<SEC-DOCUMENT>0001171843-19-005036.txt : 20190731
<SEC-HEADER>0001171843-19-005036.hdr.sgml : 20190731
<ACCEPTANCE-DATETIME>20190731170012
ACCESSION NUMBER:		0001171843-19-005036
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190731
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190731
DATE AS OF CHANGE:		20190731

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:		19989532

	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_073119.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): <!--July 31, 2019-->July 31, 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; ]<strong>&#160;</strong></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>  </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 July 31, 2019, FreightCar America, Inc. issued a press release announcing its financial results for the second quarter of 2019. 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;">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>  </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>
</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;"><font style="font-size: 14pt;"><strong>FreightCar America, Inc. Reports Second Quarter 2019 Results</strong></font></p><p style="text-align: center;"><strong>Company reports positive gross margin; &#8216;Back to Basics&#8217; strategy remains solidly on track with new product launches, cost reductions, and footprint consolidation</strong></p><p>
 <p align="left">CHICAGO, July  31, 2019  (GLOBE NEWSWIRE) -- FreightCar America, Inc. (NASDAQ: RAIL) today reported results for the second quarter ended June 30, 2019.<br ></p>  <p><strong>Business Highlights</strong></p>  <ul type="disc"><li>Second quarter revenue of $73.7 million on deliveries of 729 units</li><li>Second quarter net loss of $15.9 million, or $1.26 per diluted share, which includes $10.5 million of one-time items in the period</li><li>Total cash, cash equivalents, restricted cash equivalents, marketable securities and restricted certificates of deposit of $71.5 million at June 30, 2019, an increase of $2.8 million as compared to the first quarter of 2019</li><li>Backlog as of June 30, 2019 totaled 1,121 railcars with an aggregate value of approximately $96 million</li><li>Subsequent to the end of the second quarter, the Company received additional orders for 1,050 railcars</li><li>On July 22<sup>nd</sup> the Company announced its intention to close its Roanoke, Virginia manufacturing facility. The announcement is part of the Company&#8217;s long-term strategy to streamline its fixed cost base and is expected to yield $5.0 million in annual savings.</li><li>Company adjusts 2019 delivery guidance to between 2,200 and 2,500 railcars and maintains material cost savings guidance 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">"I am pleased to report we recorded our first positive gross margin since the second quarter of 2018, despite the ongoing softness across our industry. This demonstrates the solid progress we have made against our &#8216;Back to Basics&#8217; initiatives designed to produce the right products, with the right footprint, and on the right cost structure,&#8221; said Jim Meyer, President and Chief Executive Officer of FreightCar America. "Subsequent to the end of the second quarter, we announced our plans to close our Roanoke facility. When this action is complete, we expect to save approximately $5.0 million per year. Coupled with our new lease agreement at our Shoals facility, the closure of the Roanoke facility represents a transformational step in our &#8216;Back to Basics&#8217; strategy to address our fixed costs and historically underutilized footprint. Similarly, we completed several actions that improved the flexibility of our balance sheet going forward.&#8221;<br ></p>  <p align="justify">Meyer concluded, &#8220;Just after the quarter end, we received orders for 1,050 railcars. These orders demonstrate that our improving portfolio and operations will resonate with customers. We are making significant progress in focusing our product portfolio, tailoring our footprint, and we have proven our ability to maintain a clean balance sheet. We believe we have the right strategy in place and are confident that FreightCar will be in a substantially better position to compete as we enter 2020.&#8221;</p>  <p><strong>Second Quarter Results</strong></p>  <ul type="disc"><li>Consolidated revenues were $73.7 million in the second quarter of 2019 compared to $66.7 million in the same quarter of 2018. The Company delivered 729 railcars in the second quarter of 2019, which included 478 new railcars and 251 rebuilds. This compares to 1,185 railcars delivered in the second quarter of 2018, which included 368 new railcars, 514 rebuilt railcars, and 303 leased railcars.<br ><br ></li><li>Net loss in the second quarter of 2019 was $15.9 million, or $1.26 per diluted share, compared to net loss of $2.3 million, or $0.19 per diluted share, in the second quarter of 2018. This quarter&#8217;s net loss included a $5.2 million charge from the loss on sale of 195 railcars previously held in the leasing fleet, $1.3 million in restructuring costs related to the Roanoke facility closure process, and a $4.0 million net settlement charge as the Company resolved a dispute relating to a prior-year product claim.<br ><br ></li><li>Cash, cash equivalents, restricted cash equivalents, marketable securities and restricted certificates of deposit were $71.5 million as of June 30, 2019, compared to $68.0 million at December 31, 2018.&#160; During the second quarter, the Company sold 195 railcars previously held in the leasing fleet for $11.4 million.</li></ul>  <p><strong>Second Quarter 2019 Conference Call &amp; Webcast Information</strong></p>  <p>The Company will host a conference call and live webcast on Thursday, August 1, 2019 at 11:00 a.m. (Eastern Daylight Time) to discuss the Company&#8217;s second quarter 2019 financial results. To participate in the conference call, please dial (800) 230-1092, Confirmation Number 470143.&#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<br >Conference ID#: 470143</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 1, 2019 until 11:59 p.m. (Eastern Daylight Time) on September 1, 2019.&#160; To access the replay, please dial (800) 475-6701.&#160; The replay pass code is 470143.&#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 FreightCar America Leasing Company subsidiaries. FreightCar America designs and builds high-quality railcars, including bulk commodity cars, covered hopper cars, intermodal and non-intermodal flat cars, mill gondola cars, coil steel cars, boxcars and coal cars. 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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">10,200</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">-</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; 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: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(59</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">)</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(118</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">)</td></tr><tr><td style="vertical-align: bottom ; ">Deferred financing costs</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(929</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">)</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">-</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; ">Net cash flows provided by (used in) financing activities</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">9,212</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(118</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">)</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 30.0px; vertical-align: bottom ; ">&#160;</td><td colspan="3" style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="3" style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; ">Net increase (decrease) in cash and cash equivalents</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">24,789</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(62,644</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">)</td></tr><tr><td style="vertical-align: bottom ; ">Cash, cash equivalents and restricted cash equivalents at beginning of period</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">45,070</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">87,788</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; ">Cash, cash equivalents and restricted cash equivalents at end of period</td><td style="border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">$</td><td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160; 69,859</td><td style="border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">$</td><td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160; 25,144</td><td style="border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr></table> <p><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 ; ">Christopher J. Eppel</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>
