Earnings Call Excerpt
The Greenbrier Companies (GBX)
F3Q08 Earnings Call
July 8, 2008, 11:00 am ET
Executives
William A. Furman – President, Chief Executive Officer
Mark J. Rittenbaum – Executive Vice President, Chief Financial Officer, Treasurer
Analysts
J. B. Groh, CFA – D. A. Davidson and Company
Paul Bodnar – Longbow Research
Frank Magdlen – The Robins Group
Wendy Caplan – Wachovia Securities
Jim Laventhol – Laventhol and Company
Joe Radigan – Keybanc Capital Markets
Joseph Ciampi – Southpaw Asset Management
Ryan Keeley – Keeley Asset Management
Mulan Von Redden – Happy Capital
Logan Stevens – Morgan Keenan & Company, Inc.
Todd Maden – BB&T Capital Markets
Christopher Beard – Symphony
Presentation
Operator
Hello, and welcome to The Greenbrier Companies’ third quarter of fiscal year 2008 earnings release conference call. Following today’s presentation we will conduct a question and answer session. Until that time, all lines will be in a listen-only mode. At the request of Greenbrier Companies, this conference is being recorded for instant replay purposes.
At this time I would like to turn the conference over to Mr. Mark Rittenbaum, Executive Vice President, Chief Financial Officer, and Treasurer. Mr. Rittenbaum, you may begin.
Mark J. Rittenbaum
Good morning and welcome to our fiscal third quarter conference call. After we review our results and make a few remarks about the quarter that just ended we’ll provide an outlook for 2008 and beyond, and then we’ll open up for your questions.
As always, matters discussed in this conference call include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Throughout the discussion today we will describe some of the important factors that could cause Greenbrier’s actual results in 2008 and beyond to differ materially from those expressed in the forward-looking statement made by or on behalf of Greenbrier.
Today we reported our third quarter fiscal results. Our GAAP net earnings were $0.49 per share on revenues of $382.1 million compared to net earnings of $0.81 per share on revenues of $386.6 million in the third quarter of 2007.
We remain very liquid as we’re in the process of amending one of our loan agreements and we’ll have $160 million of additional borrowing capacity under the various terms and financial covenants once this amendment is completed.
Our refurbishment and parts, leasing, and services in marine businesses continue to perform well and we anticipate this momentum will sustain. Including our recent acquisitions, these businesses are expected to generate over $770 million in annual revenues on a current run-rate basis, exceeding those generated by new rail car manufacturing in North America and Europe.
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