guaranteed by the Company, relating to the Company&#8217;s facility in Cherokee, Alabama (the &#8220;Facility&#8221;).</font></p>     <p style="margin-left:0in; margin-right:0in;"><font style="color:black; font-size:10pt; font-family:'times new roman';">The Lease Amendment amends the Original Lease to extend the initial term thereof from December 31, 2021 to December 31, 2026, with two five-year extension terms thereafter through December 31, 2031 and December 31, 2036, at the option of FreightCar Alabama.&#160; In addition, FreightCar Alabama will vacate up to 40% of the Facility on or before December 31, 2021 (subject to adjustment under certain circumstances), and the base rent payable to the Landlord during the initial term shall be reduced on proportional basis, with subsequent increases of such base rent during the extension terms to be based on certain time period comparisons of the Consumer Price Index published by the U.S. Department of Labor.&#160; The Company consented to the Lease Amendment and acknowledged its continuing obligation as a guarantor thereunder.</font></p>     <p style="margin-left:0in; margin-right:0in;"><font style="color:black; font-size:10pt; font-family:'times new roman';">The foregoing description of the Lease Amendment does not purport to be complete and is qualified in its entirety by reference to the Lease Amendment to be filed as an exhibit to the Company&#8217;s quarterly report on Form 10-Q for the quarter ending March 31, 2019.</font></p> </font></p><p><font style="font-size: 10pt;"><strong>Section 2 &#8212; 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:'times new roman';">On February 26, 2019, the Company issued a press release announcing its financial results for the fourth 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:'times new roman';">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 &#8212; 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;">
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</TEXT>
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<DOCUMENT>
<TYPE>EX-99.1
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<FILENAME>exh_991.htm
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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;"><font style="font-size: 14pt;"><strong>FreightCar America, Inc. Reports Fourth Quarter and Full Year 2018 Results</strong></font></p><p style="text-align: center;"><strong>Company is focused on completing &#8220;Back to Basics&#8221; in 2019 and announces annual delivery estimates, material cost savings guidance and next step towards its long term manufacturing footprint</strong></p><p>
       <p align="justify">CHICAGO, Feb.  26, 2019  (GLOBE NEWSWIRE) -- FreightCar America, Inc. (NASDAQ: RAIL) today reported results for the fourth quarter ended December 31, 2018.<br ></p>        <p><strong>Business Highlights</strong></p>        <ul type="disc"><li>Fourth quarter revenue of $87.8 million on deliveries of 1,047 units</li><li>Fourth quarter net loss of $25.7 million, or $2.06 per diluted share, which includes a non-cash provision of $18.2 million, or $1.48 per share, for a valuation allowance against deferred tax assets</li><li>Total cash, cash equivalents, restricted cash equivalents, marketable securities and restricted certificates of deposit of $68.0 million at December 31, 2018, essentially unchanged from the prior quarter</li><li>Year-end backlog totaling 1,699 railcars at an aggregate value of approximately $160 million</li><li>Full-year 2019 delivery outlook forecasted to range between 2,500 and 3,500 railcars</li><li>&#8216;Back to Basics&#8217; operational improvement strategy benefitted fourth quarter results with over $3,000 per car savings compared to the fourth quarter of 2017 and is expected to deliver additional material cost savings of between $2,000 and $3,000 per railcar, on a run-rate basis, excluding commodity price movements, by the end of 2019</li></ul>        <p align="justify">"In 2018, we put in motion our &#8216;Back to Basics&#8217; transformation initiative designed to position FreightCar America for a strong future,&#8221; said Jim Meyer, President and Chief Executive Officer of FreightCar America. "During the year, we took full control of our largest facility, invested in our workforce including the addition of a significant number of critical new hires, and made solid progress in removing costs from our business. We realized a net reduction in our cost of goods sold of more than $3,000 per railcar. This amount would likely have been much greater if not for the high number of changeovers and shorter production runs, which prevented us from capturing the gains we are making in labor efficiencies.&#8221; <br ></p>        <p align="justify">Meyer concluded, &#8220;As we move forward in 2019, the final phase of &#8216;Back to Basics&#8217; will focus on: 1) continuing to remove material and labor costs from our business, 2) strengthening our product portfolio, and 3) optimizing our manufacturing footprint. Lower costs and a broader product portfolio are key to capturing a greater share of available business and growing our backlog to healthier levels. As it relates to our manufacturing footprint, we are pleased to announce we have finalized an agreement to shrink both the square footage and rent payment at our leased Shoals facility, up to 40% each. This will go into effect in January 2022, per the amended lease terms. We remain confident in our &#8216;Back to Basics&#8217; initiatives and we expect at the end of this year to have a much more competitive cost base, a meaningfully broader product offering, and all of the building blocks in place for our long term footprint."</p>        <p><strong>Fourth Quarter Results</strong></p>        <ul type="disc"><li>Consolidated revenues were $87.8 million in the fourth quarter of 2018 compared to $79.2 million in the same quarter of 2017. The Company delivered 1,047 railcars in the fourth quarter of 2018, which included 827 new railcars and 220 rebuilt railcars. This compares to 977 railcars delivered in the fourth quarter of 2017, which included 855 new railcars, 47 rebuilt railcars, and 75 leased railcars.</li></ul>        <ul type="disc"><li>The Company had a diversified backlog totaling 1,699 railcars at December 31, 2018, valued at approximately $160 million.</li></ul>        <ul type="disc"><li>Consolidated operating loss for the fourth quarter of 2018 was $11.3 million compared to an operating loss of $13.4 million for the fourth quarter of 2017.</li></ul>        <ul type="disc"><li>The income tax provision of $14.8 million recorded in the fourth quarter of 2018 included a $18.2 million valuation allowance against our deferred tax assets as a result of recent annual operating losses.</li></ul>        <ul type="disc"><li>Net loss in the fourth quarter of 2018 was $25.7 million, or $2.06 per diluted share, inclusive of the $1.48 per diluted share impact of the valuation allowance against our deferred tax assets, compared to a net loss of $11.1 million, or $0.90 per diluted share, in the fourth quarter of 2017.&#160;</li></ul>        <p><strong>Full Year 2018 Results</strong></p>        <ul type="disc"><li>Consolidated revenues for the fiscal year ended December 31, 2018 were $316.5 million compared to $409.5 million for the fiscal year ended December 31, 2017.</li></ul>        <ul type="disc"><li>The Company delivered 4,214 railcars in 2018, which included 2,584 new railcars, 1,205 rebuilt railcars and 425 leased railcars. This compares to 4,427 railcars delivered in 2017, which included 4,305 new railcars, 47 rebuilt railcars and 75 leased railcars.</li></ul>        <ul type="disc"><li>Consolidated operating loss for 2018 was $32.1 million compared to consolidated operating loss of $31.8 million in 2017.</li></ul>        <ul type="disc"><li>Net loss in 2018 was $40.6 million, or $3.26 per diluted share, inclusive of the $1.48 per diluted share impact of the valuation allowance against our deferred tax assets, compared to a net loss of $22.6 million, or $1.82 per diluted share, in 2017.</li></ul>        <ul type="disc"><li>Cash, cash equivalents, restricted cash equivalents, marketable securities and restricted certificates of deposit were $68.0 million as of December 31, 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 lease fleet, higher accounts receivable due to deliveries placed near the end of 2018 and elevated inventory levels due to production delays experienced during the fourth quarter of 2018 for certain railcar builds.&#160;</li></ul>        <p><strong>Fourth Quarter 2018 Conference Call &amp; Webcast Information</strong></p>        <p>The Company will host a conference call and live webcast on Wednesday, February 27, 2019 at 11:00 a.m. (Eastern Standard Time) to discuss the Company&#8217;s fourth quarter 2018 financial results. To participate in the conference call, please dial (800) 230-1085, Confirmation Number 464318.&#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>&#160; &#160; &#160; &#160; Event URL: https://im.csgsystems.com/cgi-bin/conf&#160; &#160;<br >&#160; &#160; &#160; &#160;&#160;Cast Conference ID#: 464318</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, 2019 until 11:59 p.m. (Eastern Daylight Time) on March 27, 2019.&#160; To access the replay, please dial (800) 475-6701.&#160; The replay pass code is 464318.&#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; 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 other competitive factors. 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padding-left: 0 ; text-align: left ;  vertical-align: bottom; 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 style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160; 87,788</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 colspan="3" style="vertical-align: bottom ; ">&#160;</td><td colspan="3" style="vertical-align: bottom ; ">&#160;</td></tr></table>    <p><br ></p>        <p>&#160;<br ></p>    <table style="width:425.85pt; border-collapse:collapse !important;;border-collapse: collapse; "><tr><td style="width:252px;;vertical-align: bottom ; ">INVESTOR &amp; MEDIA CONTACT</td><td style="width:309.8px;;vertical-align: bottom ; ">Matthew S. Kohnke</td></tr><tr><td style="width:252px;;vertical-align: bottom ; ">TELEPHONE</td><td style="width:309.8px;;vertical-align: bottom ; ">(800) 458-2235</td></tr></table></p><p ></p></body></html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
