FreightCar America(US:RAIL)2021-11-15 13:01Financial Performance - Total revenues for the three months ended September 30, 2021, were $58.3 million, a significant increase from $25.2 million in the same period of 2020, representing a growth of 131.5%[13] - The company reported a net income of $731,000 for the three months ended September 30, 2021, compared to a net loss of $41.3 million in the same period of 2020[13] - For the nine months ended September 30, 2021, FreightCar America reported a net loss of $42,612 thousand, an improvement from a net loss of $71,456 thousand for the same period in 2020, representing a 40.5% reduction in losses[24] - Total revenues for the nine months ended September 30, 2021, were $128,031 thousand, a significant increase of 68.5% compared to $47,857 thousand for the same period in 2020[33] - The company reported a comprehensive income of $886,000 for the three months ended September 30, 2021, compared to a comprehensive loss of $41.2 million in the same period of 2020[16] Profitability and Losses - Gross profit for the nine months ended September 30, 2021, was $4.9 million, compared to a gross loss of $19.0 million for the same period in 2020, indicating a turnaround in profitability[13] - The accumulated deficit increased to $81.2 million as of September 30, 2021, from $38.6 million as of December 31, 2020, highlighting ongoing challenges in achieving sustained profitability[11] - The consolidated operating loss for the three months ended September 30, 2021, was $4,163, significantly improved from a loss of $41,340 in the same period of 2020[39] Assets and Liabilities - Total assets increased to $184.1 million as of September 30, 2021, up from $182.7 million as of December 31, 2020[11] - Current liabilities decreased to $62.7 million as of September 30, 2021, from $71.1 million as of December 31, 2020, reflecting improved liquidity management[11] - The company’s long-term debt increased to $70.7 million as of September 30, 2021, compared to $37.7 million as of December 31, 2020, indicating a strategic shift in financing[11] - The total debt as of September 30, 2021, was $91,239, an increase from $66,979 as of December 31, 2020, reflecting a growth of approximately 36.3%[89] Cash Flow and Expenses - The company experienced a net cash flow used in operating activities of $56,958 thousand for the nine months ended September 30, 2021, compared to $38,981 thousand for the same period in 2020, reflecting a 46.1% increase in cash outflow[24] - Selling, general and administrative expenses for the nine months ended September 30, 2021, were $21.1 million, slightly up from $21.1 million in the same period of 2020, indicating stable operational costs[13] - The company incurred restructuring and impairment charges of $6,530 thousand for the nine months ended September 30, 2021, compared to $26,868 thousand for the same period in 2020, reflecting a 75.7% decrease[24] Shareholder Information - The weighted average common shares outstanding for the three months ended September 30, 2021, were 20,485,438, compared to 12,426,872 for the same period in 2020, reflecting an increase in share issuance[13] - The Company computed diluted earnings per share for Q3 2021 using 22.112 million weighted average common shares outstanding[106] Production and Operations - The company has moved all production to its Castaños facility as of March 2021, following the acquisition of a joint venture partner's interest in the operation[28] - Total inventories as of September 30, 2021, were $44,635, up from $38,831 as of December 31, 2020, indicating a 15.5% increase[48] Debt and Financing - The principal amount of the term loan credit facility was increased by $16,000 to a total of $56,000, with the additional loan funded on May 17, 2021[52] - The interest rate on outstanding debt under the Amended and Restated Loan and Security Agreement was 5.26% as of September 30, 2021[75] - The company recognized a gain on extinguishment of debt of $10,129 related to PPP Loan forgiveness during the third quarter of 2021[79] Legal and Compliance - The Company has reserved $0.5 million for probable and estimable liabilities related to pending legal proceedings[105] - The Company paid a total of $7.500 million to settle claims from a commercial dispute, with $1.000 million paid during the nine months ended September 30, 2021[104]