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Railamerica, Inc RailAmerica, Inc. Dawn of a New Era in Railroading RailAmerica Corporate Video on CD RailAmerica, Inc. 5300 Broken Sound Boulevard NW 2000 Annual Report Boca Raton, Florida 33487 (561) 994-6015 www.railamerica.com CORPORATE HEADQUARTERS 5300 Broken Sound Boulevard NW Boca Raton, Florida 33487 (561) 994-6015 CORPORATE OFFICES (561) 994-4629 (facsimile) Corporate Headquarters Boca Raton, Florida Regional Office San Antonio, Texas REGISTRAR AND TRANSFER AGENT Regional Office San Francisco, California American Stock Transfer and Trust Company NORTH AMERICAN RAILROADS New York, New York Cape Breton & Central Nova Scotia Railway Stellarton, Nova Scotia, Canada (800) 937-5449 Carolina Piedmont Railroad Laurens, South Carolina Cascade & Columbia River Railroad Omak, Washington ANNUAL MEETING OF SHAREHOLDERS Central Oregon & Pacific Railroad Roseburg, Oregon RailAmerica, Inc. June 22, 2001 at 10 a.m. EDT Central Railroad Company of Indiana Cincinnati, Ohio Boca Raton Marriott Hotel Central Railroad Company of Indianapolis Kokomo, Indiana (www.railamerica.com), 5150 Town Center Circle Central Western Railway Stettler, Alberta, Canada Boca Raton, Florida Chesapeake & Albemarle Railroad Elizabeth City, North Carolina the world’s largest short Connecticut Southern Railroad East Hartford, Connecticut line and regional rail- INVESTOR INQUIRIES Dakota Rail Hutchinson, Minnesota To receive copies of reports filed with the Dallas, Garland & Northeastern Railroad Garland, Texas road operator, owns 39 Securities and Exchange Commission or Esquimalt & Nanaimo Railway Nanaimo, Vancouver Island, Company Profile short line and regional other information about RailAmerica, contact British Columbia, Canada Wayne A. August, Assistant Vice President of Georgia Southwestern Railroad Smithville, Georgia railroads operating over Investor Relations, at the corporate offices, Goderich-Exeter Railway Kitchener, Ontario, Canada or email at [email protected]. Grand Rapids Eastern Railroad Grand Rapids, Michigan approximately 11,000 Huron & Eastern Railway Vassar, Michigan route miles in the United COMPANY WEBSITE Indiana & Ohio Rail Corporation Cincinnati, Ohio Visit our website at www.railamerica.com Indiana Southern Railroad Petersburg, Indiana States, Canada, Australia to obtain recent press releases, quarterly Lakeland & Waterways Railway Edmonton, Alberta, Canada reports and additional information about MacKenzie Northern Railway McLennan, Alberta, Canada and the Republic of Chile. RailAmerica, including how to receive a Michigan Shore Railroad Muskegon, Michigan In North America, the hard copy of our Annual Report, as well as Mid-Michigan Railroad Greenville, Michigan to sign up to receive Company information Missouri & Northern Arkansas Railroad Carthage, Missouri Company’s railroads via email. New England Central Railroad St. Albans, Vermont North Carolina & Virginia Railroad Ahoskie, North Carolina operate in 22 states and INDEPENDENT AUDITORS Ottawa Valley Railway North Bay, Ontario, Canada six Canadian provinces. PricewaterhouseCoopers LLP Otter Tail Valley Railroad Fergus Falls, Minnesota Fort Lauderdale, Florida Saginaw Valley Railway Vassar, Michigan Internationally, the San Diego & Imperial Valley Railroad San Diego, California Company operates an Company Information STOCK LISTING South Carolina Central Railroad Hartsville, South Carolina Nasdaq National Markett (NNM) Southern Ontario Railway Hamilton, Ontario, Canada additional 4,300 route Symbol: RAIL Texas-New Mexico Railroad Hobbs, New Mexico Texas Northeastern Railroad Garland, Texas miles under track access STOCK PRICE RANGE Toledo, Peoria & Western Railroad East Peoria, Illinois High Sales Low Sales Ventura County Railroad Port Hueneme, California arrangements in 2000 Price Price Virginia Southern Railroad Keysville, Virginia Australia and Argentina. Q1 $9.063 $5.750 West Texas & Lubbock Railroad Lubbock, Texas Designed by Curran & Connors, Inc. / www.curran-connors.com Q2 6.938 4.625 Q3 7.875 5.750 INTERNATIONAL RAILROADS Q4 8.000 5.688 Ferronor (Empresa de Transporte Ferroviario S.A.) Coquimbo, Chile High Sales Low Sales Freight Australia Melbourne, Australia 1999 Price Price Q1 $10.250 $7.688 Q2 10.313 8.750 Q3 10.750 9.125 Q4 9.938 7.063 Financial Highlights 1996-2000 ($ thousands, except earnings per share) 2000 1999 1998 1997 1996 Income Statement Data Rail Operating Revenues $357,936 $129,818 $ 39,136 $24,496 $12,020 Rail Operating Income 70,034 25,279 5,781 3,365 2,529 Income from Continuing Operations 9,608 6,025 113 288 478 Diluted Earnings Per Share from Continuing Operations $0.49$ 0.43 $ 0.01 $ 0.02 $ 0.09 Pro forma(1) Diluted Earnings Per Share from Continuing Operations $0.74$ 0.43 $ 0.01 $ 0.02 $ 0.09 Net Income 11,661 9,921 4,401 1,939 505 Net Income Per Diluted Share $0.60$ 0.77 $ 0.45 $ 0.22 $ 0.10 Pro forma(1) Net Income Per Diluted Share $0.85$ 0.77 $ 0.45 $ 0.22 $ 0.10 Weighted Average Diluted Shares Outstanding 18,267 11,665 9,778 8,587 5,114 Balance Sheet Data Total Assets $839,703 $443,929 $130,964 $95,141 $65,215 Long-term Debt 358,856 162,827 66,327 47,603 37,788 Subordinated Debt 141,411 122,449 — 2,212 2,212 Stockholders’ Equity (incl. Preferred Stock) 130,047 78,297 41,642 26,814 15,992 (1) Pro forma for year 2000 special items consisting of acquisition-related costs, a non-cash foreign exchange loss and non- recurring asset sale gains, which combined result in an addback of $4.6 million after-tax, or $.25 per diluted share. Rail Operating Revenues EBITDA* Total Assets Stockholders ´ Equity (in millions) (in millions) (in millions) (in millions) $96.1 $839.7 $130.0 $357.9 $78.3 $443.9 $34.5 $129.8 $41.6 $131.0 $26.8 $39.1 $95.1 $8.3 $16.0 $65.2 $24.5 $5.2 $3.6 $12.0 ´00 ´00 ´00 ´00 ´99 ´99 ´99 ´99 ´98 ´98 ´98 ´98 ´97 ´97 ´97 ´97 ´96 ´96 ´96 ´96 *Earnings before interest, taxes, depreciation and amortization 1 Chairman’s Letter With railroads being part of industrialized soci- rose 176 percent to $358 million, operating income ety for the past two centuries, one may find it hard to increased 177 percent to $70 million, EBITDA climbed believe that RailAmerica is bringing anything novel to 179 percent to $96 million and income from continu- railroading today, much less ushering in “a new dawn ing operations increased 59 percent to $10 million. in railroading.” Many have said that railroads are After the successful completion of our RailTex dinosaurs, an “old economy” business that has been acquisition in early 2000, we solidified our long-term losing market share and has outlasted their useful- capital structure. Working within the constraints of a ness—how could RailAmerica make such a daring tight credit market, we replaced three high interest statement in the face of such criticism of the industry? bridge loans with permanent financing. We success- The answer lies within the world’s largest and preem- fully consummated an institutional finance package inent short line and regional railroad operator and its consisting of $330 million in term loans and $50 million latest financial achievements, its talented management in a revolving credit facility. In addition, we com- team, its innovative approach to rail service, and pleted a high yield bond financing for $130 million in finally, its proven growth strategy. Combined, they a challenging capital market environment during the create a Company working to grow the business, help summer of 2000. These transactions allowed us to change the industry and enhance shareholder value. reduce future interest expense, enhance cash flow and solidify our balance sheet. 2000 Financial Achievements Recognizing the need to reduce debt incurred in RailAmerica continued its remarkable growth in 2000, connection with our acquisition activities over the achieving record revenues, carloads, operating income, past several years, management implemented a plan EBITDA and net income. Our carloads reached nearly to identify and monetize certain non-core, non-strategic 1.2 million, up 193 percent, while “same railroad” car- assets. This process produced proceeds from sales loads rose 9 percent over the prior year. Revenues and other transactions totaling over $120 million as of In 2000, RailAmerica celebrated our fifteenth year as a rail operator. The Company was formed in 1986 when we purchased the 83-mile Huron & Eastern Railroad (right) in Michigan from Class I carrier CSX. year-end 2000. Included in the assets sold were Kalyn/Siebert, Inc., our truck trailer manufacturing operations, five small railroads, our 26 percent minor- ity equity interest in Quebec Railway Corporation, and other non-operating real estate and non-essential track and rolling stock. To better utilize the value of our core rolling stock, we commenced the process of executing a total of approximately $150 million in off- balance sheet operating leases through the sale and leaseback of locomotives and railcars—completing $22 million of such transactions in December 2000. Through our asset rationalization and sale/ leaseback programs, we have been able to reduce our debt to equity ratio from over 5 times after the RailTex acquisition, to less than 3.7 times at December 31, 2000. Additionally, these programs have allowed us to increase our focus on our major, core railroads and generate significant cash proceeds, enabling us to fur- ther enhance shareholder value. Gary O. Marino Chairman, President & CEO Talented Management As we celebrate our fifteenth year of business at RailAmerica, I have always acknowledged our fine President & Chief Financial Officer. Gary, a 30-year management team and staff and how vital their contri- railroad veteran from CSX and Conrail, brings a butions have been, and will continue to be, in making wealth of rail operating expertise to our Company. this company a success. Bennett, a former KPMG partner with over 30 years The core of our management team has been of finance and accounting experience, is a highly together since our inception, but we have also respected executive who possesses solid business and enhanced the team with a corporate governance experi- number of experienced execu- ence.
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